- Oil and gas explorer Bahamas Petroleum said a one-month extension had been agreed to allow more time to meet the conditions to secure debt financing needed to drill its first exploration well in The Bahamas.

A one-month extension had been agreed from 15 May to 15 April 2020.

Two conditions were still outstanding, including a formal placement of an insurance policy for drilling operations and entry into a definitive contract for provision of a drilling rig, the company said.

Bahamas Petroleum also reached an agreement on circumstances to allow the company to scale back the amount of the convertible notes by up to 50%, at no cost or penalty, should more advantageous financing become available.

On 10 October 2019, the company entered into a subscription agreement in relation to a conditional convertible loan note investment of £10.25m.

At 10:11am: [LON:BPC] Bahamas Petroleum Company PLC share price was -0.95p at 2.98p

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