- Oil and gas firm Bahamas Petroleum Company (BPC) has updated its costs and funding.

It said to provide appropriate financial headroom the conditional convertible note facility has been increased by £4.75 million to £15 million, with an initial subscription notice issued for £3 million and the balance of the facility to be provided in a timeframe consistent with the demands of operations.

Enhanced Covid-19 mitigation measures and associated operational impacts means the cost estimate for the Perseverance-1 well has been revised upward by approximately 15% to between $24 million to $28 million, while the contingency element has been expanded from $5 million to $7 million.

Simon Potter, chief executive of BPC, said: “Safe, responsible, and uninterrupted operation is our key objective in the ever changing global Covid-19 environment, and these additional costs and increased funding arrangements reflect a prudent approach to achieving this objective."

At 1:45pm: [LON:BPC] Bahamas Petroleum Company PLC share price was 0p at 3.44p

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