“I am delighted to see this project finally coming to fruition, whereby Bahamians can choose, albeit indirectly, to participate in the outcome of the project,” said Simon Potter.
() told investors that all the administrative formalities in the set-up of its Bahamian mutual fund have now been completed.
As a result some 35.33mln shares in the company will now be issued to BPC Investment Fund Limited.
“Facilitating the capability for Bahamians to invest in our nationally significant project has long been an ambition of the company. This objective was realised with the creation of a Bahamian domiciled investment fund back in January,” said Simon Potter, Bahamas Petroleum chief executive.
“Understandably, various administrative processes had been difficult to complete owing to the impact of Covid-19, but with those now resolved, formal admission of the shares is expected shortly and I am delighted to see this project finally coming to fruition, whereby Bahamians can choose, albeit indirectly, to participate in the outcome of the project.”
Potter noted that the company is “operationally ready” to start the drilling of the Perseverance #1 well, which will be targeting 770mln barrels of oil.
“With the signing of an unconditional rig contract, the company has confirmed a specific window between 15 December 2020 and 1 February 2021 in which drilling will commence,” he added.
“We eagerly await the start of this drilling programme and I look forward to updating shareholders on our progress in the near future.”