Bahamas Petroleum Company PLC Appointment of Non-Executive Director (8719W)

TIDMBPC

RNS Number : 8719W

Bahamas Petroleum Company PLC

24 August 2020

24 August 2020

Bahamas Petroleum Company plc

("BPC" or the "Company")

Appointment of Non-Executive Director

BPC, the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region , is pleased to announce that, further to the completion of the recent merger with Columbus Energy Resources plc ("Columbus"), Mr. Leo Koot has been appointed to the board of directors of the Company (the "Board") as a Non-Executive Director, with immediate effect. Mr. Koot has been appointed as a sitting member of the Board's HSE Committee and Audit Committee.

Additional Information on Mr. Leo Willem Koot (Aged 57)

Mr. Koot has over 31 years' experience in the Energy sector and has a Master's in Petroleum Engineering and a business accreditation from Harvard Business School. During his extensive career, he has run oil and energy businesses as well as been an active board member, including his current role as Senior Independent Non-Executive Director with Sterling Energy plc.

Leo's global energy experience includes his role as Managing Partner of MENA Gulf Investment Partners (Abu Dhabi), President of Abu Dhabi National Energy Company (TAQA Iraq) and Managing Director of TAQA UK, where he built the organisation from a few people to an organisation of over 2,000 staff and contractors and delivered a mature E&P operating company that managed 60,000 barrels/day production with US$1.7 billion in annual revenues. Prior to TAQA, Leo was CEO of Energy Development Partners, an oil and gas business creating ways to match capital and resources with developing production.

The following additional information is provided in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies:

 
  Current Directorships            Past Directorships (last 
                                    five years) 
  MENA Gulf Investment Partners    Columbus Energy Resources 
   Tulip Oil B.V.                   plc 
   Sterling Energy plc 
   Compania Petrolifera de 
   Sedano SL 
 

Mr. Koot is currently interested in 19,224,107 ordinary shares in BPC. As announced on 5 August 2020, until such time as the Goudron EPSC is entered into, which is expected will occur in the ordinary course of business, BPC and Columbus's former management agreed to delay the issuance of the further, in aggregate, 25,562,167 New BPC Shares due to Columbus's former management, pursuant to their respective settlement and termination arrangements, as set out in Columbus's Scheme Document. Mr. Koot is entitled to 8,579,079 of these New BPC Shares. A further announcement will be made when these New BPC Shares are to be issued.

Other than the information contained within this announcement, there is no further information required to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.

Defined terms used but not defined in this announcement have, unless the context requires otherwise, the meaning given to them in Columbus's Scheme Document, a copy of which, is available on the BPC website at www.bpcplc.com .

Bill Schrader, BPC Chairman said:

"I would like to extend a very warm welcome to Leo to the Board of BPC. Leo brings a wealth of experience in both the broader industry and specifically with regards to the assets which we have recently acquired through the merger with Columbus. His insight will no doubt prove invaluable as we seek to integrate the combined business and progress the development of our broadened portfolio of assets."

For further information, please contact:

 
 Bahamas Petroleum Company plc                Tel: [phone] 
  Simon Potter, Chief Executive Officer        647 882 
 Strand Hanson Limited - Nomad                Tel: +44 (0) 20 
  Rory Murphy / James Spinney / Jack Botros    7409 3494 
 Shore Capital Stockbrokers Limited - Joint   Tel: +44 (0) 207 
  Broker                                       408 4090 
  Jerry Keen / Toby Gibbs 
 Investec Bank Plc - Joint Broker             Tel: +44 (0) 207 
  Chris Sims / Rahul Sharma                    597 5970 
 CAMARCO                                      Tel: +44 (0) 20 
  Billy Clegg / James Crothers / Hugo Liddy    3757 4983 
 

Notes to editors

BPC is a Caribbean and Atlantic margin focused oil and gas company, with a range of exploration, appraisal, development and production assets and licences, located offshore in the waters of The Bahamas and Uruguay, and onshore in Trinidad and Tobago, and Suriname. BPC is currently on-track for drilling an initial exploration well in The Bahamas, Perseverance #1, in late 2020 / early 2021, with the well targeting recoverable P(50) prospective oil resources of 0.77 billion barrels, with an upside of 1.44 billion barrels. In Trinidad and Tobago, BPC has five producing fields, two appraisal / development projects and a prospective exploration portfolio in the South West Peninsula. BPC's exploration licence in Uruguay is highly prospective, with a potential resource of 1 billion barrels of oil equivalent. In Suriname, BPC has an onshore appraisal / development project.

   BPC is listed on the AIM of the London Stock Exchange.    www.bpcplc.com 

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August 24, 2020 02:00 ET (06:00 GMT)