Leno Corporate Services Limited has extended its initial offering period for Bahamas Petroleum Company’s (BPC) recently launched BPC Investment Fund Limited until Wednesday in order to allow further processing of applications.
BPC’s Investment Fund was developed to give Bahamians a chance to invest in the possible discovery of oil in The Bahamas.
The initial offering period for the fund began on January 6 and was expected to end on Friday.
Leno, the fund advisor, “has applied this three-day extension to accommodate the administrative processing of applications during the initial subscription period”, a press statement from the company revealed.
BPC said in January that it would issue up to 100 million ordinary shares at two pence per share to the fund.
BPC also agreed to cover up to $50,000 in the initial setup costs of the fund for its first year as an “expression of support” of the fund’s objective to give Bahamian investors an interest in the planned upcoming exploration well, BPC’s Chief Executive Officer Simon Potter said last month.
“It has long been the company’s intention to provide Bahamians a means of investing directly in this nationally significant project. Whilst the royalty regime under which BPC operates ensures economic value for the people of The Bahamas via government revenues, the mutual fund initiative will allow Bahamian individuals to hold a stake in the outcome of this exciting and potentially transformational project and thus to personally benefit should the project be successful.”
BPC expects to begin drilling its test well in April at the location called Perseverance #1, where it says there could be an economy-changing two billion barrels of oil.
Potter said in a statement last week that the company is in the “final stages” of readiness to spud its first well.
“Perseverance #1 has the potential to open a world-class, new frontier basin offshore, less than 200 miles from the world’s largest hydrocarbon market/infrastructure,” Potter said.
“In our view this makes Perseverance one of the premier prospects that could be drilled globally this year, with the potential to not only fundamentally alter the status of BPC in the market, but to also transform the revenue generating capacity of the Bahamian economy.”
BPC originally targeted March as its start month for drilling this year, but the statement revealed that the company is still awaiting the approval of its environmental authorization document, the finalization of the procurement of drilling supplies and the receipt of the fund of a convertible loan note.