Bahamas Petroleum Company PLC Court Sanction of Merger with CERP (2802V)
06 August 2020 - 2:10AM
UK Regulatory
TIDMBPC
RNS Number : 2802V
Bahamas Petroleum Company PLC
05 August 2020
05 August 2020
Bahamas Petroleum Company plc
("BPC" or the "Company")
Court Sanction of Merger with Columbus Energy Resources plc
Bahamas Petroleum Company plc ("BPC"), the Caribbean and
Atlantic margin focused oil and gas company, with exploration,
production, appraisal and development assets across the region, is
pleased to confirm that the merger with Columbus Energy Resources
Plc ("Columbus"), effected by means of a Court sanctioned scheme of
arrangement under Part 26 of the Companies Act 2006 (the "Scheme"),
has been sanctioned by the Court earlier today ("Court Sanction").
The Scheme will become effective upon the Court Order being
delivered to the Registrar of Companies, which is expected to take
place on or about 7 August 2020, consistent with the expected
timetable of events as set out in Columbus's Scheme Document.
Subject to the Scheme becoming effective, the new BPC ordinary
shares pursuant to the merger will be issued and allotted to
holders of Scheme Shares. A further announcement will be made when
the Scheme has become effective.
Conditions to the Scheme
Prior to the Court Sanction hearing, BPC notified Columbus that
it would not seek to invoke the Condition of the Scheme (as set out
in paragraph 5 of Part III of Columbus's Scheme Document) related
to the entry by Columbus into the Goudron EPSC with Heritage prior
to the date of the Court Sanction hearing. It is expected that the
Goudron EPSC will be entered into in the ordinary course of
business but until such time, BPC and Columbus's management have
agreed the delay in the issuance of 25,562,167 new BPC Shares due
to Columbus's management pursuant to their respective settlement
and termination arrangements as set out in Columbus's Scheme
Document.
The expected timetable of principal events for the
implementation of the Scheme remains as set out on page 13 of
Columbus's Scheme Document. If any of these dates and/or times
change, a further announcement will be made.
Defined terms used but not defined in this announcement have the
meaning given to them in Columbus's Scheme Document, a copy of
which, is available on the BPC website at www.bpcplc.com.
Simon Potter, Chief Executive Officer of Bahamas Petroleum
Company plc commented:
"Completion of the merger is a milestone for BPC as we move
forward with our vision to create a business with a range of assets
representative of each phase of our industry - a full-cycle
exploration and production business. I would like to thank our
existing shareholders for their support, and at the same time
welcome our new shareholders to this expanded company that, in our
view, will be much better equipped to thrive in the currently
prevailing industry conditions. The Board and the entire team at
BPC is committed to leveraging operations in our new assets in
Trinidad, Suriname and Uruguay, as well completing our Perseverance
#1 well in The Bahamas so that the newly combined assets deliver
exceptional shareholder value."
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information, please contact:
Bahamas Petroleum Company plc Tel: +44 (0) 1624
Simon Potter, Chief Executive Officer 647 882
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / James Spinney / Jack Botros 3494
Shore Capital Stockbrokers Limited Tel: +44 (0) 207 408
Jerry Keen / Toby Gibbs 4090
CAMARCO
Billy Clegg / James Crothers / Hugo Liddy
ENDS
Notes to editors
Bahamas Petroleum Company plc ("BPC"), is a Caribbean and
Atlantic margin focused oil and gas company, with exploration,
production, appraisal and development assets in licences located in
the waters of The Bahamas and Uruguay and onshore licenses in
Trinidad 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 P50
prospective oil resources of 0.77 billion barrels, with an upside
of 1.44 billion barrels. BPC's exploration licence in Uruguay is
highly prospective, with a potential resource of 1 billion barrels
of oil equivalent. In Trinidad, on completion of the merger, BPC
will have five producing fields, two appraisal / development
projects and a prospective exploration portfolio in the South West
Peninsula. In Suriname, BPC will have an onshore appraisal /
development project.
BPC is listed on the AIM of the London Stock Exchange.
www.bpcplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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