Oil Explorer: BISX Listing "High Priority"
02 November 2011
OIL EXPLORER: BISX LISTING 'HIGH PRIORITY'
Published On:Wednesday, November 02, 2011
By NEIL HARTNELL
Tribune Business Editor
A BAHAMAS-BASED oil exploration company yesterday said listing
on the Bahamas International Securities Exchange (BISX) was "a high
priority" for it, having met with the exchange's principals to see
how it could facilitate Bahamian equity participation in its
Simon Potter, the Bahamas Petroleum Company's chief executive,
told Tribune Business it was too early to determine what form of
listing it might seek on BISX, but advisers had been appointed to
determine the most appropriate route to take.
The Bahamas Petroleum Company (BPC) is already listed on
London's Alternative Investment Market (AIM), so any BISX listing
would likely be a secondary one. However, Mr Potter described
listing in the Bahamas as "fundamental to me", given that the
company's assets and operational nexus was focused entirely on this
"BPC's assets are in the Bahamas," he told Tribune Business. "We
are essentially looking to be a Bahamian entity, with Bahamian
directors, and are looking for a listing on the Bahamian stock
exchange, the BISX.
"What form that will be, I can't say, but in terms of the
strategic direction I get asked a lot by people how they can invest
in this company, and to the extent this company makes capital
gains, equity gains, it will be good for Bahamians to share in
Mr Potter said he was already talking to advisers to determine
how a BISX listing can be achieved, how quickly it can be done, and
what the "optimum role" of such a listing would be.
The Bahamas Petroleum Company, he explained, wanted to explore
what such a listing would "look like", and how it would work in
conjunction with its main AIM listing.
"It's a high priority, put it that way," Mr Potter said of the
Bahamas Petroleum Company's BISX listing plans. "I've met with the
He added that raising capital would not be the primary goal
associated with a BISX listing, the main driver being to enable
Bahamian investors to participate in the Bahamas Petroleum
Company's success and upside if it struck commercially viable
quantities of oil in this nation's waters.
"We are fully capitalised for what we want to do, and need to
do, at the moment," Mr Potter told Tribune Business. "So the
intention of having the listing here is not necessarily to raise
"The issue is to enable Bahamians to participate in potential
wealth creation associated with Bahamas Petroleum Company. The
primary driver is to allow Bahamians to participate in wealth
creation through equity gains."
While it was still "early days" for Bahamas Petroleum Company
and Mr Potter's career as its chief executive, he said that all
those he had met in the Bahamas were "very welcoming and interested
in Bahamas Petroleum Company's story and ambitions, and what we
want to do over the coming months".
While the potential discovery of any oil fields in the Bahamas
is some way off, the Bahamas Petroleum Company's activities - if
successful - would tick all the boxes addressed by Standard &
Poor's downgrade of this nation's sovereign credit rating, namely
economic growth, diversification, jobs and government revenues.
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