AIM Rule 26

Description of Business

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 P50 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.

 As an AIM quoted company, BPC is not required to comply with the requirements of The UK Corporate Governance Code (the “Code”). However, the Board recognises the importance of the high standards of good corporate governance prescribed in this Code and seeks to apply its principles, in so far as practicable, having regard to the Group’s current size, stage of development and resources.  The Board is accountable to the Company’s shareholders and takes account of the Code and the QCA’s Corporate Governance Code for Small and Mid-Size Quoted Companies 2013 to the extent it is considered appropriate.

BPC’s current corporate governance arrangements are summarised in the Corporate Governance link below.

BPC is subject to the UK City Code on Takeovers and Mergers.

 

Country of Incorporation and Operations

Bahamas Petroleum Company plc is incorporated in the Isle of Man with Company Number 123863C, at IOMA House, Hope Street, Douglas, Isle of Man, IM1 1AP. BPC’s main countries of operation are The Bahamas, Trinidad & Tobago, Uruguay, and Suriname.

 

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