announced on Friday that its Bahamian Mutual Fund has received about $914,000 (£700,000) worth of subscriptions for 35,337,328 ordinary shares.
The fund, operated by Leno Corporate Services Limited, was made available to qualified Bahamian investors to invest into what Bahamas described as a nationally significant project.
The well would mark the first well to be drilled in the island nation of the Bahamas, and has been named Perseverance #1.
The well is targeting P50 recoverable prospective resources of 0.77 billion barrels of oil, and is scheduled for April.
Shares in Bahamas Petroleum were trading 3.79% lower at 3.175p during Friday morning trading
Simon Potter, Chief Executive Officer of Bahamas Petroleum Company, said: "The mutual fund initiative was set up with the straightforward goal of allowing Bahamian investors the opportunity to invest in the outcome of our potentially transformational exploration well, targeting 0.77bn to 1.44bn barrels of oil, which is to be drilled in the first half of 2020. An opportunity they would otherwise have effectively been precluded from.”
Mr. Potter told investors that any additional funds would be additive to its existing financial resources “but are not essential to meeting the estimated costs of drilling”.
The company said the proceeds from the fund were in Bahamian dollars, and would be applied to domestic Bahamian costs.
The Mutual Fund opened to initial subscriptions by qualifying Bahamian investors on the 6th of January 2020 at a price of 2p, which was the same price as recent open offer and placing in November of the previous year.
The company said that it would now only be accepting subscriptions at 3.35p per share, the closing price on the 12th of February, for a maximum of 40 million shares.
Mr. Potter said that the company will continue to implement its staged, coordinated funding strategy, which consists of a £10.25 million conditional convertible loan note.
Bahamas Petroleum expects to report drill results from Perseverance #1 in Q2 of 2020.
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CEO Simon Potter commenting on the loan note issuance said: “we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required.”