A number of important admin items are progress whilst the company awaits a new spud date for the Perseverance well

() said it has received confirmation that its fund has been approved for listing on the Bahamas International Stock Exchange (BISX).

It has been set up to enable Bahamas investors to participate in the companys exploration programme, with shares in the company issued to the fund via subscription.

The Central Bank of the Bahamas (CBB) has also now approved the process by which Bahamas Petroleum will receive subscription funds, expected to take place shortly after the CBB has finished vetting the investors.Thereafter, the company will receive around US$900,000 -which is presently in the funds account.

Bahamas Petroleum also noted that the process to complete its agreement over the due licence fee for 2018 to 2020 has been delayed somewhat due to the state of emergency in Bahamas during the coronavirus pandemic.

The parties previously, prior to the coronavirus crisis, aimed to complete the process by the end of April and had previously agreed terms in principle. The company expects documentation and payments to be completed in due course.

Additionally, Bahamas Petroleum noted that it has received notice of conversion for some 925,000 of loan notes into equity from a substantial Bahamian-based institutional family-office investor Some 79mln new shares are being issued, at a price of 1.17p, in the latest conversion and 1.54mln of notes remain in issue.

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Bahamas Petroleum fund approval confirmed by Bahamas International Stock Exchange - Proactive Investors UK