logo-loader
LSE:BPC

Bahamas Petroleum Company PLC

Receive alerts
Market:
LSE
Market Cap:
£69.83 m
Price
3.00 GBX
Change
0.33%
52 weeks high
5.72
52 weeks low
1.00

Our Approach

Active Risk Management


Managing partnerships and contractors, fulfilling statutory and social obligations as well as managing a potentially considerable expenditure profile exposes Bahamas Petroleum Company to a wide variety of risks. The application of our own processes and systems to identify, mitigate and contain those risks will be fundamental to the further development of the Company.

Click here to read more on 'Our Approach'.
 

Environment 

Click here to read more on 'Environment'.

 

Community & People

Community Liaison

It is an important aspect of the Company’s work to liaise and consult extensively with all communities likely to be impacted by its activities and forge appropriate relationships across all aspects of business dealings with local contractors, regional authorities and Government. An important part of that communication is an anticipation of the future benefits to be derived from exploration success and subsequent oil development. The Company commits to continuing transparency involving all of its activities, believing that demonstrating such clarity concerning all of its operations shows a commitment to safeguarding the environment, and the interests of its employees, broader communities and wider stakeholders.

Click here to read more on 'Community & People'.

 

Economic Opportunity

The Company will continue to emphasise the direct benefits of Government royalty income from the very first day, indeed the first barrel of production. This Government income is modelled at the level in excess of US$20 billion from a 1 billion barrel discovery, whilst it is the oil company that bears the entire cost and financing of development and operations, as well as the risk that production is sustained over time as projected. Such an income stream and new industry would make the national economy less susceptible to slumps in other sectors, less exposed to the vagaries of other nations’ economies and afford a greater level of energy security whilst providing options for reduced prices of fuel and power.

It is also clear that the creation of such an industry will have multiple additional benefits. Success will offer considerably wider opportunities through infrastructure investment, direct foreign investment and the development of new and established companies in industries involved directly and indirectly in oil development and associated activities. New employment opportunities will be created with a requirement for new vocational training and skills development. It will be an important consideration in the future that local firms are well represented in this new sector. Such firms will need to be supported in the need to demonstrate that they can meet, and better, prequalification standards associated with international industry health, safety and the environment requirements.

The Company is committed to seeking a listing on The Bahamas International Stock Exchange in the form of Bahamian Depositary Receipts (BDR) to ensure options for Bahamians to share in the potential wealth to be created by any future capital growth of the Company. This potential growth is based upon the enormous upsides associated with the extensive mapped prospectivity derived from 3D seismic coverage anticipating an extension of the existing, proven Cuban play types into Bahamian waters, albeit at significantly deeper stratigraphic horizons. Such a new investment option would represent a unique value proposition in The Bahamas.

Click here to read more on 'Economic Opportunity'.




 

 

Technical

Our Operations

Exploration area

For a full list of licenses and applications please click here.




Licences

Competent Persons Report

Technical Information

 

The Bahamas.

Board of Directors

Bill Schrader
Non-Executive Chairman

Bill Schrader has over 30 years’ experience in the oil and gas industry, having served as Chief Executive Officer of several country operations at BP plc, as the President of the Azerbajan International Operating Company and as Chief Operating Officer of TNK-BP.  Characterised as a strong leader by his peers, Bill has an extensive industry network and proven ability to manage complex operating environments and liase with governments around the world.

James Smith
Non-Executive Deputy Chairman

A former Minister of State in the Ministry of Finance and member of the Bahamas’ Senate, James Smith is widely acknowledged as a leading expert on monetary policy and is a respected member of the greater Bahamas community.  He has served as the Country’s ambassador for Trade in the Office of the Prime Minister, as the Governor of the Central Bank of The Bahamas for a decade, as well as Chairman of the Bahamas Maritime Authority, The Paradise Island Bridge Company and The Bahamas Development Bank.  He has also held a number of board positions at both private and public companies including the Bahamas Stock Exchange.

Simon Potter
Chief Executive Officer

Simon Potter qualified as a geologist with an M.Sc. in Management Science, has over 30 years oil and gas industry and mining sector experience. From the Zambian Copperbelt to a 20-year career with BP he has held executive roles in companies managing oil and gas exploration, development and production; gas processing, sales and transport; LNG manufacture, marketing and contracting in Europe, Russia, America, Africa and Australasia. On leaving BP, having helped create TNK-BP, he took up the role of CEO at Hardman Resources where he oversaw growth of the AIM and ASX listed Company into an oil producer and considerable exploration success ahead of executing a corporate sale to Tullow Oil. After running his own consultancy he joined Arrow Energy International as CEO and following the sale of Arrow Energy to Shell and PetroChina launched their international assets onto the ASX as the separately listed Dart Energy. He was appointed Chief Executive Officer on 17 October 2011.

Adrian Collins
Non-Executive Director

Adrian Collins has worked in the fund management business for over 35 years, a large part of which was at Gartmore Investment Management plc where, latterly, he was managing director.  He is chairman of Liontrust Asset Management plc and is also on the boards of a number of other companies.

Edward Shallcross
Non-Executive Director

Eddie Shallcross is a Fellow of the Chartered Institute of Bankers and has had over 40 years of experience in the financial sector predominantly at Barclays PLC where he retired in 1998 as Isle of Man Director and also a Senior Executive Director of the bank. Since then he has held non-executive directorships in a number of major international companies. Eddie sadly passed away in October 2019

Ross McDonald
Non-Executive Director

Ross McDonald served 35 years with Royal Bank of Canada (‘RBC’) and was most recently Senior Vice President & Head of Caribbean Banking for RBC. From 2003 until his retirement in 2011, Ross led RBC’s commercial and retail banking operations throughout the Caribbean. Ross is currently a director of RBC Royal Bank (Bahamas) Limited, RBC’s commercial bank in The Bahamas, RBC FINCO, which is a public Company, and RBC’s mortgage banking Company in The Bahamas. He also serves as a director of Royal Fidelity Merchant Bank & Trust (a 50% joint venture between RBC and Fidelity Bank) which provides investment and corporate advisory services in The Bahamas and Barbados. He is also a director of Cable Bahamas limited and BeAliv Limited.

Bahamas Petroleum Company Plc
IOMA House
Hope Street
Douglas
Isle of Man, IM1 1AP

Tel: +44 (0) 1624 647883
Fax: +44 (0) 1624 665121
Email: [email protected]
 

Bahamas Petroleum Company Plc
Building 5 Caves Village
West Bay Street
P.O. Box SP-64135
Nassau, Bahamas

Tel: +1 (242) 362 5120
Fax: +1 (242) 362 5125
Email: [email protected]

NOMINATED ADVISOR

Strand Hanson Limited
26 Mount Row
London W1K 3SQ

COMPANY SECRETARY

Benjamin Proffitt

REGISTERED OFFICE

IOMA House
Hope Street
Douglas
Isle of Man
IM1 1AP

BAHAMAS OFFICE

Building 5, Caves Village
West Bay Street
P.O. Box SP-64135
Nassau, Bahamas

NOMINATED ADVISOR

Strand Hanson Limited
26 Mount Row
London W1K 3SQ

BROKERS

Shore Capital Stockbrokers Limited
Cassini House
57-58 St. James’s Street
London, SW1A 1LD

AUDITORS AND REPORTING ACCOUNTANTS

PricewaterhouseCoopers
Sixty Circular Road
Douglas
Isle of Man
IM1 1SA

LEGAL ADVISERS

Graham Thompson & Co
Sassoon House
Shirle Street & Victoria Avenue
P.O. Box N-272, Nassau, Bahamas

Delaney Partners
Lyford Manor, (West Building)
Western Road
Lyford Cay
P.O. Box CB-13007
Nassau, Bahamas

COMPETENT PERSON

Ryder Scott Company
1100 Louisiana
Suite 3800
Houston, Texas 77002-5218

REGISTRAR

Link Market Services (IOM) Limited
Clinch’s House, Lord Street,
Douglas
Isle of Man
IM99 1RZ

Telephone:
UK: 0871 664 0300
calls cost 10p a minute plus network extras, lines are open 8.30am-5.30pm Mon-Fri

Overseas: +44 (0) 208 639 3399