Oil and gas explorer Bahamas Petroleum said a one-month extension had been agreed to allow more time to meet the conditions to secure debt financing needed to drill its first exploration well in The Bahamas. A one-month extension had been agreed from 15 May to 15 April 2020. Two conditions were still outstanding, including a formal placement of an insurance policy for drilling operations and entry into a definitive contract for provision of a drilling rig, the company said. Bahamas Petroleum also reached an agreement on circumstances to allow the company to scale back the amount of the convertible notes by up to 50%, at no cost or penalty, should more advantageous financing become available. On 10 October 2019, the company entered into a subscription agreement in relation to a conditional convertible loan note investment of £10.25m. At 10:11am: (LON:BPC) Bahamas Petroleum Company PLC share price was -0.95p at 2.98p
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