BPC comes to AIM with hopes of progressing oil and gas projects
02 September 2008
BPC, an oil and gas group with exploration licences sited off the coast of the Bahamas, has joined the AIM market this morning.
Formerly Falkland Gold & Minerals Ltd, BPC is a holding company for the BPC Group which invests in an offshore oil exploration programme in licence areas covering approximately 15,676 sq km in the territorial waters and maritime Exclusive Economic Zone of the Bahamas.
Based on the BPC Group's own interpretation of pre-existing seismic data, 22 leads have been identified as being potentially capable of trapping hydrocarbons and selected for further investigation.
To date, BPC has spent around $10 million to bring the project to this stage and said it now wants to bring in industry partners to fund all or part of this exploration and evaluation work, including the conduct of a variety of exploration evaluation studies, further seismic surveys and drilling programmes.
The aim is to commence drilling in 2012 subject to appropriate financing and/or joint venture agreements, satisfactory exploration and evaluation results and rig availability.
Ambrian is the nominated adviser and Fox-Davies Capital is the broker to the company.
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