On 23 April 2021, Bahamas Petroleum Company plc, the Company announced an Open Offer to all shareholders, on a 1:2.46 basis, of up to £6.9 million in aggregate, at a price of 0.35 pence per share. Any shareholders who take up all of their Open Offer Entitlement are able to apply for an excess allocation under the Open Offer, and the Company intends to place with institutional investors any Open Offer Shares not subscribed for (collectively, the "Fundraising"). Mr. Eytan Uliel, who will assume the role as Chief Executive Officer of the Company effective 27 May 2021, and who will become a director of the Company on completion of customary due diligence and on-boarding processes. Mr. Simon Potter, who will cease in the role as Chief Executive Officer of the Company effective 27 May 2021, and who will become a non-executive director of the Company thereafter.