* To place about 243.1 mln shrs at 18.75 pence/shr

* Placing at 2.6 pct discount to Tuesday close

* Proceeds to fund exploration and raise working capital

March 16 (Reuters) – London-listed oil explorer Bahamas
Petroleum Co said it planned to raise 45.6 million
pounds through a discounted share placing mainly to fund its
existing exploration programme and other working capital
expenses.

The Bahamas-focused explorer, which owns five exploration
licences in Bahamian waters to the east of Florida and Cuba,
said it placed about 243.1 million shares at 18.75 pence apiece,
a discount of 2.6 percent to the stock’s Tuesday close.

Canaccord Genuity Ltd, FirstEnergy Capital LLP and Novus
Capital Markets Ltd acted as joint bookrunners for the placing.

As of Dec. 31, 2010, Bahamas had about $6 million of cash.

The company also said it is currently in talks to farm out
some of its licences with potential partners.

Bahamas shares, which have gained about 48 percent since the
company was awarded a seismic survey contract in January, closed
at 19.25 pence on Tuesday on the London Stock Exchange, valuing
the business at 190.1 million pounds ($304.8 million).
($1 =
0.624 British Pounds)
(Reporting by Anirban Sen in Bangalore; Editing by Don
Sebastian)
(anirban.sen@thomsonreuters.com; within UK +44 207 542 7717;
outside UK +91 80 4135 5800; Reuters Messaging:
anirban.sen.thomsonreuters.com@reuters.net)

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