LONDON (ShareCast) - (Sharecast News) - Oil and gas exploration company Bahamas Petroleum updated the market on the creation of a Bahamian-domiciled mutual fund on Monday, explaining that it would provide qualifying Bahamian investors with the option to share in the outcome of the project to explore for hydrocarbons in the Bahamas, should they so wish.
The AIM-traded firm said a professional mutual fund had been incorporated, licenced and would be open to subscriptions by qualifying institutional investors from 6 January, until 7 February.

It said it would provide up to 100 million new ordinary shares to the fund at the previous open offer price of 2p each, thus providing relevant investors in the Bahamas equal pricing to that offered to other shareholders.

"It has long been the company's intention to provide Bahamians a means of investing directly in this nationally significant project," said chief executive officer Simon Potter.

"Whilst the royalty regime under which BPC operates ensures economic value for the people of the Bahamas via government revenues, the mutual fund initiative will allow Bahamian individuals to hold a stake in the outcome of this exciting and potentially transformational project, and thus to personally benefit should the project be successful."

At 1527 GMT, shares in Bahamas Petroleum Company were down 1.07% at 2.08p.

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