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Fri, 23rd Apr 2021 15:05 (Alliance News) - Bahamas Petroleum Co PLC on Friday announced a wide-ranging corporate upheaval including a name change, new CEO and equity raise. Shares were down 24% to 0.40 pence in London on Friday afternoon. The Caribbean-focused oil and gas producer plans to change its name to Challenger Energy Group PLC, as its operations have expanded to several countries other than the Bahamas. BPC plans to sell GBP6.9 million of new shares for 0.35 pence each. The cash will be used to fund its strategy to significantly increase production. Furthermore, the company plans to convert early GBP2.5 million convertible notes into shares.

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