Grant of Options and Issue of Shares

Bahamas Petroleum Company plc, the Caribbean and Atlantic margin focused oil and gas company, with exploration, production, appraisal and development assets across the region, announces that, on 14 August 2020, the Board of Directors of the Company approved, consistent with the terms and conditions of the recently completed merger between the Company and Columbus Energy Resources plc ("Columbus") (the "Merger"), the grant of fully paid ordinary shares of 0.002 pence each in the Company ("Ordinary Shares"), and options over Ordinary Shares ("Options") as follows:

- 21,325,966 Ordinary Shares to the former and current executives of Columbus, (the "Columbus Shares")
- 17,029,394 Options to the former executives of Columbus (the "Columbus Options"), and
- 34,216,815 Ordinary Shares to various Company advisors for their services in in connection with the Merger (the "Advisor Shares"),

The Columbus Shares and Columbus Options have been granted to former and current executives of Columbus, consistent with the arrangements agreed as part of the Merger. The Columbus Options are immediately exercisable for periods ranging from 4 to 7 years from the date of grant, at an exercise price of 0.002 pence per share.

Further, as part of the Merger, BPC had agreed that certain fees of various advisers - Gneiss Energy, Strand Hanson, Shore Capital, and VSA Capital - would be paid in Ordinary Shares. Accordingly, the Advisor Shares will be issued to these various advisers in lieu of monetary fees.

In addition, 8,700,000 Options have been granted to new employees of the enlarged BPC group (the "Employee Options") out of the Series C pool of options approved by the Company shareholders at the 2019 Annual General Meeting ("AGM"), the terms of which were disclosed in the notice of that AGM.

The Columbus Shares and the Advisor Shares (together, the "New Shares") will rank pari passu with the existing Ordinary Shares in the capital of BPC. Application has been made to the London Stock Exchange for admission of the New Shares to trading on AIM, with admission expected to occur on or around 18 August 2020 and CREST accounts will be credited as soon as possible after 8.00 am on 18 August 2020.

Following the issue of the New Shares, the Company's total issued share capital will comprise 3,408,207,658 Ordinary Shares.