The chief executive of Bahamas Petroleum is to take a 90% deferral on his pay as the company looks to invest in a new exploration well.
Simon Potter will be repaid in a 50% equal mix of cash and shares once a farm out deal is completed.
The move is part of a number of measures relating to the board and executive compensation and the company’s option plan.
The measures are designed to better align the interests of both board and senior management shareholders to enable adequate time through the preservation of cash reserves.
Bill Schrader, non-executive chairman of Bahamas Petroleum, said: “We consider that the measures being implemented are important to ensure the company remains in a position of strength during its next stage.
“Our objective is to ensure that staff and the executive team are aligned and appropriately incentivised, and provided with the time needed to deliver a farm-in partner that will take the company into the drilling stage at our highly at our highly attractive and technically de-risked project.
“Whilst necessary and prudent, these measures also shift the focus on remuneration towards an entitlement to company stock, rather than cash, and align management with shareholders.
“We believe this demonstrates the confidence that your board and the executive feels in the company and its world class prospects, and creates an even further alignment with the interests of shareholders.”
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