27th Sep 2019 11:44
(Alliance News) - Bahamas Petroleum Co PLC posted a widened loss in the first half of 2019, but said the renewal of exploration licences contributed to a positive period for the oil and gas firm.
In the six months to June 30, the company reported a widened loss to USD1.5 million from USD89,520. There was also a non-repeat from USD500,000 in income received after it entered into discussions with a "major international oil" company last year.
Bahamas Petroleum booked USD674,234 in employee benefit expenses, compared to a USD209,974 gain last year.
In February, the firm reported that the Bahamas government extended its exploration period to the end of 2020.
Bahamas Petroleum added that it ramped up "technical, environmental and operational activities" with a view to begin drilling in the first half of 2020.
Since the period end, the company has secured drill rig, equipment and well servicing agreements with US oil service firms Seadrill Ltd, BakerHughes Co, and Halliburton Co.
Chief Executive Simon Potter said: "2019 has proved to be a year of positive progress with a number of key milestones having been achieved. The extension of our licences to December 2020 and the requirement to commence the drilling of our obligation well in this timeframe has given us a renewed clarity of focus.
"Accordingly, we have begun taking all necessary steps to secure in principle the rig, oilfield services and equipment we need, from leading global suppliers, that will enable us to responsibly deliver our first well. At the same time we are also pursuing a number of potential financing options."
Shares in Bahamas Petroleum were 4.3% higher at 2.03 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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