12th May 2014 10:13
LONDON (Alliance News) - Bahamas Petroleum Company Monday said its pretax loss narrowed in 2013 as a result of a range of lower expenses during the period.
The oil and gas exploration company, which is yet to produce any revenues, said its pretax loss narrowed to USD5.2 million from USD6.3 million the previous year.
The company said the majority of its improved finances came from lower operating losses due to 17% lower employee benefit expenses, 44% lower depreciation expenses and 16% lower other expenses during the period.
The news comes weeks after the company announced that it had appointed former BP PLC director Bill Schrader as its non-executive chairman and Bahamas Senator James Smith as its non-executive deputy chairman.
Bahamas Petroleum said the board changes come at a time when the company is seeing increasing activity in its data room as part of ongoing farm-out discussions for its exploration sites, as well as positive developments in oil drilling legislation.
These changes - along with lower drill costs expected for the area, a government mandate to proceed with exploration drilling, and a term extension for the five licences held by the company - demonstrate positive developments for the oil and gas junior, it said at the time.
Bahamas Petroleum added on Monday that its focus into 2014 will be on managing its data room in the hope to achieve a major partner for its development in the Bahamas and will continue to take necessary measures in order to start drilling its first well in the region.
The company also said it maintained strong cash balances of USD15 million at December 31.
Bahamas Petroleum shares were up 14.44% to 3.805 pence, putting it in the top three AIM All-Share risers on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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