LONDON (Alliance News) - Bahamas Petroleum Company PLC Monday said it is continuing talks with a number of companies as it tries to identify a funding partner, as it reported that its first-half loss narrowed due to lower expenses.
In a statement, the oil and gas exploration company with licences in The Commonwealth of The Bahamas said it made a USD2.4 million loss in the six months ended June 30, compared with a USD3.0 million loss in the corresponding period last year. Operating loss, made up of employee benefit, depreciation and other expenses, fell to USD2.5 million from USD1.9 million.
"The board and executive management have full confidence in the technical case as it continues to develop, in the timely execution of a farmout and, in order to further align interests with shareholders, have agreed to defer a significant portion of fixed remuneration on completion of a successful transaction," Chief Executive Simon Potter said in a statement.
Bahamas Petroleum wants to complete a farmout to finance its first well.
"The outlook for the remainder of the year has the company focused on farmout efforts whilst anticipating a significant effort in support of public consultation as and when the revised regulations become available," Potter added.
The CEO said that environmental work will ensure all alternate well locations are fully permitted in compliance with any revised regulations.
In a demonstration of confidence in the company's asset base and plans, the board and executive management have agreed to convert one fifth of their fixed salaries into performance-based remuneration, according to Bahamas Petroleum.
Bahamas Petroleum shares were Monday quoted down 3.1% at 2.05 pence per share.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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