LONDON (Alliance News) - Bahamas Petroleum Co PLC Monday reported a narrowed pretax loss for 2014, partly due to lower legal and professional fees.
The oil and gas explorer doesn't currently make any revenue and is focused on starting drilling activity for its first exploration well. Its pretax loss was USD4.7 million in 2014, compared with a USD5.2 million loss in 2015.
"Going forward into 2015 and beyond our primary task is clear: secure the funding for the cost of the exploration drilling, and to commence drilling. Our preference remains to secure a farm-in partner for the project. With the regulatory clarity, licence extensions, and further technical de-risking achieved during 2014 and early 2015, we are now in a position to progress this all-important task," Chief Executive Simon Potter said.
Bahamas Petroleum shares were up 14.9% at 2.30 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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