LONDON (Alliance News) - Bahamas Petroleum Co PLC reported on Thursday a narrowed interim loss after a "substantial" change to the chief executive officer's remuneration package.
In the six months ended June, the oil and gas exploration company narrowed its operating loss to USD594,828 from USD1.7 million.
The company's employee benefit line showed a contribution of USD209,974 in the first half of 2018, compared to a USD998,850 expense a year before.
CEO Simon Potter changed his contract after the reporting date, but this still "significantly" impact the company's recent results.
Potter agreed to terminate the ongoing deferral of cash salary into conditional share entitlements and agreed to write off all conditional cash and pension entitlements accrued to July 1. He also agreed to a "substantial" reduction in overall level of salary.
The write-off of the conditional cash and pension entitlements, at June 30, totalled USD1.0 million and USD225,000, respectively.
Bahamas Petroleum said it remains "entirely focused" on seeing an initial exploration well completed at its offshore southern licenses.
The oil explorer said it is "working hard" to secure the investment needed to move the "exciting" project forward.
Potter said: "The first six months of 2018 have been a busy period for the company. While the exclusivity agreement entered into with the major oil company was not extended beyond August 31, the company is encouraged by their interest and willingness to pay a substantial amount to enter exclusive discussions. The company views this as validation of the technical merits and strong potential of our high impact project."
Shares in Bahamas Petroleum were down 6.5% Thursday at 1.57 pence each.
