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Bahamas Petroleum reduces half year losses

Wed, 26th Sep 2012 08:03

Bahamas Petroleum, an oil and gas exploration company with offshore licence permits in the Bahamas, has reduced its losses for the half year ended June 30th as a result of a decrease of 47 per cent in employee related expenses.Total operating loss (and total comprehensive losses before tax) for the period came in at $3.1m, down from $4.6m the same period the previous year, while basic and diluted losses per share totalled 0.25 cents per share compared to 0.31 cents in the corresponding prior period. This improvement was the result of lower expenses due to cost rationalisation strategies employed during the end of 2011 and beginning of 2012. Simon Potter, Chief Executive of Bahamas Petroleum Company, said: "The first half of 2012 has been a busy period for both the company and the Bahamian people who have seen a new government elected to power. The Company continues to work closely with the new government, especially on the environmental front as we progress our plans to drill an exploratory well in Bahamian waters. "The company has made considerable progress in further de-risking of prospects within its southern licences with the receipt of initial 'fast track' results from its 3D survey completed in 2011. Sufficient confidence was derived from these data to commission an initial front end engineering design (FEED) to construct a well plan for the drilling of a 22,500' deep exploration well. "Incorporation of all government input and the quality of the data will ensure that the company remains consistent with the government mandate that all oil exploration and production be regulated by the highest standard of health, safety and environmental protection. Completion of the current work plan will place the company in a position where drilling can commence at the earliest possibility."The firm did warn that it has not been given a date for the referendum that is to be held on the orders of the regional government on an future Bahamian oil exploration drilling before any approvals for drilling can be issued. The firm said that the lack of any date for the referendum means a "material uncertainty exists which may cast doubt on the group's ability to recover its intangible exploration and evaluation assets". However, until the referendum is held, the firm said it believes its capitalised intangible exploration and evaluation assets are not impaired. "In the event that the referendum results in a decision against future oil exploration drilling, the exploration and evaluation expenditure capitalised in respect of the group's five licences will be subject to impairment testing," it added. The share price has lost 45% of its value over the past year, equal to almost 4p. NR
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23 May 2012 16:19

Debenhams boss rings up 100,000 shares

Michael Sharp, the man who took over retail chain Debenhams last year, has underlined his faith in the company with the purchase of shares 100,000 shares. The £74,000 purchase saw the Chief Executive Officer invest his money at 74.32p a go, increasing his interest in the company to over 5.95m share

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12 Apr 2012 16:23

Aegis director makes double sale

Harold Mitchell, a senior board member of Aegis Group, the FTSE-250 media and digital communications group, has made a double sale of shares in the month following its better-than-expected full year results. Mitchell, who is the Executive Chairman of Aegis Media Pacific, sold 150,000 shares at 5.5

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10 Apr 2012 15:54

Capital Shopping Deputy Chairman fills his basket

John Whittaker, Deputy Chairman of Capital Shopping Centres, the FTSE 100 shopping centre operator, has taken 28,250 shares to the till. His purchases, 324.80p each, cost him a total of £124,236. Whittaker may have been making the most of the firm's share price, which is down 68p or 17.5% over th

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12 Aug 2011 14:41

Bahamas Petroleum looking for new chief

Dr. Paul Crevello, chief executive officer of Bahamas Petroleum, has quit the oil and gas exploration company with immediate effect for personal reasons. Steve Weyel, a non-executive director with significant technical and corporate experience within the oil and gas industry, will assist in the day

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4 Apr 2011 15:52

Brainspark chief executive takes shares

The chief executive of investment company Brainspark, Alfredo Villa, has spent £112,500 on shares in the company. He took 31,000 shares, paying 34.5p a share. Following the acquisition and the conversion of some other shares awarded to Villa into ordinary shares, he now has about 5.3m ordinary shar

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31 Mar 2011 15:52

BPC plans drilling in 2012

AIM-quoted Bahamas Petroleum Company (BPC) says that it is on track to drill its first well in the first half of 2012. Seismic surveys indicate large structures containing hydrocarbon indicators. BPC is in negotiations with CGGVeritas to undertake a 3D seismic survey. There could be potential far

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16 Mar 2011 17:07

London close: Market closes at low for the day

An attempt at an early afternoon rally was short-lived and Footsie ended at its low for the day as investors continue to worry about the situation in Japan and sovereign debt in Europe after the downgrade of Portugal's debt by ratings agency Moody's. A sharp fall on Wall Street did not help sentime

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16 Mar 2011 14:06

London afternoon: Stocks pare losses

Stocks pared losses over the lunch time session leaving the overall picture looking mixed, though the Footsie is slightly easier on balance, as investors continue to fret about the fall-out from the Japanese disaster, while sovereign debt concerns in Europe have been revived by the downgrade of Port

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16 Mar 2011 08:04

Small caps round-up: Bahamas Petroleum, Forte Energy, Sound Oil

Oil and gas exploration company Bahamas Petroleum is to raise in the region of £45.6m through a placing of shares at 18.75p each. The company said 110m new shares have definitely been placed, while a further 133.1m have been conditionally placed. The funds will be used to speed up the company's exp

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18 Feb 2011 12:57

Bahamas Petroleum in 'giant' discovery

Shares in Bahamas Petroleum jumped 15% after surveys confirmed evidence of numerous structures "significantly larger than previously expected" in offshore licenses at the Bahamian fold belt. The results "provide evidence of 'giant' size structures in the southern licences...capable of holding sever

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3 Feb 2011 11:00

Small caps round-up: Acal, Avation, Lonrho...

European technology group Acal's like-for-like sales have increased by 17% since September, driven by strong growth in its core electronics division. "Assuming no deterioration from current levels, we expect full year results to be ahead of our previous expectations," the group said. Profits at

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25 Jan 2011 16:45

Bahamas Petroleum director buys

AIM-quoted Bahamas Petroleum Company's non-executive director Dursley Stott has invested nearly £16,000 in the oil and gas explorer's shares. Stott bought 100,000 shares at 15.825p each. This takes his stake to 315,000 shares. Stott is based in the Isle of Man, where BPC is domiciled, having switc

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11 Jan 2011 13:51

Small caps round-up: Best of the Best, IdaTech, MAM Funds ...

Luxury car competition company Best of the Best said trading in the six months to the end of October was in line with market expectations. New competition structures with a broader appeal have been introduced to assist in the growth of the online business, the company said, while the company is als

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25 Oct 2010 17:24

Smith raises £7.1m in Collins Stewart sale

Having announced his retirement as deputy chairman less than two weeks ago, Terry Smith did not waste much time before selling his entire beneficial holding of 8.93m shares in stockbroking firm Collins Stewart. Smith, who will quite the board of Collins Stewart to focus on his role as chief executi

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30 Sep 2010 14:53

Sector movers: Oil stocks rise as crude advances

The oil sector is going well as crude prices advance. Big companies such as BP and Shell are wanted, while among smaller companies Shares in Bahamas Petroleum advanced after the oil group focused on the waters around the Caribbean country said it was continuing to make advances in its portfolio wh

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