Latest Share Chat

BPC.L Share News (BPC)

BPC.L Information

There is currently no data for BPC

Bahamas Wants To Drill "As Soon As Possible" But Waiting For Partner

Thu, 23rd Jul 2015 08:29

LONDON (Alliance News) - Bahamas Petroleum Co PLC Thursday said it wants to drill on its licenses "as soon as possible" but the company is waiting to secure a strategic partner to bring down the cost of the first offshore exploration well.

The company, which operates in the southern waters of the Bahamas, reported a total loss of USD2.3 million in the first half of 2015, slightly narrower than the USD2.4 million loss a year earlier. The company does not generate any revenue.

Bahamas is currently cutting costs and restricting expenditure, and had cash of USD7.8 million at the end of June with no debt. The company said it expects to cut costs further in the second half.

"In conclusion, the first half of 2015 has been one of modest but pleasing progress for the company. In a commercial and regulatory sense, we now have clarity on the extended tenure, timings, terms and area of our licences," said Chief Executive Simon Potter.

"Combined with the recently demonstrated commitment of the Bahamian government to our industry, and the legislative clarity provided by the savings provisions of the new Petroleum Act with regards to our existing licences, we believe there is now the greater level of certainty needed to attract high quality industry partners and this is being acted on determinedly by the company," he added.

The company currently has four offshore licences in its name-sake country with a further three license applications pending. All of those licences are connected along the maritime border with Cuba.

Bahamas Petroleum has an obligation to drill at least one exploration well across its licenses by April 2017, but the company said it wants to drill "as soon as possible", but it is seeking a funding partner to bring the cost of the first well down from the expected cost of around USD50 to USD60 million.

"We are encouraged that these developments have reinvigorated the company's programme to attract a strategic and funding partner and are confident that we have the right strategy, team and fundamentals in place to deliver significant value to our shareholders," said Potter.

Bahamas Petroleum shares were up 4.8% to 2.44 pence per share on Thursday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

More News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Latest Share Chat

BPC.L Share News (BPC)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Bahamas Wants To Drill "As Soon As Possible" But Waiting For Partner

Login to your account

Quickpicks are a member only feature

Login to your account