LONDON (Alliance News) - Caribbean-focused oil explorer Bahamas Petroleum Co PLC reported a narrowed annual loss on Thursday as the company continues to progress its exploration licences in the Bahamas.
In 2018, the company reported a pretax loss of USD1.3 million compared will USD3.2 million loss in 2017.
Bahamas' operating loss decreased 30% to USD2.3 million from USD3.3 million. The company's employee benefit expenses decreased 77% to USD458,923 but saw a 50% increase in other expenses to USD1.8 million.
Bahamas did not generate any revenue in 2018 nor 2017.
"2018 was a period of progress and consolidation for the company. Whilst we continue to be entirely focussed on securing the funding needed to drill an initial exploration well, we now have the working capital, government support, clear and enacted legislation and an adviser in place to achieve this," said Chief Executive Simon Potter.
Potter added: "Further, the surrounding industry circumstances are more favourable, with a sustained recovery in the global oil price and renewed industry interest in frontier exploration that will underpin moving this exciting project forward. We would like to thank all our investors and staff for their continued support and perseverance and look forward to reporting on further developments to you over the course of the coming year."
Shares in Bahamas Petroleum were down 2.4% Thursday at 2.00 pence each.