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 farm-ins negotiated this year. The cash outflow from operations increased from $2.82m in 2009 to $5.42m in 2010. There was a further $1.38m outflow from investments. There was $6.07m in the bank at the end of 2010. Since then £20.6m has been raised with a further £25m to come when shareholders approve the issue of the shares. Edward Shallcross has bought 120,000 shares at 22.18p each. That is the non-exec's first share purchase.