Operating losses at Bahamas Petroleum Co jumped to $10.2m in the year to the end of December – up from $5.4m last time.
Pre-tax losses increased to $10.1m -up from $5.4m a year ago.
The company said that during the year it had successfully raised £45.6m through an equity placing and completed 1,120km line 2D seismic survey and competent person’s report which concluded:
* Multiple structures over the southern licences with unrisked recoverable prospective resources in excess of 500 million barrels at a number of different reservoir horizons
* Several individual structures with an estimated ultimate recovery in excess of 1 billion barrels of oil
* Assessment was restricted to the Cretaceous interval only which leaves the shallower Tertiary strata and the deeper Jurassic strata still to be evaluated
Chief executive Simon Potter said: “2011 has been a transformational year for Bahamas Petroleum Company.
“Additional funding has seen the acquisition of data that will determine the location of the first exploratory well in Bahamian petroleum exploration licenses in 25 years.
“Over $50m has been spent to date on de-risking activities to ensure the future success of this endeavour.
“As the company enters 2012 there are a number of major catalysts that will underpin and sustain future growth.
“These include the outcome of regional drilling activities, principally in Cuban waters adjacent to the company’s Bahamian licences, completion of the Bahamian elections and timely progress towards realising a partner to participate in the drilling of a deep well.
“The company is seeking to further imbed the business in The Bahamas with the appointment of resident Bahamian directors and the application for a listing on the Bahamas International Stock Exchange (BISX).
” The Board continues to look to the future with confidence.”
