![\"\"](\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2012\/04\/tax-avoidance-250x166.jpg\" "\\"tax-avoidance\\"")
Operating losses at Bahamas Petroleum Co jumped to $10.2m in the year to the end of December – up from $5.4m last time.<\/p>\nOperating losses at Bahamas Petroleum Co jumped to $10.2m in the year to the end of December – up from $5.4m last time.<\/p>\n
Pre-tax losses increased to $10.1m -up from $5.4m a year ago.<\/p>\n
The company said that during the year it had successfully raised \u00a345.6m through an equity placing and completed 1,120km line 2D seismic survey and competent person’s report which concluded:<\/p>\n
* Multiple structures over the southern licences with unrisked recoverable prospective resources in excess of 500 million barrels at a number of different reservoir horizons<\/p>\n
* Several individual structures with an estimated ultimate recovery in excess of 1 billion barrels of oil<\/p>\n
* Assessment was restricted to the Cretaceous interval only which leaves the shallower Tertiary strata and the deeper Jurassic strata still to be evaluated<\/p>\n
Chief executive Simon Potter said: “2011 has been a transformational year for Bahamas Petroleum Company.<\/p>\n
“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.<\/p>\n
“Over $50m has been spent to date on de-risking activities to ensure the future success of this endeavour.<\/p>\n
“As the company enters 2012 there are a number of major catalysts that will underpin and sustain future growth.<\/p>\n
“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.<\/p>\n
“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).<\/p>\n
” The Board continues to look to the future with confidence.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Operating losses at Bahamas Petroleum Co jumped to $10.2m in the year to the end of December – up from $5.4m last time. How convenient for tax-dodging foreign investors.<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[153,93,98,47],"class_list":["post-20138","post","type-post","status-publish","format-standard","hentry","category-business","tag-business-2","tag-corruption","tag-financial","tag-investing"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/20138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=20138"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/20138\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=20138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=20138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=20138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}