StockMarketWire.com - Oil and gas explorer Bahamas Petroleum Company operating losses narrowed 16% in the year through December as rising oil prices had created a more buoyant commercial environment for exploration. In the 12 months ended 31 December, operating losses fell 16% to $3.25m from $3.88 the previous year.

The company said it was working with a major international oil company - after signing an exclusivity agreement in May - to conclude a detailed technical evaluation and develop a commercial framework for a potential transaction.

This moved the company closer to meeting its primary strategy of securing an industry partnership, or 'farm-out.'

'The higher oil price environment, the sheer scale of our prospectivity and the need for large oil companies to replace reserves after five years of under investment in this area has resulted in a marked upturn in the exploration sector, and added energy and urgency to our farm-out process, which has gained considerable momentum over the year,' said Simon Potter, Chief Executive Officer of Bahamas Petroleum Company.


At 10:35am: [LON:BPC] Bahamas Petroleum Company PLC share price was +0.13p at 3.23p



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