StockMarketWire.com - Bahamas Petroleum Company posts an operating loss of $2.3m for the six months to the end of June - down from $2.5m last time.

Highlights:

· Four southern licences exploration period renewed for a further three years to mid-2018 with a requirement to commence an exploration well by April 2017

· Existing applications for new licences resubmitted consistent with strategic and technical focus

· Continued focus to commence responsible and safe drilling operations as soon as possible

· Farm-out discussions continue with parties for a strategic and funding partner

· New petroleum legislation continues to progress positively with the second reading scheduled to take in the current parliamentary term

· Technical and engineering works completed, reducing the anticipated cost of the initial exploration well, targeting a total cost of $50 - $60 million

· Detailed preparation of the required Environmental Management Plan ("EMP") and community engagement programme continues

· Strict focus on cash expenditure continues with further initiatives to be implemented to further reduce costs

· Fully financed for ongoing operations with cash on the balance sheet of $7.8 million and no debt

Chief executive Simon Potter said: "During the first half of the year we have remained focused on our goal to commence responsible and safe drilling operations, as a first step towards realising the potential resource contained in our licence areas, while continuing to operate cost efficient operations.

"The renewal of our core southern licences in the period, coupled with the significant progress made towards the adoption of a new regulatory framework in The Bahamas, provides a clear timeline for well operations. With this in mind we have been busy completing various work programmes focused on the further technical de-risking of the project while preparing for our drilling campaign.

"We are encouraged that these developments have reinvigorated the Company's programme to attract a strategic and funding partner and are confident that we have the right strategy, team and fundamentals in place to deliver significant value to our shareholders."




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