- Bahamas Petroleum Company posts an operating loss of $4,845,139 for the year to the end of December compared with $4,778,879 last time. Pre-tax losses rose to $4,774,445 from $4,668,179.

Chief executive Simon Potter said: "We maintain the strong belief that our project represents a large scale, multi-billion barrel economically robust project that has now been technically de-risked to the point where we consider it drill-ready. Significantly, we now have clarity in a commercial and regulatory sense with the extended tenure of the core southern licences and the Bahamian Government's commitment to our industry through the passing of the new Petroleum Act and Sovereign Wealth Act, collectively providing the level of certainty needed to attract high quality industry players.

"The Board and Management continue to seek ways to deliver meaningful cost savings for the Company, and are more than ever personally committed to the success of the Company having agreed to take further fee reductions. Commitment to the project is such that I, along with key fellow executives will be deferring 90% of our salaries to be paid contingent on a farm out agreement. This further ensures we are working towards the same goal and are totally aligned with our shareholders.

"The Company remains singularly focussed on commencing drilling activities by April 2017 and, in the lead-up to that, the all-important task of securing a farm-in partner. We continue to manage a flow of qualified parties through the data room and look forward to updating shareholders on a successful farm out transaction."

At 9:43am: [LON:BPC] Bahamas Petroleum Company PLC share price was +0.36p at 2.18p

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