- Bahamas Petroleum saw losses increase to £1.5m from £0.1m as announced in its interim results for the period ending 30 Jun 2019.

The company saw an extension for its second exploration period for the company's licenses to 31 December 2020.

Bahamas Petroleum also announced that it has a view to commencing the drilling of a first exploration well in the first half of 2020.

Post period, the company announced AGM approval for the temporary authority for issue of new shares to further contribute to the financing of drilling, if required.

Simon Potter, chief executive officer of Bahamas Petroleum Company, said:

'2019 has proved to be a year of positive progress and developments for BPC, with a number of key milestones having been achieved.'

'The extension of our licences to December 2020 and the requirement to commence the drilling of our obligation well in this timeframe has given us a renewed clarity of focus.'

'Accordingly, we have begun taking all necessary steps to secure in principle the rig, oilfield services and equipment we need, from leading global suppliers, that will enable us to responsibly deliver our first well.'

'At the same time we are also pursuing a number of potential financing options.'

'On behalf of the Board and staff of BPC, I would like to thank The Government of The Bahamas and all of our shareholders for their continued support of the Company. I believe that the next 6-9 months will be a company making time for BPC, and I look forward to providing further updates as we progress toward the drilling of an initial exploration well in 1H 2020.'

At 8:05am: [LON:BPC] Bahamas Petroleum Company PLC share price was +0.03p at 1.98p

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