Bahamas Petroleum narrows loss with cost-cutting measures

For the 12 months ended 31 December, the company posted an overall loss of $4.7m, down 10% from 2013's $5.2m.

Cost reduction actions include the board's decision to defer 20% of salaries into performance-based remuneration, an across the board rationalisation of company adviser costs and the further reduction of fixed expenses, such as the termination of all housing contracts.

The company remains focused on commencing its first exploration well's drilling activity, with its closing cash position of over $10m set to meet ongoing costs for several years.

"Going forward into 2015 and beyond our primary task is clear: secure the funding for the cost of the exploration drilling, and to commence drilling," said chief executive Simon Potter.

"Our preference remains to secure a farm-in partner for the project. With the regulatory clarity, licence extensions, and further technical de-risking achieved during 2014 and early 2015, we are now in a position to progress this all-important task," he added.

As of 1200 BST, Bahamas Petroleum was trading 5.4% higher at 2.11p.