Oil and gas exploration company Bahamas Petroleum is chasing a billion barrel prize as it works towards drilling a prospect near the world’s largest oil market.
The update was given in the company’s year end results for 2016, which showed a final cash balance of $1.5 million.
Bahamas Petroleum chief executive Simon Potter welcomed the results, and announced that the board would continue to defer a share of their salaries to shares.
He said: “The company and board believes it has a world-class asset. Published independent analysis from a leading international petroleum consultant (Wood Mackenzie) identified the Company’s anticipated exploration well as being ranked in the top 10 ‘Drilling and Future Wells by Prospect Size’.
“On the global front, there has been a general improvement in oil market sentiment, and the company has noticed a distinct upturn in the level of interest, and pace of progress, with potential partners. In The Bahamas there is a new Government in place keen to grow the economy, the new Petroleum Act and associated Regulations have been fully enacted, and the company’s licences have been renewed and the work obligation and timing clarified.
“I and the Board continue to be committed to the task in hand. This is self-evident given our continued undertaking to defer and commute our salaries and fees to stock, ultimately only to be remunerated if we are successful in achieving the financing necessary to commence an exploration well, and our expression of interest in participating in the recently announced placing once the close period trading rules allow us to do so.”
The company also announced that it is close to concluding a farm-out for the prospect, and has several parties engaged in commercial negotiations.
It also pledged to continue to work with local communities with an interest in the project.
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