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Oil and gas company Bahamas Petroleum said it expected to grow cash flows on increased production next year after reporting wider first-half losses as higher costs weighed on performance.
For the six months ended 30 June 2020, net losses widened to $2.2 million from $1.5 million year-on-year.
'The next six months have the potential to be company making for BPC ... as we continue on our journey toward completing the drilling of Perseverance #1 in early H1 2021,' the company said.
'Looking forward, as production increases through 2021 we would expect to see cashflows increasing accordingly, with the Company seeking to be in a position, by end of 2021, to be generating sufficient cash flows to cover all overhead and operating expenses for the entire business, and potentially making a considerable contribution to ongoing capital and exploration expenditures,' it added.