Bahamas Petroleum said it was "actively pursing all avenues" to find a funding partner for its operations.
Directors at London-listed Bahamas Petroleum said today they would take part in a share placing.
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 chief executive of Bahamas Petroleum is to take a 90% deferral on his pay as the company looks to invest in a new exploration well.
Senior executives of Bahamas Petroleum have agreed to defer 90% of their salaries until the islands oil and gas project is turned around.
Bahamas Petroleum Company shares jumped after the islands' senate passed the Petroleum Bill that allows a framework for exploration operations.
Bahamas Petroleum Companyaims to begin drilling activity in the Caribbean this year whilst searching for a technical partner to share in the "world class" multi-billion barrel potential of the region.
Shares in Bahamas Petroleum have risen 30% following an agreement with the government to extend its exploration licence until the second quarter of 2018. The explorer will also now have until April 2017 to begin drilling operations.