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Bahamas Petroleum confident

A Manx-based oil firm says it's expecting significant growth over the course of this year as it prepares drilling operations in the Caribbean.

In its annual report out today (Thursday), Bahamas Petroleum posts an operating loss of $5.4million for the year to December 31, 2010 compared to a loss of $2.4 million the previous year.

The AIM-listed company says it is to carry out a high resolution seabed survey across its licence area, starting in June.

Bahamas Petroleum relocated to the Isle of Man in 2010 and is confident it remains on track to drill the first high impact well in 2012.

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