Bahamas Petroleum announced its full-year results yesterday, posting total cash assets of $21.3bn (£13.9bn) in 2012, down from $35bn in 2011. Yet total losses for the year fell from $10.1bn in 2011 to $6.3bn in 2012. The oil and gas explorer said that it had received a mandate this year to undertake exploration drilling, which CEO Simon Potter called “significant progress”. Operating losses of $6.3m were reported, a 39 per cent drop on 2011. “The outlook for Bahamas Petroleum is encouraging as we gear up for drilling, expected to start [in] mid-2014 at the earliest,” added Potter.