2D seismic survey results

RNS Number : 0128R

BPC Plc

13 August 2010

 



13 August 2010

BPC Plc

("BPC" or the "Company")

2D seismic survey results

BPC, the AIM quoted oil and gas exploration company with licences in The Commonwealth of The Bahamas, is pleased to announce the preliminary results of its recently acquired 2D marine seismic program. The 194 km program was shot in June 2010 over the Company's southern licences, which lie adjacent to Cuban waters, and was acquired using a long streamer (10.2 km) with data recorded to 8.5 seconds.  The use of modern acquisition and processing technology has resulted in a major improvement in the quality and resolution of the seismic data, compared to previous data from the 1980's, and has helped to confirm the geological model for the area, which the Company believes is highly prospective for hydrocarbons.

In particular, the new seismic data shows:

·    large scale, compressional anticlinal folds up to 10 x 20km with vertical closure up to 4,000 ft; and

·    various possible "Direct Hydrocarbon Indicators", such as flat spots, dim zones and possible hydrocarbon leakage features which, if confirmed, could indicate an active hydrocarbon system in the area and significantly "de-risk" future exploration prospects.

One of the new seismic lines, showing some of these highly prospective features, is available for download from the Company's website (www.bpcplc.com). BPC is very encouraged by the high quality and resolution of the new data, and will undertake further seismic acquisition in these southern licences before the end of the year.  Accordingly, bids are currently being sought for a phased 2D and 3D seismic program. 

The Company also announces that it has applied to the Government of The Bahamas for up to 3,600 sq km of additional acreage on trend with these licences, the licence awards for which are expected to be announced before the end of the year.  A map showing the application acreage is available for download from the Company's website (www.bpcplc.com). 

Alan Burns, Chairman of BPC, commented:

"I am very pleased to report the impressive 2D seismic results from our southern licence area. The large structures and geological formations are further substantiated by the drill cores we already own from the area and give us indentified potential prospects on which we will be acquiring additional seismic later in the year, as we work toward exploration drilling."

- Ends -

For further information contact:

BPC Plc Alan Burns, Chairman and CEO Dr Paul Crevello, Chief Operating Officer	Tel:  [phone] Tel:    [phone]
Strand Hanson Limited Rory Murphy / Liam Buswell	Tel: [phone]
Novus Capital Markets Ltd Charles Goodfellow / Paul Dudley	Tel: [phone]
FirstEnergy Capital LLP Hugh Sanderson / Derek Smith	Tel: [phone]
Financial Dynamics Billy Clegg / Ed Westropp	Tel: [phone]

 

END

 

 

MSCKKBDDPBKDNFD