Appointment of Chief Operating Officer

RNS Number : 7855H

Bahamas Petroleum Company PLC

03 June 2011

 



3 June 2011

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Appointment of Chief Operating Officer

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, is pleased to announce the appointment of Dr Paul Gucwa to the senior management team of the Company as Chief Operating Officer, reporting directly to the Chief Executive.

Dr Paul Gucwa (age 64) has 37 years experience as a Geoscientist as well as in technical and business management roles developing exploration and production projects throughout the United States and Canada.  

Dr Gucwa began his career at Marathon Oil Company ("Marathon") in 1974 and was responsible for research in structural geology/ tectonics before transferring to Gulf of Mexico Exploration in 1978.  Since 1978, Paul has been involved with projects in the majority of North American petroleum basins in a variety of positions, most notably as Chief Geologist for BP America and as Manager of US Exploration for Marathon.  In this role, from 1992 to 2000, Paul was responsible for an annual capital expenditure budget in excess of US$100m.  During that period, Marathon's domestic exploration programme added in excess of 300 million barrels of oil equivalent net to Marathon, while its Gulf of Mexico production increased 300% to just under 100 million barrels of oil equivalent. 

Dr Gucwa left Marathon in 2000 and has remained active in North American E&P through Texas 3 Star Energy Investment, a company he founded in 2000, and as a technical contributor to Tetra Technologies oil and gas unit Maritech Resources.  

Dr Gucwa also serves as a member of the Advisory Council of the Jackson School of Geoscience at the University of Texas.

Dr Gucwa received his undergraduate degree from Franklin and Marshall College and his Master's and Doctoral degrees from The University of Texas. 

Dr. Paul Crevello, CEO of Bahamas Petroleum, said:

"I am pleased to welcome Dr Gucwa to the Company as Chief Operating Officer.  I have known Paul since 1978 when we worked together at Marathon Oil Company's Denver Research Center. His PhD in structural geology will be invaluable in bringing the Bahamian fold belt prospects to drill ready status. This is especially important as the CGGVeritas-Viking will deploy in June for the 3D seismic survey of the southern fold belt.

"Dr Gucwa's substantial technical and commercial experience has been gained in a variety of US oil companies and will be a great asset in the continued development of Bahamas Petroleum as we advance our programme into the next stage of exploration, as granted under our licences, towards exploration drilling in 2012."

For further information, please contact:

Bahamas Petroleum Company plc Dr Paul Crevello, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / Liam Buswell	Tel: [phone]
Financial Dynamics Billy Clegg / Ed Westropp / Alex Beagley	Tel: [phone]
Canaccord Genuity Limited - Joint broker Charles Berkeley / Henry Fitzgerald-O'Connor	Tel: [phone]
FirstEnergy Capital LLP - Joint broker Hugh Sanderson / Derek Smith	Tel: [phone]
Novus Capital Markets Ltd - Joint broker Nicholas Lee	Tel: [phone]

 

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