Preliminary results of seismic survey

RNS Number : 4546B

Bahamas Petroleum Company PLC

18 February 2011

 



18 February 2011

Bahamas Petroleum Company PLC

("Bahamas Petroleum" or the "Company")

Preliminary results from onboard processing of seismic survey

Summary:

·     Preliminary onboard processing of recently completed 2D seismic survey in southern Commonwealth of Bahamas waters shows numerous structures with four way dip closure significantly larger than previously expected.   

·     Detailed processing will take approximately two months, which will verify the preliminary interpretations and give further in depth analysis.

·     Potential 3D seismic survey being considered with a number of suitable vessels available on short notice.

·      The presence of a potential Middle Jurassic salt layer may point to a further "sub-salt" play in the area.

Bahamas Petroleum, the oil and gas exploration company with licenses in The Bahamas, is pleased to announce the posting on its website of two recently completed, independent consultant studies by Dr. Mark Rowan of Rowan Consulting Inc (Jan 2011) and Mr. Ozanisch of Lago Petroleum Consulting (Feb 2011).  These documents provide important results from the June 2010 fully processed Pre-Stack Time Migration (PSTM) data along with preliminary mapping results of shipboard analysis of the January 2011 2D seismic survey.  Both provide evidence of 'giant' size structures in the southern licences held by the Company's subsidiary, Bahamas Offshore Petroleum Ltd., capable of holding several hundred million barrels of oil.  They provide the first structure maps documenting the size and extent of closure of these features, based on 1,120 km of seismic data and demonstrate the consistency of fold formation, the continuity of folds along the structural trend, the ability to seismically map internal stratigraphic consistency (i.e., continuity of reservoir-seal strata) across the folds and the geometric form of the folds.

These results are preliminary and the full PSTM processing of the 2011 2D seismic data is due for completion by end April 2011 and will form the basis for detailed structural interpretation and prospect evaluation.  In addition to the seismic data, gravity and magnetics data were acquired which are currently being processed.

Dr. Paul Crevello, CEO of Bahamas Petroleum said:

"Rowan and Ozanich's reports are significant because they provide the first modern interpretation of seismic data and exploration potential of the Bahamas Offshore Petroleum licences from the Bahamian fold belt. These independent studies verify the extent and style of structural geometry of the large-scale folds which was not possible from the historical seismic data. 

"Improved technology enabled exceptional resolution within the folds, allowing us to see for the first time the lateral continuity of potential reservoir and sealing strata.  These studies are important for several reasons:

1)  the 2010 PSTM data indicates that the structures are simple folds and that reservoir-seal strata appear to be continuous across the extent of the structures;

2)  continuity of reservoir-seal pairs will enhance long-distance drainage of reservoirs;

3)  the detachment of the compressional folds suggests the presence of a Jurassic salt layer and may provide a deeper 'subsalt' exploration play which we had believed was present but could only document in the June 2010 seismic, and;

4)  the size of the fold belt prospects are considerably larger than those previously defined in the 2007 Competent Persons Report ('CPR').

We are waiting for completion of seismic processing of the January 2011 survey through PSTM and a new CPR to determine undrilled and unproven resource potential."

Non-Executive Chairman Alan Burns, of Bahamas Petroleum Company Plc, said:

"These structures are exceptional in the size and extent of the 4-way closure, indeed I am not aware of any anticlines of this size in the Gulf of Mexico - Caribbean region.  We look forward to testing these structures with the drill bit to determine if hydrocarbons are present.  Bahamas Petroleum intend to stay on course to drill a well within the next twelve months, once appropriate drilling and environmental regulations are in place in the Commonwealth of The Bahamas."  

- Ends -

NB: This statement has been approved by the Company's geological staff including Jock Drummond, who is a Member of the American Association of Petroleum Geologists (AAPG) and the Society of Economic Geologists (SEG).  Jock has more 30 years of experience in the oil and gas exploration industry and has held several administrative positions in the Geophysical Society of Houston over the past twenty years.

For further information, please contact:

Bahamas Petroleum Company PLC Dr Paul Crevello, Chief Executive Officer	Tel: [phone]/ [phone]
Strand Hanson Limited - Nomad Rory Murphy / Liam Buswell	Tel: [phone]
Financial Dynamics Billy Clegg / Ed Westropp / Alex Beagley	Tel: [phone]
Canaccord Genuity - 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 Charles Goodfellow	Tel: [phone]

 

END

 

 

MSCMMGMZRNGGMZM