Seismic survey contract finalised

RNS Number : 3419G

Bahamas Petroleum Company PLC

11 May 2011

 



11 May 2011

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Seismic survey contract finalised

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, is pleased to announce that it has finalised an agreement with CGGVeritas (the "Agreement") to undertake a 3D seismic survey over the Company's southern licence areas, starting in May 2011.  The survey will cover approximately 3,000 square kilometres and will take approximately 90 days to complete. 

The Agreement was awarded to CGGVeritas in order for Bahamas Petroleum to benefit from CGGVeritas proprietary BroadSeis^TM imaging technology.  The survey will be performed by the vessel SR/V Veritas Viking.  The Companies have worked closely to design a survey programme that will optimize the BroadSeis^TM technology and streamer geometry.  Following on the results of the 3D survey, the company will undertake multi-beam sea bed imaging and hydrocarbon seep studies.

Dr. Paul Crevello, CEO of the Company, said:

"We are delighted to announce that the contract to undertake 3D seismic has been finalised and look forward to applying BroadSeis^TM technology to image our exploration prospects.  Our exploration programme is on target, and we are confident the 3D survey will further de-risk the prospects and enable us to choose multiple drilling locations. We will focus the 3D survey on the major prospects defined by the January 2011 2D PSTM processed data, results of which we expect to release in the coming weeks."

BroadSeis is a registered trademark of CGGVeritas

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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