Completion of 3D Seismic Acquisition Programme

RNS Number : 5657Q

Bahamas Petroleum Company PLC

21 October 2011

 



21 October 2011

Bahamas Petroleum Company plc

("Bahamas Petroleum" or the "Company")

Completion of 3D Seismic Acquisition Programme

Bahamas Petroleum, the oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, is pleased to announce the acquisition phase of its 3D seismic programme has been completed.

Earlier in the year, the Company announced it had raised £43.3m net of costs to pursue its technical programmes, including £23m on the acquisition and processing of a 3D seismic survey by CGG Veritas.  The Company is pleased to announce that the acquisition phase of this programme was recently completed with a final total area of 3,075 km² having been surveyed.   This acquisition area was expanded during the engagement in response to early encouraging results and good data quality.

The acquisition has been accomplished on time and on budget, notwithstanding the additional area surveyed and despite precautionary delays caused by the close passage of hurricanes during a particularly active hurricane season throughout the summer period.

Processing has already begun, with initial indications that the data sets are of a very high quality.  Preliminary results are expected to be available early in the New Year 2012 and will allow the Company to form a better understanding of the complete section of potential play-types from the Tertiary through to the Jurassic. This interpreted data will provide potential drilling locations down to below 20,000 feet and thus the finalisation of safe drilling locations.

Simon Potter, CEO of Bahamas Petroleum, said:

"Completion of this 3D survey using CGG's most up to date technology over the most southern four blocks in the Company's portfolio is a major milestone in the continuing risk reduction work programme undertaken by the Company. Processing and interpretation of this data will refine and reinforce conclusions drawn from the initial 2D survey over the same area and allow the definition of individual structures which will be screened as targets for future drilling activities.

"Early indications from the preliminary interpretation on the results are encouraging and we look forward to updating the market once comprehensive analysis has been completed."

- Ends -

For further information, please contact:

Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer	Tel: [phone]
Strand Hanson Limited - Nomad Rory Murphy / Liam Buswell	Tel: [phone]
FTI Consulting 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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