Completion of Seismic survey

RNS Number : 5918A

Bahamas Petroleum Company PLC

03 February 2011

 



3 February 2011

Bahamas Petroleum Company PLC

("Bahamas Petroleum" or the "Company")

Completion of Seismic survey and initial results

Bahamas Petroleum, the oil and gas exploration company with licences in The Bahamas, is pleased to announce that the company has completed the acquisition of 1120 km of long-cable (8km) 2D seismic in its southern licences.  The new seismic survey has confirmed the presence of multiple prospects, some of which are 4-way closure in nature and some of which are combination stratigraphic-structural traps.

The Company will engage an independent firm to undertake a competent persons report ("CPR") to define the full scope of the seismic analysis, define and hi-grade drillable prospects and assign resource estimates.  Processing of the seismic has been awarded to Spectrum, the company which acquired and processed the 2010 seismic data.  The award to Spectrum will ensure rapid turnaround processing using mathematical algorithms, which have already been determined from the earlier survey of 2010.  We expect the CPR and processing will take several months to complete.

Bahamas Petroleum's CEO, Dr Paul Crevello, commented:

"I am very pleased to announce these successful, preliminary results from the seismic survey across our Southern licence area.  The prospects identified from ship-board analysis of the seismic data validate the presence of the leads identified in the pre-1987 evaluation.  The results are very encouraging.  I look forward to further processing of the data and the results of CPR analysis of the prospects and resource evaluation."

Bahamas Petroleum's Non-Executive Chairman, Alan Burns, commented:

"I have personally reviewed the preliminary seismic data and I am very encouraged by what I have seen.  We are focussed on creating significant value for our shareholders and through the exploratory work done to date and as we take the identified prospects towards drilling, this primary aim is getting closer to realisation."

- Ends -

For further information, please contact:

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

 

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