Seismic survey contract award

RNS Number : 2270Z

Bahamas Petroleum Company PLC

11 January 2011

 



11 January 2011

Bahamas Petroleum Company PLC

(The "Company")

Seismic survey contract awarded

Bahamas Petroleum Company PLC, the oil and gas exploration company with licences in The Bahamas, announces that it has signed an agreement with Osprey Navigation Company Inc. ("Osprey Navigation"),  a subsidiary of SeaBird Exploration FZ LLC, to acquire a close grid 2D seismic in the Company's four southern licences using the M/V Osprey Explorer. 

Prior to 2010 the existing vintage seismic dated back to 1987. The Company acquired further seismic data in June 2010 using modern, more advanced seismic acquisition technology and the data obtained proved up the existence of potential super-giant traps, with seismic indications of the presence of hydrocarbons.  The Company anticipates that the 2011 survey will define drillable prospects and resource potential in place.  This is the first prospect-level survey in the Bahamas.  In addition, the Company has the option to acquire seismic, using Osprey Navigation, in its northern licence area.

- Ends -

For further information contact:

Bahamas Petroleum Company PLC Alan Burns, Chairman and CEO Dr Paul Crevello, Chief Operating Officer	Tel: [phone] Tel: [phone]
Strand Hanson Limited Rory Murphy / Liam Buswell	Tel: [phone]
Novus Capital Markets Ltd Charles Goodfellow / David Rae	Tel: [phone]
FirstEnergy Capital LLP Hugh Sanderson / Derek Smith	Tel: [phone]
Financial Dynamics Billy Clegg / Ed Westropp / Alex Beagley	Tel: [phone]

Notes to Editors

SeaBird Exploration is a global provider of marine 2D and 3D seismic data, solutions for seabed acquisition of 4C/4D multimode seismic, and associated products and services to the oil and gas industry.  SeaBird specialises in high quality operations within the high end of the source vessel and 2D market, in the shallow water 2D/3D market and in 4C/4D multimode seismic by nodal seabed acquisition. The main focus for SeaBird is proprietary seismic surveys (contract seismic).

 

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