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: +44 (0) 16 2464 1194

Strand Hanson Limited - Nomad

Rory Murphy / Liam Buswell

 

 

Tel: +44 (0) 20 7409 3494

 

FTI Consulting

Billy Clegg / Ed Westropp / Alex Beagley

 

Tel: +44 (0) 20 7831 3113

 

Canaccord Genuity Limited - Joint broker

Charles Berkeley / Henry Fitzgerald-O'Connor

 

 

Tel: +44 (0) 20 7050 6500

FirstEnergy Capital LLP - Joint broker

Hugh Sanderson / Derek Smith

 

 

Tel: +44 (0) 20 7448 0200

Novus Capital Markets Ltd - Joint broker

Nicholas Lee

 

Tel: +44 (0) 20 7107 1894

 

 

 


This information is provided by RNS
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