Seismic survey contract awarded (2270Z)

TIDMBPC

RNS Number : 2270Z

Bahamas Petroleum Company PLC

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               Tel: +44 (0) 1624 
  Alan Burns, Chairman and CEO                64 1199 
 Dr Paul Crevello, Chief Operating Officer    Tel: +1 720 771 7583 
 Strand Hanson Limited                       Tel: +44 (0) 20 7409 
  Rory Murphy / Liam Buswell                  3494 
 Novus Capital Markets Ltd                   Tel: +44 (0) 20 7107 
 Charles Goodfellow / David Rae               1872 
 FirstEnergy Capital LLP                     Tel: +44 (0) 20 7448 
 Hugh Sanderson / Derek Smith                 0200 
 Financial Dynamics                          Tel: +44 (0) 20 7831 
  Billy Clegg / Ed Westropp / Alex Beagley    3113

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).

This information is provided by RNS

The company news service from the London Stock Exchange

END

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