Completion of Seismic survey & initial results (5918A)

TIDMBPC

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                   Tel: +44 (0) 20 7831 
  Dr Paul Crevello, Chief Executive Officer       3113/ 
                                                  +1 720 771 7583 
 Financial Dynamics                              Tel: +44 (0) 20 7831 
  Billy Clegg / Ed Westropp / Alex Beagley        3113 
 Canaccord Genuity - Joint broker                Tel: +44 (0) 20 7050 
  Charles Berkeley / Henry Fitzgerald-O'Connor    6500 
 Novus Capital Markets Ltd - Joint broker        Tel: +44 (0) 20 7107 
  Charles Goodfellow                              1881 
 FirstEnergy Capital LLP - Joint broker          Tel: +44 (0) 20 7448 
  Hugh Sanderson / Derek Smith                    0200 
 Strand Hanson Limited - Nomad                   Tel: +44 (0) 20 7409 
  Rory Murphy / Liam Buswell                      3494

This information is provided by RNS

The company news service from the London Stock Exchange

END

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