Preliminary results of seismic survey (4546B)
February 18 2011 - 2:00AM
UK Regulatory
TIDMBPC
RNS Number : 4546B
Bahamas Petroleum Company PLC
18 February 2011
18 February 2011
Bahamas Petroleum Company PLC
("Bahamas Petroleum" or the "Company")
Preliminary results from onboard processing of seismic
survey
Summary:
-- Preliminary onboard processing of recently completed 2D
seismic survey in southern Commonwealth of Bahamas waters shows
numerous structures with four way dip closure significantly larger
than previously expected.
-- Detailed processing will take approximately two months, which
will verify the preliminary interpretations and give further in
depth analysis.
-- Potential 3D seismic survey being considered with a number of
suitable vessels available on short notice.
-- The presence of a potential Middle Jurassic salt layer may
point to a further "sub-salt" play in the area.
Bahamas Petroleum, the oil and gas exploration company with
licenses in The Bahamas, is pleased to announce the posting on its
website of two recently completed, independent consultant studies
by Dr. Mark Rowan of Rowan Consulting Inc (Jan 2011) and Mr.
Ozanisch of Lago Petroleum Consulting (Feb 2011). These documents
provide important results from the June 2010 fully processed
Pre-Stack Time Migration (PSTM) data along with preliminary mapping
results of shipboard analysis of the January 2011 2D seismic
survey. Both provide evidence of 'giant' size structures in the
southern licences held by the Company's subsidiary, Bahamas
Offshore Petroleum Ltd., capable of holding several hundred million
barrels of oil. They provide the first structure maps documenting
the size and extent of closure of these features, based on 1,120 km
of seismic data and demonstrate the consistency of fold formation,
the continuity of folds along the structural trend, the ability to
seismically map internal stratigraphic consistency (i.e.,
continuity of reservoir-seal strata) across the folds and the
geometric form of the folds.
These results are preliminary and the full PSTM processing of
the 2011 2D seismic data is due for completion by end April 2011
and will form the basis for detailed structural interpretation and
prospect evaluation. In addition to the seismic data, gravity and
magnetics data were acquired which are currently being
processed.
Dr. Paul Crevello, CEO of Bahamas Petroleum said:
"Rowan and Ozanich's reports are significant because they
provide the first modern interpretation of seismic data and
exploration potential of the Bahamas Offshore Petroleum licences
from the Bahamian fold belt. These independent studies verify the
extent and style of structural geometry of the large-scale folds
which was not possible from the historical seismic data.
"Improved technology enabled exceptional resolution within the
folds, allowing us to see for the first time the lateral continuity
of potential reservoir and sealing strata. These studies are
important for several reasons:
1) the 2010 PSTM data indicates that the structures are simple
folds and that reservoir-seal strata appear to be continuous across
the extent of the structures;
2) continuity of reservoir-seal pairs will enhance long-distance
drainage of reservoirs;
3) the detachment of the compressional folds suggests the
presence of a Jurassic salt layer and may provide a deeper
'subsalt' exploration play which we had believed was present but
could only document in the June 2010 seismic, and;
4) the size of the fold belt prospects are considerably larger
than those previously defined in the 2007 Competent Persons Report
('CPR').
We are waiting for completion of seismic processing of the
January 2011 survey through PSTM and a new CPR to determine
undrilled and unproven resource potential."
Non-Executive Chairman Alan Burns, of Bahamas Petroleum Company
Plc, said:
"These structures are exceptional in the size and extent of the
4-way closure, indeed I am not aware of any anticlines of this size
in the Gulf of Mexico - Caribbean region. We look forward to
testing these structures with the drill bit to determine if
hydrocarbons are present. Bahamas Petroleum intend to stay on
course to drill a well within the next twelve months, once
appropriate drilling and environmental regulations are in place in
the Commonwealth of The Bahamas."
- Ends -
NB: This statement has been approved by the Company's geological
staff including Jock Drummond, who is a Member of the American
Association of Petroleum Geologists (AAPG) and the Society of
Economic Geologists (SEG). Jock has more 30 years of experience in
the oil and gas exploration industry and has held several
administrative positions in the Geophysical Society of Houston over
the past twenty years.
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
Strand Hanson Limited - Nomad Tel: +44 (0) 20 7409
Rory Murphy / Liam Buswell 3494
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
FirstEnergy Capital LLP - Joint broker Tel: +44 (0) 20 7448
Hugh Sanderson / Derek Smith 0200
Novus Capital Markets Ltd - Joint broker Tel: +44 (0) 20 7107
Charles Goodfellow 1881
This information is provided by RNS
The company news service from the London Stock Exchange
END
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