Seismic survey contract awarded (0828E)

TIDMBPC

RNS Number : 0828E

Bahamas Petroleum Company PLC

01 April 2011

1 April 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, is pleased to announce that it has signed a Letter of Award with CGGVeritas to carry out a minimum of 1500 km(2) 3D seismic survey across its Southern licence area. The details of the contract are to be finalised in April 2011 with commencement of operations in May 2011. Bahamas Petroleum Company will engage the ship 'Veritas Viking' to acquire the seismic 3D survey. The Veritas Viking will use ten seismic streamers incorporating CGGVeritas' new BroadSeis technology for the first time in the Americas.

Paul Crevello, Chief Executive of Bahamas Petroleum Company, said:

"I am very pleased to announce the award of this 3D seismic contract to CGGVeritas. CGGVeritas is one of the world's most proficient seismic survey providers and its BroadSeis technology is regarded as being one of the most advanced systems. We are looking forward to commencing operations in May 2011. Fast track interpretation of the data will follow with results to be announced thereafter. The Government of the Bahamas are fully supportive of this programme and we are working closely with them to put regulations and protocols in place for further exploration."

- Ends -

For further information contact:

 
 Bahamas Petroleum Company PLC                   Tel: +44 (0) 1624 
  Dr Paul Crevello, Chief Executive Officer       641194 
 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 Limited - 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

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