Bahamas Petroleum (LON:BPC) completes 3D survey at southern blocks

Bahamas Petroleum (LON:BPC) completes 3D survey at southern blocks

Bahamas Petroleum (LON:BPC) has completed the acquisition phase of its 3D seismic programme, calling it a major milestone in the continuing risk reduction at its licences in the Bahamas.

Processing of the seismic data has already started and the company said initial indications are that the data sets are of a very high quality.

Preliminary results are expected to be available early in 2012, providing BPC with potential drilling locations down to below 20,000 feet, “refining and reinforcing” conclusions of the initial 2D survey over the four most southern blocks of the company’s portfolio in the Bahamas.

“Completion of this 3D survey...is a major milestone in the continuing risk reduction work programme undertaken by the company,” said chief executive of Bahamas Petroleum Simon Potter.

“Early indications from the preliminary interpretation of the results are encouraging and we look forward to updating the market once comprehensive analysis has been completed.”

Earlier in the year, the company announced it had raised £43.3 million to fund its technical programmes, including £23 million on the acquisition and processing of a 3D seismic survey.

The company has now surveyed a total area of 3,075 square kilometres. The area was expanded following early encouraging results and good data quality.

Despite the expansion of the surveyed area and precautionary delays due to the hurricane season, the acquisition was completed on time and budget.

Shares in Bahamas were down 1.3 percent at 7.4 pence this morning, valuing the company at £91 million. Read More