Bahamas Petroleum (LON:BPC), the oil and gas exploration company with licences in The Bahamas, said this morning that it had wrapped up the acquisition of 1,120 km of long-cable (8km) 2D seismic data on its southern licences. The new 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.

Bahamas said it now intended to 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 seismic data for the company during 2010. The award to Spectrum will ensure rapid turnaround processing using mathematical algorithms, which have already been determined from the earlier survey of 2010. It is expected that the CPR and processing will take several months to complete.

Dr Paul Crevello, the chief executive of Bahamas Petroleum, said: “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.”

Alan Burns, the company’s chairman, added: “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.”

Bahamas Petroleum’s portfolio comprises five exploration licences covering 15,676 sq km in the waters off The Bahamas. The company was set up in 2005 and listed on AIM through a reverse takeover in September 2008. It is the first oil company to carry out new work in the southern Bahamas region since 1987. Last year it acquired 194km of new 2D seismic data and the data obtained proved up the existence of potential super-giant traps, with seismic indications of the presence of hydrocarbons. Last September the company raised £5.1m in a share placing priced at 4.25p per share, with…

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