Bahamas Petroleum has completed the acquisition of 1120 km of long-cable (8km) 2D seismic in its southern licenses. 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 license 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 focused 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 realization."

Tags: Bahamas Petroleum Company