Bahamas Petroleum Company has signed an agreement with Osprey Navigation Company Inc. (Osprey Navigation), a subsidiary of SeaBird Exploration FZ LLC, to acquire a close grid 2D seismic in the Company's four southern licences using the M/V Osprey Explorer.

Prior to 2010 the existing vintage seismic dated back to 1987. The Company acquired further seismic data in June 2010 using modern, more advanced seismic acquisition technology and the data obtained proved up the existence of potential super-giant traps, with seismic indications of the presence of hydrocarbons. The Company anticipates that the 2011 survey will define drillable prospects and resource potential in place. This is the first prospect-level survey in the Bahamas. In addition, the Company has the option to acquire seismic, using Osprey Navigation, in its northern licence area.

Tags: Bahamas Petroleum Company