BPC optimistic about marine seismic obtained near Cuba, offshore Bahamas

Source: BPC

BPC (LON:BPC) announced the preliminary results of its recently acquired 2D marine seismic program offshore the Bahamas

The 194-kilometer program was shot in June 2010 over the Company's southern licenses, which lie adjacent to Cuban waters, and was acquired using a long streamer (10.2 km) with data recorded to 8.5 seconds. The use of modern acquisition and processing technology has resulted in a major improvement in the quality and resolution of the seismic data, compared to previous data from the 1980s, and has helped to confirm the geological model for the area, which BPC believes is highly prospective for hydrocarbons.

In particular, the new seismic data shows large scale, compressional anticlinal folds up to 10 x 20km with vertical closure up to 4,000 ft; and various possible "Direct Hydrocarbon Indicators", such as flat spots, dim zones and possible hydrocarbon leakage features which, if confirmed, could indicate an active hydrocarbon system in the area and significantly "de-risk" future exploration prospects.

BPC is very encouraged by the high quality and resolution of the new data, and will undertake further seismic acquisition in these southern licenses offshore Bahamas before the end of the year. Accordingly, bids are currently being sought for a phased 2D and 3D seismic program.

The Company has applied to the Government of The Bahamas for up to 3,600 sq km of additional acreage on trend with these licenses, the license awards for which are expected to be announced before the end of the year.

"The large structures and geological formations are further substantiated by the drill cores we already own from the area and give us indentified potential prospects on which we will be acquiring additional seismic later in the year, as we work toward exploration drilling," said Alan Burns, BPC chairman.

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