Bahamas Petroleum ready to 'test the drillbit' after positive preliminary seismic results

Source: Bahamas Petroleum

Bahamas Petroleum (LON:BPCreports that preliminary onboard processing of a recently completed 2D seismic survey in the waters offshore the Bahamas shows numerous structures with four way dip closure significantly larger than previously expected. 

Two independent studies of the seismic survey provide evidence of giant-size structures in the southern licenses capable of holding several hundred million barrels of oil. 

They provide the first structure maps documenting the size and extent of closure of these features, based on 1,120 km of seismic data and demonstrate the consistency of fold formation, the continuity of folds along the structural trend, the ability to seismically map internal stratigraphic consistency (i.e., continuity of reservoir-seal strata) across the folds and the geometric form of the folds. 

These results are preliminary and the full PSTM processing of the 2011 2D seismic data is due for completion by end April 2011 and will form the basis for detailed structural interpretation and prospect evaluation. In addition to the seismic data, gravity and magnetics data were acquired which are currently being processed.
 
"Rowan and Ozanich's reports are significant because they provide the first modern interpretation of seismic data and exploration potential of the Bahamas Offshore Petroleum licences from the Bahamian fold belt,” said Dr. Paul Crevello, CEO of Bahamas Petroleum “These independent studies verify the extent and style of structural geometry of the large-scale folds which was not possible from the historical seismic data.” 

Detailed processing will take approximately two months, which will verify the preliminary interpretations and give further in depth analysis. A potential 3D seismic survey is being considered with a number of suitable vessels available on short notice. 

The presence of a potential Middle Jurassic salt layer may point to a further "sub-salt" play in the area. 

"These structures are exceptional in the size and extent of the 4-way closure, indeed I am not aware of any anticlines of this size in the Gulf of Mexico - Caribbean region,” said Alan Burns, non-executive chairman. “We look forward to testing these structures with the drill bit to determine if hydrocarbons are present. Bahamas Petroleum intend to stay on course to drill a well within the next twelve months, once appropriate drilling and environmental regulations are in place in the Commonwealth of The Bahamas."



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