Bahamas Petroleum Company, the oil and gas exploration company with licences in The Commonwealth of the Bahamas, announces its final results for the year ended 31 December 2011.
Highlights:
· Successfully raised £45.6m through an equity placing;
· 1,120km line2D seismic survey and competent persons report completed, concluding:
· Multiple structures over the southern licences with unrisked recoverable prospective resources (EUR) in excess of 500 million barrels at a number of different reservoir horizons;
· Several individual structures with an EUR in excess of 1 billion barrels of oil;
· Assessment was restricted to the Cretaceous interval only which leaves the shallower Tertiary strata and the deeper Jurassic strata still to be evaluated;
· The average Chance of Success (CoS) was assessed at 25%.
· 3,075 km² Pearl 3D seismic survey conducted by CGG Veritas
· Initial processing has been completed – detailed interpretation underway;
· High resolution seabed survey undertaken by Fugro N.V.
· Appointment of Simon Potter as Chief Executive Officer
Simon Potter, Chief Executive of Bahamas Petroleum Company, said:
“2011 has been a transformational year for Bahamas Petroleum Company. Additional funding has seen the acquisition of data that will determine the location of the first exploratory well in Bahamian petroleum exploration licenses in 25 years. Over $50 million has been spent to date on de-risking activities to ensure the future success of this endeavour.
As the Company enters 2012 there are a number of major catalysts that will underpin and sustain future growth. These include the outcome of regional drilling activities, principally in Cuban waters adjacent to the Company’s Bahamian licences, completion of the Bahamian elections and timely progress towards realising a partner to participate in the drilling of a deep well. The Company is seeking to further imbed the business in The Bahamas with the appointment of resident Bahamian directors and the application for a listing on the Bahamas International Stock Exchange (BISX). The Board continues to look to the future with confidence”.
[mappress] Subsea World News Staff , April 02, 2012; Image: BPC