BPC seismic survey reveals potential
Bahamas Petroleum Company(BPC)has discovered multiple drilling prospects after completing a two-dimensional seismic survey of its four southern licenses, with company officials feeling optimistic based on the results.
CEO of the company Dr. Paul Crevello said findings confirmed the initial data collected nearly 25 years ago, and the firm is eager to analyze the information further.
“The prospects identified from shipboard analysis of the seismic data validate the presence of the leads identified in the pre-1987 evaluation,”Crevello said.”The results are very encouraging. I look forward to further processing of the data and the results of the CPR(Competent Persons Report)analysis of the prospects and resource evaluation.”
The oil exploration company has completed a 1,120 kilometer, two-dimensional seismic survey over four of its offshore licenses and plans to conduct an independent CPR to define the full scope of
the results. It will also define drillable prospects and designate resource estimates.
Chairman of BPC Alan Burns said he is”very encouraged”by the results and the next step is to create financial benefits for persons who invested in the project.
“We are focussed 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,”Burns said.
Shares of the company increased by almost 17 percent after the announcement was made by BPC.
In addition to its four southern licenses in The Bahamas, BPC has a northern license area, and may seek to obtain information on that license in the future.The company utilized the services of Osprey Navigation Company to conduct the survey and used the M/V Osprey Explorer as the survey vessel. According to Crevello the country is capable of having fields of more than 500 million barrels, and as much as one billion barrels of oil. The opportunity to drill will have to wait, however, as the government has suspended such activity indefinitely until further research is done.
An announcement will be made in the future if BPC decides to acquire seismic data in its northern license area.
Officials from the Ministry of Environment did not return calls up to press time regarding BPC’s results.