Bahamas Petroleum looks to speed exploration

Bahamas Petroleum aims to attract $73 million via a shares placement to fund its exploration activity offshore the Bahamas.

Offshore staff

DOUGLAS, UK -- Bahamas Petroleum aims to attract $73 million via a shares placement to fund its exploration activity offshore the Bahamas.

Funds raised will be used for acquisition of new 3D seismic, geochemical seabed sampling, and other technical studies. Some of the proceeds should also provide financial flexibility to develop further leads in the company’s licenses and to progress other license applications.

Since last June 2010, the company has been working on a targeted 2D seismic program aimed at defining drillable prospects, and on assigning resource estimates across its 100%- owned acreage offshore the Bahamas.

Initial results of 2D seismic surveys performed to date have been encouraging. An independent technical review of the data should be completed this summer.

Going forward, the company's will continue to review potential farm-in proposals for parts of its licences, while retaining outright ownership of selected acreage. It is in discussions with potential farm-in partners, and claims that the scale of its potential projects should attract major and national oil companies.

Additional funding raised via the placement also would allow an accelerated exploration and strengthen its negotiating position with any potential partners.

03/16/2011

More in Geosciences