Bahamas review confirms oil prospectivity

A new Competent Persons Report (CPR) by Ryder Scott Co. L.P. underlines the oil potential in Bahamas Petroleum’s license offshore the Bahamas.

Offshore staff
DOUGLAS, UK – A new Competent Persons Report (CPR) by Ryder Scott Co. L.P. underlines the oil potential in Bahamas Petroleum’s license offshore the Bahamas.

It followed interpretation of Bahamas Petroleum's recently acquired 2D seismic program, which allowed for evaluation of trap size and potential reservoir intervals. The data set defined fourfold trends, each with the potential for multiple reservoir intervals.

Highlights of the CPR include:
•Four structures over the Bain, Cooper, and Donaldson licenses with unrisked recoverable prospective resources (EUR) of over 500 MMbbl each at multiple reservoir intervals
•Three of the four structures have an unrisked EUR of over 1 Bbbl
•ach of the separate intervals are considered to have different levels of risk, but if the hydrocarbon system is working at each level, the four structures could hold a combined EUR greater than 4 Bboe
•The report focuses only on the Cretaceous interval. Evaluation of the shallower Tertiary strata and deeper Jurassic pre and post-salt will be evaluated after Bahamas Petroleum has completed 3D seismic interpretation.

Bahamas Petroleum is currently shooting 3D seismic over its four southern licenses, with more than 40% of the survey completed to date. The data should help firm potential drill sites and enhance knowledge of the geology in the Cretaceous and the deeper Jurassic and subsalt interval.

Subject to financing arrangements and a successful environmental impact assessment, due to be presented to the Bahamas government this quarter, the company could drill its first well in 2012. The regulatory regime under which drilling will be supervised should be put in place over the next year.

07/19/2011

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