Bahamas seismic identifies potential oil giants

Bahamas Petroleum claims to have identified numerous large oil prospects in its southern licenses offshore the Bahamas.

Offshore staff

DOUGLAS, UK -- Bahamas Petroleum claims to have identified numerous large oil prospects in its southern licenses offshore the Bahamas.

The company commissioned two studies from Dr. Mark Rowan of Rowan Consulting and Mr. Ozanisch of Lago Petroleum Consulting (Feb 2011). They based their assessments on recently processed pre-stack time migration (PSTM) data, and preliminary mapping results of shipboard analysis of a 2D seismic survey acquired over the licenses last month.

Both point to “giant” size structures which could contain several hundred million barrels of oil.

Bahamas Petroleum now has its first maps documenting the size and extent of closure of these features, based on 1,120 km (696 mi) of seismic data.

Full PSTM processing of the 2011 2D seismic should be completed by end-April, and will provide the basis for detailed structural interpretation and prospect evaluation. Bahamas Petroleum also has newly acquired gravity and magnetics data currently undergoing processing, and a new Competent Persons Report to determine undrilled and unproven resource potential.

CEO Dr. Paul Crevello said: "Rowan and Ozanich's reports are significant because they provide the first modern interpretation of seismic data and exploration potential of [our] licences from the Bahamian fold belt. 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.

"Improved technology enabled exceptional resolution within the folds, allowing us to see for the first time the lateral continuity of potential reservoir and sealing strata.”

These studies are important for several reasons:
• The 2010 PSTM data indicates that the structures are simple folds and that reservoir-seal strata appear to be continuous across the extent of the structures
• Continuity of reservoir-seal pairs will enhance long-distance drainage of reservoirs
• The detachment of the compressional folds suggests the presence of a Jurassic salt layer and may provide a deeper “subsalt” exploration play which was documented only in the June 2010 seismic
• The size of the fold belt prospects are considerably larger than those previously defined in the 2007 Competent Persons Report.

Non-Executive chairman Alan Burns said: "These structures are exceptional in the size and extent of the four-way closure; indeed I am not aware of any anticlines of this size in the Gulf of Mexico - Caribbean region...

“Bahamas Petroleum intends to stay on course to drill a well within the next 12 months, once appropriate drilling and environmental regulations are in place in the Commonwealth of The Bahamas."

02/18/2011

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