LONDON -- Bahamas Petroleum Co. (BPC) is set to raise £5.1 million ($8 million) from a share placement. If successful, the funds would be used for a new seismic acquisition program off the Bahamas which would start either late this year or early in 2011.
According to Alana Burns, chairman and CEO, the proceeds "will principally be used to fund upcoming seismic activity focused around already identified leads, with the intention of progressing those to defined drillable prospects."
During the past year, the company has acquired the first seismic around the Bahamas since 1987. Results have been encouraging, revealing large structures containing hydrocarbon indicators, which warrant further 2D as well as 3D seismic.
BPC aims to drill its first well on one of these prospects next year, subject to Bahamian approval. Water depths are around 400-500 m (1,312-1,640 ft).
Following local concerns over the Macondo well blowout in the Gulf of Mexico, BPC has been working with the government to ensure that appropriate regulations, environmental protection and safety procedures are in place prior to drilling.
The company stresses, however, that its geological formations are different to and more stable than those surrounding Macondo. Also, the shallower water depths allow application of more routine drilling techniques and equipment.
BPC adds that rig owners are increasing the routine maintenance and servicing of their equipment and revising their safety procedures following the consequences of the accident.