Bahamas Petroleum Awarded Seismic Survey Contract

Bahamas Petroleum Company has signed an agreement with Osprey Navigation Company, a subsidiary of SeaBird Exploration, to acquire a close grid 2D seismic survey in the Bahamas. The survey will be conducted in the company's four southern licenses using the M/V Osprey Explorer.

Prior to 2010, the company could only refer to vintage seismic data, dated back to 1987. BPC then acquired further seismic data in June 2010 using modern, more advanced seismic acquisition technology. The new data proved the existence of potential super-giant traps, with seismic indications of the presence of hydrocarbons.

The company expects that the 2011 survey will define drillable prospects and resource potential in place. It is also the first prospect-level survey in the Bahamas, claims the operator. Additionally, the company has the option to acquire seismic, using Osprey Navigation, in its northern license area.

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