Bahamas Petroleum Contracts CGGVeritas for Seismic Services

Bahamas Petroleum has signed a Letter of Award with CGGVeritas to carry out a minimum of 1500 km2 3D seismic survey across its Southern license area. The details of the contract are to be finalized in April 2011 with commencement of operations in May 2011. Bahamas Petroleum Company will engage the ship 'Veritas Viking' to acquire the seismic 3D survey. The Veritas Viking will use ten seismic streamers incorporating CGGVeritas' new BroadSeis technology for the first time in the Americas.

Paul Crevello, Chief Executive of Bahamas Petroleum Company, said, "I am very pleased to announce the award of this 3D seismic contract to CGGVeritas. CGGVeritas is one of the world's most proficient seismic survey providers and its BroadSeis technology is regarded as being one of the most advanced systems. We are looking forward to commencing operations in May 2011. Fast track interpretation of the data will follow with results to be announced thereafter. The Government of the Bahamas are fully supportive of this program and we are working closely with them to put regulations and protocols in place for further exploration."