Seismic Work Completed at Pearl

Bahamas Petroleum announced the initial processing of the Pearl 3D seismic survey has been completed. Data quality is excellent and data volumes have been received in both time and depth. Detailed interpretation is now underway and will form the basis for well location selection, well design and planning.

Processing at this initial stage has been completed with 4 millisecond sampling and 3 tomographic velocity iterations. Further processing will be carried out during 1Q early 2Q, along with more detailed analysis and interpretation refined for specific targets, mapping of seismic facies and attributes analysis.

Early stage interpretation of this new data has confirmed and better defines the prospective structures seen on the previous 2D data. Significantly, the data provide encouragement regarding source maturity and fetch area. The 3D indicates the "basement" to be deeper than interpreted previously, implying a thicker, deeper Jurassic (source rock) section. Further, the interpretation indicates a uniform south west dip under the Cretaceous platform indicating access to a large fetch area toward the Cuban mainland under the North Cuban Basin.

Simon Potter, CEO, stated "We are very pleased with the quality of the CGG BroadSeis data, the reinforcement of the conclusions from the 2D data and the new, initial interpretations we are able to make. The ongoing technical studies and well planning activities represent the final phase of de-risking prior to being ready to commence drilling by March 2013 as the terms of our exploration license oblige us to do."