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Bahamas Petroleum completes 3D seismic results in region

The 3D data indicates deposits might be thicker, deeper than first thought and there is a large "fetch" area under the North Cuban Basin. Bahamas Petroleum is licensed to commence drilling by March 2013. 

Monday, January 16, 2012
Monday, January 16, 2012

BPCplc Bahamas Petroleum Corp has announced today that 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,” according to the company.

Detailed interpretation is now underway and will form the basis for well location selection, well design and planning.

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 company says. “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, chief executive officer, states: “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 licence oblige us to do.”

Clark Smith has been elected to succeed Forrest Wylie as Buckeye's chief executive officer, effective next month, as the US company pushes forward a strategic organizational realignment with the creation of three new business units.

In the 2012 Index of Economic Freedom report released by The Heritage Foundation in partnership with The Wall Street Journal places the jurisdiction 46th in the world. Download a PDF of the report here.

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