Bahamas Petroleum told investors that it has found multiple prospects in its search for oil in the southern Bahamas.
It has now completed a 1,120 kilometre 2D seismic survey across four of its offshore licenses.
Last year BPC carried out the first seismic work in the area since 1987, but this new programme will be the first prospect-level survey in the Bahamas.
BPC said that the new survey has confirmed the presence of multiple prospects, some of which are 4-way closure in nature and some of which are combination stratigraphic-structural traps.
“The prospects identified from ship-board analysis of the seismic data validate the presence of the leads identified in the pre-1987 evaluation. The results are very encouraging,” chief executive Dr Paul Crevello said.
“I look forward to further processing of the data and the results of CPR analysis of the prospects and resource evaluation.”
