(Alliance News) - Bahamas Petroleum Company PLC on Tuesday said it has conducted a number of studies on its licences offshore in the Bahamas which suggest "a world-class source rock and petroleum system".
Shares in Bahamas Petroleum were up 7.7% at 3.07 pence in London in mid day trading.
Four studies were conducted: seismic attribute mapping; geophysical and seismic interpretation; paleogeographic reconstruction; and Cuban oil sample analysis.
The system is, Bahamas Petroleum said, "precisely" located within the company's licence areas. The company said 3D data has demonstrated "a well-developed fault and fracture system" and will pay a major part in the selection of well drill sites.
Chief Executive Simon Potter said: "As we move forward operationally, and in view of ongoing farm-in and funding discussions, we have continued to undertake related technical studies. The objective of this work has been to further reduce subsurface risk by demonstrating the existence and quality of the petroleum system components, and also to optimise the location of the wells we intend to drill.
"We are most encouraged that these four most recent studies have each produced positive results, which when taken together support the potential presence of hydrocarbons in identified fractured networks, thereby serving to further technically de-risk the drill candidates and reconfirming our view that our prospects in the Bahamas represent a drill ready, potentially multi-billion barrel prospect inventory."