13 Aug 2010 08:00
13 August 2010
BPC Plc
("BPC" or the "Company")
2D seismic survey results
BPC, the AIM quoted oil and gas exploration company with licences in The Commonwealth of The Bahamas, is pleased to announce the preliminary results of its recently acquired 2D marine seismic program. The 194 km program was shot in June 2010 over the Company's southern licences, which lie adjacent to Cuban waters, and was acquired using a long streamer (10.2 km) with data recorded to 8.5 seconds. The use of modern acquisition and processing technology has resulted in a major improvement in the quality and resolution of the seismic data, compared to previous data from the 1980's, and has helped to confirm the geological model for the area, which the Company believes is highly prospective for hydrocarbons.
In particular, the new seismic data shows:
·; large scale, compressional anticlinal folds up to 10 x 20km with vertical closure up to 4,000 ft; and
·; various possible "Direct Hydrocarbon Indicators", such as flat spots, dim zones and possible hydrocarbon leakage features which, if confirmed, could indicate an active hydrocarbon system in the area and significantly "de-risk" future exploration prospects.
One of the new seismic lines, showing some of these highly prospective features, is available for download from the Company's website (www.bpcplc.com). BPC is very encouraged by the high quality and resolution of the new data, and will undertake further seismic acquisition in these southern licences before the end of the year. Accordingly, bids are currently being sought for a phased 2D and 3D seismic program.
The Company also announces that it has applied to the Government of The Bahamas for up to 3,600 sq km of additional acreage on trend with these licences, the licence awards for which are expected to be announced before the end of the year. A map showing the application acreage is available for download from the Company's website (www.bpcplc.com).
Alan Burns, Chairman of BPC, commented:
"I am very pleased to report the impressive 2D seismic results from our southern licence area. The large structures and geological formations are further substantiated by the drill cores we already own from the area and give us indentified potential prospects on which we will be acquiring additional seismic later in the year, as we work toward exploration drilling."
- Ends -
For further information contact:
| BPC Plc Alan Burns, Chairman and CEO Dr Paul Crevello, Chief Operating Officer
|
Tel: 44 (0) 1624 64 1199 Tel: +1 242 357 4691 |
| Strand Hanson Limited Rory Murphy / Liam Buswell
|
Tel: +44 (0) 20 7409 3494 |
| Novus Capital Markets Ltd Charles Goodfellow / Paul Dudley
|
Tel: +44 (0) 20 7107 1872 |
| FirstEnergy Capital LLP Hugh Sanderson / Derek Smith
|
Tel: +44 (0) 20 7448 0200 |
| Financial Dynamics Billy Clegg / Ed Westropp |
Tel: +44( 0) 20 7831 3113 |