Bahamas Petroleum Corporation is pleased to announce 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 licence oblige us to do."
