(AIM BPC) THE BAHAMAS

Seismic Data Analysis- February 2011
RNS Number : 4546B
Bahamas Petroleum Company PLC
18 February 2011
· Preliminary onboard processing of recently completed 2D seismic survey in southern Commonwealth of Bahamas waters shows numerous
structures with four way dip closure significantly larger than previously expected.
· Detailed processing will take approximately two months, which will verify the preliminary interpretations and give further in depth analysis.
· Potential 3D seismic survey being considered with a number of suitable vessels available on short notice.
· The presence of a potential Middle Jurassic salt layer may point to a further "sub-salt" play in the area.
Bahamas Petroleum, the oil and gas exploration company with licenses in The Bahamas, is pleased to announce the posting on its website of two recently
completed, independent consultant studies by Dr. Mark Rowan of Rowan Consulting Inc (Jan 2011) and Mr. Ozanisch of Lago Petroleum Consulting (Feb
2011). These documents provide important results from the June 2010 fully processed Pre-Stack Time Migration (PSTM) data along with preliminary mapping
results of shipboard analysis of the January 2011 2D seismic survey. Both provide evidence of 'giant' size structures in the southern licences held by the
Company's subsidiary, Bahamas Offshore Petroleum Ltd., capable of holding several hundred million barrels of oil. They provide the first structure maps
documenting the size and extent of closure of these features, based on 1,120 km of seismic data and demonstrate the consistency of fold formation, the
continuity of folds along the structural trend, the ability to seismically map internal stratigraphic consistency (i.e., continuity of reservoir-seal strata) across the
folds and the geometric form of the folds.
These results are preliminary and the full PSTM processing of the 2011 2D seismic data is due for completion by end April 2011 and will form the basis for
detailed structural interpretation and prospect evaluation. In addition to the seismic data, gravity and magnetics data were acquired which are currently being
processed.
Dr. Paul Crevello, CEO of Bahamas Petroleum Company Plc , said:
"Rowan and Ozanich's reports are significant because they provide the first modern interpretation of seismic data and exploration potential of the Bahamas
Offshore Petroleum licences from the Bahamian fold belt. These independent studies verify the extent and style of structural geometry of the large-scale folds
which was not possible from the historical seismic data.
"Improved technology enabled exceptional resolution within the folds, allowing us to see for the first time the lateral continuity of potential reservoir and sealing
strata. These studies are important for several reasons:
Appendix 2