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BPC was formed to invest in an offshore oil exploration programme in licence areas covering approximately 15,676 sq km (3.874 million acres) in the territorial waters and maritime Exclusive Economic Zone (EEZ) of The Bahamas. The Group holds 100% interest through wholly owned subsidiaries in five Exploration Licences granted by the Government of the Commonwealth of The Bahamas. Over sixty years of sporadic exploration has been conducted in The Bahamas. However, there has been very little exploration and drilling activity, with no drilling in the last 20 years, and much of the seismic acquisition activity occurred more than 20 years ago. Five deep petroleum exploration wells have been drilled onshore or in the Bahamian shallow waters between 1947 and 1986. Two wells were drilled in BPC's current licence areas.
Since 2005, the Group negotiated a new series of agreements with the Government of The Bahamas covering the core of the relinquished areas held by previous oil companies with more favorable and secure terms than those held in earlier years by major oil companies. When the BPC project was initiated in 2005, there was no oil and gas data on The Bahamas readily available. As a result of a three year international search and the purchase of materials from oil companies, universities and research institutions, the BPC team has acquired extensive material which includes well cores and rock samples going back to 1958 and a large amount of seismic data in various conditions. The Directors beleive that BPC is the first company to have developed a detailed oil and gas exploration history of The Bahamas, and a record of oil and gas shows in old wells. BPC has identified 22 leads in the licences. At this stage of exploration, with such limited seismic control, the Competent Person believes that it is inappropriate to attempt to quantify prospective resources or geological chances of success for these leads. Nevertheless, some of the leads are of substantial areal extent, the largest being 390km2 (96,000 acres). If these are confirmed by additional seismic investigation, traps capable of holding giant accumulations (> 500 MMSTB) could be present.
Based on the Group's interpretation of the pre-existing seismic data, 22 leads have been identified as being potentially capable of trapping hydrocarbons and have been selected for further investigation.
The Directors believe that each of the 22 leads are of sufficient size that they could contain commercially exploitable volumes of hydrocarbons, provided source rocks exist and there are suitable reservoirs and seals to hold the oil and gas, and oil and/or gas has migrated to the lead.
BPC's awarded licences
With the benefit of modern knowledge and technologies BPC is proud to have been able to shed light on the very great prospectivity of The Bahamas for world scale oil and gas discoveries. Now with the world ever hungrier for new large oil and gas provinces, particularly in democracies close to North America, our work is set to achieve a large increase in value for the people of The Bahamas, our shareholders and oil and gas consumers in general. Our directorate is skilled in finding and developing new oil and gas fields in overlooked, forgotten and new areas and has an outstanding track record of discovery and development and we look forward over the next few years to bringing discoveries into production.
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