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BPC has spent $2.4 million on exploration expenditure in year one of the licences which, in addition to the annual rental, has exceeded the total mandatory expenditure imposed by the Government for the duration of all the licences with the exception of the Miami licence. At the end of year one BPC had spent US$494,320 on the Miami licence against a total work commitment for all years of $600,000.
The Miami licence is held by Island Offshore Petroleum Limited while the other four licences are held by Bahamas Offshore Petroleum Limited, both wholly owned subsidiaries of BPC Limited.
BPC's commissioned independent geological, geophysical, petrophysical and geochemistry studies have established a working petroleum system, mapping an initial portfolio of 22 leads, ranging from 4,000 to 90,000 acres of closure in structural, stratigraphic and/or combination traps, some of potential super-giant size.
Over the last two years BPC has successfully located and processed for electronic analysis a significant volume of Bahamian exploration well data dating back to wells drilled as early as 1947. BPC has commissioned original work using modern-day computer analysis and state-of-the-art techniques and interpretive skills on a variety of regimes including log analyses, core descriptions, petrographic analysis of cuttings and thin sections, and 1-D basin modelling. In analysing and interpreting these data BPC has, in addition to its own technical staff, commissioned work from organisations and individuals from leading university groups and consulting firms.
The BPC Bahamas data set as described in the CPR and independent consultant reports provides the most up-to-date analysis and interpretation of a professionally documented and sound exploration portfolio.
The BPC business plan is to encourage participation partnering by other industry partners in the licences in their current state, expand the capacity to operate at the highest efficient level on the BPC Bahamas licences and to move on to other exploration acreage acquisition, both in The Bahamas and elsewhere, and to search for early production opportunities.
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