Bpc (LON:BPC) , the oil and gas exploration company with licenses in The Bahamas, said this morning that two new independent studies of recent surveys over its licences showed numerous potential oil and gas structures, which are significantly larger than previously expected. The findings are some of the earliest assessments of recent data studies in the region, with full interpretation expected to take two more months. The company said it was now considering carrying out a 3D seismic survey. The Bahamas Petroleum share price responded with an 18.4% rise to 22.5p.

Independent consultant studies by Dr Mark Rowan of Rowan Consulting Inc and Mr Ozanisch of Lago Petroleum Consulting have been posted on the company’s website. It company said the documents provided 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.

Bahamas said that both studies provided evidence of ‘giant’ size structures in its southern licences, 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 1,120km of seismic data. The company added that the findings demonstrated 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, the chief executive of Bahamas Petroleum, 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:

1)…

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