Bahamas Petroleum boosted by Moyes oil estimate

An external assessment of Bahamas Petroleum's oil licences has indicated they may contain 1.6bn to 3.3bn barrels of recoverable oil.

A technical audit of the key structures in the company's southern licences conducted by Moyes & Co indicated aggregate mean volumetrics assessed for is a stock tank oil-initially-in-place of 8.3bn barrels, with an upside of up to 28bn barrels STOIIP.

Moyes calculated 25-35% probability of success for each of the major reservoirs.

Applying a recovery factor in the range of 20-40% to the STOIIP volumetrics would result in an unrisked estimated ultimate recoverable amount of 1.6-3.3bn barrels.

BPC said the audit also backed up its belief that the minimum field size for an economic development is less than 0.2bn barrels, meaning the company forecasts its existing cash reserves "are sufficient to continue normal operations through 2018".

Chief executive Simon Potter said: "We are pleased to have received the results of the technical audit from Moyes & Co. The independent audit has validated our previous technical work, confirmed the scale of our own internal resource estimates, and provided new technical insight that further mitigates and reduces technical risk.

"We believe these positive findings will further assist us as we continue to move forward with our farm-out process over the coming months."