- Bahamas Petroleum said it had undertaken four separate subsurface studies as it prepared to start drilling exploration wells in the Bahamas from 2020.

The studies highlighted the likely presence and quality of a world-class source rock and petroleum system, located precisely in the company's licence area, it said.

'The company believes that hydrocarbon indicators have now been established from the 3D data with the reservoir rock demonstrating a well-developed fault and fracture system,' Bahamas Petroleum added.

The data would significantly influence the final selection of exploration drill sites, so as to provide the highest confidence of encountering hydrocarbons.

'As we move forward operationally, and in view of ongoing farm-in and funding discussions, we have continued to undertake related technical studies,' chief executive Simon Potter said.

'The objective of this work has been to further reduce subsurface risk by demonstrating the existence and quality of the petroleum system components, and also to optimise the location of the wells we intend to drill.'

'We are most encouraged that these four most recent studies have each produced positive results, which when taken together support the potential presence of hydrocarbons in identified fractured networks.'

At 2:54pm: [LON:BPC] Bahamas Petroleum Company PLC share price was +0.08p at 2.93p

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