MITIGATING RISKS: READY FOR THE DRILL BIT SIMON POTTER PAUL GUCWA BEN PROFFITT CHIEF EXECUTIVE OFFICER CHIEF OPERATING OFFICER COMPANY SECRETARY 15 June 2012
Disclaimer This presentation (Presentation) has been prepared by Bahamas Petroleum Company plc (the Company believes that the expectations reflected in these statements are based on reasonable Company) solely for its use at informational…
COMPANY Overview Forging Relationships Sustainable Processes Ready Technically Summary
Investment Highlights Multiple play-types with scale potential proven Cuba fold belt/thrust sheet plays drilling now CPR highlights multiple billion barrel prospects (only Cretaceous level assessed) average CoS 25% Fiscal terms…
Regional Setting Region has discovered nearly 100 billion bbl oil and 500 tcf gas Nearly 4mm acres under license equivalent to 672 OCS lease blocks Geology considerably different than U.S. Gulf of Mexico Anticipated BPC well…
Commercial Context COMMERCIAL Legal Politically stable; parliamentary democracy English heritage legal system and structure Costs Proximity to service providers from US GoM Freeport status FISCAL Fiscal terms structured around…
Company Overview GBP USD Significant Shareholders (3%) as at 31 May 2012 Price* 0.0785 0.1217 TD Waterhouse 52 Week High 0.1900 0.2959 52 Week Low 0.0539 0.0840 Barclays Wealth Market Cap (mm) 96.6 150.0 Hargreaves Lansdown Asset…
2011 Financial Statements Highlights Capitalised Cost of Assets USm Acquisition and Rental of Licences (2007 2011) 1.8 Analysis of Old Data Logs Acquired Pre 2009 2.8 2D Seismic (2010 and Early 2011) 2.0 3D Seismic (2011) 29.4 Other…
2012 Funding Sources and Uses Sources Uses (Estimated calendar year 2012) Current sources USm Operating expenditures USm Cash as at 1/1/12 35.0 2D Seismic 1.5 Cash Raise - 3D Seismic Processing 6.5 TOTAL SOURCES 1 35.0 Other…
Stock Performance 2012 to date 2012 Coverage Catalysts Oversold in 2011 Speculative buy Mandate Increased risk appetite Latest target 23p External verification Election Impact Risked Upside 400p Drilling line of sight 9
COMPANY Overview Forging Relationships Sustainable Processes Ready Technically Summary
Licences Status and Commitments Rule of Law Petroleum Act 1971; Regulations 1978 Four 3-year exploration periods Production licence 20 years Moratorium Applications pending First Period Second Period Third Period Fourth Period…
COMPANY Overview Forging Relationships Sustainable Processes Ready Technically Summary
Environmental Context External consultation Cross border cooperation Risk profile Regulations EIA EMP Submitted October OSMP Statute BEST dialogue Well location and complete January rig specific Law Public consultation Cuba…
Environment: Oil Transport Simulation Sophisticated model incorporating ocean currents, wind and oil properties An uncontained, GoM-type spill - very minor landfall impact on Bahamas Trans border planning and response will be…
COMPANY Overview Forging Relationships Sustainable Processes Ready Technically Summary
TOPICS Regional Setting Geologic history of The Bahamas records the evolution from a rifted margin to a foreland basin Cuba Drilling Update 6 wells scheduled to be drilled offshore Cuba Repsol has P&Ad first well, this result is not…
Cuba Drilling Plans Activity Heating Up Region has discovered nearly 100 billion bbl oil and 500 tcf gas Nearly 4mm acres under license equivalent to 672 OCS lease blocks Geology considerably different than U.S. Gulf of…
Tectonic History 19
Key Bahamas Events Through End Cretaceous Source Rocks Modified from Olsen, 2011 20
Late Jurassic Climate and Plate Positions Olsen, 2011 21
Late Cretaceous and Early Tertiary Compression Cuban Marginal area Southern Bahamas area Late Cret.- Paleocene Cuban arc (70-50Myrs) Forbulge Transitional to continental crust Late Cretaceous Proto-Caribbean oceanic crust…
Platform Margin Bahamian Foreland Cuban Border Nassau Trend A Fold B Fold C Cretaceous reef/platform imaging is significantly improved. Better imaging of the deeper section Pronounced dip to the south-west; thicker Jurassic…
Top Cretaceous Structure 25
Top Cretaceous Structure Fold C Fold B Trend A 10 Kms Fold B Fold C Top 700m Top 950m Vertical closure 750m Vertical closure 350m Area 423 km2 Area 63 km2 (104,526 acres) (15,814 acres) 26
Top Albian Structure Fold C Fold B Trend A 10 Kms 27
Top Aptian Structure 28
Top Aptian Structure Fold C Fold B Trend A 10 Kms Fold B Fold C Top 2400m Top 3250m Vertical closure 400m Vertical closure 750m Area 288 km2 Area 63 km2 (71,166 acres) (15,814 acres) 29
Seismic Facies SW NENE Trend A Fold B U Albian starved basin Tertiary pelagics U Albian karst mudstones UK platform, reef & slope UK - pelagics U Albian Platform L Albian Ramp U/L Aptian Ramp LK/JR Anhydrite - porous…
3D line Through Fold B Potential Well Location SW NE Tertiary Pelagics Upper Cretaceous Pelagics LKUJr Anhydrite - Dolomite LK/Ujr Anhydrite Callovian Est 22,500 sstvd N 31
Inverted acoustic impedance high Top Tertiary Near top Cretaceous Top Albian low Top Aptian N High acoustic impedance Base Aptian intervals related to anhydrite Low acoustic impedance intervals related to more…
Inverted VpVs ratio high Top Tertiary Near top Cretaceous Top Albian low High Vp/Vs possibly related to mudstone or condensed section Top Aptian N Base Aptian Low Vp/Vs intervals related to porous, hydrocarbon…
Rock types and seismic data Top Tertiary Mudstone Anhydrite Near top Cretaceous More porous carbonate Top Albian Less porous carbonate Unclassified carbonate Top Aptian N Base Aptian Top Jurassic 34
Initial PSDM volume Cuban Border Trend A Fold B Fold C Nassau Initial PSDM (top) shows better definition, detail and higher frequency. Expect improvement, especially in deeper section as processing progresses. 35
Key Technical Risks Scale: CPR highlights multiple billion barrel prospects (only Cretaceous level assessed) Average CoS 25% with Reservoir component least risk 3D Interpretation reinforces scale of Folds B and C Closure at…
COMPANY Overview Forging Relationships Sustainable Processes Ready Technically Summary
Timeline: Company Planning 3 Years 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 2D 3D Acquired Fast track Interpretation SEISMIC Multi-beam Potential well sites 3D PSDM Interpretation Spill Study Submitted Consultation…
Registered Office: Bahamas Petroleum Company plc Tel: +44 (0) 1624 647883 IOMA House Email infobpcplc.com Hope Street Douglas Isle of Man, IM1 1AP
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