REDUCING RISK: READY FOR THE DRILL BIT 3D Seismic Acquisition 2011 Investor Presentation (AIM: BPC) Email: infobpcplc.com November 2011 Website: www.bpcplc.com
BAHAMAS PETROLEUM COMPANY Plc. North Sea Comparison 1. Investment Highlights 2. Strategy 3. Leadership Team 4. Asset Base 5. Key Risks Addressed 6. Valuation 7. Capital Structure 8. Competitive Landscape 9. Summary 3
Investment Highlights Unique portfolio of licences; play-type range, untested scale, commercial terms thus upside Extension of proven Cuba fold belt/thrust sheet plays. Greater Gulf of Mexico analogues Experienced leadership team…
Strategy - Regional Context Region has discovered nearly 100 Billion bbl oil and 500 tcf gas Pervasive, prolific Jurassic source rock Nearly 4mm acres under license equivalent to 672 OCS lease blocks Individual mapped closures…
Strategy Goals and Targets STRATEGY Maximise value growth from oil/gas potential in Bahamian licences Technical: Maximise resource/reserves declaration, exploit carbonate expertise regionally Costs: Leverage equity position to minimise…
Leadership Team Adrian Dursley Eddie Steve Collins Stott Shallcross Weyel Material international business experience Non-Executive Significant directorships, financial and oil & gas executive Board experience Financial, technical…
Asset Base, Activities and Status Exploration licence: 12 years in total; four 3-year periods 1st Renewal (years 4 6) 100% of acreage well commitment (spud before end of year 4 - April 2013) Company advised Ministry of the Environment…
Risk Mitigation Progressive De-Risking BPC 2007 Retrieved original core and cutting samples Tenneco 1986 Completed modern analysis of older 25 Km seismic, well logs, gravity and magnetics to BPC 2011 provide structural geologic…
Risk Mitigation Prospect Definition Time Structure Top Cretaceous showing Folds A,B, C & D Figure SM-3: Top Cretaceous Fold B and C closure, Red polygon, 75km in length, area 524km 2 (129,400 acres 22 OCS lease blocks ) 10
Risk Mitigation Source and Migration No or poor seismic data No valid traps Wells on bank Limited seal facies shallow No Jurassic source penetration Seafloor vent active hydrocarbon seepage creates vent on seafloor 11
Risk Mitigation Diverse Petroleum Systems and Play-types 1. Jurassic Paleo Highs, Clastics & Subsalt 2. Upper Cretaceous 3. Lower Cretaceous & 4. Middle Late Jurassic Rift 5. Foreland Folds & Platforms, Buildups & Jurassic…
Risk Mitigation Reservoir and Seal; Seismic Determined Facies Upper Cretaceous platform architecture Kerans, 2011 Retrogradational stacking of Albian 1 and 2 platforms 13
Risk Mitigation Structures, Scale and Potential Targets Nassau Cuban Border 2011 2D Seismic with CPR Estimates 270 km Section is horizontally compressed approximately 2:1 5 km 5 km Fold A Fold B Fold C 3,000 13 146 11% 135…
Risk Mitigation Third Party Verification: CPR July 2011 HIGHLIGHTS: Assessment of Cretaceous play system, post Aptian, only. Over 1 billion bbls of risked recoverable resources. Average risk 1:4 (25%) Two independent reservoir…
Risk Mitigation Environment; EIA, Spill Simulation BPC EIA for Southern blocks submitted to Government October 2011 Agreed deadline for received comments and issue for public consultation 23rd January 2012 Joint Statoil/BPC EFS…
Commercial Context and Fiscal Terms Commercial Politically stable; uninterrupted parliamentary democracy of over 275 years English heritage/based legal system and structure Significant structural cost benefits from proximity to…
Capital Structure Enterprise Value GBP USD Current Substantial* Shareholders as at 30th September 2011 Price* 0.0691 0.1085 Shareholder 52 Week High 0.2525 0.3966 52 Week Low 0.0680 0.1068 Fidelity Market Cap (mm) 85.0 133.5 TD…
Funding - Sources and Uses Sources Uses (Estimated - beginning 2011 to end 2012) Current sources USm Operating expenditures USm Cash as at 1/1/11 6.1 2D seismic 3.4 Cash raised 1 70.1 3D seismic 34.4 TOTAL SOURCES 2 76.2 Multibeam…
Competitive Landscape Anticipated well locations 20
News flow 2011/2012 Bahamianise: new Board members (Bahamian, E&P), Bahamian listing EIA submitted: public consultation, endorsement, revised legislative framework New licenses: pending revised protocols Existing applications, new…
Key Conclusions New 2D established the playfairway, basin architecture and scale. Indicates historic wells were not valid tests Establishes billion barrel risked potential; Multi-billion barrel upside; Multiple independent play…
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