SIMON POTTER CHIEF EXECUTIVE OFFICER March/April 2014 Florida Bahamas Cuba
Bahamas Foreland Basin Exploration Opportunity Southern License Area: Proven oil systems in region FLORIDA Multiple play-types, untested in offset wells Structural: robust 4-way dip closures Stratigraphic: regional analogues…
Regional Prospectivity and History A west A east Proven petroleum systems in region (S. Florida & N. Cuban) No valid traps drilled at jack-up driven locations in Bahamas Evidence of hydrocarbons actively migrating in Bahamas CORE…
Petroleum System Elements Multiple potential sources within thick, Multiple, stacked, proven carbonate Facilitation of HC migration by faults and reservoirs. Upside fracture and flow potential extensive, deep-water hypersaline basin…
Source Rock - Quality 6000 10000 Depth above top Jurassic (ft) 4000 8000 Hydrogen Index by stratigraphy Hydrogen Index by stratigraphy 10000 10000 10000 2000 6000 8000 * Depth above top Jurassic (ft) 8000 8000…
Magnetic intensity maps outline presence of largest basins Several large basins can be identified coincident Great Isaac-1 with proven source kitchens. Presence of the large basin underlying the Santaren Channel is…
Cretaceous Reservoirs Hypersaline Basin & Platform Semi-restricted Platform Open Platform Leached rhombs and intercrystalline and intraclastfossil fragmentmiliolid lime intrarhomb voids. grainstone (left) and packstone (right).…
Reservoirs/Seals Conceptual facies classifications from 3D seismic and AVO inversion Objectives Generate an approximate high-low porosity and seal distributions within pilot 3D seismic area using the Doubloon Saxton-1 well Fractured…
Seismic Facies Albian Deep Water Seal Facies Trend A Fold B Deep water marine mudstone High amplitude continuous reflector Further water deepening break-up mega-platform Provides quality seal interval over structure Interval not…
Structure Definition and Scale B structure extends from 2000 to 22,000 and covers greater than 100,000 acres 3D Seismic Structure preserved at depth thru Aptian with significant roll-over Pronounced dip to the south-west; broad…
Section: Folds B - Highlighting Facies Interpretation SW NE Fold B Tertiary Pelagics Upper Cretaceous Platform Upper Cretaceous Pelagics Upper Albian Platform Drowning Surface Mudstone Lower Albian Platform/Ramp Upper…
Top Albian Depth Aptian Megabank/reef edge
Evidence of Vertical Anomalies Diameter: 500 m Diameter: 1,000 m Depth: 55 m Depth: 10 m 7930'0W 7920'0W 7910'0W 795'0W 790'0W 7855'0W 7845'0W 7835'0W 7825'0W 2310'0N 2315'0N 2320'0N 2325'0N 2330'0N 2310'0N 2315'0N 2320'0N…
Prospect Locations and Extent B North Dolomite B North Pre-MCU Cenomanian C Dolomite Forereef B Central C Pre-MCU Albian Reef Fold C B South Dolomite Trend A B South Pre-MCU Cenomanian Reef Cenomanian Backreef…
Prospect Locations and Extent Trend A Cenomanian Forereef Fold B North Fold C Trend A - Cenomanian Reef MCU Albian Albian Reef Albian Megabank Aptian First Anhydrite Fold B South Anhydrite/Dolomite Trend A - Cenomanian…
Potential Benefits, Development and Returns 1 year to plan, 120 days to drill ADTI FEED Study completed Anticipated well cost: 120 million 3D Seismic data to safely plan well Water depth at location: 1,500 feet Planned well depth:…
Environment Impact Assessment Regulations and Standards International best practices embodied in approved EIA No sensitive environments in immediate vicinity of first proposed drill site Spill Response Equipment and…
Funding Sources and Uses Sources Uses (Estimated 1/1/11 to 31/12/13) Current sources USm Operating expenditures USm Cash as at 1/1/11 6.1 2D Seismic 2011/12 3.1 Cash Raised1 70.1 3D Seismic 34.4 TOTAL SOURCES2 76.2 Other…
Value Realisation Government Company Exploration Moratorium/Referendum Normal process Removed Engage communities Post GoM world Focused on benefits Licence clarity Regulations Deal is a deal active support Condition precedent;…
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Regional Setting Anticipated BPC location Suspended May 2,000m Anticipated well locations Previously drilled wells Cuba drilled holes 22
Well Target Comparison: Cuba Evaporite Basin / Bahamas Large Gap 2,000m Shallower water but thicker, hard overburden Projected well Similar Projected well Target Zone
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