MODERN TECHNOLOGY LEVERAGES OPPORTUNITY SIMON POTTER CHIEF EXECUTIVE OFFICER September 2013 0
Company Highlights Multiple play-types with scale potential proven Cuban petroleum systems CPR highlights multiple billion barrel prospects extended and derisked by 3D Fiscal terms yield returns commensurate with risk Government…
Company and Licence Overview Anticipated BPC location Curtailed Cuba Drilling Licences grant 2007- renewed 2013 Previously drilled wells Obligation to drill commence April 2015 4 million acres, 16 million sq.km, 672 OCS New…
Regional Prospectivity and History Doubloon Saxon - 1987 Oil Shows Some good source rock Good reservoir/seal intervals Normally pressured No commercial production No viable structures Regional data acquired…
Accumulated Seismic Database on Workstation Florida 1985 Tenneco Bahamas 2011 BPC 2013 Cuba BPC 5
Seismic Acquisition: 3D PSDM Cuban Border Andros Fold B Fold C Fold C Trend A Fold B Trend A Fold C Trend A Fold B Fold C Cross-sec0on Late Cretaceous FoFold ld C B Fold B Fold C Depth 700 m 950 m Length 75 kms 25…
Original and Relocated Pseudo Doubloon Saxon - 1 Mixed 2D and 3D Data 3D Data Doubloon Saxon-1 Pseudo DS-1 Pseudo DS-1 Ome First Evaporite First Evaporite 2D data 3D data Good tie between 2D and 3D seismic…
DS-1 Geological Signature Transposed onto 3D Seismic Fold B Bahamas (NE) Cuba (SW) 8
Prospect Locations, Scale and Extent Trend A Cenomanian Forereef Fold B North Fold C Trend A - Cenomanian Reef MCU Albian Albian Reef Albian Megabank Fold C Aptian First Anhydrite Fold B South Anhydrite/Dolomite Trend A -…
Cuba Context Anticipated BPC location Drilling issues aborted well short of target depth Anticipated well locations Previously drilled wells Cuba drilled holes 10
Well Target Comparison: Cuba Evaporite Basin / Bahamas Large Gap 2,000m Shallower water but thicker, hard overburden Projected well Similar Projected well Target Zone 11
Environment and Safety Approach Regulations and Standards International best practices embodied in EIA No sensitive environments in immediate vicinity of first proposed drill site Modernised and strengthened Regulations…
Oil and Gas Activity Already Exists FREEPORT Oilelds Abaco Grand Atlan&c Ocean Reneries Bahama Terminals GT. Isaacs Storages Eleuthera Williams Joides 101 Historic Joides 98 Boreholes Coastal State -1 Andros - 1…
Exploration Well Design Enablers to Drilling Activity Planned well depth: 22,500 feet 1 year to plan, 120 days to drill Anticipated well cost: 100 - 120 million 3D seismic data to safely plan well Water depth at location: 1,500…
Potential Development, Timing and Benefits 5 10+ 1 year 1 3 years 3 6 years 20 40 Bahamas Investment Climate years years Open for Business Phase Seismic & Exploratory Exploratory/ Development Development Geologic Drilling…
Timeline: Company Planning 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 BDR Listing Corporate Objectives COMMERCIAL A well safely executed to 22,5000 into Jurassic source Petronas Drilling Shallower objectives as justified…
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