MITIGATING RISKS: READY FOR THE DRILL BIT SIMON POTTER CHIEF EXECUTIVE OFFICER October 2012
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…
Late Cretaceous and Early Tertiary Compression Cuban Marginal area Southern Bahamas area Late Cret. Paleocene Cuban arc (7050Myrs) Forbulge Transitional to continental crust Late Cretaceous ProtoCaribbean oceanic crust…
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 5 wells in Bahamas 1987…
Cuban Overthrust and Foredeep 5
Platform Margin Bahamian Foreland Cuban Border Trend A Fold B Fold C Nassau Cretaceous reef/platform imaging is significantly improved. Better imaging of the deeper section Pronounced dip to the south-west; thicker Jurassic…
Top Cretaceous Structure 7
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) 8
Top Albian Structure Fold C Fold B Trend A 10 Kms 9
Top Aptian Structure Fold C Fold B Trend A 10 Kms Fold B Fold C Top 2400m Top 3250m Vertical closure 1400m Vertical closure 750m Area 288 km2 Area 63 km2 (71,166 acres) (15,814 acres) 10
Progressive 3D De-risking Fractured carbonate Shale Anhydrite More porous carbonate Less porous carbonate Badhole 11
3D line Through Fold B - Perseverance 1 Location SW NE Tertiary Pelagics Upper Cretateous Pelagics LKUJr Anhydrite Dolomite LK/Ujr Anhydrite Callovian Est 22,500 sstvd 12
Perseverance - 1 13
Environmental Context Provision of Regulations Cross border co-operation and coordination Public consultation Coordinated response Regulations EIA EMP Submitted October OSMP Statute BEST dialogue Well location and rig complete…
Environment: Oil Spill Movement 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…
Phased Development - 2 billion barrels of oil - conceptual Annual Production Company Challenges: 256 Subsea development with FPSO 220 Environmental aspects 182 Limited reservoir specific information Millions bbls/yr 146…
Commercial Issues - 2012 Funding 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…
Timeline: Company Planning 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 3 Years 2D 3D Acquired Fast track Interpretation SEISMIC Multi-beam Potential well sites 3D PSDM Interpretation EIA Spill Study Submitted…
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