BAHAMAS PETROLEUM COMPANY ANNUAL GENERAL MEETING 2013 0
2012 Highlights Financial and Corporate Operational and Technical Capitalised Exploration US45.7 mill. 3D Seismic data fully processed Funds Expended to date US82.8 mill. Residual risks post CPR mitigated Cash Balance end 2012…
Share Price Performance 18 Bahamian election 200 3D seismic results 16 180 Catalysts Price (pence rebased to BPC) Compliance letter from Minister 14 160 confirming referendum Government 12 confirms drilling 140 Licence…
Financial and Corporate Operational and Technical Community, Environment and Safety Government and Commercial
Company Overview GBP USD Significant Shareholders (3%) as at 31 May 2013 Price* 0.0365 0.055 52 Week High 0.0890 0.1354 TD Waterhouse 52 Week Low 0.0365 0.0555 Hargreaves Lansdown Market Cap (mm) 44.9 68.3 Barclays Stockbrokers Cash…
Securities Listings American Depository Receipt Programme Bank of New York Mellon Depository Demand Driven Mechanism London Market Liquidity Scope for Growth BISX Listing Bahamas Depository Receipt Mimic ADR Structure Fidelity…
2012 Financial Statements Highlights Capitalised Cost of Assets USm Acquisition and Rental of Licences (2007 2013) 2.1 Analysis of Old Data Logs Acquired Pre 2009 2.8 2D Seismic (2010 and Early 2011) 2.0 3D Seismic and interpretation…
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 Technical…
Financial and Corporate Operational and Technical Community, Environment and Safety Government and Commercial
Licence Overview Concept born: 2005 Anticipated BPC location Prospectivity Commenced December Technology Previously drilled wells Oil Prices and Costs Fiscal and Legislative stability Licences to explore: 2007 Listed London:…
Regional Prospectivity Oil Shows Some good source rock Good reservoir/seal intervals Normally pressured 11
Seismic Acquisition: 3D PSDM Cuban Border Andros Fold B Fold C Fold C Fold B Trend A Trend A Cross-section Fold C Late Cretaceous Fold B Fold B Fold C Depth 700 m 950 m Length 75 kms 25 kms High to Low Closure 423…
Original and Relocated Pseudo Doubloon Saxon - 1 DS-1 Pseudo DS-1 time First Evaporite First Evaporite 3D data 2D data Notice good tie between 2D and 3D seismic data 13
Seismic Facies Lower Aptian to Jurassic Trend A Fold B Interbedded Anhydrite (seal) and porous Dolomite (reservoir) High amplitude, high frequency reflections Lower Cretaceous; regional evaporite basin 1,400 gross reservoir seen in…
Seismic Facies Lower Albian to Aptian Trend A Fold B Carbonate platform mega bank Continuous high to low amplitude, variable frequency reflections Gradual deepening of water depth Fast carbonates with porous intervals Cuban Border…
Seismic Facies Albian Reef and Platform Trend A Fold B North-east facing reef margins and platform Platform edge and margin clearly imaged Poorer data quality under karsted Albian margin High porosity and possible cavern…
Seismic Facies Albian Deep Water Facies Trend A Fold B Deep water marine mudstone High amplitude continuous reflector Further water deepening break-up of mega-platform Provides quality seal interval over structure Interval not…
Seismic Facies Albian and Pre-Albian Reservoirs Trend A Fold B Other reservoirs Chaotic low frequency character on platform margin, continuous higher frequency reflections to the south and west. Karstified Albian reef Golden Lane…
Cuba Context Anticipated BPC location Announced December Spud Anticipated well locations Previously drilled wells Cuba drilled holes 19
Well Target Comparison: West Cuba Basin / Bahamas SE NW * North Cuba Basin Corte Seismico T Transpressional structures; high standing fault blocks K Mesozoic carbonates buried beneath a thick Tertiary cover J Drilled wells only…
MATERIALES EMPLEADOS Exploracin en el Bloque L y zonas adyacentes.
Well Target Comparison: Cuba Evaporite Basin / Bahamas Large Gap 2,000m Shallower water but thicker, hard overburden Projected well Similar Projected well Target Zone
Financial and Corporate Operational and Technical Community, Environment and Safety Government and Commercial
Oil and Gas Activity Already Exists FREEPORT Oilfields Abaco Grand Atlantic Ocean Refineries Bahama Terminals GT. Isaacs Storages Eleuthera Williams Joides 101 Historic Joides 98 Boreholes Coastal State -1 Andros - 1 New…
Environment and Safety Approach Post GoM lessons - Oil industry learns Prevention: Regulations; enhanced and strengthened Standards: International best practices embodied in EIA Performance based approach Risk Mitigation:…
How will the environment be protected Environmental Impact Assessment Waste Environmental Management Plan Regulations Management Formalization of procedures and protocols & Standards Plan Safety Management Plan Regulations up…
How will the environment be protected Qualified Management Team Qualified International Operator Equipment & Planning 12 Months of Well Planning Blow-out Prevention Mitigation Drilling rig with upgraded and advanced safety…
Why the Gulf of Mexico incident is unlikely in The Bahamas Blow Out Preventer US Gulf Bahamas (BOP) Different: Rock Type Sandstone & Carbonates Equipment Shales Rocks & Planning Rate of Rapid Slow Sediment- 20,000 < 10 20,000 200…
How will the environment be protected Oil Spill Response Plan Spill Member of Tier III Oil Response Organization Response Educated, prioritised and focused response Ocean State Bathymetry Response * 2,556 individual spills…
Financial and Corporate Operational and Technical Community, Environment and Safety Government and Commercial
Potential Benefits, Development and Returns 5 10+ 1 year 13 3 6 years 20 40 years Dividing the Pie years years Seismic & Exploratory Appraisal Development Development Phase Geologic Drilling Drilling Planning & and Production…
Value Realisation Government Company / Market Moratorium/Referendum removed Normal process Residual issues Apply lessons Post GoM world Engage communities Enhanced and modernised regulations Focused on benefits Welcomed by…
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…
Summary
2012 Highlights Financial and Corporate Operational and Technical Capitalised Exploration US45.7 mill. 3D Seismic data fully processed Funds Expended to date US82.8 mill. Residual risks post CPR mitigated Cash Balance end 2012…
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