CURRENT EXPLORATION IN THE BAHAMAS: ACTIVITY PROMOTED BY NEW REGULATIONS SIMON POTTER CHIEF EXECUTIVE OFFICER
Bahamas Petroleum Company: Introduction Anticipated BPC location Licences to explore: 2007 Commenced December 4 million acres Previously drilled wells 16,000 km2 672 OCS Lease blocks Nassau 168 miles, Andros 80 miles Cuba: 25…
Capital Structure Enterprise Value GBP USD Current Substantial* Shareholders as at 28 th February 2013 Price* 0.0500 0.0775 Shareholder 52 Week High 0.1175 0.1821 TD Waterhouse 52 Week Low 0.0385 0.0597 Hargreaves Lansdown Market…
Funding - Sources and Uses Sources Uses (Estimated - beginning 2011 to end 2013) 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 Other…
Regional Prospectivity Anticipated BPC location Announced December Spud Anticipated well locations Previously drilled wells Cuba drilled holes 5
Regional Prospectivity Oil Shows Some good source rock Good reservoir/seal intervals Normally pressured 6
Seismic Acquisition: 3D PSDM Cuban Border Nassau 270 kms Trend A Fold B Fold C High quality data. Good correlation across faults gives higher confidence of fault N picks Cretaceous reef/platform imaging significantly improved.…
Seismic Acquisition: 3D PSDM - Structure Maps Cuban Border Cross-section Andros Fold B Fold C Fold C Fold B Trend A Trend A Fold C Late Cretaceous Fold B Fold B Fold C Depth 700m 950m Length 75kms 25 kms High to Low…
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 9
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 deepening of water depth and break up of mega platform Provides quality seal interval over structure…
Perseverance 1 Well Plan 3D seismic data to safely plan well Planned well depth: 22,500 feet Water depth at location: 1,500 feet 1 year to plan, 120 days to drill Anticipated well cost: 120 million Drilling rig with upgraded and…
Well Target Comparison: Cuba / 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 tested upper…
Sustainable: Oil and Gas Activity Already Exists Oilfields Abaco Grand Atlantic Ocean Refineries Bahama Terminals GT. Isaacs Storages Eleuthera Williams Joides 101 Historic Joides 98 Boreholes Coastal State -1 Andros - 1…
Incident Prevention and Risk Mitigation Blow Out Preventer MARPOL 73/78 Spill Contingency Internationally The Merchant Regulations Pollution) Act Shipping (Oil (BOP) Bahamas Oil SOPEP Plans…
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…
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