SIMON POTTER CHIEF EXECUTIVE OFFICER December 2013 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 reservoirs. Upside fracture and flow extensive, deep-water hypersaline basin and mega-bank…
Reservoirs/ Seals Hypersaline Basin & Platform Potential Reservoir Fractured Lime and dolomite mudstone/wackestone. Dolomite mudstones with micro-sucrosic crystalline fabric may be very porous. When fractured this facies becomes…
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…
Section: Folds B and C - Highlighting Facies Interpretation SW NE Fold B Fold C Tertiary Pelagics Upper Cretaceous Upper Cretaceous Pelagics Platform Drowning Surface Upper Albian Platform Mudstone Lower Albian…
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 Mid Cenomian U/C Structures 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…
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:…
Regional Setting Anticipated BPC location Suspended May 2,000m Anticipated well locations Previously drilled wells Cuba drilled holes 13
Well Target Comparison: Cuba Evaporite Basin / Bahamas Large Gap 2,000m Shallower water but thicker, hard overburden Projected well Similar Projected well Target Zone
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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