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  • EXPLORING SAFELY AND RESPONSIBLY:SAFEGUARDING THE ENVIRONMENT

    June 2013: FISHING COMMUNITIES

    ROBERTA QUANTENVIRONMENTAL SCIENTIST

    SIMON POTTERCHIEF EXECUTIVE OFFICER

  • Disclaimer

    This presentation (Presentation) has been prepared by Bahamas Petroleum Company plc(the Company) solely for its use at informational meetings with its shareholders and is beingdelivered for information purposes only to a limited number of persons. This Presentationshould not be considered as the giving of investment advice by the Company or any of itsshareholders, officers or advisers. If you are in any doubt about the contents of thisPresentation or the action you should take, you should consult an independent adviserauthorised to render such advice.

    This Presentation has not been independently verified and is subject to material updating,revision and further amendments without notice. The Presentation does not purport tocontain all information that a member of the Company may wish receive for purposes ofassessment or valuation of his respective investment and is not intended to form the basis ofany investment decision.

    While the information contained herein has been prepared in good faith, neither the Companynor its shareholders, directors, officers, agents, employees, or advisors give, has given or hasauthority to give, any representations or warranties (express or implied) as to the achievementor reasonableness of future projections, management targets, estimates, prospects or returnscontained in this presentation, or in relation to, the accuracy, reliability or completeness ofthe information in this Presentation, or any revision thereof, or of any other written or oralinformation made or to be made available to any shareholder of the Company (all suchinformation being referred to as Information).

    The Presentation is not an offer or invitation by the Company, its shareholders, directors,officers, agents, employees, or advisors to purchase, acquire or sell securities or assets, norany form of commitment, legal obligation or recommendation by either the Company, itsshareholders, directors, officers, agents, employees, or advisors.

    So far as permitted by law, neither the Company nor any of its shareholders, directors,officers, agents, employees or advisers (including the Agents) take any responsibility for, orwill accept any liability in respect of, the accuracy, reliability or completeness of theInformation or for any loss, howsoever arising from the use of this Presentation. In furnishingthis Presentation, the Company does not undertake any obligation to provide any additionalinformation or to update this Presentation or to correct any inaccuracies in, or omissions from,this Presentation which may become apparent.

    The Information is confidential information and the property of the Company. It is madeavailable strictly for the purposes referred to above. The Information and any furtherconfidential information made available to any recipient must be held in complete confidenceand documents containing such information may not be reproduced directly or indirectly, usedor disclosed without the prior written consent of the Company. By accepting delivery of thisPresentation, the recipient agrees to return it at the request of the Company.

    This presentation contains certain statements which may constitute forward-lookingstatements. All statements in this presentation, other than statements of historical facts, that

    address future activities and events of developments that the Company expects, are forward-looking statements. Although the Company believes that the expectations reflected in thesestatements are based on reasonable assumptions, such statements are only predictions andare subject to inherent risks and uncertainties and changes in the underlying assumptionswhich could cause actual values, results, performance or achievements to differ materiallyfrom those expressed, implied or projected in any forward-looking statements. Factors thatcould cause actual results to differ materially from those in forward-looking statementsinclude market prices, continued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any such statements are notguarantees of future performance and that actual results or developments may differmaterially from those projected in forward-looking statements.

    The Company will not undertake any obligation to release publicly any revisions to theseforward-looking statements to reflect events, circumstances or unanticipated events occurringafter the date of this Presentation, except as required by law or by any appropriate regulatoryauthority. Nothing in this Presentation or in documents referred to in it should be consideredas a profit forecast. Past performance of the Company or its shares cannot be relied on as aguide to future performance.

    This Presentation does not constitute, or form part of or contain any offer or invitation to sellor issue, or any offer to subscribe for, underwrite or otherwise acquire, or dispose of, anysecurities in the Company in any jurisdiction and is directed at, and is only for distribution toexisting shareholders of the Company. Neither this Presentation nor any part of or copy of itmay be taken or transmitted, directly or indirectly, into the United States of America orCanada or distributed or re-distributed directly or indirectly, in the United States of America,its territories or possessions, or Canada, or to any resident thereof except in compliance withapplicable securities laws. Any failure to comply with these restrictions may constitute aviolation of applicable U.S. or Canadian securities laws. This Presentation and the informationcontained herein do not constitute an offer of securities for sale in the United States. Byaccepting this Presentation, the recipient represents and warrants that it is a person to whomthis Presentation may be delivered or distributed without a violation of the laws of anyrelevant jurisdiction. This Presentation is not to be disclosed to any other person or used forany other purpose and any other person who receives this Presentation should not rely or actupon it.

    The delivery or distribution of this Presentation in or to persons in certain jurisdictions may berestricted by law and persons into whose possession this Presentation comes should informthemselves about, and observe, any such restrictions. Any failure to comply with theserestrictions may constitute a violation of the laws of the relevant jurisdiction.

    By attending the meeting where this Presentation is made, or by reading the Presentationslides, you agree to be bound by these provisions.

  • Oil Exploration Mitigation of Major Associated Risks

    Potential Benefits of Successful Oil Exploration

    Summary

  • 3

    Exploration: Where Are We Looking?

    Concept born: 2005 Prospectivity Technology Oil Prices and Costs Fiscal and Legislative stability

    Licences to explore: 2007

    Listed London: 2008 (AIM: BPC)

    Owned by the shareholders

    Nassau office and staff

    Distance from Shoreline Nassau 168 miles, Andros 80 miles Cuba: 25 miles GoM closer to Grand Bahama

    Anticipated BPC location

    Commenced December

    Previously drilled wells

  • 4

    Exploration: The Basic Exploration Questions

    Source

    Reservoir

    Structure

    Seal

    Where to drill?

    Oil Generation

    Migration

    Time/Space

    Enduring

    Shared reward?

  • 5

    Exploration: What has been found with $50 million spent

    DepthDepth

    ClosureArea

    Fold B700m~75kms423 km2(104,526 acres)

    Fold C950m~25 kms63 km2(15,814 acres)

    ~10 Kms

    High to Low

    Competent PersonsReport

    Concluded multiple billionbarrel potential

    Residual source risk Can only be reduced by

    drilling

  • Oil Exploration

    Mitigation of Major Associated Risks Potential Benefits of Successful Oil Exploration

    Summary

  • Preparation: Perseverance #1

    7

    PreventiveMeasures

    Qualified Management Team Qualified International Operator 12 Months of Well Planning Blow-out Prevention

    MitigationMeasures

    ResponseMeasures

    Environmental Impact Assessment Environmental Management Plan Safety Management Plan Member of Tier III Oil Response

    Organization

    Oil Spill Response Plan Activate Oil Spill Response Limited

    Ability to immediately mobilize vessels,aircraft, containment equipment andskimming equipment

    Top Hat, Capping Stack

    LicenseRequirement

    CompletedIn Production

  • Preparation: Well Plan

    Drilling rig with upgraded andadvanced safety mechanisms

    Water depth at location: 1,500 feet

    Planned well depth: 22,500 feet

    1 year to plan, 120 days to drill

    Anticipated well cost: $120 million

    3D seismic data to safely plan well

    8

    N

  • Major ShippingLanes

    Atlantic OceanAbaco

    GrandBahama

    Eleuthera

    Cat Is.

    San Salvador

    Rum Cay

    Samana CayCrooked Is.

    Long Is.

    Andros

    Exuma

    Exuma Cays

    Cuba

    Cay Sal

    GreatBahamaBank

    NewProvidence

    BPC ExplorationWell

    Zarubezhneftdrilled Q1 2013

    Wells drilled inCuba 2012

    Anticipated welllocations for 2013

    Storages

    Oilfields

    Oil Pipeline

    Gas Pipeline

    Martin MesaField Jarahueca Field

    MotemboField

    Central BasinFields (4)

    Boca de JarucoFields (5)

    Pto. Escondido YumuriFields (2)

    SantaCruz

    VaraderoFields (7)

    Refineries

    Terminals

    Cayo Coco 10 563 ft (3,200m)

    Cay Sal IV-1

    Joides 101

    Joides 100

    Joides