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<ul><li><p>EXPLORING SAFELY AND RESPONSIBLY:SAFEGUARDING THE ENVIRONMENT</p><p>June 2013: FISHING COMMUNITIES</p><p>ROBERTA QUANTENVIRONMENTAL SCIENTIST</p><p>SIMON POTTERCHIEF EXECUTIVE OFFICER</p></li><li><p>Disclaimer</p><p>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.</p><p>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.</p><p>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).</p><p>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.</p><p>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.</p><p>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.</p><p>This presentation contains certain statements which may constitute forward-lookingstatements. All statements in this presentation, other than statements of historical facts, that</p><p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>By attending the meeting where this Presentation is made, or by reading the Presentationslides, you agree to be bound by these provisions.</p></li><li><p>Oil Exploration Mitigation of Major Associated Risks</p><p> Potential Benefits of Successful Oil Exploration</p><p> Summary</p></li><li><p>3</p><p>Exploration: Where Are We Looking?</p><p> Concept born: 2005 Prospectivity Technology Oil Prices and Costs Fiscal and Legislative stability</p><p> Licences to explore: 2007</p><p> Listed London: 2008 (AIM: BPC)</p><p> Owned by the shareholders</p><p> Nassau office and staff</p><p> Distance from Shoreline Nassau 168 miles, Andros 80 miles Cuba: 25 miles GoM closer to Grand Bahama</p><p>Anticipated BPC location</p><p>Commenced December</p><p>Previously drilled wells</p></li><li><p>4</p><p>Exploration: The Basic Exploration Questions</p><p> Source</p><p> Reservoir</p><p> Structure</p><p> Seal</p><p> Where to drill?</p><p> Oil Generation</p><p> Migration</p><p> Time/Space</p><p> Enduring</p><p> Shared reward?</p></li><li><p>5</p><p>Exploration: What has been found with $50 million spent</p><p>DepthDepth</p><p>ClosureArea</p><p>Fold B700m~75kms423 km2(104,526 acres)</p><p>Fold C950m~25 kms63 km2(15,814 acres)</p><p>~10 Kms</p><p>High to Low</p><p>Competent PersonsReport</p><p> Concluded multiple billionbarrel potential</p><p> Residual source risk Can only be reduced by</p><p>drilling</p></li><li><p> Oil Exploration</p><p>Mitigation of Major Associated Risks Potential Benefits of Successful Oil Exploration</p><p> Summary</p></li><li><p>Preparation: Perseverance #1</p><p>7</p><p>PreventiveMeasures</p><p> Qualified Management Team Qualified International Operator 12 Months of Well Planning Blow-out Prevention</p><p>MitigationMeasures</p><p>ResponseMeasures</p><p> Environmental Impact Assessment Environmental Management Plan Safety Management Plan Member of Tier III Oil Response</p><p>Organization</p><p> Oil Spill Response Plan Activate Oil Spill Response Limited</p><p> Ability to immediately mobilize vessels,aircraft, containment equipment andskimming equipment</p><p> Top Hat, Capping Stack</p><p>LicenseRequirement</p><p>CompletedIn Production</p></li><li><p>Preparation: Well Plan</p><p> Drilling rig with upgraded andadvanced safety mechanisms</p><p> Water depth at location: 1,500 feet</p><p> Planned well depth: 22,500 feet</p><p> 1 year to plan, 120 days to drill</p><p> Anticipated well cost: $120 million</p><p> 3D seismic data to safely plan well</p><p>8</p><p>N</p></li><li><p>Major ShippingLanes</p><p>Atlantic OceanAbaco</p><p>GrandBahama</p><p>Eleuthera</p><p>Cat Is.</p><p>San Salvador</p><p>Rum Cay</p><p>Samana CayCrooked Is.</p><p>Long Is.</p><p>Andros</p><p>Exuma</p><p>Exuma Cays</p><p>Cuba</p><p>Cay Sal</p><p>GreatBahamaBank</p><p>NewProvidence</p><p>BPC ExplorationWell</p><p>Zarubezhneftdrilled Q1 2013</p><p>Wells drilled inCuba 2012</p><p>Anticipated welllocations for 2013</p><p>Storages</p><p>Oilfields</p><p>Oil Pipeline</p><p>Gas Pipeline</p><p>Martin MesaField Jarahueca Field</p><p>MotemboField</p><p>Central BasinFields (4)</p><p>Boca de JarucoFields (5)</p><p>Pto. Escondido YumuriFields (2)</p><p>SantaCruz</p><p>VaraderoFields (7)</p><p>Refineries</p><p>Terminals</p><p>Cayo Coco 10 563 ft (3,200m)</p><p>Cay Sal IV-1</p><p>Joides 101</p><p>Joides 100</p><p>Joides 99</p><p>Long Is. - 1</p><p>Andros - 1</p><p>GT. Isaacs</p><p>Coastal State -1</p><p>Doubloon Saxon -1</p><p>Joides 98WilliamsHistoric</p><p>Boreholes</p><p>Preparation: Current Oil and Gas Activity !!!</p><p>US Gulf Bahamas</p><p>Rock Type Sandstone &amp;Shales</p><p>Carbonates</p><p>Rate ofSediment-ation</p><p>Rapid20,000 &lt; 10million years</p><p>Slow20,000 ~ 200million years</p><p>Compaction High Low</p><p>Pore Pressure Abnormal High Normal</p></li><li><p>Preparation: Freeport BORCO terminal</p><p>TANKER SIZES:Medium Range tanker 25,00045,000 tonsLR1 (Large Range 1) 45,00080,000 tonsLR2 (Large Range 2) 80,000160,000 tonsVery Large Crude Carrier 160,000320,000 tonsUltra Large Crude Carrier 320,000550,000 tons</p><p>FREEPORT</p></li><li><p>11</p><p>Preparation: Incident Prevention and Risk Mitigation</p><p>MAR</p><p>POL </p><p>73/7</p><p>8</p><p>COLO</p><p>REG</p><p>s</p><p>OPR</p><p>C</p><p>The </p><p>Mer</p><p>chan</p><p>tSh</p><p>ippi</p><p>ng (O</p><p>ilPo</p><p>llutio</p><p>n) A</p><p>ct</p><p>Baha</p><p>mas</p><p>Oil</p><p>Spill</p><p>Cont</p><p>inge</p><p>ncy</p><p>Plan</p><p>Tier</p><p> III</p><p>Resp</p><p>onde</p><p>r</p><p>Inte</p><p>rnat</p><p>iona</p><p>llyAp</p><p>prov</p><p>edSO</p><p>PEP </p><p>Plan</p><p>s</p><p>Enha</p><p>nced</p><p>Petr</p><p>oleu</p><p>mRe</p><p>gula</p><p>tions</p><p>Cuba production andtranshipment</p><p>Cuba exploration International OilTransport</p><p>Transhipment toBORCO/SRP</p><p>Domestic oil transport Oil Exploration </p><p> Revised standards and equipment post GoM</p><p>Source: Helix WellContainment Group</p><p>Top Hat</p><p>Capping Stack</p><p>Blow Out Preventer(BOP)</p><p>Source:ajiacomix.wordpress.com</p><p>Source: Helix WellContainment Group</p><p> Upgraded, modernised domestic regulations and standards</p></li><li><p>Preparation: Environmental Impact Assessment and BEST Approval</p><p> Scope: Exploration drilling activities at Bain,</p><p>Cooper, Donaldson, and Eneas offshoreblocks</p><p> Incorporate best practices fromNorway, the US (GoM), and the UK</p><p> International standards and codes</p><p> Key Findings: No sensitive environments in</p><p>immediate vicinity of first proposeddrill site</p><p> Low/normal pressure reservoirsreduce probability of a incidents</p><p> Identified impacts are deemednormal/acceptable</p><p> Outcome: BPC to progress with Environmental</p><p>Management Plan (EMP) - currentlyunderway 12</p><p>BPCWell</p><p>Gulf of MexicoWell</p></li><li><p>Preparation: Potential Impacts to be Monitored and Mitigated</p><p>13</p><p> Equipment Specifications. Efficient technology</p><p> Fishing and Shipping monitoring and communications</p><p> Minimisation of noise, observers</p><p> Minimum Discharge, maceration, compliance</p><p> No hazardous discharge retained, stored, exported</p><p> Equipment Maintenance</p><p> Compliance with regulations, standards and code</p><p> Blow-out Preventer. OSRL, Helix contracts</p><p> Oil Spill Contingency Plan</p><p> Air Emissions</p><p> Vessel Movement</p><p> Marine Mammals</p><p> Waste Streams</p><p> Fluid Usage</p><p> General Risks</p><p> Blow-out</p></li><li><p>* 2,556 individual spills lasting 60 daystracked for 90 days; no intervention</p><p>Preparation: Oil Spill Movement Simulation</p><p>14 simulated release site</p><p> Sophisticated model incorporating ocean currents, prevailing winds,seafloor (bathymetry) and oil properties</p><p> Modeled worst case scenario, very low probability event: an uncontainedMacondo-type spill *</p><p>Ocean State Bathymetry</p><p> Model Conclusion: very littleoil would reach Bahamianshorelines due to prevailingenvironmental conditions</p><p> Model results are being usedto pre-plan potential cleanupresponse activities in theunlikely event of a spill</p><p> Proactive BPC outreach toCuban authorities onemergency preparedness</p></li><li><p>21</p><p>Preparation: Environmental Management Plan</p><p>Health, Safety and EnvironmentalManagement</p><p>Environmental Sensitivity Maps</p><p> Emergency Response Plan Oil Spill Contingency Plan Waste Management Plan Health and Safety Plan</p><p>Oil Spill Contingency Plan Environmental Sensitivity Maps Response Equipment Transportation Personnel &amp;</p><p>Equipment Safety measures in the event of</p><p>natural disasters Clean-up mechanisms Incident Command Structure (ICS) Resource Protection Measures</p></li><li><p>Preparation: Environmental Sensitivity Index (ESI) Maps</p></li><li><p> Oil Exploration</p><p> Mitigation of Major Associated Risks</p><p>Potential Benefits of Successful Oil Exploration</p><p> Summary</p></li><li><p>18</p><p>Affordable/Sustainable: Potential Development and Returns</p><p>Projected revenue assumes1 billion bbls developed at$80/bbl oil price</p><p>BahamasGovernmentRevenue:$20 Billion</p><p>BPC Return onInvestment:$20 Billion</p><p>Exploration andDevelopment Costs: $40</p><p>Billion</p><p>Phase</p><p>~ 5 10+years</p><p>~ 1 year ~ 1 3years</p><p>~ 3 6 years ~ 20 40years</p><p>Seismic &amp;GeologicStudies</p><p>ExploratoryDrilling</p><p>AppraisalDrilling</p><p>DevelopmentPlanning &amp;</p><p>Construction</p><p>Developmentand</p><p>Production</p><p>BPC</p><p>$50 million $60 160million</p><p>$400 600</p><p>million</p><p>$30 40 billion USD</p><p>Gov.</p><p>$0 $0 $0 $0 ~ $20 billionrevenue</p><p>Completed In Progress Estimated Typical CostsBased upon Exploration Success</p><p>Dividing the Pie</p><p>No financial risk,No cost to Government</p><p>Cost</p><p>Note: These numbers are basedon estimates that couldchange as the result ofexploration drilling.Does not include cost ofcapital to shareholders.</p><p> Royalty payments: Long termsource of revenues</p><p> Diversification of the economy</p><p> Supply contracts</p><p> Cheaper Fuel and Power</p><p> Premium on Marine Vessels</p></li><li><p>Sustainable: Regional Oil Development and Fisheries Coexist</p><p> Gulf of Mexico: $662 million Brazil: $419.1 million Colombia: $64.4 million Cuba: $2.4 million The Bahamas: $93.8 million Trinidad and Tobago: $10 million Belize: $16.2 million Recently Barbados and Portugal</p><p>19</p><p>Annual revenue from fisheries incountries with offshore petroleumexploration and production</p><p>*2003 Worldmark Encyclopedia of Nations, Gulf ofMexico data National Marine Fisheries Service 2007</p></li><li><p> Oil Exploration</p><p> Potential Benefits of Successful Oil Exploration</p><p> Mitigation of Major Associated Risks</p><p> Summary</p></li><li><p>21</p><p>Key Points</p><p> Exploration is still required Successful exploration well will not</p><p>be produced but suspended orabandoned</p><p> Risk are manageable Not GoM, very different conditions New oil &amp; gas regulations </p><p>international best practices</p><p> Oil spill modeling: MotherNature protecting The Bahamas</p><p> Considerable marine support activity Jobs creation; directly and</p><p>indirectly in new or expandedindustry sector</p><p> Physical presence Creation of Marine Protected Area Presence deters poachers, attracts</p><p>marine life</p><p> Safe Haven; fast rescue facilities</p></li><li><p>22</p><p>bpcplc.com</p></li></ul>

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