CURRENT EXPLORATION IN THE BAHAMAS:

ACTIVITY PROMOTED BY NEW REGULATIONS SIMON POTTER CHIEF EXECUTIVE OFFICER

Disclaimer

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2

Bahamas Petroleum Company: Introduction

Licences to explore: 2007

• 4 million acres

• 16,000 km2

• 672 OCS Lease blocks

• Nassau 168 miles, Andros 80 miles

• Cuba: 25 miles

Listed London: 2008 (AIM: BPC)

Nassau office and staff

$50 million spent to date

Advantages

• Prospectivity

• Cost structure

• Technology application

• Fiscal stability

Anticipated BPC location

Commenced December

Previously drilled wells

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BPC(P)

FTSE AIM Oil & Gas

FTSE AIM All Share

Capital Structure

3

Enterprise Value Current Substantial* Shareholders as at 28th February 2013

Shareholder

TD Waterhouse

Hargreaves Lansdown

Barclays Stockbrokers

HSDL Stockbrokers

Selftrade Stockbrokers

Standard Life Investments

HSBC Private Bank

Majedie Asset Management

Total – Top 25 Shareholders

816,263,419 66.34%

Total Shares in Issue 1,230,479,096

* Holding over 3% of shares on issue

* Share price and Market Cap as at 5 April 2013 ** Based on figure disclosed in Interim Financial Statements to 30 June 2012

GBP USD Price* 0.0500 0.0775

52 Week High 0.1175 0.1821

52 Week Low 0.0385 0.0597

Market Cap (mm) 61.5 95.4

Cash and Cash Equivalents (mm)** 17.2 26.7

Enterprise Value (mm) 44.3 68.7

Existing register

85% UK, 10% Europe, 5% R0W

Retail +70%

Future

Bahamian Depository Receipt (BDR)

Growth in ADR & institutional base

Bahamian election

Compliance letter from Minister confirming

referendum

Government confirms drilling

mandate

3D seismic results

Funding - Sources and Uses

4

Current sources US$m

Cash as at 1/1/11 6.1

Cash raised 1 70.1

TOTAL SOURCES 2 76.2

1 in the 6 months to 30/6/2011. Net of raising costs

2 Additional sources expected from farm in

Sources Uses (Estimated - beginning 2011 to end 2013)

Operating expenditures US$m

2D seismic 3.4

3D seismic 34.4

Other Technical Projects 2.2

Technical staffing/Consulting 1 2.4

Licence Related Costs 2.0

2011 Non-recurring costs 2 3.3

Sub-Total 47.7

Corporate Costs 2011/12 13.5

TOTAL USES 3 61.2

1 Including preparation for drilling 2 Raising, Personnel and Legal costs 3 Period 1/1/11 – 31/12/13

Note: BPC is debt free

˃ Farm-in negotiations rejuvenated by clarity on drilling mandate

˃ Drilling program to be funded from new sources (Farm-in)

˃ Licence expenditure obligations met and exceeded

˃ Net cash balance end 2013 assuming all estimated uses ~ US$15 million before any new sources

5

Regional Prospectivity

Cuba drilled holes

Anticipated BPC location

Announced December Spud

Anticipated well locations

Previously drilled wells

Regional Prospectivity

6

Oil Shows

Some good source rock

Good reservoir/seal intervals

Normally pressured

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High quality data. Good correlation across faults gives higher confidence of fault picks

Cretaceous reef/platform imaging significantly improved. Better imaging of deeper section

Interpretation suggests the potential for a thicker Jurassic (source) interval

Pronounced dip to the south-west; Opens migration pathway to beneath Cuban ramp

Significantly larger potential fetch area to the south and west

Seismic Acquisition: 3D PSDM

Cuban Border Nassau 270 kms Trend A Fold B Fold C

N

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Seismic Acquisition: 3D PSDM - Structure Maps

Trend A

Fold B

Fold C

Fold B

Fold C

Fold B

Cross-section

High to Low

Cuban Border Andros

Trend A

Fold B Fold C

Depth

Length

Closure

Area

Fold B

700m

~75kms

423 km2

(104,526 acres)

Fold C

950m

~25 kms

63 km2

(15,814 acres)

Late Cretaceous

Albian

Aptian

Depth

Length

Closure

Area

Fold B

2,400m

~75kms

288 km2

(71,166 acres)

Fold C

3,250m

~25 kms

64 km2

(15,814 acres)

Competent Persons Report

• Multiple billion bbl potential

• Risking 35 – 23% Folds B/C

Conclusion

• Residual source risk

• Only reduced by drilling

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Original and Relocated Pseudo Doubloon Saxon - 1

DS-1 Pseudo DS-1

3D data

2D data

First Evaporite

Notice good tie between 2D and 3D seismic data

tim

e

First Evaporite

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Seismic Facies – Lower Aptian to Jurassic

Interbedded Anhydrite (seal) and porous

Dolomite (reservoir)

• High amplitude, high frequency reflections

• Lower Cretaceous; regional evaporite basin

• ~1,400’ gross reservoir seen in DS-1 in this

equivalent interval at and below ~16,000’

Cuban Border Nassau 270 kms

Trend A Fold B

Trend A Fold B Fold C

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Seismic Facies – Lower Albian to Aptian

Carbonate platform mega bank

• Continuous high to low amplitude, variable

frequency reflections

• Gradual deepening of water depth

• ‘Fast’ carbonates with porous intervals

Cuban Border Nassau 270 kms

Trend A Fold B

Trend A Fold B Fold C

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Seismic Facies – Albian Reef and Platform

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 development –

good reservoir; seal mechanism? Drilling impact?

• Younger mid Cenomanian reef and margin clearly

imaged Cuban Border Nassau 270 kms

Trend A Fold B

Trend A Fold B

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Seismic Facies – Albian Deep Water Facies

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

• Interval not present in previously drilled wells

Trend A Fold B

Cuban Border Nassau 270 kms Trend A Fold B Fold C

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 advanced

safety mechanisms

14

N

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Well Target Comparison: Cuba / Bahamas

NW SE

Corte Seismico

Corte Geologico

SW

NE

T

K

T

K

T

K

J

J

J

* Equivalent well bore depths ~ 4,800m – 16,000’

North Cuba Basin

• Transpressional structures; high

standing fault blocks

• Mesozoic carbonates buried

beneath a thick Tertiary cover

• Drilled wells only tested upper

part of carbonate interval

Bahamas

• Compressional thrust fault related

anticlines

• Thin Tertiary cover above Mesozoic

carbonates

• Lowermost Cretaceous units most

prospective – regional evaporites

interbedded with porous dolomites

*

*

*

US Gulf Bahamas

Rock Type Sandstone & Shales Carbonates

Rate of Sediment-ation

Rapid 20,000’ < 10 million

years

Slow 20,000’ ~ 200 million

years

Compaction High Low

Pore Pressure Abnormal – High Normal

Major Shipping Lanes

Atlantic Ocean

Abaco

Grand Bahama

Eleuthera

Cat Is.

San Salvador

Rum Cay

Samana Cay Crooked Is.

Long Is.

Andros

Exuma

Exuma Cays

Cuba

Cay Sal

Great Bahama Bank

New Providence

BPC Exploration Well Zarubezhneft currently drilling Wells drilled in Cuba 2012 Anticipated well locations for 2013

Storages

Oilfields

Oil Pipeline Gas Pipeline

Martin Mesa Field Jarahueca Field

Motembo Field

Central Basin Fields (4)

Boca de Jaruco Fields (5)

Pto. Escondido Yumuri Fields (2)

Santa Cruz

Varadero Fields (7)

Refineries

Terminals

Sustainable: Oil and Gas Activity Already Exists!!

Cayo Coco 10 563 ft (3,200m)

Cay Sal IV-1

Joides 101

Joides 100

Joides 99

Long Is. - 1

Andros - 1

GT. Isaacs

Coastal State -1

Doubloon Saxon -1

Joides 98 Williams

Historic Boreholes

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Incident Prevention and Risk Mitigation

Ability to immediately mobilize vessels, aircraft,

containment equipment and skimming equipment

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Cuba production and

transhipment √ √ √ √

√

Cuba exploration √ √ √ √ √

International Oil Transport √ √ √ √

√ √

√

Transhipment to

BORCO/SRP √ √ √ √ √ √ √

Domestic oil transport √ √ √ √ √ √ √

Oil Exploration √ √ √ √ √ √ √

Not GoM: rocks, pressures, water depths

Revised standards and equipment – post GoM

EIA Completed

Source: Helix Well Containment Group

Top Hat

Capping Stack

Blow Out Preventer

(BOP)

Source: ajiacomix.wordpress.com

Source: Helix Well Containment Group Upgraded, modernised domestic regulations and standards

√

Timeline: Company Planning

2Q15 1Q15 4Q14 3Q14 2Q14 4Q13 3Q13 2Q13 1Q14 1Q13

ENVIRONMENT

DRILLING OPTIONS

Well Planning

COMMERCIAL

4Q12

Hurricane Season Hurricane Season

Zarubezhneft Drilling

EIA Published

Petronas Drilling

Public Consultation ???

Regulations ??

EMP Spill Plan Sensitivity Maps

Funding Options ?

CUBAN DRILLING

Well Planning

Long Lead Items

Referendum Decision

Decision

Final Consultation? Final Consultation?

Decision

Long Lead Items

Designed Well Engineered

Corporate Objectives

• A well safely executed to 22,5000’ into Jurassic source

• Shallower objectives as justified commercially

• Facilitate the drilling of a well

• Address funding, environment and permissions

Drilling

BDR Listing

Hurricane

Season

Hurricane

Season

Drilling Estimated Range

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