(AIM BPC) THE BAHAMAS

(AIM: BPC)
THE BAHAMAS:
A GIANT OIL PROVINCE IN
THE MAKING
FirstEnergy Conference
Toronto
17 – 18 May 2011
Isle of Man Head Office:
IOMA House
Hope Street
Douglas
Tel: +44 1624 647883
Bahamas Petroleum Company Plc 2D Seismic
Acquisition 2011
Email: info@bpcplc.com
Website: www.bpcplc.com

Important Notice
This presentation (“Presentation”) has been prepared by Bahamas Petroleum Company Plc (the “Company”) solely for its use at informational meetings relating to the proposed placing by the Company and is
being delivered for information purposes only to a limited number of persons. By attending the meeting where this Presentation is made, or by reading the presentation slides, you agree to be bound by the
following limitations. This Presentation has not been independently verified by FirstEnergy Capital LLP, Novus Capital Markets Limited or Canaccord Financial Inc. (together, the “Agents”). The Presentation does
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This Presentation has been prepared in compliance with English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this Presentation.
2

Google Image showing Bahamas Petroleum Company Awarded
Licences and Licence Applications
3

Bahamas Petroleum Company Group Overview
• Formed in 2005 and listed on the AIM market in Sept 2008 (reverse takeover)
−
Current market capitalisation is approx. US$357 million (GBP£218 million) as at 07/05/11 (BPC: AIM)
− First oil company to conduct new work in the highly prospective southern Bahamas region since 1987
• First mover advantage in assembling a material portfolio of oil and gas leads in The Bahamas
− World-class exploration with giant (500 mn boe) and super-giant leads exceeding 1bn boe
− Attractive fiscal terms: low royalty; no corporation tax
−
Adjacent to Cuban waters where an active drilling programme is due to commence
• Partial farm-out strategy to fund major costs while retaining 100% ownership in some areas
−
Maintain meaningful working interest positions while reducing exploration risk
• Size and scale of the opportunity is significant
−
Attractive to Majors and NOCs who are increasingly active in the region
• Recent results and near-term seismic and drilling programme
− New 2D seismic >1,300 km (June 2010 and January 2011)
− PSTM seismic analysis has defined multiple drillable prospects
− Ryder Scott has initiated a CPR to rank prospect portfolio and assign resource estimates
− 3D seismic to commence in Q2 2011
− Plans to drill projected for H1 2012
• Raised US$ 73.0m (before expenses) March 2011
4

Bahamas Petroleum Company Board
Alan Burns: Non-Executive Chairman – Isle of Man
−
−
Alan Burns is founder of the Bahamas Petroleum Company Group and has a successful 37 year career in the oil business
including founding Hardman Resources, which was sold to Tullow Oil in 2006 for AUD$1.6bn
Involved in 28 new oil and gas field discoveries and developments including original Uganda discovery
Dr Paul Crevello: Director & Chief Executive Officer – USA/Bahamas
−
−
Dr Paul Crevello is a carbonate reservoir oilfield expert and has wide international experience in the discovery of major
oilfields
Considerable experience in Bahamas geological investigation
Michael Proffitt: Non-Executive director – Isle of Man
−
−
Michael Proffitt is formerly an international banker with Barclays as worldwide Chairman of Barclays Private Clients
International Limited. He is a former resident of The Bahamas and is well known in the Bahamian business world
Fellow of the Institute of Chartered Accountants in England and Wales
Dursley Stott O.B.E: Non-Executive director – Isle of Man
−
−
Dursley Stott has played an important part in the Isle of Man’s financial growth during the last 50 years and is a founder of a
successful stockbroking firm on the Island
Experienced international businessman
Edward Shallcross: Non-Executive director – Isle of Man
−
−
Edward Shallcross has almost 40 years’ experience in the financial sector, predominantly at Barclays Bank plc, where he
worked from 1960 until his retirement in 1998, at which point he held the role of Isle of Man Director and Senior Executive
Director of the bank
Fellow of the Chartered Institute of Bankers
5

Corporate History – First Mover Advantage
US$13.5 Million Spent on Geological, Geophysical and Well Core Acquisition, Evaluation and Processing
Group is
founded
by Alan Burns
Licence
awarded and
reassigned
November
2006
Paul Crevello joins
the Company as
Chief Operating
Officer
Five licences
approved by
Governor
General of The
Bahamas
The Company
completes RTO onto
AIM market through
acquisition of Falkland
Gold and Minerals
The Company
announces
intention to redomicile
the
Company in
IOM
The Company
announces
preliminary
results of
seismic
Bahamas
Government
announces
temporary
freeze on
licence
applications
Paul Crevello is
appointed as CEO
and Alan Burns
becomes Non-Exec
Chairman
Company
raises
£45.6m
before
costs for
3D seismic
and
further
expenses
Acquire 3D
seismic around
potential drilling
prospects
3D Seismic
processed and
interpreted
Target for first
well in
Bahamas H1
2012
Apr May Jun Jul Aug Sep Jan Feb Mar Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Jul Aug Sep Apr May Jun Oct Nov Dec Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Q2 2005 Q3 2005 Q1 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q3 2008 Q2 2009 Q4 2009 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
The Company
submits licence
applications
Board expands
to include
Michael Proffitt
as Financial
Director
Ministry of Energy
grants the
licence
application
The Company
applies for
additional
licences
The Company
signs Statoil joint
exploration
agreement on
three licences
Ministry gazettes
Bahamas Petroleum
Company Statoil
Cay Sal applications
The Company
applies for 2
additional licences
and tenders for
additional seismic
The
Company
raises
£5.1mn for
2D seismic
campaign
The company
announces
completion of
seismic survey and
successful initial
results
CPR by
Ryder Scott
on resource
potential
Finalise
negotiations
and announce
farm-out
transaction
6

Corporate Overview
GBP USD
Price* 0.1775 0.2904
52 Week High 0.2575 0.4213
52 Week Low 0.0205 0.0335
52 Week Percentage Growth** 450 450
Market Cap (mm) 218.4 357.4
Cash and Cash Equivalents (mm)*** 3.8 6.1
Debt (mm) - -
Enterprise Value (mm) 214.6 351.3
• Share price and Market Cap correct as at 7 th May 2011
** Based on share price as at 7 th May 2011
*** Cash balance as of 31 tst December 2010
Shareholder Shares Held %
Fidelity
Morgan Stanley Inv Mgmt (UK)
88,212,141
68,438,886
7.17%
5.56%
TD Waterhouse 52,270,140 4.25%
Hargreaves Lansdown Asset Management 47,496,020 3.86%
Halifax Share Dealing 45,080,914 3.66%
Barclays Wealth 42,966,688 3.49%
J M Finn & Co 37,522,199 3.05%
Petroleum Geoscience* 17,730,000 1.44%
Petrexasia Consulting* 15,300,000 1.24%
Burns Family Investments* 15,164,989 1.23%
Gumbo Investments* 12,360,000 1.00%
Total Management & Founders 61,139,989 4.97%
Total - Top 25 Shareholders 702,780,111 57.11%
Total Shares in Issue 1,230,479,096
Share Options in issue total 18 million with a strike price of 21.25 pence
and expiry date of 12 April 2016
* Director Shareholdings
• In March 2008 licences extended to 2012, when they will be further extended for 3 years
** Licences under review by Bahamian Government – no guarantee they will be granted
7

GBp
Nov 06
Dec 06
Jan 07
Feb 07
Mar 07
Apr 07
May 07
Jun 07
Jul 07
Aug 07
Sep 07
Oct 07
Nov 07
Dec 07
Jan 08
Feb 08
Mar 08
Apr 08
May 08
Jun 08
Jul 08
Aug 08
Sep 08
Oct 08
Nov 08
Dec 08
Jan 09
Feb 09
Mar 09
Apr 09
May 09
Jun 09
Jul 09
Aug 09
Sep 09
Oct 09
Nov 09
Dec 09
Jan 10
Feb 10
Mar 10
Apr 10
May 10
Jun 10
Jul 10
Aug 10
Sep 10
Oct 10
Nov 10
Dec 10
Jan 11
Feb 11
Mar 11
Apr 11
May 11
Volume (000)
Five Year Share Price
28
The Company raises £43.3
million at a price of 18.75 pence
100
26
24
Bahamas Petroleum Company begins to attract a
number of other well known institutional investors and
further broadens shareholder base
Company announces
preliminary results of 2D
seismic
90
22
20
18
16
14
Bahamas Petroleum Company
and StatoilHydro sign JV
Agreement for oil exploration in
Bahamas waters
Reverse Takeover
of FGML by Bahamas
Petroleum Company
Bahamas Petroleum Company
raises £2.4 million from
institutional shareholders
at a price of 3.5 pence
Bahamas Petroleum
Company announces
2D seismic
programme results
Bahamas Gov’t
clarifies position.
Bahamas Petroleum
Company existing
licences unaffected
by suspension
Bahamas Gov’t
announces
suspension of
new licence
applications
Bahamas Petroleum
Company complete
placing of £5.1million
80
70
60
50
12
40
10
8
30
6
20
4
2
0
Pre RTO – FGML History
10
0
Volume (000)
Price
Past performance is not a guide to future performance
8

Bahamas Petroleum Company Technical Team
• Dr. Paul Crevello has over thirty years’ experience in US domestic and international exploration in more
than 40 countries
−
−
University of Miami (Master of Science in Marine Geology) and Colorado School of Mines (Doctor of Philosophy in
Geology)
Marathon Oil (1978-1994) directed worldwide carbonate geologic exploration research
− Founded SE Asia’s first university petroleum studies programme in 1994 and founded Petrex Asia in 1997,
developing it into a leading technical consulting firm
−
Numerous awards and distinctions from international societies for authorship and invited papers on carbonate and
sandstone reservoirs, AAPG International Distinguished Speaker, Chairman of Joides Ocean Drilling Program and
served on numerous committees and ancillary societies
− Conducted research exploration in The Bahamas since 1975
• Standing U.S. and U.K. Consultants
−
−
−
−
−
−
−
−
−
Mr. Michael Coulthard, Subsea Completion Engineer
Mr. Jock Drummond, Seismic Processing Expert
Dr. James Edwards, Exploration Manager
Mr. James Ehrets, Reservoir Geologist and Engineer
Dr. Jon Kirkpatrick, Geophysicist and seismic specialist in carbonate exploration and exploitation
Mr. Paul Ozanich, Seismic Interpreter
Dr. Mark Rowan, Structural Geologist, expert in Gulf of Mexico and fold and thrust belts
Mr. Ian Thomson, Drilling Engineer
Dr. Douglas Waples, Geochemist
• University Industrial Programmes
– University of Texas, Bureau of Economic Geology RCLR
– University of Utah, EGI
9

Why The Bahamas?
Overview
• A politically stable country, with an uninterrupted parliamentary
democracy of over 275 years
• Excellent fiscal terms and English based Rule of Law
• Benefits from proximity to extensive oil field service and
infrastructure providers in US Gulf of Mexico
• Close proximity to energy-hungry US market, both in the GoM
and along the US Atlantic coast
Commonwealth of The Bahamas
Population: 310,426
GDP (US$ Bn): 7.38
GDP per capita (US$): 28,600
Unemployment Rate (%) 14%
Median Age (years): 29.9
Literacy 96%
Key industries:
Tourism, banking, cement, oil transhipment,
salt, rum, aragonite, pharmaceuticals
Source: CIA World Fact Book, Bahamas Department of Statistics - 29/12/2010
Industry in the Bahamas
• Freeport is the major industrial centre of The Bahamas, with
container facilities, oil off-loading terminals, dry dockage and an
oil storage terminal
– BORCO is one of the largest storage terminals in the
Caribbean and Statoil recently acquired South Riding Point
Terminal for approximately $263 million and have
committed to several hundred million dollars in upgrades to
the facility and job growth
• Ship registration under The Bahamas flag is the world's fifth
largest fleet and the world’s largest registry for oil tankers with
several thousand vessels
– Many of the most respected international ship-owning
companies fly the Bahamian flag, including Exxon
International, Maersk Line, Teekay Shipping and Chevron.
Registered luxury vessels include the ships of Norwegian
Cruise Lines and Holland-America Cruises along with
cargo steamers, frigates, freighters, tankers and tugboats
South Riding Point Terminal, Grand Bahamas
recently leased to Statoil
World shipping traffic including oil tankers near and through The
Bahamas
10

Iraq
Libya
Sierra Leone
Egypt
Gabon
Norway
Nigeria
Cote d'Ivoire
US
Namibia
Congo
Falklands
Guyana
Angola
Canada
UK
Bahamas*
Why The Bahamas? Attractive Fiscal Terms
Royalty Rates and Leases terms:
Production Level
Oil Production, up to 75,000 bopd 12.5%
Oil Production, from 75,000 to 150,000 bopd 15.0%
Oil Production, from 150,000 to 250,000 bopd 17.5%
Oil Production, from 250,000 to 350,000 bopd 20.0%
Oil Production, in excess of 350,000 bopd 25.0%
Gas Production 12.5%
Rentals: $0.92 per acre per annum charged for the area of a
lease, but these charges are deductible from royalty payments
Income taxes: Nil in The Bahamas
Comparison of Licencee Revenues – GoM vs. Bahamas
Royalty Rate
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
E&P Project Revenues/ BOE – Sorted by Free Cash Flow
The increased potential
return to the licence
holder in The Bahamas
is largely due to zero
corporate income tax
Government Take Capex Opex Free Cash Flow
Source: Rystad Energy, FirstEnergy Capital (February 2011)
* Based on a single 600mmbbl discovery with production start-up in 2015
Revenue splits based on all projects in country over 2010 to 2025. $100/bbl Brent oil pricing
Fiscal regimes according to contractual framework for oil, condensate/NGL and natural gas
Exploration licence - 12 years in total based on 3-year renewal periods
1) Initial 3 year award
2) 1 st Renewal (years 4-6) @ 100% of acreage – renewal requires commitment to spud well before end of year 4
3) 2 nd Renewal (years 7-9) @ 50% - requires well drilled every 2 years
4) 3 rd Renewal (years 10-12) @ 50% - requires well drilled every 2 years
2007
Production licence – 30 years plus additional 10 years (subject to approval of extension)
11

Bahamas Petroleum Company (Red / Yellow) & Bahamas
Petroleum Company / Statoil JV (Blue) Exploration Licences
Asset (1) Holder Licence Area
The Bahamas – Bain
Licence (offshore)
The Bahamas – Cooper
Licence (offshore)
Bahamas Petroleum
Company
Bahamas Petroleum
Company
775,468 acres
3,138 km 2
777,934 acres
3,148 km 2
The Bahamas –
Donaldson Licence
(offshore)
The Bahamas – Eneas
Licence (offshore)
The Bahamas – Miami
Licence (offshore)
Bahamas Petroleum
Company
Bahamas Petroleum
Company
Bahamas Petroleum
Company
778,855 acres
3,152 km 2
780,316 acres
3,158 km 2
760,973 acres
3,080 km 2
Application (2) Holder Licence Area
The Bahamas –
Islamorada Licence
(offshore)
The Bahamas – Zapata
Licence (offshore)
The Bahamas – Falcones
Licence (offshore)
Bahamas Petroleum
Company / Statoil
Bahamas Petroleum
Company / Statoil
Bahamas Petroleum
Company / Statoil
777,900 acres
3,148 km 2
776,200 acres
3,141 km 2
774,600 acres
3,135 km 2
Application (3) Holder Licence Area
The Bahamas – Santaren
Licence (offshore)
Bahamas Petroleum
Company
760,100 acres
3,076 km 2
•Cay Sal and 3rd Round Licence Applications contingent on lifting of
Government imposed application freeze – appendix 6.1.
The Bahamas – Andros
Licence (offshore)
Bahamas Petroleum
Company
774,500 acres
3,134 km 2
(1) Interest for all licences: 100%
(2) Statoil – Bahamas Petroleum Company Joint Venture Applications - there is no certainty they will
be granted
(3) July 2010 applications with 100% working interest . There is no certainty that they will be granted 12

Bahamas Petroleum Company Technical Achievements
(2006-2011)
• Retrieved and described original
core and cutting samples
• Completed modern computer
workstation analysis: seismic, well
logs, gravity and magnetics
• Petro-physics well log analysis on
original digital and scanned logs
• Seismic and borehole structural
geologic analysis
• Risk analyses, cost comparisons
and reservoir simulations
• Geochemistry and petroleum
systems evaluation
* *
*
*
**
*
*
• Shot new advanced 2D seismic,
gravity and magnetics on its 100%
owned areas in June 2010 and
January 2011
• Conducted environmental survey on
Cay Sal
•Cay Sal and 3rd Round Licence Applications contingent on lifting of
Government imposed application freeze (appendix 6.1.)
** Not all licences have been granted
36 prospects and leads confirmed 13

2011 2D Seismic Grid and Mapped Prospects & Leads
Seismic grid plan undertaken by Norwegian seismic companies SeaBird Exploration (www.sbexp.com) in 2011 and Spectrum
(www.spectrumasa.com) in 2010. Following various negotiations with other oil companies, it is expected that an additional
partner will join our project post the structural definition and potential volumetrics determined by this more detailed survey.
14

Previous Wells Drilled – Core Interpretation
Numerous hydrocarbon shows throughout all wells
15

Bahamas Petroleum Company 2010 2D Survey Giant Prospects & DHIs
N
2 km
C4
S
1 sec
2 sec
3 sec
Diffuse chimneys above structure Direct Hydrocarbon Indicator (DHI)
Seafloor vent – active hydrocarbon seepage creates vent
on seafloor
16

Giant Prospects - Bahamas Petroleum Company Map
Structure top of Cretaceous – PSTM Data
17

2011 - 2D Seismic showing top of Cretaceous
Orange horizon mapped during survey to define structures
Fold A
5 km
Fold B
Fold C
Near top Cretaceous
Intra lower Cretaceous
Top lower cretaceous
Jurassic
Section is horizontally compressed approximately 2:1.
18

Size of Prospects Identified by January 2011 2D Survey
Top Cretaceous
Polygons Based on Lowest Closed 50 ms Contour, May 2011
Surface Fold Length (Km) Sq Km Acres Closure 2 - way time Comment Color
Top Cret. A 59 205 50,600 150-200 ms Based on 1.200 contour Red
Top Cret. B & C 75 524 129,400 400-750 ms Based on 1.650 contour Red
Top Cret. B 71 350 86,400 200-650 ms Based on 1.550 contour Yellow
Top Cret. B-N 37 76 18,800 150 ms Based on 1.300 contour Blue
Top Cret. B-S 24 97 24,000 400 ms Based on 1.300 contour Blue
Top Cret. C 19 72 17,800 300 ms Based on 1.550 contour Yellow
Top Cret. D-N 24 76 18,800

Identified Giant & Super-Giant Leads
Tenneco
Resource est
Max Case
100% Structural Fill
bn bbl
Most Likely Case
50% Structural Fill
bn bbl
Minimum Case
33% Structural Fill
bn bbl
Tenneco Map
1986
• GREEN - 4-way isolated closure (COMBINED 33,581 ACRES)
• YELLOW - 4-way combined closure (COMBINED 122,441 ACRES)
• BLUE - 4-way & fault closure to spill (201,144 ACRES)
• Structure map on Lower Cretaceous
Manta Ray 1.447 0.543 0.049
Sand Shark 1.386 0.244 0.071
Blue Fin 3.469 0.406 0.069
Lion Fish 1.322 0.268 0.16
Blue Marlin 1.94 0.439 0.238
Grouper 6.492 1.665 0.837
Hammer Head 1.007 0.299 0.121
TOTAL for play in
billion barrels
17.063 3.864 1.545
Tenneco & Bahamas Petroleum Company lead maps and resources of same structures. Bahamas Petroleum Company was unable to
identify Tenneco’s named leads relative to Bahamas Petroleum Company’s.
Bahamas
Petroleum
Company*
Resource est
Max Case
100% Structural Fill
bn bbl
Most Likely Case
50% Structural Fill
bn bbl
Minimum Case
33% Structural Fill
bn bbl
C1 11.947 4.420 1.770
C2 5.865 2.170 0.870
C3 3.693 1.366 0.550
2007
C4 2.791 1.030 0.410
TOTAL for play in
billion barrels
24.296 8.986 3.600
* Based on volumetrics work by consultant petrophysicist. Numbers represent a highly
speculative assessment of potential resource.
20

Giant Prospects - Bahamas Petroleum Company Map
Comparison of 2011 Prospects versus 2007 Leads*
25 Km
Contour Interval
0.100 Seconds = 100 ms
* 2007 leads outlined in black
21

Cuba Ramps Up Exploration Activity
In 2005 Repsol, with partners Statoil and
India ONGC, drilled a well 60 miles west of
Cay Sal Bank. The group plans to drill
another one or two wells this year in the
same area. In 2009, based on knowledge of
the Cuban petroleum province, Statoil joint
ventured with Bahamas Petroleum Company
to explore the Cay Sal Bank.
World class operators have been attracted to
Cuba and The Bahamas
Other recent Cuban exploration news:
• April 6, 2011, Repsol YPF expects to have
Chinese-built drilling rig in Cuban waters by end
of the summer (Reuters)
• April 5, 2011, Cuba to drill wells by 2013 (Dow
Jones Newswires)
• November 17, 2010 – Gazprom, the Russian oil
company farms into four Petronas Offshore
Cuba Blocks earning a 30% stake. First Well
2011
• “Russia`s Zarubezhneft to drill Cuba oil shelf in
2011 – CEO” (RIA Novosti, Moscow +
www.cubastandard.com 14 July 2010)
• “Russian Oil Company JSC Zarubezhneft
Opens Office in Cuba” (Latin America Herald
Tribune + www.cubastandard.com 25 June
2010)
• “Cuban offshore oil exploration preparations”
(Reuters 01 Aug 2010)
*
*
* Cay Sal and 3rd Round Licence Applications contingent on lifting of
Government imposed application freeze (appendix 6.1.)
22

Key Conclusions
• First mover advantage in assembling acreage in The Bahamas
• Oil province with world-class exploration potential
• Strategy to use farm-outs and also retain 100% owned acreage
• Size and scale of the opportunity attractive to Majors and NOCs
• 2D modern seismic acquired in June 2010 and January 2011 confirms the Company’s petroleum
assessment of multiple giant size structures capable of holding > 500 MBoE
• CPR underway to define scope of seismic analysis and to identify high-grade prospects to be drilled in
H1 2012
• In discussion with other potential partners and more deals expected in time
• Raised US$ 73.0 million before (before expenses)
Intended use of placing proceeds:
• 3D seismic and 2D shallow seismic US$ 36.8m
• Geochemical sniffer / multibeam US$ 6.4m
• Working capital and other exploration costs US$ 26.1m
Bahamas Petroleum Company believes there are supergiant oilfields
to be found in Bahamas waters and is working on its own and with
partners to find them
23

Appendices
1. Historical Bahamas Activity
1.1. Great Isaac Oolite – Anhydrite Reservoir – Seal Pairs
2. Seismic Data Analysis February 2011
3. Seismic Data Analysis September 2011
4. The Bahamas: Petroleum system evaluation and hydrocarbon charge potential
5. Licence Application Update August 2010
5.1. Licence Application Update August 2010
6. Industrial Port, Grand Bahama
6.1. Buckeye Partners completes acquisition of 100% interest in BORCO
6.2. Statoil acquires rights to South Riding Point
6.3 Repsol Moving ahead with Cuba Oil plans 5 April 2011
6.4 Cuba, Partners to drill 5 Gulf Wells this summer 5 April 2011
7. Preliminary results for the year ended 31 December 2010
24

Historical Bahamas Activity
WELL YEAR OPERATOR TOTAL
DEPTH
AGE AT TOTAL
DEPTH
Andros Island – 1 1947 Superior 4.446m Early Cretaceous
Cay Sal – 1 1959 Bahamas
California
Long Island – 1 1970 Bahamas
Gulf
Great Isaac – 1 1971 Bahamas
California
5.763m Jurassic or Early
Cretaceous
5.351m Jurassic or Early
Cretaceous
5.440m Jurassic
Doubloon Saxon – 1 1986 Tenneco 6.626m Early Cretaceous
• Five wells drilled in The Bahamas between 1947-1986
−
Indicate active petroleum systems based on the presence of
oil shows of varying quality, abundant reservoirs and seals,
indications of source rocks and hydrocarbon saturations
from log interpretation
• All licences abandoned prior to 1988, largely due to the
lack of deepwater drilling capability and seismic
expertise, with the exception of Kerr McGee who
undertook a nominal programme north of The Bahamas
Islands, subsequently exiting in 2006
• All Bahamian Government geological technical data
was destroyed in 1980’s hurricanes
Source: The Commonwealth of The Bahamas
• No compelling incentive for international exploration
activity post-1985 due to low oil price from 1986 to 2003
which in turn led companies to remain in more
conventional producing areas
Appendix 1

cm
Great Isaac Oolite – Anhydrite Reservoir – Seal Pairs
G reat Isaac 10,313’
OM
IG
1 m m 10,343’
OOID GRAINSTONE - PRESERVED INTERGRANULAR (IG)
& LEACHED OOID GRAIN MOLDS (OM) POROSITY
EXCELLENT RESERVOIR POROSITY (BLUE DYE) &
PERMEABILITY CHARACTERISTICS
ANHYDRITE – SEAL ROCK
NOTE: ANHYDRITE IS THE
TYPE SEAL ROCK FOR THE
WORLD’S LARGEST
OILFIELD IN SAUDI ARABIA
Appendix 1.1

Seismic Data Analysis- February 2011
RNS Number : 4546B
Bahamas Petroleum Company PLC
18 February 2011
· Preliminary onboard processing of recently completed 2D seismic survey in southern Commonwealth of Bahamas waters shows numerous
structures with four way dip closure significantly larger than previously expected.
· Detailed processing will take approximately two months, which will verify the preliminary interpretations and give further in depth analysis.
· Potential 3D seismic survey being considered with a number of suitable vessels available on short notice.
· The presence of a potential Middle Jurassic salt layer may point to a further "sub-salt" play in the area.
Bahamas Petroleum, the oil and gas exploration company with licenses in The Bahamas, is pleased to announce the posting on its website of two recently
completed, independent consultant studies by Dr. Mark Rowan of Rowan Consulting Inc (Jan 2011) and Mr. Ozanisch of Lago Petroleum Consulting (Feb
2011). These documents provide important results from the June 2010 fully processed Pre-Stack Time Migration (PSTM) data along with preliminary mapping
results of shipboard analysis of the January 2011 2D seismic survey. Both provide evidence of 'giant' size structures in the southern licences held by the
Company's subsidiary, Bahamas Offshore Petroleum Ltd., capable of holding several hundred million barrels of oil. They provide the first structure maps
documenting the size and extent of closure of these features, based on 1,120 km of seismic data and demonstrate the consistency of fold formation, the
continuity of folds along the structural trend, the ability to seismically map internal stratigraphic consistency (i.e., continuity of reservoir-seal strata) across the
folds and the geometric form of the folds.
These results are preliminary and the full PSTM processing of the 2011 2D seismic data is due for completion by end April 2011 and will form the basis for
detailed structural interpretation and prospect evaluation. In addition to the seismic data, gravity and magnetics data were acquired which are currently being
processed.
Dr. Paul Crevello, CEO of Bahamas Petroleum Company Plc , said:
"Rowan and Ozanich's reports are significant because they provide the first modern interpretation of seismic data and exploration potential of the Bahamas
Offshore Petroleum licences from the Bahamian fold belt. These independent studies verify the extent and style of structural geometry of the large-scale folds
which was not possible from the historical seismic data.
"Improved technology enabled exceptional resolution within the folds, allowing us to see for the first time the lateral continuity of potential reservoir and sealing
strata. These studies are important for several reasons:
Appendix 2

Seismic Data Analysis- February 2011, cont’d ...
1) the 2010 PSTM data indicates that the structures are simple folds and that reservoir-seal strata appear to be continuous across the extent of the structures;
2) continuity of reservoir-seal pairs will enhance long-distance drainage of reservoirs;
3) the detachment of the compressional folds suggests the presence of a Jurassic salt layer and may provide a deeper 'subsalt' exploration play which we had
believed was present but could only document in the June 2010 seismic, and;
4) the size of the fold belt prospects are considerably larger than those previously defined in the 2007 Competent Persons Report ('CPR').
We are waiting for completion of seismic processing of the January 2011 survey through PSTM and a new CPR to determine undrilled and unproven resource
potential."
Non-Executive Chairman Alan Burns, of Bahamas Petroleum Company Plc, said:
"These structures are exceptional in the size and extent of the 4-way closure, indeed I am not aware of any anticlines of this size in the Gulf of Mexico - Caribbean
region. We look forward to testing these structures with the drill bit to determine if hydrocarbons are present. Bahamas Petroleum intend to stay on course to drill a
well within the next twelve months, once appropriate drilling and environmental regulations are in place in the Commonwealth of The Bahamas."
Appendix 2 cont’d

Seismic Data Analysis September 2010
DG Consultant Services
607A Kipling St., Houston, Texas 77006, 713 927 2251
September 15, 2010
Introduction:
Bahamas Petroleum Corporation (Bahamas Petroleum Company) acquired 194 kilometers of 2D seismic data in July 2010 in order to evaluate the capabilities of
improving seismic data quality through modern acquisition techniques, and processing algorithms utilizing massive computer power.
Analysis:
Data results of this survey show better data quality than previous vintages acquired most recently in the 1980’s. Vintage geologic and seismic data (1986) previously
documented the potential presence of multiple >500MMboe fields. These historical studies and recent independent consultant reports (2007-2010) indicate that the area
has a high probability for oil, which is supported by oil shows in exploratory and ODP (Ocean Drilling Program) wells drilled in The Bahamas, well tests from offshore
Florida Keys and offshore Cuba. Bahamas Petroleum Company's June 2010 seismic confirms the previous work and reduces risk placed on hydrocarbon presence.
Bahamas Petroleum Company's 2010 data is more suitable for both structural and stratigraphic interpretation, as well as advanced analyses for hydrocarbon and porosity
detection, through amplitude and velocity variation, and frequency absorption due to hydrocarbons.
The new data present clear evidence of large structures (figure 1) with continuous layering of probable reservoirs and seals across the breadth of the folds and
hydrocarbon fluid flow features including chimneys or vents, and direct hydrocarbon indicators as can be seen in figures 2 and 3. There is further evidence from the
sections of likely fluid controlled amplitude variations and flat-spots (figure 4) which may indicate fluid interfaces of various phases of hydrocarbon contacts. Vertical
chimneys into the sea bottom as well as amplitude dimming and frequency absorption in figures 2 and 3 are direct evidence of in situ escaping hydrocarbons from well
charged structures. Typically the light ends of the hydrocarbons escape through micro-faults and fractures and provide indicators of hydrocarbons preserved within the
structure.
The types of features observed over the structures and along rock layers are indicative of an oil-prone system with minor amounts of lighter ends escaping to the surface.
The abundance of hydrocarbon indicators supports recent consulting studies that proposed the petroleum system is operative (see APT summary of report posted on
Bahamas Petroleum Company website).
Summary:
Bahamas Petroleum Company’s 2010 seismic acquisition and processing program successfully demonstrates the advantages of modern acquisition and processing
systems and computer power. As well as imaging large structures with over 700 hundreds of milliseconds (2-way time; i.e., ~4000 feet) of closure, there are numerous
geophysical indications of porosity variations and hydrocarbons in the system. It is anticipated that a closely spaced 2D grid or 3D will prove up drillable prospects by the
end of the year.
J. (Jock) Drummond
Dr. Norman S. Neidell
Appendix 3

Conclusions of the Report "The Bahamas: Petroleum system
evaluation and hydrocarbon charge potential”- October 2010
A study by: Applied Petroleum Technology (UK) Ltd. (www.aptec.no) Oct 2010 conducted independently for Bahamas Petroleum Company
Limited
Disclaimer – General
This report contains a number of assessments and opinions presented by Applied Petroleum Technology (UK) Limited (APT UK) based on the information provided and
on the company experience. However, as the oil and gas business is an inherently risk business, no one can accurately predict the outcome of any drilling or completion
operation. APT UK neither warrants nor guarantees the results of any work programme carried out as a result of any predictions or comments made in this Independent
Report.
Disclaimer – Specific
It should be noted that given the actual well density in the Bahamas (there are only 5 wells over some 100,000 square miles) there is a high level of uncertainty about the
true nature of the sub surface. The reader should be aware that this report has been based on the data available but given the uncertainty the ranges of actual maturity
and some quality in the area may vary widely from those presently understood. The estimates and conclusions in this report being scientific judgments, may vary
considerably from the currently available results and the authors make no claims as to the accuracy of any information herein or assume any liability or responsibility for
actions or decisions taken as a result of reading this report.
All parties reading this report should also be aware that exploration and drilling for hydrocarbons involves a degree of inherent risk and is considered speculative. There
is the possibility that wells drilled as a result of the current work carried out, may not recover oil and gas in commercial quantities. Discussion of potential traps,
structures, facies changes, generation of oil, maturation and timing and migration of hydrocarbons and hydrocarbon volumes, should not be taken to imply that any
commercial accumulations exist.
The following conclusions are excerpted from an independent technical report that has bearing on the hydrocarbon analysis of Bahamas Petroleum
Company's acreage.
SUMMARY
A regional geochemical review study has been carried out on behalf of Bahamas Petroleum Company Limited on the Bahamas area with the specific objective of
assessing:
1) The likelihood of the presence of source rocks within or adjacent to the area of interest (AOI);
2) The likely thermal maturity of the potential source rocks to generate oil or gas;
3) The evidence for the presence of mature generative source rocks in the area of interest.
The conclusions are as follows:
Source rocks:
• It is believed that there are source rocks of sufficient quality and maturity to generate significant volumes of hydrocarbons in the Bahamas although they are poorly
quantified in the very few wells drilled in this very large area.
Appendix 4

Conclusions of the Report "The Bahamas: Petroleum system evaluation
and hydrocarbon charge potential”- October 2010 cont’d...
Maturity:
• Geothermal gradients are believed to be genuinely low in the area of interest but given the thicknesses of sediment accumulated at the depths where the potential
source rocks are likely to exist, these source rocks should have been oil generative. Current low temperatures will be conducive to the preservation of hydrocarbon
accumulations.
Manifestation:
• Live hydrocarbon shows have been encountered during drilling of at least four of the five deep wells drilled in the Bahamas and even in a number of the relatively
shallow stratigraphic boreholes (ODP/DSDP) in or close to the AOI;
• Sea bottom sediment sampling has recorded the possible presence of migrated hydrocarbons of thermogenic origin in several drop cores close to the location of the
Doubloon Saxon-1 well; isotopes suggest oil prone source;
• There is evidence of hydrocarbon seepage in the form of an area of seismic opacity in the near surface close to one of the recently mapped seismic leads likely caused
by vertically migrating gas.
Preservation:
• Hydrocarbon accumulations derived from the Bahamian source rocks are thought most likely to occur in deep prospects in the fore deep close to the known Cuban
effective source rock system.
• Hydrocarbon quality is likely to be influenced by the source rock system and provide aromatic oils and (depending on the source) possible traces of sulfur.
• Gravities are likely to be in the 35 to 40° API range. Degradation processes are unlikely to have negatively affected oils generated.
Dr Steve Thompson
Patrick Barnard
Applied Petroleum Technology (UK)
Appendix 4 cont”d

Licence Application Update – August 2010
Bahamas Petroleum Company News Release – 31 August 2010:
Bahamas Petroleum Company, (“BPC” or the “Company”) the AIM quoted oil and gas exploration company with licences in The Commonwealth of The Bahamas, notes
the announcement from the Ministry of the Environment (Government of The Bahamas), issued late yesterday, concerning oil exploration in the country.
Included below is the full text of the announcement:
“MINISTRY OF THE ENVIRONMENT - OIL EXPLORATION IN THE BAHAMAS
Nassau: The Public is advised that The Ministry of The Environment has suspended consideration of all applications for oil exploration and drillings in the
waters of The Bahamas. The Ministry seeks, by this decision, to maintain and safeguard an unpolluted marine environment for The Bahamas, notwithstanding the potential
financial benefits of oil explorations. Additionally all existing licences will be reviewed to ascertain any legal entitlement for renewal.
Given recent events involving oil exploration and the efforts to prevent pollution, this prudent safeguard is essential to preserving the most vital natural resource of The
Bahamas, its environment.
The Ministry will work diligently to complete and have in place, very stringent and environmental protocols for oil exploration prior to any further consideration of
applications, given that oil is likely to be located in the marine environment of The Bahamas.
The Ministry of The Environment believes that this prudent policy requirement is in the best interest of The Bahamas and the social, economic and environmental wellbeing
of future generations of Bahamian citizens and visitors.
The Hon. Earl D. Deveaux, MP
Minister of The Environment
30th August 2010”
BPC understands and appreciates the position of the Government of The Bahamas in delaying the granting of new applications and its reviews given the drilling bans in
place in US waters until the cause of the Macondo well blowout are fully determined and appropriate new controls are put in place.
In the meantime the Company will continue to process and seismically explore its existing granted licences, which contain the majority of BPC’s targets. The Directors
believe that by the time BPC’s drilling program is more definitive, the situation brought about by the Macondo incident will become clear and that appropriate and stringent
controls will be in place. BPC is committed to working with the Government of The Bahamas to ensure that the highest exploration and environmental standards are in
place.
Recently BPC completed a baseline sampling in the southern Bahamas to establish the presence of oil and tar balls prior to any possibility of contamination arriving from
the BP spill. The sampling showed the presence of pre-existing tar balls and oil seeps washed ashore that were not from the BP source. This oil appears to be sourced
from natural seeps and possibly oil tanker spillage. Bahamas waters have through-traffic of a large percentage of the world's oil tankers.
Alan Burns commented, “Whilst we note this short term situation, there are exploration activities including drilling, proceeding in adjacent Cuban waters and significant
previous drilling within the Company's current licence areas. We believe these do not face the same geological risks as those encountered in the US Gulf of Mexico. We
enjoy a good relationship with Bahamian authorities and are confident that this situation will be resolved quickly."
Appendix 5

Licence Application Update - August 2010
News Article in The Bahamas Tribune:
Govt suspends consideration process for oil exploration
August 31, 2010
By TANEKA THOMPSON Tribune Staff Reporter
GOVERNMENT has suspended the consideration process for all oil exploration and drilling applications until the country has stringent environmental protocols in place to
mitigate against a catastrophic oil well leak.
According to Environment Minister Earl Deveaux, the new stipulation comes in response to British Petroleum's (BP) devastating oil leak in the Gulf of Mexico - which
threatened fragile marine ecosystems and fishing industries - and the large volume of oil exploration applications inundating the government.
"The Ministry of the Environment has suspended consideration of all applications for oil exploration and drillings in the waters of the Bahamas. The ministry seeks, by this
decision, to maintain and safeguard an unpolluted marine environment for the Bahamas notwithstanding the potential financial benefits of oil explorations," said a
statement released by Dr Deveaux yesterday. The release added that all existing licenses will be reviewed to ascertain any legal entitlement for renewal.
"We are not seeking to interfere with any existing licenses and the people who have licenses know of the policy. The recent events showed us that (a) oil if it is to be found,
will likely be in the marine environment and (b) we want to maintain an unpolluted environment.
"And so before we explore for oil we want to have the most stringent environmental protocols in place," said Mr Deveaux when asked to clarify this point yesterday.
BPC Ltd recently partnered with Norwegian oil heavyweight Statoil to search for oil in some 2.5 million acres in Cay Sal Bank and hold five licenses for oil exploration. The
government has not issued any licenses for oil drilling in Bahamian waters.
Environment Permanent Secretary Ronald Thompson said that while the ministry has yet to draft the necessary safety protocols, government will frame its future policies
around existing ones from other countries. "We haven't drafted any but there are ones that are in existence in other places where oil is current being harvested or explored.
We will in short order review all of those and come up with what we think will be the best (policies) for the Bahamas," said Mr Thompson.
Deepwater Horizon's oil rig exploded on April 20, killing 11 workers, and leaking an estimated 4.9 million barrels of oil from BP's underwater well. Yesterday's statement
said that calamity underscored the need for precautions. "Given recent events involving oil exploration and the efforts to prevent pollution, this prudent safeguard is
essential to preserving the most vital natural resource of the Bahamas - its environment," said the statement.
Speaking to The Tribune, Mr Deveaux said more stringent protocols could have prevented BP's disaster. "Everything we learned about BP suggests that there were a few
mishaps that could have been avoided," he said.
In May, Dr Deveaux said it would be "impractical and unreasonable" for the Bahamas to shy away from oil exploration or drilling as a consequence of the environmentally
devastating oil leak off the coast of the US state of Louisiana.
"The world is not going to shy away from oil because of this accident. This is not the first or the last," he said at the time. He also said earlier that proper management of
resources would be vital to any oil discovery in Bahamian waters.
Appendix 5.1

Industrial Port, Grand Bahama- 2010
BORCO Oil storage terminal at Freeport Industrial
Port is the largest oil storage facility in the Caribbean
Tanker off-loading at Freeport Industrial Harbour, Grand
Bahama
Appendix 6

Buckeye Partners-February, 2011
Completes acquisition of 100% interest in Bahamas Oil Refining Co. Ltd
February 16, 2011
Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) announced today that it has completed the purchase of the 20 percent interest in FR Borco Coop Holdings, L.P.
(“FRBCH”), the indirect owner of Bahamas Oil Refining Company International Limited (“BORCO”), from Vopak Bahamas B.V. (“Vopak”) for $340 million. As partial
consideration for Vopak’s interest in FRBCH, Buckeye issued 1,095,722 of its Class B units and 620,861 of its LP units to Vopak.
As previously announced, Buckeye acquired its initial 80 percent interest in BORCO from affiliates of FRC Founders Corporation on January 18, 2011.
This now completes Buckeye’s acquisition of 100 percent of BORCO.
In the aggregate, Buckeye paid $1.7 billion in a combination of cash and equity to acquire BORCO.
www.buckeye.com Accessed 1 st March, 2011
Appendix 6.1

Statoil acquires rights to SRP and agrees to capital expenditures and
upgrades- October 2009
On 22 nd October, 2009 Statoil completed the acquisition of SRP Holding Limited, which holds the lease for the South Riding Point crude oil terminal in The Bahamas
until 2049. The lease includes oil storage as well as loading and unloading facilities.
The terminal, which is located on Grand Bahama Island, consists of two shipping berths and ten storage tanks with storage capacity for 6.75 million barrels of crude.
We plan to upgrade the terminal to allow for the blending of crude oils, including heavy oils. Future blending operations will normally be carried out onshore, but
facilities will also be installed that allow for blending from ship to ship at the jetty.
The acquisition is a strategic measure that will both support our global trading ambitions and improve our handling capacity for heavy oils. We have rented capacity
at the terminal since 1993. New blending facilities and full terminal capacity will strengthen both our marketing and trading positions in the North American market.
The terminal will also be an important part of our plans to market our own volumes of heavy oil.
In addition to the existing lease period, we have an option to extend the agreement for an additional 30 years until 2079.
www.statoil.com Accessed 1 st March, 2011
Appendix 6.2

Repsol moving ahead with Cuba Oil Plans- April 2011
By: Jeff Franks
Tue Apr 5, 2011
www.reuters.com
HAVANA, April 5 (Reuters) - Repsol YPF (REP.MC) expects to have a Chinese-built drilling rig in Cuban waters by the end of the summer and start drilling immediately
into a prospective undersea oil field that looks like it could be a big one, a geologist for the Spanish oil company said on Monday. Repsol, in a consortium with Norway's
Statoil (STL.OL) and a unit of India's Oil and Natural Gas Corp. (ONGC.BO), plans to drill one well with the high-tech Scarabeo 9 rig and another if the first is successful,
said senior structural geologist Gonzalo Zamora at Cuba's Earth Sciences Summit in Havana.
"The perspectives are to find something, if not, we wouldn't be drilling. And the sizes are big," he told reporters after making a presentation at the conference that is heavily
focused on Cuba's oil and gas development.
"To drill with so much risk like we have in Cuba, we have to look for a big prospect because the investment to develop it is very big," Zamora said. He said seismic studies
of the offshore blocks Repsol has leased have turned up "very interesting prospects" in several geological zones. The company drilled the only well in Cuba's offshore in
2004 and found oil in an "area of much potential," Zamora said.
It has not sunk a second well for various reasons, but contracted with Italian offshore oil services company Saipem for use of its Scarabeo 9 rig, which has been built in
China and is now in Singapore undergoing preparations for the trip to Cuba.
Zamora was expected to arrive in Cuba by the end of the summer, but delays were always possible in the offshore oil business. Sources have told Reuters the rig should
arrive at the communist-led island by mid to late August.
He said Cuba, which is anxious to tap into its unexplored sector of the Gulf of Mexico, wanted Repsol to commit to drilling two wells, but Repsol limited its risk by agreeing
to do one well for sure. Cuba has said it may have 20 billion barrels of oil offshore, although the U.S. Geological Survey has estimated a more modest 5 billion barrels.
After Repsol finishes with the Scarabeo 9, which is capable of drilling in 12,000 feet (3,657 meters) of water, the rig will be handed over to Malaysia's Petronas to drill in its
Cuban offshore leases, then to ONGC Videsh, which is a unit of ONGC, for its Cuba exploration. Venezuela's PDVSA may also be in line to get the rig for its Cuban
blocks, where areas of "great potential" have been found, PDVSA senior basin analyst Jose Noya told reporters at the conference. He said exploratory drilling could take
place "maybe in a year.“ "Once we have the equipment, it will be drilled. Probably we are in the line for drilling ... with the same rig, because it is a rig that can drill in 2,000
meters (of water)," he said of the Scarabeo 9. Last summer, Cuban officials were saying they expected to drill seven wells, but Cuban senior oil adviser Manuel Marrero
told the conference that the number now was five. He did not specify who would drill the wells. (Editing by David Gregorio)
Appendix 6.3

Cuba, Partners to drill 5 Gulf Wells this summer- April 2011
Andrea Rodriguez
Associated Press
Tuesday April 5, 2011, 5:24 pm EDT
HAVANA (AP) -- Cuba and partner companies will begin drilling five oil wells in the Gulf of Mexico this summer in hopes of locating enough crude to justify the costly
exploration, an official said Tuesday.
"The prospects are very promising" of finding valuable reserves, said Manuel Marrero, an official with the Ministry of Basic Industry. Cuba's domestic production is
exclusively heavy oil with a high sulfur content. Its offshore Gulf waters could contain large quantities of lighter, sweet crude, although a test well in 2004 turned up only
modest deposits. Studies since then have pointed to "oil traps" in the marine floor, persuading partner companies to take on the expensive task of exploration in deep
water, Marrero said during an earth sciences convention.
The drilling is expected to run through 2013.
The Cuban government has designated 59 blocks in Gulf waters encompassing 43,200 square miles (112,000 square kilometres) where private energy companies have
said they could drill deep-water test wells. The area opened for international investment in 2000, and currently a half-dozen companies, including Spain's Repsol-YPF,
have contracted for 22 of the blocks. None of the companies are American -- due to Washington's decades-old ban of U.S. business dealings with the communistgoverned
island -- although some U.S. firms have expressed interest in the past.
Marrero repeated Cuba's position that it would be open to partnering with U.S. companies. "Any company could participate under Cuban laws," Marrero said. Earlier this
year, Brazilian officials announced that country's state-run energy giant, Petrobras, would withdraw from the Cuban area. "They had a small block, barely 1,500 square
kilometres," Marrero said. "They discovered prospects, but that can't compete with the hundreds of prospects they have" in Brazilian territory.
According to geologic studies conducted by several institutions, some of them U.S.-based, Cuba's Gulf reserves could be 5 billion to 9 billion barrels of crude. Nearly a
year after the Deepwater Horizon disaster that killed 11 workers and led to more than 200 million gallons of oil spewing from a BP well a mile beneath the Gulf of Mexico,
Marrero assured reporters that Cuba's exploration will be carried out safely.
"The equipment that will be used is the most modern, the safest. The regulatory framework is very strict, and the companies that will drill are prestigious and experienced,"
he said. "I don't think we are going to have any more risks.“
Earlier this year, Cuba reported its 2010 production totalled 4 million tons of petroleum equivalent -- oil plus natural gas -- or about 46 percent of its domestic consumption.
The rest it obtains from Venezuela on preferential terms.
Appendix 6.4

Preliminary results for the year ended 31 December 2010
RNS Number: 9518D
Bahamas Petroleum Company plc
31 March 2011
Preliminary Results for the year ended 31 December 2010
Bahamas Petroleum, the oil and gas exploration company with licences in The Commonwealth of the Bahamas, is pleased to announce its preliminary
results for the year ended 31 December 2010.
Highlights:
· 2010 was a busy and successful year for the Company;
· successfully shot the first modern seismic survey in the area since 1987, producing some encouraging results that indicate large structures containing
hydrocarbon indicators;
· applied for two additional licences that cover approximately 6,210 square kilometres (1,534,600 acres);
· strong balance sheet at the period end, which has been further strengthened by equity placing post year end, raising £20.6 million before expenses with
a further £25 million before expenses to follow conditional on shareholder approval;
· completed re-domicile of the Company to the Isle of Man;
· change of the Company's name to Bahamas Petroleum Company plc, to properly reflect the Company's focus; and
· remain on track to drill our first well in the first half of 2012.
Alan Burns, Non-Executive Chairman of Bahamas Petroleum, commented:
"We made good progress during 2010 and this has continued into 2011 with our successful equity placing firmly raising £20.6 million and conditionally
raising £25 million before expenses in March. The Company is now well funded with a strong balance sheet and a clear strategy to develop its assets in the
Bahamas. We are in negotiations with CGGVeritas to undertake a 3D seismic survey, which we hope to finalise after the EGM, and we look forward to
reviewing the results in due course.
"2011 looks to be another strong year for Bahamas Petroleum and the Board continues to look to the future with confidence."
Appendix 7