(AIM BPC) THE BAHAMAS

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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
Page 1 and 2: (AIM: BPC) THE BAHAMAS: A GIANT OIL
Page 3 and 4: Google Image showing Bahamas Petrol
Page 5 and 6: Bahamas Petroleum Company Board Ala
Page 7 and 8: Corporate Overview GBP USD Price* 0
Page 9: Bahamas Petroleum Company Technical
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Page 15 and 16: Previous Wells Drilled - Core Inter
Page 17 and 18: Giant Prospects - Bahamas Petroleum
Page 19 and 20: Size of Prospects Identified by Jan
Page 21 and 22: Giant Prospects - Bahamas Petroleum
Page 23 and 24: Key Conclusions • First mover adv
Page 25 and 26: Historical Bahamas Activity WELL YE
Page 27 and 28: Seismic Data Analysis- February 201
Page 29 and 30: Seismic Data Analysis September 201
Page 31 and 32: Conclusions of the Report "The Baha
Page 33 and 34: Licence Application Update - August
Page 35 and 36: Buckeye Partners-February, 2011 Com
Page 37 and 38: Repsol moving ahead with Cuba Oil P
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(AIM BPC) THE BAHAMAS

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