(AIM BPC) THE BAHAMAS

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