(AIM BPC) THE BAHAMAS

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