(AIM BPC) THE BAHAMAS

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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
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(AIM BPC) THE BAHAMAS

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