Bahamas Petroleum Company Shareholder Meeting – London, September 2014 Bill Schrader – Chairman Simon Potter – Chief Executive Officer Ben Proffitt – Finance Manager BPC 2013/14 Review & 2015 Outlook – September 2014 Disclaimer This presentaCon (“PresentaCon”) has been prepared by Bahamas Petroleum Company plc (the “Company”) solely for its use at informaConal meeCngs with its shareholders and is being delivered for informaCon purposes only to a limited number of persons. This PresentaCon should not be considered as the giving of investment advice by the Company or any of its shareholders, officers or advisers. If you are in any doubt about the contents of this PresentaCon or the acCon you should take, you should consult an independent adviser authorised to render such advice. This PresentaCon has not been independently verified and is subject to material updaCng, revision and further amendments without noCce. The PresentaCon does not purport to contain all informaCon that a member of the Company may wish receive for purposes of assessment or valuaCon of his respecCve investment and is not intended to form the basis of any investment decision. While the informaCon contained herein has been prepared in good faith, neither the Company nor its shareholders, directors, officers, agents, employees, or advisors give, has given or has authority to give, any representaCons or warranCes (express or implied) as to the achievement or reasonableness of future projecCons, management targets, esCmates, prospects or returns contained in this presentaCon, or in relaCon to, the accuracy, reliability or completeness of the informaCon in this PresentaCon, or any revision thereof, or of any other wriUen or oral informaCon made or to be made available to any shareholder of the Company (all such informaCon being referred to as “InformaCon”). The PresentaCon is not an offer or invitaCon by the Company, its shareholders, directors, officers, agents, employees, or advisors to purchase, acquire or sell securiCes or assets, nor any form of commitment, legal obligaCon or recommendaCon by either the Company, its shareholders, directors, officers, agents, employees, or advisors. So far as permiUed by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers (including the Agents) take any responsibility for, or will accept any liability in respect of, the accuracy, reliability or completeness of the InformaCon or for any loss, howsoever arising from the use of this PresentaCon. In furnishing this PresentaCon, the Company does not undertake any obligaCon to provide any addiConal informaCon or to update this PresentaCon or to correct any inaccuracies in, or omissions from, this PresentaCon which may become apparent. The InformaCon is confidenCal informaCon and the property of the Company. It is made available strictly for the purposes referred to above. The InformaCon and any further confidenCal informaCon made available to any recipient must be held in complete confidence and documents containing such informaCon may not be reproduced directly or indirectly, used or disclosed without the prior wriUen consent of the Company. By accepCng delivery of this PresentaCon, the recipient agrees to return it at the request of the Company. This presentaCon contains certain statements which may consCtute forward-‐looking statements. All statements in this presentaCon, other than statements of historical facts, that address future acCviCes and events of developments that the Company expects, are forward-‐looking statements. Although the Company believes that the expectaCons reflected in these statements are based on reasonable assumpCons, such statements are only predicCons and are subject to inherent risks and uncertainCes and changes in the underlying assumpCons which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-‐looking statements. Factors that could cause actual results to differ materially from those in forward-‐looking statements include market prices, conCnued availability of capital and financing, and general economic, market or business condiCons. Investors are cauConed that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-‐ looking statements. The Company will not undertake any obligaCon to release publicly any revisions to these forward-‐looking statements to reflect events, circumstances or unanCcipated events occurring a\er the date of this PresentaCon, except as required by law or by any appropriate regulatory authority. Nothing in this PresentaCon or in documents referred to in it should be considered as a profit forecast. Past performance of the Company or its shares cannot be relied on as a guide to future performance. This PresentaCon does not consCtute, or form part of or contain any offer or invitaCon to sell or issue, or any offer to subscribe for, underwrite or otherwise acquire, or dispose of, any securiCes in the Company in any jurisdicCon and is directed at, and is only for distribuCon to exisCng shareholders of the Company. Neither this PresentaCon nor any part of or copy of it may be taken or transmiUed, directly or indirectly, into the United States of America or Canada or distributed or re-‐distributed directly or indirectly, in the United States of America, its territories or possessions, or Canada, or to any resident thereof except in compliance with applicable securiCes laws. Any failure to comply with these restricCons may consCtute a violaCon of applicable U.S. or Canadian securiCes laws. This PresentaCon and the informaCon contained herein do not consCtute an offer of securiCes for sale in the United States. By accepCng this PresentaCon, the recipient represents and warrants that it is a person to whom this PresentaCon may be delivered or distributed without a violaCon of the laws of any relevant jurisdicCon. This PresentaCon is not to be disclosed to any other person or used for any other purpose and any other person who receives this PresentaCon should not rely or act upon it. The delivery or distribuCon of this PresentaCon in or to persons in certain jurisdicCons may be restricted by law and persons into whose possession this PresentaCon comes should inform themselves about, and observe, any such restricCons. Any failure to comply with these restricCons may consCtute a violaCon of the laws of the relevant jurisdicCon. By aUending the meeCng where this PresentaCon is made, or by reading the PresentaCon slides, you agree to be bound by these provisions. BPC 2013/14 Review & 2015 Outlook – September 2014 Agenda Chairman’s Overview Current Commercial Issues 2013 / 2014 Review • Finance • Technical • Operations 2015 Outlook Summary BPC 2013/14 Review & 2015 Outlook – September 2014 Overview A clear strategy: create shareholder and stakeholder value through an exclusive focus on the Company’s oil & gas exploration assets in the Bahamas, which are potentially a world-class, multi-billion barrel resource. A singular objective: commence drilling an off-shore exploration well as soon as possible, compliant with licence and regulations, with third party sharing risk and reward. Quality assets: • 5 offshore licenses (one in north; four co-joined in south). Applications on-trend • Total acreage > 4 million acres, 16,000 km² • Proximate to US markets, infrastructure, contractors & suppliers • Strong technical prospect in known petroleum producing province • Commensurate fiscal terms & regulatory regime BPC 2013/14 Review & 2015 Outlook – September 2014 FLORIDA Great Isaac #1 Andros #1 BAHAMAS Cay Sal #1 CUBA « Doubloon Saxon #1 Page 4 Overview B Sth-‐1 B Nth-‐1 C-‐1 Effective management & operations: • • • • Drilling objective - $60 million – Options Data room feedback Geophysics Geochemistry Fold B South Sound finances: • Cash reserves: $12.4 million (as at June 2014) • Cost management • Value-add • Optionality on costs • Asset merits not reflected in share price • Future funding BPC 2013/14 Review & 2015 Outlook – September 2014 Fold B North Capitalised Cost of Assets Fold C US$m Current and Historical Licence Costs (2007 – 2013) 2.1 AcquisiCon and analysis of Older Data 2D Seismic (2010 and 2011) 2.8 2.0 3D Seismic and interpretaCon (2011-‐2013) 34.4 Other Technical programmes Total 5.2 46.5 Non-‐Capitalised Asset-‐related Expenditure AddiConal Cash Costs and Overhead Total Cash Total Cash 25. 19.5 91.9 US$m 12.4 Page 5 Chairman’s Overview Current Commercial Issues 2013 / 2014 Review • Finance • Technical • Operations 2015 Outlook Summary BPC 2013/14 Review & 2015 Outlook – September 2014 2013/14 Review – Regulatory Regulatory challenges: Regulatory achievements in 2013/14: • Referendum on future industry ac1vi1es ü Government not pursuing an exploraCon referendum, removing crucial uncertainCes • Company's licences needed to be renewed; tenure clarified ü Statutory term for all licences each renewed and extended ü Southern boundary of four southern licences adjusted to conform to the mariCme boundary, thus providing clear tenure over the full extent of mapped structures • Bahamian regula1ons for petroleum opera1ons required strengthening and modernising to ensure they adhere to interna1onal standards and included current best prac1ces • Future drilling ac1vi1es, thus farmout dependent on resolving these maAers BPC 2013/14 Review & 2015 Outlook – September 2014 ü The Company has been working to assist the Government in whatever way possible; new Act, OperaCons, Health and Safety and Environmental regulaCons; new SWF Act; all now before Cabinet for consideraCon, ahead of public consultaCon and adopCon soon therea\er. ü Company will almost certainly already be largely compliant based upon work carried out to date ü Company now has a very clear mandate for its planned acOviOes going forward Page 7 2013/14 Review – Regulatory § Petroleum Act § Sovereign Wealth Fund Act § Petroleum Regulations ü Operations ü Environment and Pollution ü Health and Safety BPC 2013/14 Review & 2015 Outlook – September 2014 2013/14 Review – Farm-‐out • The cost of iniCal exploraCon drilling will require the Company to access addiConal capital. • Preference for a technical farm-‐in partner • Successful comprehensive data-‐room to date Ø Hosted visits from a number of interested parCes represenCng all recent major deeper water exploraCon hotspots • Farm-‐in process being refreshed, further pursued through balance of 2014 • Process Cmeline, though not ideal, is in line with industry standard, has been inhibited by lack of regulaCons Ø Shareholders will be apprised of developments as soon as is possible and appropriate Our objec1ve remains clear: to aggressively pursue securing a farm-‐in partner, so as to enable explora1on drilling to commence as soon as possible. BPC 2013/14 Review & 2015 Outlook – September 2014 Page 9 Chairman’s Overview Current Commercial Issues 2013 / 2014 Review • Finance • Technical • Operations 2015 Outlook Summary BPC 2013/14 Review & 2015 Outlook – September 2014 2013/14 Review -‐ Summary Business achievements • Technical ü Alternative wells designed and costed ü Risk reduction – data room feedback ü EIA approved • Regulatory ü Licences extended; tenure secured ü No exploration referendum ü Strengthened regulations But, market underperformance 10.00 BPC(P) FTSE Oil & Gas All Share FTSE AIM All Share 9.00 8.00 7.00 80 70 60 6.00 50 5.00 40 4.00 30 3.00 2.00 1.00 -‐ • Operations ü Management team strengthened ü Board enhanced ü EMP, public consultations • AIM listed, 1.2bn shares in issue • Finance ü Prudent financial management • Capitalised exploration $46.5m 20 10 -‐ • Share price (01/09/14): 2.5p • Market cap (01/09/14) £26.5m ($43.9m) • Est. cash at year-end 2014: >$10 million • Cash spend to date ~$80m Fundamentals are strong, and BPC is well posiOoned. The market is not valuing this (yet). BPC 2013/14 Review & 2015 Outlook – September 2014 Page 11 Chairman’s Overview Current Commercial Issues 2013 / 2014 Review • Finance • Technical • Operations 2015 Outlook Summary BPC 2013/14 Review & 2015 Outlook – September 2014 2013/14 Review – Finance Financial highlights: § 2013 overall operating loss down 17% on prior period § Employee benefits expense reduced 17% § Operating Cash “Burn” reduced by ~30% over 2 years § Estimated cash balance >$10m at end 2014. BPC is debt free • • • Careful management of cash reserves has not compromised ongoing technical work Based on current expenditure run-rate effective operations can continue for several years Future funding sourced from third-party Capitalised Cost of Assets US$m Current and Historical Licence Costs (2007 – 2013) AcquisiCon and analysis of Older Data 2D Seismic (2010 and 2011) 3D Seismic and interpretaCon (2011-‐2013) Other Technical programmes Total Non-‐Capitalised Asset-‐related Expenditure AddiConal Cash Costs and Overhead Total 2.1 2.8 2.0 34.4 5.2 46.5 25.9 19.5 91.9 Cash US$m Total Cash BPC 2013/14 Review & 2015 Outlook – September 2014 12.4 Figures as at 30 June 2014 Page 13 Company Overview Price* 52 Week High GBP 0.0215 0.0599 USD 0.0357 0.0994 52 Week Low 0.0148 0.0246 Market Cap (mm) 26.5 43.9 Cash and Cash Equivalents (mm)** 7.5 12.4 ˃ Barclays Stockbrokers Enterprise Value (mm) 19.0 31.5 ˃ InteracCve Investor * Share price and Market Cap as at 1 September 2014 ** Based on figure disclosed in 2013 Annual Report Significant Shareholders as at 1 September 2014 ˃ TD Waterhouse ˃ Hargreaves Lansdown ˃ HSDL ˃ HSBC Private Bank ˃ Sel\rade Share Capital ˃ JM Finn Shares in Issue 1,230,479,096 Authorised Shares 5,000,000,000 ExisOng Register ˃ 90% UK, 5% Europe, 5% R0W ˃ Retail 90% BPC 2013/14 Review & 2015 Outlook – September 2014 LSE:AIM Listed. BPC: ADR: Bank of New York Mellon Tax Resident in the Isle of Man and The Bahamas Page 14 Share Price Performance BPC(P) 10.00 FTSE Oil & Gas All Share FTSE AIM All Share 9.00 80 70 8.00 60 50 6.00 5.00 40 4.00 Volume (m) Price (Rebased to BPC) 7.00 30 3.00 20 2.00 10 1.00 -‐ -‐ Government Confirms Drilling Mandate BPC 2013/14 Review & 2015 Outlook – September 2014 Government Confirms Licence Renewal New Board Appointments Page 15 Market ValuaOon of E&P Sector © Canaccord Genuity BPC 2013/14 Review & 2015 Outlook – September 2014 Page 16 Global Offshore Rig Supply BPC 2013/14 Review & 2015 Outlook – September 2014 Page 17 Chairman’s Overview Current Commercial Issues 2013 / 2014 Review • Finance • Technical • Operations 2015 Outlook Summary BPC 2013/14 Review & 2015 Outlook – September 2014 2013/14 Review – Technical § Drilling Cost Challenge ü Location ü Design Philosophy § Subsurface Risk Reduction ü Source ü Charge / Structure ü Reservoir & Seal / Fracturing ü Timing BPC 2013/14 Review & 2015 Outlook – September 2014 Page 19 Bahamas Foreland Basin ExploraCon • Proven oil systems in region • Multiple play-types, untested in offset wells ² Structural: robust 4-way dip closures ² Stratigraphic: regional analogues FLORIDA • Multiple billion barrel potential • +3,000km2 modern 3D. Extensive regional database (2D, logs, cores/cuttings) Great Isaac #1 BAHAMAS Andros #1 • No valid traps tested to date • Excellent fiscal regime leverages commercial upside and economic field size West Cay Sal Great Doubloon Isaac Andros Saxon East Cay Sal #1 « Doubloon Saxon #1 CUBA 100% BPC Application BPC 2013/14 Review & 2015 Outlook – September 2014 100% BPC Licence Core DST Page 20 SchemaOc SecOon -‐ Play Types – Drilling LocaOon OpOons Upper Cretaceous Pla1orm Upper Cretaceous Pelagics Upper Albian Pla1orm Y Sealing anoxic event Lower Albian Pla1orm/ Ramp Plate Breakup TransiConal L. Alb. MEGABANK PHASE Sealing anoxic event Drowning Upper Ap4an Pla1orm Lower Ap4an Pla1orm/ Anhydrites Cret. Ter4ary Pelagics Drowning North C-‐1 B Sth-‐1 Cen. Albian Reef Cenomanian Reef B Nth-‐1 Mid Cretaceous Low Velocity facies E. Alb South Talus (Albian Reef) Golden Lane Analogue) ApCan Talus deposits (Cenomanian Reef) Haut-‐Bar. Fold B North 10km. Approx. Trend A Truncated Carbonates Pinnacles/ Ramps Callovian Fold B South Hangingwall Structural Traps Structural Traps include hanging wall and footwall configura1ons with stacked reservoir/ seal pairs comprising of limestone packstones and grainstones and dolomite reservoirs sealed by evaporates and lagoonal mudstones BPC 2013/14 Review & 2015 Outlook – September 2014 RIFT Upper Jurassic Anhydrite-‐Dolomite Fold C Footwall Structural Traps Fold B North 10 km. Jurassic Lower Cretaceous Anhydrite-‐Dolomite Mounded Storm deposits/Slumps Folds C and B South Trend A Page 21 SchemaOc SecOon -‐ Play Types – Drilling LocaOon OpOons Upper Cretaceous Pla1orm Upper Cretaceous Pelagics Upper Albian Pla1orm Sealing anoxic event Lower Albian Pla1orm/ Ramp Plate Breakup TransiConal L. Alb. MEGABANK PHASE Sealing anoxic event Drowning Upper Ap4an Pla1orm Lower Ap4an Pla1orm/ Anhydrites Cret. Ter4ary Pelagics Drowning North C-‐1 B Sth-‐1 Cen. Albian Reef Cenomanian Reef B Nth-‐1 Mid Cretaceous Low Velocity facies E. Alb South Talus (Albian Reef) Golden Lane Analog) ApCan Talus deposits (Cenomanian Reef) Haut-‐Bar. Fold B North 10km. Approx. Trend A Truncated Carbonates Pinnacles/ Ramps Callovian Fold B South Hangingwall Structural Traps Structural Traps include hanging wall and footwall configura1ons with stacked reservoir/ seal pairs comprising of limestone packstones and grainstones and dolomite reservoirs sealed by evaporates and lagoonal mudstones BPC 2013/14 Review & 2015 Outlook – September 2014 RIFT Upper Jurassic Anhydrite-‐Dolomite Fold C Footwall Structural Traps Fold B North 10 km. Jurassic Lower Cretaceous Anhydrite-‐Dolomite Mounded Storm deposits/Slumps Folds C and B South Trend A Page 22 Well Design Philosophy Fold B North Fold B South Ter4ary Pelagics Ter4ary Pelagics Fold C 10km. Approx. Ter4ary Pelagics Late Cretaceous Pelagics Late Cretaceous Pelagics Upper Albian Pla1orm Carbonates Late Cretaceous Pelagics U. Albian Shale Albian repe44ve cycles of carbonate muds, porous carbonates and minor clas4cs, poten4al evaporates at depth Ap4an cyclic interbedded porous carbonate, carbonate muds and anhydrites Lower Cretaceous cyclic porous carbonates and anhydrites Barr-‐Haut. interbedded porous carbonates, carbonate muds and anhydrites BPC 2013/14 Review & 2015 Outlook – September 2014 Lower Albian interbedded carbonate muds, porous carbonates and minor clas4cs, poten4al evaporates at depth Ap4an cyclic interbedded porous carbonate, carbonate muds and anhydrites U. Albian Shale Ø Logging Suite Ø Slim Hole Ø ROP Albian repe44ve cycles of carbonate muds, porous carbonates and minor clas4cs Ø Casing Plan Ø Rig Rates Ap4an cyclic interbedded porous carbonate, carbonate muds and anhydrites Lower Cretaceous cyclic porous carbonates and anhydrites Barr-‐Haut. interbedded porous carbonates, carbonate muds and anhydrites Ø LocaCon Lower Cretaceous cyclic porous carbonates and Barr-‐Haut. interbedded porous anhydrites carbonates, carbonate muds and anhydrites Ø $ 60 million? B North 10 km. Fold C B South Page 23 Petroleum System Elements – 2014 Work Source intervals in key wells correlate to those in Florida and Cuba. This high quality source of Type II kerogen likely extends into deeper Santaran channel placing it in the mature oil window Re-‐Modelling Andros Isl-‐1 868-‐Y Cay Sal-‐1 Doubloon Saxon -‐1 Long Island-‐1 Jurassic Depth Map Cayo Coco-‐2 Key Well LocaOons MulCple, stacked, proven carbonate reservoirs (15-‐25% Φ). With good Φ preserved at 18,000 feet (Doubloon Saxon). Vugs and fractures are commonly observed throughout the secCon Geochemistry Great Isaac-‐1 DSDP 535 FacilitaCon of HC migraCon by faults and fractures associated with thrusted and ri\-‐faulted structural terrain. Broad fetch area access to Jurassic stepping down under Cuban ramp Regional Zone of Interest Producing Oil Trend Sequence StraOgraphy 24 Fracturing -‐ Permeability Working Petroleum System Robust anCclinal closures with 3D coverage. Follow up opportuniCes beyond the 3D area in BPC acreage. Long-‐lived carbonate environment includes straCgraphic, diageneCc and combinaCon traps with regional analogues Structural ReconstrucOon and Oming BPC 2013/14 Review & 2015 Outlook – September 2014 Prospect Inventory Page 24 Petroleum System Elements – VerOcal Anomalies Diameter: 500 m Depth: 55 m 79°20'0"W 79°10'0"W 79°5'0"W 79°0'0"W 78°55'0"W 78°45'0"W 78°35'0"W 78°25'0"W Diameter: 1,600 m Diameter: 900 m 22°50'0"N 22°55'0"N 22°50'0"N 22°55'0"N 23°0'0"N 23°0'0"N 23°5'0"N 23°5'0"N 23°10'0"N 23°15'0"N 23°20'0"N 23°25'0"N 23°30'0"N 23°10'0"N 23°15'0"N 23°20'0"N 23°25'0"N 23°30'0"N 79°30'0"W Diameter: 1,000 m Depth: 10 m 79°30'0"W 79°25'0"W 79°20'0"W 79°15'0"W 79°10'0"W 79°5'0"W 79°0'0"W 78°55'0"W 78°50'0"W 78°45'0"W 78°40'0"W 78°35'0"W 78°30'0"W 78°25'0"W • Evidence of vertical anomalies (1314); seafloor pock marks and gas chimneys. • Wide distribution of the anomalies suggest actively migration HC throughout the region. • VA’s concentrated between the Albian and MCU, most prominently on the Cenomanian back reef. Note lack of VA´s above the late Albian to MCU thick peligic shale indicates effectively seals underlying stratigraphy. • VA’s not associated with structural crests of B or C • VA´s are rare at or below the Aptian due to the presence of effective seals at this level. BPC 2013/14 Review & 2015 Outlook – September 2014 ‘Shallower’ anomalies Page 25 Chairman’s Overview Current Commercial Issues 2013 / 2014 Review • Finance • Technical • Operations 2015 Outlook Summary BPC 2013/14 Review & 2015 Outlook – September 2014 2013/14 Review – OperaOons Objective: ensure BPC is in a strong state of operational readiness to commence drilling at short notice in full compliance with anticipated best practices Activities: • Detailed preparation of required Environmental Management Plan (EMP) based on international best practice, including Oil Spill Modelling / Contingency Plan and Emergency Response Plan • Environmental sensitivity index maps concluded • Extensive public consultation completed, including numerous visits to the ‘family’ islands to consult with fishing, environmental and community groups • Modified drilling plans; rig brokers; logistics Board Enhanced: • New Non-Executive Chairman: Bill Schrader (ex-BP 30 years, Board of Hess and Ophir; extensive industry network and experience) • New Non-Executive Deputy Chairman: James Smith (former Bahamas Minister of State, Ministry of Finance; widely acknowledged expert on monetary policy) Management Team Strengthened: • Technical Consultants • Association contracts extended BPC 2013/14 Review & 2015 Outlook – September 2014 Page 27 Environment Impact Assessment -‐ Approved à Regulations and Standards • International best practices embodied in already approved EIA • No sensitive environments in vicinity of drill site à Equipment and Procedures à Spill Response • Low pressure environment • Spill simulation completed • Losses management • Tier III Responder contracted • Learnings applied • Environmental Sensitivity Maps Agreed ➠ BPC 2013/14 Review & 2015 Outlook – September 2014 Safe Exploratory Drilling Page 28 Environmental SensiOvity Maps Environmental SensiCvity Maps BPC 2013/14 Review & 2015 Outlook – September 2014 SensiCvity Index Maps Page 29 Chairman’s Overview Current Commercial Issues 2013 / 2014 Review • Finance • Technical • Operations 2015 Outlook Summary BPC 2013/14 Review & 2015 Outlook – September 2014 Conclusions – 2015 Outlook 2013 / 2014 – FoundaOons Laid • • • • World-‐scale prospects established Ø Mul1ple plays and prospects Ø Substan1al billions of barrels poten1al Technically de-‐risked Ø Extensive database, 2D and modern 3D Ø Competent Persons’ Report (CPR) Ø Explora1on well(s) designed Advantaged Geography Ø Proximate to US markets 2015 – Time to Execute • • Royalty-‐based government take Licences renewed, boundaries revised Title secured, renewed deadlines Reinforced regulatory framework Ø Process underway Ø Refresh Environment Ø Ø Ø Ø • Commensurate Fiscal Terms & Established Regulatory Regime Ø Ø Ø Ø Financing • EMP ongoing Site-‐specific surveys Baseline analysis Public Consulta1on -‐ Communi1es RegulaCons Ø Public Consulta1on Ø Promulgated Ø Compliance Financial market engagement Ø Enhanced efforts Ø BeAer communica1on of value proposi1on • OperaCng capability in place Ø Management team in place Ø Board renewed Ø Environmental prepara1ons Opportunity for substanOal value creaOon “through the drill bit” BPC 2013/14 Review & 2015 Outlook – September 2014 Page 31 Chairman’s Overview Current Commercial Issues 2013 / 2014 Review • Finance • Technical • Operations 2015 Outlook Summary BPC 2013/14 Review & 2015 Outlook – September 2014 2013/14 Review -‐ Summary Two Key Messages 1 2 BPC’s singular focus is to responsibly and safely commence drilling on its Bahamian oil & gas exploraCon licences, a potenCally world-‐class mulC-‐billion barrel resource, requiring simultaneous management of a number of challenging technical, regulatory, operaConal, and financial factors Extent of progress may not be obvious to shareholders / the market, and is undeniably slower than expectaCon. But while BPC’s share price has underperformed, your Company achieved a number of significant milestones during 2013/2014, thus ensuring it is well posiConed into 2015 BPC 2013/14 Review & 2015 Outlook – September 2014 Page 33 Thank you BPC 2013/14 Review & 2015 Outlook – September 2014
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