MITIGATING RISKS: READY FOR THE DRILL BIT

SIMON POTTERCHIEF EXECUTIVE OFFICEROctober 2012

Disclaimer

This presentation (“Presentation”) has been prepared by Bahamas Petroleum Company plc (the“Company”) solely for its use at informational meetings with its shareholders and is being delivered forinformation purposes only to a limited number of persons. This Presentation should not be consideredas the giving of investment advice by the Company or any of its shareholders, officers or advisers. Ifyou are in any doubt about the contents of this Presentation or the action you should take, you shouldconsult an independent adviser authorised to render such advice.

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Investment Highlights

Multiple play-types with scale potential – proven Cuba fold belt/thrust sheet plays – drilling now

CPR highlights multiple billion barrel prospects (only Cretaceous level assessed) average CoS 25%

Fiscal terms provide upside returns – management team with strong track record of value creation

Value realisation by material participation through funded well execution

Technical

3D interpretation;

DHI work ongoing

Well Plan drafted

Political

Election Process; revised/refreshed mandate

Licence status

Referendum

Commercial

Well funded

BDR Listing

Aggressively pursuing farmout plans

Negotiations ongoing

Environmental

EIA submitted; Public Consultation

Oil Spill Management Plan; EMP

Revised regulatory environment

Late Cretaceous and Early Tertiary Compression

Middle Oligocene to Miocene (25‐22Myrs)

Cuban Marginal area Southern Bahamas areaCuban arc

Late Cretaceous Paleocene?

Proto‐Caribbean oceanic crust

Forbulge

Regional uplift Platform exposure

Transitional to continental crust

Paleocene Early Eocene?

Forbulge

Flexural drowning

Bahamas

Platform folding

North Cuba

Early Eocene Middle Eocene?

Middle Eocene Pliocene‐PleistoceneMasaferro (1997)

Late Cret.‐ Paleocene(70‐50Myrs)

Early to Middle Eocene (45‐40Myrs)

Middle Eocene to Late Oligocene (40‐30Myrs)

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Anticipated BPC well location Doubloon Saxon location (approx) Zarubezhneft November spud

Repsol P&A Petronas P&A PDVSA currently drilling✜ Anticipated well locations

✜✜

✜

Regional Setting

• Region has discovered nearly 100 billion bbloil and 500 tcf gas

• Nearly 4mm acres under license equivalent to 672 OCS lease blocks

• Geology considerably different than U.S. Gulf of Mexico

• 5 wells in Bahamas ‐ 1987 Doubloon Saxon

4

DS 1

5

Cuban Overthrust and Foredeep

6

➜ Cretaceous reef/platform imaging is significantly improved. Better imaging of the deeper section

➜ Pronounced dip to the south-west; thicker Jurassic (source); opens migration pathway to beneath Cuban ramp; increased potential fetch area

➜ Records the evolution from hypersaline basin to platform basin morphology

Platform Margin Bahamian Foreland

Cuban Border Nassau Trend A Fold B Fold C

Top Cretaceous Structure

7

8

10 Kms

Fold B

Fold C

Trend A

Top Cretaceous Structure

TopVertical closure

Area

Fold B700m750m423 km2

(104,526 acres)

Fold C950m350m63 km2

(15,814 acres)

TopVertical closure

Area

9

Fold B

Fold C

Trend A

Top Albian Structure

10 Kms

10

10 Kms

Fold B

Fold C

Trend A

Top Aptian Structure

TopVertical closure

Area

Fold B2400m1400m288 km2

(71,166 acres)

Fold C3250m750m63 km2

(15,814 acres)

TopVertical closure

Area

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Progressive 3D De-risking

Fractured carbonate

Anhydrite

Shale

More porous carbonate

Less porous carbonate

Badhole

LKUJr Anhydrite ‐Dolomite

LK/Ujr Anhydrite?

NE

Callovian

Tertiary Pelagics

Upper Cretateous Pelagics

Est 22,500 sstvd

12

SW

3D line Through Fold B - Perseverance 1 Location

13

Perseverance - 1

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Environmental Context

Provision of Regulations Cross border co-operation and coordination Public consultation Coordinated response

EIA

Submitted October

BEST dialogue complete January

Public consultation

EMP

OSMP

Well location and rig specific

Cuba

CCA

Regulations

Statute

Law

Enabling Regulations

International Standards and Codes

% of oil released making shoreline, remainder either evaporated or biodegraded2,556 individual spills lasting 60 days tracked for 90 days; no intervention

Environment: Oil Spill Movement Simulation

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Location Surface15 mbopd

Seabed10 mbopd

Seabed20 mbopd

Eastern US 0.05 0.03 0.02

Southeast Florida

0.09 0.04 0.03

Florida Keys 0.04 0.02 0.01

Western Bahamas

0.07 0.14 0.29

Eastern Bahamas

0.16 0.12 0.11

Northern Cuba 46.44 34.98 27.26

Bahamian MPA’s 0.00 0.00 0.00

Total 46.9 35.3 27.7

• simulated release site

Sophisticated model incorporating ocean currents, wind and oil properties An uncontained, GoM-type spill – very minor landfall impact on Bahamas Trans border planning and response will be important

Ocean State Bathymetry

Bahamas Royalty Income

Phased Development - 2 billion barrels of oil - conceptual

Year

$MM

Annual Production Company Challenges: Subsea development with FPSO Environmental aspects Limited reservoir specific information Geologic complexity/oil quality

Government Challenges: Converting resource use into sustainable

economic development

Benefits to The Bahamas:

Long term direct source of revenue

Enhanced indirect revenue

Potential for direct and indirect employment

Diversification/Rebasing of the economy

Social development

16

256

220

182

146

120

72

36Mill

ions

bbl

s/yr

Annual

Cumulative

1   2   3  4  5  6  7   8  9  10  

Assumed:• $100/bbl oil price• 2 bn bbls development• Initial well rates, acre

spacing, vertical trajectory, recovery, oil type and quality

• Licence royalty (~25%)• Undiscounted

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Commercial Issues - 2012 Funding

Current sources US$m

Cash as at 1/1/12 35.0

Cash Raise -

TOTAL SOURCES 1 35.01 Additional sources expected from farm in

Sources Uses (Estimated – calendar year 2012)

Operating expenditures US$m

2D Seismic 1.5

3D Seismic Processing 6.5

Other Technical Projects 1.0

Technical staffing/Consulting 1 0.5

Licence Related Costs 1.3

2012 Non-recurring costs 2 0.5

Sub-Total 11.3

Corporate Costs 2012 5.0

TOTAL USES 16.3

1 Including preparation for drilling2 Personnel, BISX Listing and Legal costs

Note: BPC is debt free

˃ Farm-in negotiations ongoing

˃ Drilling program to be funded from new sources (Farm-in vs Placing)

˃ Resultant net cash balance end 2012 assuming estimated uses ~US$19 million before any new sources

˃ BDR Listing BISX 4Q 2012

˃ Referendum Process and Timing

Timeline: Company Planning

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4Q133Q132Q131Q134Q123Q121Q124Q113Q11 2Q12 3 Years

Corporate Objectives• A well safely executed to 2,000’ into Jurassic source• Shallower objectives as justified commercially• Facilitate the drilling of a well• Address funding, environment and permissions• Delay not in the interests of shareholders but realisable

SEISMIC

2Q11

ENVIRONMENT

DRILLING

2D

3D

EMP

Well FEED

Long Lead

Farm-in BDR COMMERCIAL

Acquired Fast track Interpretation

Potential well sites 3D PSDM Interpretation

Sites Defined

Farm-in

Consultation

Consultation?

Spill Study

Multi-beam

Renewal Licence Obligation

Submitted

Clean Caribbean & Americas

Spill Plan

Potential well sites

Enabling Regulations ?

EIA

Repsol

Zarubezhneft

Petronas PDVSA? ONGC?CubanDrilling

Repsol??

Long Lead

Referendum disclosed

Detailed well design