The Bahamas

In The Bahamas, BPC holds 100% of five (5) exploration licences covering approximately 16,000km² (4 million acres). Four of the licences are located in the southern territorial waters of The Bahamas, together referred to as the “Southern Licences” (Bain, Cooper, Donaldson, Eneas), and a fifth, the Miami licence, in the northern territorial waters of The Bahamas. The main licences of interest and focus for BPC are the Southern Licences. All licences were awarded for an initial exploration period of three years, with up to three further exploration periods possible. The Southern Licences are commercially co-joined, meaning that the fulfilment of work obligations on any one of the Southern Licences will satisfy the work obligation in respect of all the Southern Licences.

The Southern Licences are currently in their second exploration term, during which BPC is obliged to commence activity on an initial exploration well (Perseverance #1), with equipment capable of drilling to a depth of at least 18,000 feet. Currently, given extensions arising from interruptions due to the Covid-19 epidemic, the second exploration period will expire no earlier than mid-April 2021, although the Company expects further extension given the ongoing nature of the state of emergency. BPC is focused in its efforts to drill the initial exploration well: Perseverance #1, within the Southern Licences in a safe and responsible manner, within the timeframe that is consistent with its obligations under the licences.

Established Petroleum System, Adjacent Producing Analogues

• Four commercially co-joined offshore licenses covering 12,600 km² adjacent to the Cuban border with a further 9,400 km² under application that would secure the on-trend prospective acreage.
• The licences have a 12-year exploration period (4×3 years) with the option for a 30-year production lease on discovery.
• The region is significantly underexplored with only 5 historic wells over an area of 124,000km². All five wells encountered oil shows.
• A large data base of geological information has been acquired and studied to define the prospectivity of the region. This includes 8,000 km of regional 2D, 1,100 km local 2D and 3,000 km². BroadSeis 3D seismic acquired in 2011.
• The extensive dataset and G&G analysis establishes presence of petroleum systems bracketing key source, maturity, migration pathway, reservoir and seal parameters.