Hubert Ingraham in secret approved BPC licence when he told the public he suspended licences

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Overview

BPC awarded licences

The Bahamas Petroleum Company’s portfolio comprises five petroleum exploration licences covering 15,676 km2 (3,873,546 acres) in the territorial waters and maritime Exclusive Economic Zone (EEZ) of The Commonwealth of The Bahamas.

Four of the licences (Bain, Cooper, Donaldson and Eneas) are held by Bahamas Offshore Petroleum Limited, a wholly-owned Bahamian subsidiary of Bahamas Petroleum Company Plc.

The isolated fifth licence (Miami) is held by Island Offshore Petroleum Limited, another wholly-owned Bahamian subsidiary of Bahamas Petroleum Company Plc.

The current exploration licences are in their second (of four) renewal period.  Under the terms of this renewal, which became effective on 27 April 2012, the Company has committed to spud an exploration well by 26 April 2013.  The next renewal of the licences, due to take place on 27 April 2015, is contingent on the Company having met it’s drilling and expenditure obligations during the current 3 year period

Summary of assets

Asset Holder Interest Status Date of next renewal Licence area
The Bahamas – Bain licence (offshore) Bahamas Petroleum Company plc 100% Exploration 27 April 2015 775,468 acres 3,138km2
The Bahamas – Cooper licence (offshore) Bahamas Petroleum Company plc 100% Exploration 27 April 2015 777,934 acres 3,148km2
The Bahamas – Donaldson licence (offshore) Bahamas Petroleum Company plc 100% Exploration 27 April 2015 778,855 acres 3,152km2
The Bahamas – Eneas licence (offshore) Bahamas Petroleum Company plc 100% Exploration 27 April 2015 780,316 acres 3,158km2
The Bahamas – Miami licence (offshore) Bahamas Petroleum Company plc 100% Exploration 27 April 2015 760,973 acres 3,080km2
Application * Holder Licence area
The Bahamas – Islamorada Licence (offshore) Bahamas Petroleum Company plc/Statoil 777,900 acres 3,148km2
The Bahamas – Zapata Licence (offshore) Bahamas Petroleum Company plc/Statoil 776,200 acres 3,141km2
The Bahamas – Falcones licence (offshore) Bahamas Petroleum Company plc/Statoil 774,600 acres 3,135km2

* Joint Venture Interest for all licences: Statoil – Bahamas Petroleum Company plc.

Application ** Holder Licence area
The Bahamas – Santaren Licence (offshore) Bahamas Petroleum Company plc 760,100 acres 3,076km2
The Bahamas – Zapata Licence (offshore) Bahamas Petroleum Company plc 774,500 acres 3,134km2

** July 2010 applications with 100% working interest