THE BAHAMAS:THE BAHAMAS:AN OIL PROVINCE AN OIL PROVINCE REDISCOVERED?REDISCOVERED?

Presented at Oil Barrel Conference Presented at Oil Barrel Conference 28 October 200928 October 2009

BPC LIMITEDBPC LIMITEDIsle of Man Office:IOMA HouseHope StreetDouglasTel: +44 1624 641199

Email: info@bpcltdgroup.comWebsite: www.bpcltdgroup.com

Novus Capital Markets Ltd (Broker)

Charles Goodfellow

Tel: +44 (0) 20 7107 1872

Strand Hanson Limited (Nomad)

Rory Murphy / Liam Buswell

Tel: +44 (0) 20 7409 3494

Financial Dynamics (PR)

Billy Clegg / Ed Westropp

Tel: +44 (0) 207 831 3113

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BPC Limited BPC Limited -- Board of DirectorsBoard of Directors

Alan Burns: Chairman & Chief Executive OfficerAlan Burns has a 37 year career in the oil business as Managing Director or Chairman of successful oil exploration and development companies. He has been involved in 28 new oil and gas field discoveries and developments.

Dr Paul Crevello: Chief Operating OfficerDr Paul Crevello is a carbonate reservoir oilfield expert and has wide international experience in discovery of major oilfields. Paul also has considerable experience in Bahamas geological investigation.

Michael Proffitt: Non Executive directorMichael Proffitt is formerly an international banker with Barclays and a former resident of the Bahamas and well known in the Bahamian business world.

Dursley Stott O.B.E: Non Executive directorDursley Stott is a founder of a stockbroking firm and an experienced international businessman.

3

BPC TeamBPC Team

3

Michael Proffitt

Isle of ManAlan Burns

Isle of Man

Dr Paul Crevello

USA

Idris Reid

Bahamas Manager

44

DisclaimerDisclaimer

Some statements contained in this presentation or in documents referred to in it are or may be forward-looking statements. Actual results may differ from those expressed in such statements, depending on a variety of factors.

Past performance of the Company or its shares is not a guide to future performance.

Any forward-looking information contained in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect, and accordingly, actual results may vary.

This presentation does not constitute, or form part of or contain any invitation or offer to any person to underwrite, subscribe for, otherwise acquire, or dispose of any shares in BPC Limited or advise persons to do so in any jurisdiction, nor shall it, or any part of it, form the basis of or be relied on in any connection with or act as an inducement to enter into any contract or commitment therefore. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this document or on its completeness and no liability whatsoever is accepted for any loss howsoever arising from any use of this document or its contents otherwise in connection therewith.

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The story so farThe story so far

Admitted to AIM September 2008

Signed StatoilHydro Exploration Joint Venture mid 2009

Larger shareholder spread since mid 2009

Potential multiple giant leads identified by independent reports

Secure licences & excellent fiscal terms

World-class play systems adjacent to active oil producing provinces

Adjacent to world’s most extensive infrastructure

Petroleum systems with quality reservoirs, traps and seals

Seeking industry partners for exploration and evaluation

66

Bahamas Exclusive Economic Zone (EEZ) & Gulf of MexicoBahamas Exclusive Economic Zone (EEZ) & Gulf of Mexico

77

Cuba IHS Licence MapCuba IHS Licence MapCuba licences awarded to Russian Oil Companies

88

Map Showing Previous Petroleum Exploration Licences in Bahamas Territory from 1947-1988

Source: The Commonwealth of The Bahamas

All the above licences were abandoned prior to 1988

Tenneco were the final licence holders

99

Historical Oil & Gas Prices Historical Oil & Gas Prices -- Average Annual PriceAverage Annual Price

---- Oil – Nominal (US$/bbl) 1945-Present

Oil – Inflation Adjusted (US$/bbl) 1945-October 2009

Natural Gas (US$/MM BTU) U.S. Wellhead 1945-1994 & Nymex 1994-Present

Andros, #1 Cay Sal, #1 Long Island, #1 Great Isaac, #1 Doubloon Saxon, #1

Bahamas well timings

Andros, Cay Sal, Long Island, Great Isaac, Doubloon Saxon

1010

Max Case100% Structural Fill

bn bbl

Most Likely Case50% Structural Fill

bn bbl

Minimum Case33% Structural Fill

bn bbl

Manta Ray 1.447 0.543 0.049

Sand Shark 1.386 0.244 0.071

Blue Fin 3.469 0.406 0.069

Lion Fish 1.322 0.268 0.16

Blue Marlin 1.94 0.439 0.238

Grouper 6.492 1.665 0.837

Hammer Head 1.007 0.299 0.121

TOTAL for play in billion barrels

17.063 3.864 1.545

TennecoTenneco’’s Resource Potential of Leads Mapped in The Bahamas s Resource Potential of Leads Mapped in The Bahamas in 1987in 1987

1111

-10000

-7000

-7000

GREEN – 4-way isolated closure (COMBINED 33,581 ACRES)YELLOW - 4-way combined closure (COMBINED 122,441 ACRES)BLUE - 4-way & fault closure to spill (201,144 ACRES)Structure map on Lower Cretaceous

50 km

Tenneco 1985 Prospects Tenneco 1985 Prospects –– Potential Oil Fill Scenarios Potential Oil Fill Scenarios These areas are inside BPCThese areas are inside BPC’’s licencess licences

1212

Technology hindered deep water exploration in the pre and mid 1980’s

Drilling technology limited to less than 500 feet

- As a consequence, Tenneco was unable to drill the super giant features mapped in 500 - 2,000 feet water depth

Seismic acquisition technology was also a challenge in shallow water

- This led to poor placement of early wells

Discencentivised international exploration activity post 1985

Crash in oil and gas commodity prices from 1986 to 2003 led companies to remain in producing areas

Complete loss of all technical data in The Bahamas

No data room in The Bahamas, Bahamas Government geological data destroyed in major hurricanes in 1980’s

BPC initiates a global search for data

BPC is the only company to have a comprehensive data set and managed thorough evaluation of the exploration potential

Search and acquisition of original seismic data, well logs and chance finds of the original well cores took 4 years and cost over $4 million

Original well logs were analog and BPC have had them digitised and re-evaluated by Schlumberger and other parties using advanced computer programmes

Well cores were discovered by BPC by chance in an abandoned warehouse in New Orleans after Hurricane Katrina

Why The Bahamas saw Limited Activity until BPC personnel lodged Why The Bahamas saw Limited Activity until BPC personnel lodged Applications in 2005Applications in 2005

13

Licence Agreement Signed by His Excellency Arthur D. Hanna, Licence Agreement Signed by His Excellency Arthur D. Hanna, GovernorGovernor--General of the Commonwealth of The BahamasGeneral of the Commonwealth of The Bahamas

13

1414

Location of BPC Licences in the Commonwealth of The Bahamas

Licences located both in shallow and ‘deep’ water

15

Cay Sal Bank

1616

Core Storage Facility, New Orleans, LA, USACore Storage Facility, New Orleans, LA, USA

Core Facility Flooded by Hurricane Katrina, August 29, 2005

Hunt for the almost Buried Treasures!

1717

Core Storage Facility Core Storage Facility -- Flooding limited to lower 4 feetFlooding limited to lower 4 feet

Core boxes washed off shelves Geologist discovers Bahamas cores in upper racks

1818

Core Storage FacilityCore Storage Facility

Dr. Richard Inden, carbonate geologist, examines Bahamas cores

19

BPC Data Room, Boulder CO, USA, BPC Data Room, Boulder CO, USA,

19

Calibrating Well Log Petrophysics Attributes with thin Section Porosity and Permeability

20

BPC Data Room, Boulder CO, USABPC Data Room, Boulder CO, USA

20

Evaluating Foldbelt Seismic Attributes with Gravity & MagnetEvaluating Foldbelt Seismic Attributes with Gravity & Magneticsics

2121

Retrieved 16,573’–Fractured BRECCIATED DOLOMITE

Darcy Permeability (not measured)

Core slow bleeding oil

Fluorescence petrography indicated migrated oil

Doubloon Saxon Whole Core Showing Vug/Fracture PorosityDoubloon Saxon Whole Core Showing Vug/Fracture Porosity

2222

Great Isaac 10,313’

1 mm 10343’

cm

Great Isaac Oolite Great Isaac Oolite –– Anhydrite Reservoir Anhydrite Reservoir –– Seal PairsSeal Pairs

OOID GRAINSTONE - PRESERVED INTERGRANULAR POROSITY & LEACHED OOID MOLDS

EXCELLENT RESERVOIR POROSITY & PERMEABILITY

ANHYDRITE – SEAL ROCK

2323

Generalised Well & Hydrocarbon Shows (Florida Generalised Well & Hydrocarbon Shows (Florida –– Bahamas Bahamas –– Cuba)Cuba)most are wells drilled on either no, or inadequate seismicmost are wells drilled on either no, or inadequate seismic

24

BPC Major Assets

Skilled experienced people with established track record of stakeholder delivery

Quality petroleum licences in the Commonwealth of the Bahamas

Sole ownership of the complete geological and geographical data set, cores and cuttings of the Bahamas region

2525

Stratigraphic Chart of the Bahamas and Adjacent Areas

Depth to Interval Penetrated

South Florida LittleBahama Bank

Great Bahama BankCay Sal Bank NW CubaAge

Present Present Present Present

Cedar Keys

PineKey

(Chalk)UnknownFacies

Remedios

Purio Purio

RemediosCardSound

(Dolomite)

CardSound

(Dolimate)

MarquesasSupergroup

MarquesasSupergroup

MarquesasSupergroup

Palenque

MarquesasUnknown

SialicOceanicSialic

Unknown

PuntaAlegrePunta

Alegre

JaguaAzucarSan

Cayetano

AzucarSan

Cayetano

JaguaSmackover Equivalent

Jagua - HaynesvilleCotton ValleyEquivalent

Eocene&

Younger

Paleocene

MaastrichtianCampanian

Santonian

Coniacian

Turonian

Cenomanian

Albian

Aptian

Neocomian

Portlandian

Kimmeridg.to

OxfordianCallovian

toBajocian

Basement

Absent

DoubloonSaxon

Thrust

21,750’

Oil Shows

GreatIsaac

17,949’

OverpressuredGas Zone

CaySay #1

18,905’

F?

2626

BPC 2006 BPC 2006 –– 2009 Technical Projects2009 Technical Projects Retrieved and Described Original

Core and Cutting Samples

Modern Computer Workstation Analysis: Seismic, Well Logs, Gravity and Magnetics

Modern Petrophysics Well Log Analysis on Original Digital and Scanned Logs

Seismic and Borehole Structural Geologic Analysis

Risk Analysis, Cost Comparison and Reservoir Simulations

Geochemistry and Petroleum Systems Evaluation

22 leads confirmed

81º 80º 79º 78º 77º

81º 80º 79º 78º 77º

COOPER

DONALDSON

ENEAS

MIAMI

27º

26º

25º

24º

23º

22º

Grand Bahama

Andros Island

GreatAbacoIsland

Nassau

Miami

Fort Lauderdale

Freeport

LOCATION OF AWARDED LICENSESSHOWING PROSPECTS & LEADS

0 100 kms

D6AwardedPermits

Prospect and orlead

BAIN

Cayo Coco-2

C2

Great Isaac-1

F L O R I D A

C U B A

Cay Sal-1

B2C5

C6

E2

E1

B3

C4

C1

C3D1

D3 D2

D4D5 Doubloon Saxon-1

M1

Andros Is-1

D6

B1

M2M3

M4

C7

2727

2. Upper Cretaceous Platforms, Buildups &

Talus

3. Lower Cretaceous &Jurassic Evaporitic Platform Dolomites,

Buildups & Talus

1. Jurassic Paleo Highs, Clastics & Subsalt

4. Middle – Late Jurassic Rift & Sag Basins,

Evaporitic Dolomites& Reactivated Faults

5. Foreland Folds & Imbricate Thrusts

Schematic Geological Cross Section of the BahamasSchematic Geological Cross Section of the BahamasPlay Types & Potential Oil Field StylesPlay Types & Potential Oil Field Styles

2828

10 KM

SE NE

D5

Seismic Line across Tenneco Doubloon Saxon WellSeismic Line across Tenneco Doubloon Saxon Well

DS #1 penetrated imbricate thrust off structural crest

2929

Seismic Line across Southern Fold Belt to PlatformSeismic Line across Southern Fold Belt to Platform

> 0.5 sec closure in 5-10 km wide folds

3030

Royalty Rates, Leases terms:Production Level Royalty Rate

Oil Production, up to 75,000 bopd 12.5%

Oil Production, up to 75,000 to 150,000 bopd 15.0%

Oil Production, up to 150,000 to 250,000 bopd 17.5%

Oil Production, up to 250,000 to 350,000 bopd 20.0%

Oil Production, in excess of 350,000 bopd 25.0%

Gas Production 12.5%

There are no corporate income taxes in The Bahamas. Rentals, at the rate of $0.92 per acre per annum, are charged for the area of a lease, but these are deductible from Royalty payments.

Comparison of Licencee Revenues Comparison of Licencee Revenues –– GOM GOM vs. Bahamasvs. Bahamas

The increased potential return to the The increased potential return to the licence holder in the Bahamas is largely licence holder in the Bahamas is largely due to zero corporate income taxdue to zero corporate income tax

Commercial and Fiscal Terms Commercial and Fiscal Terms of The Bahamas for oil and gas productionof The Bahamas for oil and gas production

31

BPC Corporate StructureShares on issueShares on issue 789,639,838789,639,838

Current share priceCurrent share price 4.30p4.30p

Market CapitalisationMarket Capitalisation ££35M35M

Cash on hand*Cash on hand* $3,004,997$3,004,997

Unlisted optionsUnlisted options 7,896,398*7,896,398*

Top 40 holdTop 40 hold ~97%~97%

Top 20 holdTop 20 hold ~94%~94%

InstitutionsInstitutions ~69%~69%

UKUK ~86.77%~86.77%

OverseasOverseas ~13.23%~13.23%

*Figures at 31 December 2008

Directors & Management

Founder Shareholders and Institutions

Other

*Held by Ambrian – Former Nomad

Exercise Price 4.25p expiry August 2011

3232

BPC Shareholder List BPC Shareholder List –– Holdings above 3%Holdings above 3%

Shareholder Shareholding Stake held in total issued share capital of

the Company (%)RAB Special Situations 156,461,650 19.81

Gartmore 76,180,000 9.65

Legal & General 75,500,000 9.56

Mark Stuart Savage 53,310,006 6.75

A.R. Burns 44,820,000 5.68

Petroleum Geoscience International LLC/PetrexAsia Consulting – Paul Crevello

33,030,000 4.18

Blackrock 32,000,000 4.05

3333

BPC Share Price Performance: Sept 2008 BPC Share Price Performance: Sept 2008 –– Oct 2009Oct 2009

34

News Release: StatoilHydro to acquire Bahamas crude oil terminalNorway Post 26 October 2009

StatoilHydro has signed an agreement with World Point Terminals Inc to buy the South Riding Point crude oil storage and transhipment terminal located on Grand Bahama Island in the Bahamas.

StatoilHydro has signed a stock purchase agreement to buy the terminal from the Canadian public company World Point Terminals Inc.

The acquisition of South Riding Point terminal includes the crude oil storage and transhipment facility and World Point’s 50% interest in the Freepoint Tug and Towing Service tug boat business, both located on Grand Bahama Island. The terminal is located on property leased from a corporation controlled by the government of the Bahamas.

The purchase price is USD 263.2 million, equivalent to about NOK 1.7 billion.

“The acquisition is a strategic move which supports StatoilHydro’s global growth ambition. It will strengthen StatoilHydro’s marketing and trading position in North America by securing the full terminal capacity," says Jon A Jacobsen, executive vice president for Manufacturing & Marketing.

“StatoilHydro’s objective is to upgrade the terminal to allow for blending of all types of crude oils, including heavy oils," he continues.

StatoilHydro has leased storage capacity at the terminal since 1993. All 55 of the current employees at the terminal will be asked to remain in their current jobs and will be offered permanent positions with StatoilHydro.

South Riding Point is a full member of the Clean Caribbean America (CCA) cooperative. CCA is a clean seas organisation covering the Caribbean and provides equipment and expertise to its member companies to assist in managing waterborne pollution incidents, should they occur. In addition, South Riding Point has its own oil spill response equipment and expertise located on site and at the terminal.

StatoilHydro anticipates receiving all required governmental approvals during the 3rd quarter of 2009 and closing the transaction prior at year-end 2009.

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News Release: BPC Limited and StatoilHydro to Reopen Bahamian Energy Exploration with Offshore Joint Venture

18 May 2009, 08.01

Venture Marks First Major Bahamian Exploration Project in 22 YearsPERTH, Australia-- Energy exploration company, BPC Limited (THE COMPANY: (AIM: ‘BPC’) today announced a new offshore joint venture with Norway’s StatoilHydro (OSE: ‘STL’, NYSE: ‘SO’) to launch the first major exploration project in Bahamian waters since 1986.

A competent persons report, published last year, stated that there could be multiple 500 MMBOE oil fields in 18 leads recognized in BPC’s southern Bahamas licenced area (source: Competent Person’s Report by Moyes & Co., Inc. contained in BPC’s AIM admission document, August 2008). The CPR evaluated BPC’s licenced area adjacent to and along trend of the ‘JV’ area.

Additionally, a U.S. Geological Survey (2008; Report DDS–69-M) study of the offshore northwest Cuba Basin estimates a potential of 7-14 billion barrels equivalent (oil and gas) of undiscovered resources.

Exploration Vice President Erik Finnstrom, StatoilHydro states “This joint venture strengthens StatoilHydro's position in this attractive exploration region of the northern Caribbean.”

Joint Agreement with StatoilHydro

The licences included in this joint venture agreement with StatoilHydro (“Joint Agreement”or “JV”) are new licence areas for BPC in the south west of The Bahamas and are still under application pending the approval of the Government of the Commonwealth of the Bahamas. The “JV” area is adjacent to four wholly owned licenses held by BPC in The Bahamas, as well as near an existing license held by StatoilHydro in adjacent Cuban waters.

The “JV” Agreement is conditional on the relevant new licences being awarded to BPC and assignment with StatoilHydro. It is hoped the applications will be processed before the end of 2009. The last active exploration in the Bahamas was in 1987 by Tenneco, whereas along trend in offshore Cuba the same petroleum system is the focus of current exploration activity.

Cont…

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Cont…BPC’s Chairman, Alan Burns said:

“We are delighted to partner with a respected industry leader like StatoilHydro. It is testament to the prospects of the southern Bahamas and to BPC’s contacts and commitment to the region that a large business such as StatoilHydro sees it as an important addition to their exploration portfolio. The terms of this agreement will strengthen BPC’s capital position and eliminate the need for near-term fresh capital funding for the ‘JV’. Both companies are committed to preservation of the environment during all phases of exploration and development.

StatoilHydro is an integrated technology-based, international energy company, primarily focused on upstream oil and gas operations. The Norwegian headquartered StatoilHydro, is listed on both the New York Stock Exchange and Norway’s Oslo exchange.”

Enquiries:

BPC LimitedAlan Burns, Chairman and Chief Executive Tel: + 61 407 551 001Dr Paul Crevello, Chief Operating Officer Tel: +1 720 771 7583

Strand Hanson - Nominated Adviser Tel: +44 20 7634 7405Rory Murphy/Liam Buswell

Financial Dynamics – PR, London Tel: +44 20 7831 3113Billy Clegg/Ed Westropp

Fox-Davies Capital – broker Tel: +44 20 7936 5220Daniel Fox-Davies/Oliver Stansfield

Belaga/McGrath – PR, USA Tel: +1 713 660 0982Jim McGrath/Chris Belaga

37

BPC believes there are supergiant oilfields to be found in Bahamas waters and is working with

partners to find them

38

Thank you for attending – may your Christmas be full of Christmas Trees

Cerro Azul #4 was a reef complex similar to the buried reefs of the Bahamas

Mexico's Cerro Azul No. 4 was hailed as the the world's greatest oil well in 1908, making Mexico 2nd only to the United States in production

This wild blowout rained oil 600 feet high and drenched the area with oil for 2 miles around

Over 1 million bbls flowed in the first week before being harnessed

It remains as the worlds’ most prolific oil well

Golden Lane Mexico