On May 12^th, BP Canada (“BP”) held an information session for potential suppliers in connection with its ongoing offshore exploration program. BP is currently processing seismic data collected over the previous year and is still targeting 2017 to begin exploratory drilling. BP has awarded the contract for an Environmental Impact Assessment (“EIA”) to Stantec and the EIA is currently underway.

Muhammad Fahim, Regional Manager Procurement Supply Change Management, described the procurement process BP will undertake when engaging local suppliers. All of the support services required in connection with BP’s exploration program will be sourced through Expressions of Interest (“EOI”) made available publicly through the Maritimes Energy Association website (www.maritimesenergy.com) and Bids.ca. Mr. Fahim noted that BP has received responses to EOIs for supply base services, aviation services and marine vessels. More than two dozen additional EOIs are expected to be forthcoming at the end of 2015, or beginning of 2016, for services such as well placement, cementing and coring.

Eric Brizendine, Logistics and Infrastructure Manager, discussed the scope of the logistical support that BP will require. Generally, BP’s needs fall under the categories of aviation, marine and supply base. BP is currently engaged in the strategy development phase of its logistics support timeline and expects that it will issue requests for proposals in early 2016. Mobilization of equipment and crews is expected to begin at the end of 2016 or start of 2017.

Mr. Brizendine stated that a decision has not been made with respect to the type of rig that will be used when drilling commences.