CORO ENERGY PLC UPDATE - INITIAL STEPS INTO SOUTH EAST ASIA INVESTOR PRESENTATION Q2 CORO ENERGY PLC Q2 2019
DISCLAIMER The information contained in this document (“Presentation”) has been prepared by Coro Energy plc (the “Company”). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. CORO ENERGY - INITIAL STEPS INTO SOUTH EAST ASIA This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward-looking statements are statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Presentation. Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. 2
THE JOURNEY SO FAR... A FULL CYCLE SOUTH EAST ASIAN FOCUSSED E&P COMPANY INITIATED SOUTH EAST ASIA INTERNATIONAL GROWTH STRATEGY Regional gas & oil strategy backed by: CORO ENERGY - INITIAL STEPS INTO SOUTH EAST ASIA Supply/demand imbalance Strong local gas markets SHAREHOLDERS MAIDEN DEAL IN REGION, Scarcity of credible small cap operators ACQUIRING 42.5% INTEREST IN BULU PSC , EAST JAVA Experienced and successful founder group INDONESIA Directors with experience in mid-cap E&P Management with deep regional experience Focussed business development team 2 PSCs in Indonesia with discovered resource ENTRY INTO MALAYSIA, Close to market for early monetisation JOINT TECHNICAL STUDY ON BLOCK 2A Large exploration upside in West Natuna and Malaysia A FULL Production platform in Italy CYCLE SOUTH Provides Coro with fjrm foundation EAST ASIAN Operating 4 production concessions FOCUSSED E&P generating operating cashfmow COMPANY SECOND DEAL IN INDONESIA- RETAIL LOMBARD ODIER Supported by strong local gas prices 15% INTEREST IN DUYUNG CIP OTHER PSC, WEST NATUNA BASIN 3
BOARD OF DIRECTORS Andrew Dennan* James Menzies James Parsons Chief Executive Offjcer Non-Executive Chairman Chief Financial Offjcer CORO ENERGY - INITIAL STEPS INTO SOUTH EAST ASIA Over 10 years’ experience in capital markets CEO Sound Energy and Chairman at Echo Energy Founder & CEO of Salamander Energy plc (sold in Feb 2015) Leading proprietary investment decisions, capital Over 20 years’ experience in the fjelds of strategy, raising, risk oversight and portfolio management management, fjnance and corporate Extensive experience of building & monetising development asset portfolio in Thailand, Indonesia & Malaysia BSc (Hons) degree in Actuarial Science from City University, London Qualifjed accountant and has a BA Honours in BSc (Hons) Geology, MSc Geophysics Business Economics & Planetary Physics Fiona MacAulay Marco Fumagalli Non-Executive Director Non-Executive Director Chairperson at Independent Oil and Gas and Managing Partner at Continental Non- Executive director at Echo Energy Plc Investment Partners Formerly CEO at Echo Energy Plc Non-Executive director at Merchant Capital Ltd and COO at Rockhopper Qualifjed accountant with a degree in Business Chartered Geologist and European President of Administration from Bocconi University in Milan BOARD OF the American Association of Petroleum Geologists DIRECTORS *SUBJECT TO NORMAL 4 REGULATORY APPROVALS
30,000 25,000 TOTAL SE ASIA GAS DEMAND 20,000 SUPPLY - DEMAND WHY SOUTH EAST ASIA? SUPPLY - DEMAND 15,000 MMCFD GAP 10,000 TOTAL CONTRACTED SUPPLY 5,000 EAST JAVA SINGAPORE AVERAGE MARKET AVERAGE MARKET 0 2012 2015 2018 2021 2024 PRICE ARE IN RANGE PRICE ARE IN RANGE Indonesia Singapore Malaysia Thailand CORO ENERGY - INITIAL STEPS INTO SOUTH EAST ASIA CORO ENERGY - INITIAL STEPS INTO SOUTH EAST ASIA $5.5—$8.0 $8.0—$11.0 Vietnam Total Domestic Demand SOURCE: WOOD MACKENZIE SE ASIA GAS & POWER SERVICE /MMbtu /MMbtu 30,000 SOUTH EAST ASIA GAS BALANCE 25,000 EAST JAVA GAS MARKET: GAS CONSUMPTION & PRODUCTION FORECASTS (BBTUD) 20,000 1,000 15,000 MMCFD SUPPLY SHORTFALL 10,000 800 DEMAND 5,000 0 600 2012 2015 2018 2021 2024 Contracted Pipeline Uncontracted Pipeline New gas discoveries Contracted LPG FUTURE SUPPLY Uncontracted LNG LNG Export contracts 400 Total Domestic Demand SOURCE: WOOD MACKENZIE SE ASIA GAS & POWER SERVICE WHY SOUTH EXISTING SUPPLY 200 EAST ASIA? REGIONAL GAS PRICES ALMOST 0 DOUBLED DURING THE PERIOD 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2005 - 2016 5 SOURCE: COMPANY ESTIMATES AND SKK MIGAS SOURCE: WOOD MACKENZIE
INDONESIA CURRENT POSITION BULU/LENGO DUYUNG/MAKO PSC - expires 2037 PSC - expires 2033 MAKO E AST JAVA SE A Play type: Pliocene-age Play type: Oligo-Miocene CORO ENERGY - INITIAL STEPS INTO SOUTH EAST ASIA Intra-Muda sandstone age Kujung carbonates LENGO FIELD Bulu Area A ORIGINAL AREA Bulu Area B RETAINED Bulu Area C J A V A INDONESIA 100km CURRENT POSITION 700KM 2 350KM 2 42.5% 4 15.0% 4 INTEREST WELLS ACREAGE INTEREST WELLS ACREAGE DRILLED DRILLED 6
MALAYSIA BLOCK 2A — MULTI TCF POTENTIAL Joint Study agreement with Situated in Eastern Malaysia – High quality 3D seismic data and National Oil company (Petronas) block covers an area of regional well data to be used by 2,400km 2 Coro to assess petroleum potential CORO ENERGY - INITIAL STEPS INTO SOUTH EAST ASIA LEGEND Central Luconia is one of 8 geological GAS OIL GAS PIPELINE regions in the Sarawak basin SHALLOW GAS Four of these sub-basins, including Central Luconia, are highly prolific SK-2A Stable micro-plate surrounded by deep basins 100 – 250 km offshore, water depths > 250 m Main play is Miocene-age reefal carbonates Shell’s early gas discoveries led to the Bintulu LNG plant being established onshore in the 1980’s BRUNEI DARUSSALAM Sapura E&P has had recent success, finding over MALAYSIA 4.5 Tcf in a series of deep water discoveries BLOCK 2A – Good address MULTI TCF Prolific basin POTENTIAL MALAYSIA Gas into LNG Plant Good neighbours 7
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