C O R P O R A T E P R E S E N T A T I O N M A Y 2 0 1 8
DISCLAIMER This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity under section 21 of the UK Financial Services and Markets Act 2000. No representation or warranty, express or implied, is made or given by or on behalf of the Company, its advisers or any of their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of the directors, officers or employees of any such person as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. No person has been authorised to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorised. The contents of this Presentation are not to be construed as legal, financial or tax advice. The information has not been verified nor independently verified by the Company’s advisers and is subject to material updating, revision and further amendment. Forward-Looking Statements. Information contained in this Presentation may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's business) are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding the Company's present and future business strategies and the environment in which the Company expects to operate in future. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of factors. These forward-looking statements speak only as to the date of this Presentation and cannot be relied upon as a guide to future performance. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward- looking statements contained in this Presentation to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based. The Company’s ordinary shares have not been registered under the US Securities Act of 1933, as amended (the Securities Act ) and may not be offered or sold in the United States absent registration or an exemption form the registration requirements of the Securities Act. No public offering of the ordinary shares is or will be made in the United States. In addition, the Company’s ordinary shares have not been and will not be reg istered under the applicable laws of Australia, Canada, Japan and South Africa and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan or South Africa or to any national, resident or citizen of Australia, Canada, Japan or South Africa. 2 Investor Presentation May 2018
SNAPSHOT European focused Portfolio of late stage projects AI M tr aded oi l and gas i nvestm ent com pany focused • Tesorillo Project in Spain on hi gh i m pact onshor e and wi th audi ted gr oss unr i sked shal l ow offshor e E ur opean Pr ospecti ve Resour ces of oppor tunities with shor t 830 Bcf of gas ti m el i nes to pr oducti on • Podere G allina E xploration Per m i t i n the Po Val l ey, onshor e nor ther n I tal y Rapid Asset whi ch hol ds the hi stor i c Growth Sel va gas fi el d • E I V-1 Suceava Concession, • 3 acqui si ti ons Rom ani a whi ch hol ds the • 2 wel l s dr i l l ed Bai net gas di scover y • 2 gas di scover i es Proven team Multiple Value Triggers in 2018 Hi ghl y exper i enced team wi th pr oven val ue cr eati ng • First production in Romania credentials • Fl ow testi ng i n I tal y • Wor k pr ogr am m e i n Spai n • Dr i l l i ng acti vi ty • Acqui si ti ons 3 Investor Presentation May 2018
TEAM With a BEng and an MSc in investment analysis, Edward has over 15 years' experience in the oil and gas sector. He has financed, Edward Dawson managed and been a key investor in several oil and gas companies. Positions held include: MD of Peppercoast Petroleum plc and CEO & MD Black Star Petroleum plc; Analyst for RAB Capital's Energy Fund; Business Development and Finance Manager for Oilexco Incorporated; and a fund manager for Park Place Capital. Bill Smith Bill is a director of a number of listed and private companies including: Orca Exploration Group (TSXV); Mosaic Capital Corporation Non-Executive (TSXV); PFB Corporation (TSX). He holds a license to practice law in Alberta and was a senior partner at McCarthy Tetrault LLP in Chairman Canada. He has extensive corporate experience including a number of start-up ventures in the oil and gas sector. Richard is a solicitor in Scotland and has extensive industry, commercial and legal experience. He is VP and General Counsel at Richard Mays Canadian Overseas Petroleum Limited (TSX and FTSE) and has leadership and senior management experience of other LSE listed Non-Executive Director companies, including DEO Petroleum plc and Oilexco North Sea Limited. He has also served as Executive Chairman of Peppercoast Petroleum plc and Black Star Petroleum plc. Formerly Professor and Deputy Dean of the Aberdeen Business School. James holds a MSc in Petroleum Geology and has over 25 years’ experience in the oil and gas sector. Having started his career as a petroleum geophysicist with Chevron UK in 1988, he became Vice President of Exploration for PanOcean Energy (‘PanOcean’) and James Smith in this capacity was instrumental in building the value of PanOcean from US$20m to its eventual sale to Addax Petroleum for Non-Executive Director US$1.4 billion in 2006. He has extensive experience in exploration, appraisal and development, with proven success in finding oil, delivering positive, high impact results and ultimately building value. Carlos is a geologist (BSc) with an MSc in structural geology and over 25 years’ experience in geophysical interpretation and oil Carlos Venturini prospect generation gained with Schlumberger, ENI, Sipetrol, and from his own Libya-based consultancy working for Petrobras, Exploration Manager GDF, OMV amongst others. He is an expert in Mediterranean and African petroleum geology. Peter holds a degree in geology and an MSc in petroleum geology. He has 22 years’ experience in the international oil and ga s Peter Elliott industry working in new ventures and business development, most recently building oil company JVs in West Africa, including Business Development Senegal AGC, Liberia and Equatorial Guinea. He has also managed exploration contracts and work programmes. 4 Investor Presentation May 2018
KEY DATA As at 21.05.2018 S H A R E S T I C K E R M A R K E T C A P S H A R E P R I C E B R O K E R N O M A D I N I S S U E S t r a n d H a n s o n P X O G . L £ 5 . 2 1 m 0 . 4 3 p 1 , 2 1 3 , 5 9 3 , 1 3 6 P e t e r h o u s e L t d 6 month Share Price Graph Major Shareholders %* B Hale - 3.2% £0.80 £0.70 Bill Smith 0.8% £0.60 £0.50 James Smith - 0.3% £0.40 £0.30 Edward Dawson 0.2% £0.20 £0.10 Richard Mays 0.2% £0.00 *Management hold 95,584,220 options representing 7.8% of the enlarged issued share capital 5 Investor Presentation May 2018
STRATEGY Take advantage Build Maximise of present industry opportunities a sizable portfolio of impact of capital; in Europe with a preference for: balance risk/reward oil and gas holdings late stage, drill-ready exploration; • or reworking of existing fields and • “failed” exploration using technology + + + + + + Utilise Create Transform Team’s proven track tangible value in core Become an operator in own right. record of creating projects within 12 Move from an investment company months value * to fully fledged E&P company ** * 2013 Peppercoast Petroleum: divested LB-13, an offshore Liberia exploration block for $107m - now in the hands of Canadian Overseas (17%) and ExxonMobil (83%); 2014 Black Star Petroleum: Guinea Bissau 4B (800m barrel lead/prospect) and Namibia 2913B, the follow on vehicle sold to Impact Oil and Gas for £5.1m - up 90% from summer 2013 raise ** The full investment policy is available on the Company’s website 6 Investor Presentation May 2018
PORTFOLIO Focused on the Foredeep play, which Prospex successfully tested in 2017 with two gas discoveries Italy Romania Spain 17% Interest in Podere 50% Interest in 1,734 Up to 49% Interest in Gallina Exploration sq km Exploration Tesorillo Project Permit Area of the EIV-1 Suceava Concession Multiple targets, including the Selva Includes the Bainet gas discovery Contains a gas discovery with Gas-Field, which historically which is due to come online in H1 audited gross unrisked produced 83Bcf and was 2018, the Granicesti SE-1 Prospective Resources of 830 Bcf successfully tested by the Podere discovery, and multiple prospects and upside of over 2 Tcf Maiar-1d well in Q4 2017 and leads 7 Investor Presentation May 2018
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