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  Economics : Rates of Return/ IRR

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TMS Base Case Economics Key Assumptions The production and opex assumptions are based on history and the capex costs are current development projections Base Case Assumptions* Production Forecast EUR (30 Years) 30,000 700,000 Gas 0.16 Bcf Oil/Condensate 610 Mbbl 25,000 600,000 Production (bbl/mscf/boe) NGLs 20 Mbbl 500,000 Cum Production (boe) EUR/well 656 Mboe 20,000 Well Cost US 400,000 15,000 Drilling 4.0 million 300,000 Completion 5.0 million 10,000 200,000 Tie in 1.0 million Total Well Cost 10.0 million 5,000 100,000 Operating Expenditure US 0 0 Fixed Opex 13,700 /well/month 0 60 120 180 240 Variable OpexA 2.8 per boe Monthly Production (boe) ProductionMonthly Month Oil Production (bbls) Other Assumptions Monthly Gas Production (mscf) Cum Production 11 (boe) NRI 80% Oil Price - WTI Cashflow Pre-tax NPV10 IRR Payback Realised DifferentialB 4.00 per bbl US/bbl US million US million % Months Abandonment cost 1.0% of well cost 50 9.4 3.4 24% 34 60 14.0 6.3 39% 22 Escalation 2.0% 70 18.6 9.1 57% 16 A. Includes water disposal B. Australis sells its oil at LLS benchmark, which trades at a premium to WTI. Realised differential represents LLS premium less lifting deduct. The 4 differential is a conservative estimate considering the current realised differential is 6/bbl * Economics based on 20 year cash flows from first production 23
Australis Oil & Gas Limited
August 2019

Why STACK About Us Leading U.S. Shale Economics Top Tier Single Well Economics 60 IRR 10% IRR 15% One of the lowest PV-10 Breakeven in Lower 48 (32/bb) WTI Breakeven Price 50 40 30 20 10 - Have Sustained Basin Activity and Growth 400 120 HZ SCOOP / STACK Production (Mboe/d) WTI Price Lower commodity prices & Investment ramp-up 350 100 300 80 250 200 60 150 40 100 20 50 Avg. annual HZ wells drilled: 140 Avg. annual HZ wells drilled: 320 TSXV: JCO - 2011 2012 2013 2014 2015 2016 2017 - OTC: JROOF 1 2 Raymond James Equity Research, 2016; assumes flat 3.00 / mcf. WTI price required to generate 10% and 15% IRRs IHS; January 2011 December 2016, includes all WDFD, MRMC, OSAGE and excludes Cana Proper WDFD 14 For discussion purposes only and does not constitute an offer to sell Past performance is not indicative of future results Actual production may not be as projected
Jericho Oil Corp
January 2019

700 Mboe 800 Mboe Note: Internally estimated type curve. IRR assumes an 82.6% NRI, 2-year tax abatement and NYMEX pricing.
Goodrich Petroleum Corp.
January 2017

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