Large undeveloped oil position provides the platform for significant value generation Investor Presentation 29 October 2018
Executive Summary Tuscaloosa Marine Shale (TMS) Portugal Appendix
Investment Highlights Large undeveloped TMS oil position provides the platform for significant value generation Asset is focused in production delineated core of the TMS Operator of Quality Australis TMS production is liquids rich…
Corporate Overview Existing reserves, production and revenue with an institutionally supported register Founded in 2014 with significant capital contribution by Capital Structure (October 2018)(A) the founders & key management of…
Australis TMS Land Position Australis has increased its core land position from 95,000 to 110,000 net acres Australis TMS Position Australis TMS Map Land Position 1 Oct 2018 Net Acres HBP 28,500 acres Total Core Area 110,000 acres…
Pathway to Value TMS Core acreage has multiple catalysts to realise and increase value Value Catalysts Single Well Economics - Pre-tax NPV10 (US in millions)A Type curves based on historical Well average well productivity 4.9 18.0…
Significant Underlying Value Australis continues to add oil inventory on a highly accretive basis TMS Reserves & Resource Estimates Australis YE17 Reserves estimated by Ryder Scott. Based on permitted 5 year development YE 17…
Initial Drilling Program Commenced First wells have been spud with drilling progressing ahead of plan Initial well program seeks to Well Locations First 4 Wells demonstrate value proposition by repeating historical well performance…
Executive Summary Tuscaloosa Marine Shale (TMS) Portugal Appendix
What is the TMS The TMS is an emerging shale play: its core is comparable with other prolific unconventional plays in the US TMS Location Onshore basin - Louisiana and Mississippi. On trend with Eagle Ford Basin in Texas, similar…
Australis TMS Well Performance The 15 wells drilled in 2014/15 within Australis core acreage demonstrate significantly higher average productivity than the average of other TMS wells drilled in Mississippi Individual 24 Month…
TMS Core Type Curve ATS type curve is history matched to production from the most recent 15 Mississippi ATS wells Total oil production per well initial, 24 months (kbbls) Production profiles (see appendix for full data set and…
TMS Oil Productivity Compared to Permian The average production from Australis TMS wells drilled in 2014 are significantly higher than Permian wells drilled in the same year. Industry improvements since 2014 have yet to be applied to…
Capital Cost Profile of Early TMS Wells TMS well costs trended downwards over time in line with other plays Australis conservative well cost estimate US11MM for a single well (US1,467/ft)6 Other play participants have quoted US8.7MM5…
Well Cost Overview The major US shale plays have seen significant cost declines, which is expected to be repeated in the TMS Comparable Plays Well Cost Trends11 TMS Drilling costs incurred prior to 2015 were already following the…
Indicative Drilling Timetable Spud to production lead time of 5 to 6 months for pairs of wells The drilling estimates of 40 days are based on the average duration achieved by Encana during 2014, but do not assume any improvement as a…
Capital Resources Existing cash and recent financing facility gives Australis access to over US100 million for the initial drilling program 1 Cash at Bank of US41 million Cash position as at 1 October 2018 Raised US31 million through…
Austin Chalk Trend Following recent EOG well results, there is significant activity in the South West targeting Austin Chalk Austin Chalk Trend EOG drilled the Eagles Ranch 14H-1 well during Q3 2017. Public data indicates liquids…
Executive Summary Tuscaloosa Marine Shale (TMS) Portugal Appendix
Portugal Concessions Overview Australis owns two concessions onshore Portugal with significant development potential Asset Highlights Asset Location Significant Gas Large in-place discovered and tested gas Resource accumulation with 2C…
Portugal Prospectivity & Volumetrics Appraisal of a gas discovery with multiple nearby prospects and leads with a significant resource base Proposed Work Program Batalha Gas Discovery Batalha Concession Prospects Drill and test the…
Portugal Concessions Status Australis is working with Portuguese Authorities to achieve the necessary regulatory approvals to commence exploration and appraisal activity Work Program to Date Australis has completed a number of detailed…
Executive Summary Tuscaloosa Marine Shale (TMS) Portugal Appendix
Directors & Management Demonstrated track record in oil & gas Jon Stewart Non-Executive Chairman Graham Dowland CFO & Finance Director 25 years in the upstream oil and gas industry 25 years experience in the oil and gas industry…
TMS Core Type Curve Summary of monthly oil production data for the most recent 15 Encana drilled, ATS operated modern offset Mississippi wells Lewis 7- Pintard Lyons 35H Pintard Longleaf Longleaf Mathis Mathis Lawson Ash 13H Sabine…
Single Well TMS Core Type Curve ATS type curve is history matched to production from the most recent 15 Mississippi wells (drilled by ECA, operated by ATS) TMS Core TC Assumptions TMS Core Type Curve v TMS Production 250,000 Oil EUR…
TMS Value Potential 410 future net well locations with strong economics Single Well Economics and Sensitivities Pre-tax NPV10 (US in millions) 11/well 10/well 9/well 18.0 17.1 16.1 3.7 3.7 3.7 13.1 12.1 11.2 3.0 3.0 3.0 8.2…
Single Well Economics IRR Sensitivities 410 future wells with attractive return profile Single Well Economics and Sensitivities Pre-tax IRR D&C 11 MM/well D&C 10 MM/well D&C 9 MM/well 161% 126% 101% 102% 116% 80% 91%…
TMS Base Case Economics Key Assumptions The production and opex assumptions are based on history and the capex costs are current third party service providers estimates Base Case Assumptions* Production Forecast EUR (30 Years) 30,000…
TMS Crude Oil Price The premium pricing of LLS to other onshore US crude benchmarks is becoming increasingly more attractive Crude Oil Spot Price, Daily Settlement, US/bbl Because of the proximity of Australis wells to the St. 90…
Glossary Unit Measure Unit Measure B Prefix - Billions bbl Barrel of oil MM or mm Prefix - Millions boe Barrel of oil equivalent (1bbl = 6 mscf) M or m Prefix - Thousands scf Standard cubic foot of gas /d Suffix - per day Bcf Billion…
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