Proven reserves provides the platform for significant value generation Investor Presentation March 2018
Australis Oil & Gas Overview Tuscaloosa Marine Shale (TMS) Portugal Appendix Tuscaloosa Marine Shale Tier 1 acreage in an emerging oil shale province Investor Presentation 3
Investment Highlights Positioned for significant value accretion Largest acreage holder in the core of the Tuscaloosa Marine Shale (TMS) Operator of Quality TMS oil production per well similar to the best areas within US shale such as…
Company Snapshot Australis has existing reserves, production and revenue, no debt and a strong institutionally dominated register with significant capital contribution from Board & Management Founded in 2014, listed on the ASX in July…
TMS Reserves and Resources 1P net oil reserves of 29 million barrels and 2P net oil reserves of 47 million barrels Evolution of TMS Reserves and Resources (NRI Oil) Australis business strategy to accumulate oil in the ground through…
Australis Oil & Gas Overview Tuscaloosa Marine Shale (TMS) Portugal Appendix Tuscaloosa Marine Shale Tier 1 acreage in an emerging oil shale province Investor Presentation 7
What is the TMS The TMS is an emerging shale play. The Core is comparable with other prolific shale plays in the US TMS Location Onshore basin - Louisiana and Mississippi On trend with Eagle Ford Basin in Texas, similar depositional…
Australis TMS Well Performance The last 15 wells drilled within Australis core acreage demonstrate significantly higher average productivity than the average of other TMS wells drilled in Mississippi Individual 24 Month Cumulative…
TMS Oil Productivity Improvement Over Time Following initial delineation of the TMS Core, the early refinement of Drilling and Completion design resulted in significantly improved well performance Ryder Scott 1P EUR for Australis TMS…
Capital Cost Profile of Early TMS Wells Well costs have trended downwards over time in line with other plays Australis conservative well cost estimate US10.8MM for a single well (US1,690/ft)8 Other play participants quoted US8.7MM9 No…
Australis TMS Land Position Australis holds a dominant land position within the core of the TMS, with significant undeveloped oil Australis TMS as at 31 December2017 Australis TMS Position Reserves1 Net Oil 4 million bbls PDP US80…
Initial Drilling Program Australis is planning an initial program of 4 to 10 wells to commence in the second half of this year Initial sites have been identified for a drilling Single Well Drilling & Completion Summary program of 4…
Financing the Initial Drilling Program Several potential financing alternatives are under assessment A disciplined approach to capital management is being applied to the evaluation and negotiation of the potential financing…
Single Well Economics TMS Core Base Type Curve* The TMS Core is highly profitable at current oil prices and current single well cost estimates without assumed productivity improvements, batch drilling or economies that come with…
Single Well Economics TMS Productivity Upside10 Significant productivity improvements seen across the industry since the last TMS wells were spudded, averaging 22% uplift across 10 resource plays11 Single Well Economics and Sensitivities…
Pathway to Value TMS Core acreage has significant upside with multiple catalysts to create and increase value Value Catalysts Growth Strategy Likely to continue to recover as the Oil Price global supply market rebalances Continued…
Australis Oil & Gas Overview Tuscaloosa Marine Shale (TMS) Portugal Appendix Tuscaloosa Marine Shale Tier 1 acreage in an emerging oil shale province Investor Presentation 18
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…
Australis Oil & Gas Overview Tuscaloosa Marine Shale (TMS) Portugal Appendix Tuscaloosa Marine Shale Tier 1 acreage in an emerging oil shale province Investor Presentation 21
Directors & Management Demonstrated track record in oil & gas Jon Stewart Non-ExecutiveChairman Graham Dowland CFO & FinanceDirector 25 years in the upstream oil and gas industry 25 years experience in the oil and gas industry Founder…
TMS Core Type Curve Summary of monthly oil production data for the most recent 15 Encana operated modern offset Mississippi wells Lewis 7- Pintard Lyons 35H Pintard Longleaf Longleaf Mathis Mathis Lawson Ash 13H Ash 13H 2 Sabine Sabine…
Single Well TMS Core Type Curve ATS type curve history matched to production from the most recent 15 Mississippi ECA wells TMS Core TC Assumptions TMS Core Type Curve v TMS Production 250,000 Oil EUR 610 Mbbls Gas EUR 159 MMscf…
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 Well Drilling Times TMS drilling trending downwards over time as operational challenges resolved Australis operated well drilling performance (rig mobilization to rigrelease) 160 First 10 wells average 72 days 140 120 Days…
TMS Oil Productivity vs Other Major Plays TMS core productivity is very strong when compared to the more established Eagle Ford and Midland plays Average barrels per day oil production over the first 180 days(6,7) 700 Australis TMS…
Reserves and Resources Update Maiden undeveloped reserve assessment As an ASX participant Australis reports to the Net Oil SPE PRMS. This requires that undeveloped Reserve Categories (MMbbls) reserves are assessed within a 5 year…
Financial & Operational Summary Positive Field Cashflow financing overhead and land capex program in 2018 Key financial metrics Sales (WI before royalties) exit rate December 2017 1,700 bbls/d Sales (net after royalties) exit rate…
Financing the Initial Drilling Program Possible terms relating to the debt financing alternatives Based on ongoing discussions, Australis expects that the terms of potential debt financing alternatives under assessment, including any…
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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