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Strictly Private & Confidential
Mitra Energy Inc.
Company Presentation
Q2 2015
Disclaimer
The information in this presentation by Mitra Energy Inc. (“Mitra”) contains certain forward-looking statements including expectations of future production and capital expenditures.
These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Information
concerning reserves or resources may also be deemed to be forward-looking statements, as such estimates involve the implied assessment that the reserves or resources
described can be profitably produced in the future. These statements reflect current expectations that involve numerous assumptions and which are subject to a number of risks
and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate and which could cause
actual results to differ from those anticipated by the Company. Although management believes that the expectations reflected in the forward-looking statements are reasonable,
there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, levels of activity, performance, or achievements. Actual
results and future plans could differ materially from those anticipated in forward-looking statements contained in this presentation as a result of the risks described below.
Certain of the risks and other factors, some of which are beyond the Company’s control, which could cause results to differ materially from those expressed in the forward-looking
statements contained in this presentation include, but are not limited to those as described in detail in the Petra Petroleum Inc. Filing Statement which is available at
www.sedar.com. Those factors should not be considered as exhaustive.
In addition, this presentation may contain forward-looking statements attributed to third-party industry sources. These sources are not endorsed or adopted by the Company
explicitly or implicitly. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon
which they are based will occur.
The forward-looking statements contained in this presentation are expressly qualified by the foregoing cautionary statement. Financial outlook information contained in this
presentation about prospective results of operations, financial position or cash flows is based on assumptions about future events, including economic conditions and proposed
courses of action, based on management’s assessment of the relevant information currently available. Readers are cautioned that any such financial outlook information contained
in this presentation should not be used for purposes other than for which it is disclosed herein.
Nothing contained herein is intended to constitute an offer to sell or a solicitation of an offer to purchase securities. Any such offer or solicitation may only be made by prospectus
or otherwise pursuant to an exemption from prospectus and registration requirements applicable to the Company.
Oil, Natural Gas and Natural Gas Liquids Information
The oil, natural gas and natural gas liquids information in this Presentation has been prepared in accordance with National Instrument 51-101-Standards of Disclosure for Oil and
Gas activities and the Canadian Oil and Gas Evaluation Handbook (the “COGE Handbook”).Terms related to resources classifications referred to in this document are based on
definitions and guidelines in the COGE Handbook which are as follows.
“Contingent resources” are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or
technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such
as economic, legal, environmental, political, and regulatory matters or a lack of markets. The estimated discovered recoverable quantities associated with a project in the early
evaluation stage may also be classified as contingent resources.
“Prospective resources” are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future
development projects. Prospective resources have both an associated chance of discovery (geological chance of success) and a chance of development (economic, regulatory,
market, facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. The prospective resource estimates referred to
herein have not been risked for either the chance of discovery or the chance of development. There is no certainty that any portion of the prospective resources will be discovered.
If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially
viable to produce any portion of the prospective resources.
Figures related to Mitra’s resources are derived from the Competent Persons Report titled “Resource Assessment of the Assets of Mitra Energy Limited” (the “CPR”) authored by
Senergy (GB) Limited, an independent qualified reserves and resources evaluator dated March 2015. There is no assurance that the forecast prices and costs assumptions applied
by Mitra’s independent reserves and resources evaluator in evaluating the resources of the Company will be attained and variances could be material. The recovery and estimates
of Mitra’s resources provided in this Presentation are estimates only and there is no guarantee that the estimated resources will be recovered. Actual resources may be greater
than or less than the estimates provided in this Presentation, and the differences may be material. A copy of the CPR may be obtained from Mitra and may be inspected at Mitra’s
registered office during usual business hours. The information in the CPR is also described in detail in the Petra Filing Statement which is available on SEDAR at
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00005625
Mitra Energy Investment Highlights
Fast Growing
SE Asia Markets
 Leveraging strong SE Asian energy demand growth
 Stable contractual environment and proximity to markets
 Attractive fiscal regimes, with premium gas pricing
Clear Track Record
and
Catalyst-Rich Story




Industry Validation
 High profile industry partnerships with global players
 10 farmouts to date, resulting in carries on up to 13 wells
and 6 seismic campaigns
High Calibre Board
and Management
 Strong regional technical and commercial expertise
 High value industry and governmental relationships
 Proven ability to build a high quality portfolio in SE Asia
5 significant gas discoveries (net 2C of 69 mmboe)(3)
2C NPV10 of $619MM(1, 2, 4)
Net Prospective Resources of 5.1 bn boe(3, 4)
Up to 8 key E&A wells planned by end 2016
Supportive
Investors
 World class investor base committed to support Mitra’s
management in the next phase of growth
Production / Cash
Flow Outlook
 Strong exploration, appraisal and development pipeline
 Active pursuit of value accretive production assets
Right Place
Right Team
Right Time
(1) Comprises of the resources and NPV10 for U Minh, Nam Du and SC56, as recorded in the Petra Filing Statement.. For Nam Du, this comprises $279MM including $140MM NPV10 value from Talisman’s 35% WI in Block 46/07 (Nam Du) which is currently
pending government approval. Without the inclusion of Talisman’s 35% WI in Block 46/07 (Nam Du) , the NPV10 for Nam Du will be $140MM. There is no certainty that governmental approval will be obtained
(2) NPV using a discount rate of 10%
(3) Contingent Resources and Pmean Net Prospective Resources (including leads) sourced from the CPR, as recorded in the Petra Filing Statement
(4) There is no certainty that any portion of its prospective resources will be discovered. There is no certainty that the contingent resources and, if discovered, prospective resources will be commercially viable to produce
3
The Mitra Model
Strategies
Maximise value from existing
discoveries
TECHNICAL
EXCELLENCE
REGIONAL
EXPERTISE
COMMERCIAL
KNOW HOW
Deliver farmout-funded
exploration-led growth
Achieve sustainable growth
through value accretive M&A
Building an Asian Gas Champion
4
Portfolio Overview
Mitra Assets
Core Value
Upside – Farmout Blocks
Vietnam Hanoi Trough
Complete G&G,
Plan to farm-out in 2015
0
Kilometres
1000
Vietnam Phu Khanh Basin
Deepwater oil play
Hanoi
MVHN/12KS
Core – Vietnam Malay Basin
0.6 – 1.1 TCF of gross gas (2C3C) found already
Philippines SC 56
0.6 - 2.5 TCF of gross gas
(2C-3C) found already
Carried for well planned in
2016
127
Ho Chi Minh City
Progress development solutions
Plan transition from 2C to 2P
51
Key Partner:
SC 56
45
46/07
Key partners:
Kuala Lumpur
Upside – Indonesia Bone PSC
High impact gas exploration
adjacent to LNG facility
Net Resources (2C, 3C and RPR)(1, 2)
Bone
16%
37% Total 2C:
69
MMboe
Vietnam
53%
63%
Total 3C:
210
MMboe
RPR(2):
770
MMboe
47%
15%
Jakarta
69%
Philippines
Indonesia
(1) Includes Contingent resources assigned from Talisman’s 35% interest in Blocks 45 and 46/07 (Nam Du) which is currently pending government approval.
(2) Net Risked Prospective Resources include both “High-Graded” and “Other” prospective resources as discussed in the CPR
5
Evolving Gas Markets in SE Asia
Emerging SE Asia Gas Infrastructure(1)
SE Asia Gas Market Highlights
Philippines
Thailand
 Average ASEAN GDP growth (2014-18)
forecast at 5.6%(2)
 Gas markets evolving rapidly, increased
regional demand and premium pricing (1)
Myanmar
 Since 2011, Singapore, Malaysia, Indonesia
and Thailand have started LNG regasification (Philippines and Vietnam to
follow in 2015-16)
Vietnam
Malaysia
Malaysia
LNG Regasification
Singapore
Operating
 LNG market to grow by 45 MMtpa by
2025(3)
 Expanding pipeline connectivity links
Thailand, Malaysia, Vietnam, Singapore
and Indonesia
 Existing fixed-price gas contracts are being
renegotiated upwards
Post-FID
Pre-FID
LNG Liquefaction
Indonesia
Operating
Post-FID
LNG Liquefaction
Operating
Planned
In spite of significant local production,
SE Asia is increasingly dependent on LNG,
resulting in premium-priced gas markets
(1) Data taken from IHS Energy. Map modified from Butler, 2013 - http://www.seapex.org/im_images/pdf/Simon/5%20Andy%20Butler%20-%20Evolving%20Gas%20Story%20in%20SE%20Asia%20-%20watermark.pdf
(2) OECD report (Economic Outlook for Southeast Asia, China and India 2014) - http://www.oecd.org/site/seao/Pocket%20Edition%20SAEO2014.pdf
(3) Woodmac Research - http://public.woodmac.com/public/media-centre/content/11719042
6
Exploration: Philippines SC 56, A New Gas Frontier
Background
 Mitra 25% with TOTAL (75% op.), following TOTAL farmin during 2012
Location
 Play proven by the Dabakan and Palendag discoveries (3C of ~2.5 TCF)
 TOTAL elected to drill first of 2 fully carried optional wells ($75MM each)
 “Halcon” prospect planned to be drilled in 2016 by TOTAL
 (Pmean 6.7 TCF and 169 MMbbl condensates)
 Halcon Prospect is geologically similar to giant gas discoveries in East Africa
 JV awarded an extension area to pursue the Halcon play trend into the basin
Play Setting
Regional transect over giant Halcon Prospect
SW
NE
Existing Discovery Trend
New Play Trends
Halcon
7
Core Value: Vietnam, Malay Basin Area
Background
Gas Aggregation Fields
From Tho
Chu
 Operate three PSCs in Vietnamese
sector of prolific Malay Basin
VIETNAM
Mitra 70%(1)
Mitra 35%
Nam Du
No DST
5% CO2
Block 46/07
Mitra 70%(1)
TRI-PARTITE
ZONE
Block
46/13
Phu
Tan
Khanh
My
PM3 pipeline
(current 220 MMcf/d,
rising to 265 MMcf/d)
U Minh(2)
21.3 MMcf/d +
523 bcpd
3% CO2
 Three operated gas discoveries with
567 BCF (2C) to 1.14 TCF (3C) gross(1)
 Strong alignment with partners
Petrovietnam and KUFPEC
PM3-CAA
Dam
Doi
Bunga
Orchid
MALAYSIA
Tho
Chu
Commercial Strategy / Plans
 Deliver early value by securing
controlling interests in equity gas and
aligning with Petrovietnam master plan
 Transition to 2P reserves through
completion of development plans and
gas sales arrangements
Conceptual Future Pipeline
(1) Working interests in Blocks 45 and 46/07 includes assignment of Talisman’s prior 35% interest, which is currently pending government approval.
(2) U Minh Field test is detailed in CPR. DST #2 flowed for 1 hour 38 minutes, from a tested interval depth of 1,734m to 1,748m measured depth below rotary table. Test flowed 21.32 mmscfd of gas and 532 bcpd. Gas contained 2-3% CO2 and no H2S.
Produced water was 7%
8
Exploration Example: Indonesia Bone PSC
Map of Operations
Asset Profile
120°0'0"E
0 10 20
3°0'0"S
 Mitra 60% operator
121°0'0"E
40
60
80
100
Kilometers
3°0'0"S
±
Sengkang Gas
Fields
LNG
Facility
4°0'0"S
4°0'0"S
 This undrilled block is considered to contain an
extension of an onshore gas production trend
 Onshore operator Energy World Corp. is
constructing LNG facilities, planned to be
operational during 2015
 Mitra 2D seismic data highlights many new leads
similar to the onshore fields
Bone PSC
5°0'0"S
5°0'0"S
 Additional 2D seismic data were acquired during
Q1 2015, focussed on shallow water targets for
future drilling
 Costs of the 2015 seismic acquisition were largely
carried by farmin joint venture partner (AziPac)
 A further farm-down is planned with the aim of
securing a carry on drilling of exploration wells
6°0'0"S
6°0'0"S
Bone PSC
Valid Contracts
120°0'0"E
 Estimated resources in shallow water are 1.8 TCF
(best) to 5.3 TCF (high)
121°0'0"E
9
Exploration Example: Vietnam Block 127 PSC
0
*
*
*
Asset Profile
Map of Operations
0
ª
*
25
50
Kilometers
ExxonMobil
100
 Mitra 100% operator
 Phu Khanh Basin is under-explored but oil play proven
"
0
+
ENI
Murphy
Origin /
Premier
Murphy
+
Santos
ª'
ENI
 Mitra to acquire 3D seismic data in Q2 2015 to confirm
a drilling location on the Alpha Prospect
 Alpha Prospect has 248 MMbbls gross Prospective
Resources (Pmean) of oil with a POSg of 19%
ENI
*
 Recent entrants include ENI, Murphy and Premier Oil
 A number of other large prospects and leads identified
Oil discovery
(Plains, 2009)
Under Application
PVEP
PVEP
Under Application
ª
127
ª
"' µ
'1
' "' 11'1 0
ª'ª'"'"'µ 0' ª'1
"''
0''"'1"'
' 1''g 1'
1' ª1 '11µ» 1'
µ
µ* '
1*" '1* 1'
'
'
"
1
*'"
1'0'"µ
µ
"'"
ONGC
Vietgazprom
1'
10
Exploration Example: Vietnam Block MVHN/12KS PSC
Map of Operations
Asset Profile
 MVHN/12KS occupies 3,620 km2 of the
Hanoi Trough, an onshore extension of
the producing Song Hong Basin
HANOI
MVHN/12KS
PSC
(Mitra 100%)
 The first Shale Gas PSC in SE Asia,
terms now cover all conventional and
unconventional hydrocarbons
 Halliburton is assisting Mitra as technical
consultant for unconventional E&P plays
 Several discoveries exist in the block, with
a small producing gas field carved out
 Initial work programme consists of
seismic reprocessing and geological
studies to establish resource potential
 Plan to farm-down interest, in exchange
for a carry on future activities
11
Board of Directors
Paul Ebdale
Jerry Korpan
Chief Executive Officer
(Executive Director)
Non-Executive Chairman
Paul has 32 years industry experience,
working with Conoco Inc. and Hess Inc.
before founding Mitra Energy
Jerry has been an investment banker for 30 years
financing natural resource projects worldwide
Bob Lambert
Iain McLaren
Director
(Non-Executive)
Deputy-Chairman
(Non-Executive Director)
Following a distinguished career with KPMG, Iain has
significant oil and gas experience and is currently
senior independent director of Cairn Energy plc.
Bob has over 40 years upstream oil and gas
experience, mostly with Conoco Inc.
Eric Schwitzer
Director
(Non-Executive)
Eric has had over 35 years experience within the
investment banking and natural resources sector and is
currently Vice Chairman of Lincoln Peck Financial
12