1. business and industrial
2. energy
3. oil

Seize the opportunity!
Before proceeding to read further, please refer to the Disclaimer on pages 54-55 of this presentation.
February 2015
R1
1
Contents
Section One -Investment thesis
Why Invest In Hibiscus ?
Section Two –Company background
and asset portfolio
Section Three – A discussion on the
future of Oil
Section Four – A special look at our
Oman success story
2
Section One -Investment thesis
Why Invest In Hibiscus ?
3
Key Investment Themes
•
Hibiscus is structured to
withstand industry and
market volatility through its
diversified asset base and
balanced portfolio strategy.
•
Hibiscus can reconfigure its
project approach and
structure to manoeuvre
through challenging
conditions with its high
calibre management team.
•
Hibiscus focuses on high
investment returns and is
vigilant over costs in its
execution of projects.
Resilience
Agility
The pursuit of
returns
4
Key strengths
RESILIENCE
Low correlation to market
volatility
Healthy Cash Balance and
Zero Debt
Diversified asset base and
balanced portfolio strategy
Ability to leverage and raise
capital
5
Key current metrics
•
•
•
•
Return to shareholders since IPO*
Estimated average cost of equity**
Gearing
Price/Book Value
48.8%
12.2%
0.0x
1.6x
* IPO date: 25th July 2011, Average IPO price: RM0.62, Current price @ 20/1/15: RM0.93
**Source: Bloomberg
6
Diversified Asset Base
NORWAY
2-9%
14 Licenses
Stake
Exploration
1H 2015 – Drilling
one well (PL 591)
Exploration
2H 2015 – Drilling
two wells
(PL 708 & PL 616)
MIDDLE EAST
Oman Block 50
22%
Development
Stake
Q3 2015 –
Extended Well Test
Exploration
Q1 2015 – Seismic
Programme
Sharjah Offshore 35%
Exploration
Stake
Q3 2015 - Drilling
JPDA
25%
Kitan Oil Field
Stake
Production
11,000 bbls/day
average in 2015
once completed
AUSTRALIA
West Seahorse 100%
Stake
Development
1H 2016 - First Oil*
*Subject to change - depending on
finalisation of development
programme
Sea Lion
63%
Exploration
Stake
Q2 2015 - Drilling
7
Resources and Reserves
2P + 2C Oil Reserves (MMbbls)*
Prospective Resources (MMbbls)*
6.9
43.0
64.8
4.3
246.4
8.0
Australia - West Seahorse : 100% (Concession
Operator)
JPDA - Kitan: 25%***
1,135.0
Australia - Sea Lion: 63%** (Concession Operator)
RAK - Dahan: 21% (Concession Operator)
Norway: 2-9%
Sharjah - Zubara: 35% (Concession Operator)
Oman - Masirah Block 50: 22% (Concession Operator)
*All figures represent resource net to Hibiscus
** HiRex (41% owned by HPB) has exercised an option to acquire 20% of Sealion (Vic P57) in addition to HPB’s direct 55% stake
***Assumes completion of the acquisition of 25% stake in the asset
8
Hibiscus Strategy
PROSPECTIVE
RESOURCES
CONTINGENT
RESOURCES
RESERVES
$/boe, risked
DECREASING RISK
Highest value creation
takes place in the
exploration phase
when discoveries are
made
Cash-flow generated from production funds
dividends, equity for development and high
impact exploration which in turn drives capital
appreciation.
By 2016, HPB expects to generate sufficient
free cash flow to participate in an average of
30% equity in the drilling of at least 3
exploration prospects.
1
2
3
4
5
Exploration
LICENSE
AWARD
EXPLORE
DISCOVER
6
7
8
9
Development
DEVELOP
10
11
12
13
14
Year
Production
FIRST OIL
PRODUCE
9
Key strengths
AGILITY
High calibre management team
Rapid reconfiguration of project
ownership and structures
Scalable project execution to
maximise returns on resources
Swift response to new
opportunities and partnerships
10
Board of Directors
Zainul Rahim bin Mohd Zain (Non-Independent Non-Executive Chairman)
180
•
•
160
Chairman Shell Companies Egypt and Deputy Chairman Shell Companies Malaysia
Formerly on the board of Petronas Carigali (2010 - 2014)
Dr Kenneth Pereira (Managing Director)
Former Managing Director of Interlink Petroleum Ltd, a Mumbai-listed E&P company
Former Chief Operating Officer of SapuraCrest Petroleum Berhad (1997 – 2008)
140
•
•
120
Datuk Zainol Izzet bin Mohamed Ishak (Senior Independent Non-Executive
Director)
100
Datin Sunita Mei-Lin Rajakumar (Independent Non-Executive Director)
•
•
•
•
80
Currently, Managing Director of Perisai Petroleum Teknologi
Former Chief Executive Officer of SapuraCrest Petroleum from 2003 to 2010
Sits on the board of Caring Pharmacy Group and Hai-O Enterprise
Director of Artisan Encipta Ltd
Tay Chin Kwang (Independent Non-Executive Director)
60
•
•
Roushan Arumugam (Independent Non-Executive Director)
40
•
20
0
Currently serves as advisor of Ezra Holdings Limited
Previously with Ernst & Young in Singapore
•
Currently serves as director of various companies, notably, Sri Inderajaya Holdings Sdn Bhd,
Pneumacare Ltd and South Pickenham Estate Company Ltd
Former Investment Banker at Deutsche Bank and Nomura Advisory Services
Sara Murtadha Jaffar Sulaiman (Independent Non-Executive Director)
Years of Experience
•
•
Investment Manager at Arle Capital Partners
Formerly with Simmons and Company International, KPMG, Shell Chemicals and
Petroleum Development Oman
11
Management Team
Joyce Vasudevan (Chief Financial Officer)
•
•
Former Head of Strategic & Operations Planning Unit at SapuraCrest Petroleum Berhad
Former Head of Business Analysis & Planning Department at Carlsberg Brewery Malaysia
Mark Paton (Chief Business Development Officer)
200
•
•
Former CEO of ASX-listed Cue Energy Resources Ltd
Founder of Upstream Petroleum which was sold to Norway’s AGR Group in 2007
Stephen Dechant (Chief Development Officer)
•
•
150
Over 30 years experience with Texaco, Chevron and Murphy Oil
Senior project management role on Kikeh project, Malaysia’s first deepwater project.
Ainul Azhar Ainul Jamal (Executive Director HiRex)
•
•
Current Chairman of Schlumberger Group of Companies, Asia Pacific
Former Managing Director of Schlumberger Oilfield Services, South East Asia
Azleen Rosemy Ahmad (General Manager - Corporate Finance)
•
•
100
Strategic & Operations Planning Unit, SapuraCrest Group
Formerly with PricewaterhouseCoopers and RHB Sakura Merchant Bankers
Uday Jayaram (Head of Corporate Planning and Investor Relations)
•
•
Former Global Head of Securities Markets, Bursa Securities
Former Head of Equity and Division Director of Macquarie Capital Securities
Dr Pascal Hos (COO of HiRex)
50
•
•
Schlumberger, Shell International (Netherlands) and Sarawak Shell Berhad
PhD Researcher with NASA Johnson Space Center, USA
Devarajan Indran (Head of Petroleum Engineering)
•
•
0
Years of Experience
Former Subsurface Team Leader of Petrofac Malaysia
Petronas Carigali, Shell Thailand, PTTEP Thailand and Hoang Long Hoang Vu JOC (Vietnam)
David Richards (Head Geoscientist)
•
•
Former Senior Geologist, Newfield Sarawak Malaysia
Formerly with Sun Oil, ExxonMobil and Carigali-Hess
12
Competitive Advantage
EXPLORATION
Virtual Drilling
overlay on
conventional
methodology
DEVELOPMENT
&
PRODUCTION
Cost effective and
accelerated
development
solution – ‘Plan for
Success’
13
Plan for Success (Development)
•
Planning for Success offers a compelling RISK / REWARD ratio:
–
–
Planning for Success requires a very SMALL INVESTMENT
The REWARD is potentially 12 – 18 months earlier First Oil
•
Large Operators have internal processes that prevent such an approach
•
Small Operators have the ability to control their own destiny but it requires management commitment
and a proactive but disciplined approach
Conventional Development Plan
Prior to
Discovery
PreAppraisal
Appraisal
Phase
Early
Monetisation
Small Preinvestment
Project
Execution
12 to 18 months
acceleration
Plan for Success
14
Key strengths
STRATEGIC AND AGGRESSIVE IN PURSUING RETURNS
Perpetual capital build to achieve
scale
Unrelenting focus on high return
assets
Use of advanced exploration
technology
Ability to lower project costs in
current oil price scenario
15
Achieving Scale
2016 Mission
Moving towards a 100MMbbls reserves target
2015
To be a Respected Independent
E&P Company
100 MMbbls 2P/2C Reserves
Sharjah Offshore
Australia Sea Lion
Norway
Drilling &
Development - PL 591
- PL 708
activities
- PL 616
targeted
54.2
-
6.9
-
1.8
9.5
1.8
- Other Concessions
Current
Reserves
Australia WSH
Kitan
Unrisked
prospective
resources
(mmbls)
TBA
1135.0
Oman Block 50
10,000 bbls/day production
Post 2015
8.0
-
4.3
-
2P + 2C
(mmbls)
Advancing assets from
Exploration to Production
16
Forward Execution of Strategy
Aggressive schedule with three to five exploration wells in 2015.
A success in any one would be transformational
2015
Stage
Block
J
F
M
A
M
J
J
A
Sharjah
Exploration
Sea Lion
(Australia)
S
O
O
Norway
Oman
Block 50
Development
Production
West
Seahorse
(Australia)
O
O
N
D
Drilling five exploration wells in
2015: Sharjah (50% farm out) ,
3 in Norway (PL 591, PL 708
& PL 616) and Australia (VIC/
P57 )
O
Extended Well Testing (EWT)
O
*Proposed drilling of two
development wells in Australia
(Vic L31) and installation of
MOPU and FSO
Kitan
(JPDA)
Drilling of Kitan-3 Sidetrack
O  Operator
*  Subject to change – depending on finalisation of development programme
17
New Opportunities
Examples of project types being explored
Opportunity 1
•
•
Development of proven reserve
Field located in Malaysia
Opportunity 2
•
•
Acquisition of producing asset
Field located in Europe
Opportunity 3
•
•
Acquisition of exploration asset
Located in Malaysia
Opportunity 4
•
•
Acquisition of exploration asset
Located in Cambodia
18
Rex Virtual Drilling (Exploration)
Conventional Seismic Interpretation
Risk
Category
P Trap
P Reservoir
Rex Virtual Drilling Interpretation
Principle
Risk Factor
Conventional
Rex VD Risking
P Trap Geometry
0.60
0.95
P Seal
0.80
0.99
P Reservoir Presence
0.70
0.99
•
P Reservoir Quality
0.80
0.80
•
P Charge
0.60
0.99
0.16
0.74
P Source
GCOS
•
An advanced seismic resonance evaluation
scheme
Able to pinpoint exact location and
formation of oil reservoirs
Based on increased amplitude and delayed
travel time at low frequencies
19
Rex Technology Coverage
20
Part Two Company Background and Assets
21
Oman Drilling Program
Commences
(25 November 2013)
Chart Title
Share Price
Series1
RM
3.00
VIC/P57 FDP approved and
Production License Offered (5
December 2013)
2.50
2.00
1.50
Additional Concessions in
Norway (2 May 2012) and RAK
(10 April 2012)
Shareholders Approve
Lime Deal (21 March
2012)
Execute 3D Oil and VIC/P57
Acquisition Agreement
SC Approves Lime
(14 August 2012)
Deal
(16 February 2012)
22/07/2011
99.6% Warrants Conversion
(July 2014)
HIREX JV Formed
(21 March 2013)
Completion of 3D Oil
& VIC/P57 Acquisition
(8 January 2013)
1.00
0.50
OMAN OIL
DISCOVERY
(3 February 2014)
Award of Drilling Contract –
Block 50 Oman (19 August
2013)
Executed Kitan
Production
Acquisition
Agreement
(23 June 2014)
Lime Transaction (24
October 2011)
28/12/2011
05/06/2012
07/11/2012
18/04/2013
26/09/2013
12/03/2014
14/08/2014
16/01/2015
21/01/2015
22
Capital Structure
Capital Structure : 30 January 2015
Price
(RM)
Total Number
Mkt Cap
RM’000
0.85
891,642,254
757,896
Total Number of
Shares
• Non-Independent Directors and Management hold largest block (18.8%)
• Diversified shareholder base
• Most large shareholders are involved in or familiar with the oil and gas
industry
• Several substantial IPO shareholders have increased equity position
Shareholding Structure: 30 January 2015
No of Shares
(in million)
% of Shares
Shareholder Profile
IPO
Current
Current
83.61
167.57
18.79%
Management Team
0.00
121.35
13.61%
Shareholder in private oilfield services provider
27.00
73.24
8.21%
Shareholder in private oilfield services provider
17.25
53.42
5.99%
Investor in technology companies
26.67
53.33
5.98%
Shareholder in public listed oilfield services
provider
40.00
40.00
4.49%
Shareholder in public listed oilfield services
provider
20.00
40.00
4.49%
Shareholder in private oilfield services provider
13.33
32.10
3.60%
Shareholder in private oilfield services provider
0.00
20.55
2.30%
Shareholder in private oilfield services provider
23
Overview of Assets
HIBISCUS PETROLEUM BERHAD
(Listed on Bursa Malaysia)
Lime
(Private)
Middle East
RAK Offshore
Sharjah
Offshore
59%
100%
100%
HiRex
3D Oil
(Listed- ASX)
Norway
Oman Block 50 64%
RAK Onshore
13%
35%
55%
PL 498
25%
PL 503C
12.5%
PL 498B
25%
PL707
10%
PL 762
20%
PL708
10%
PL 769
20%
PL 591
5%
PL 770
20%
PL 591B
5%
PL 503
12.5%
PL 591C
5%
PL 503B
12.5%
PL 616
5%
(Private)
20%
VIC/ P57*
VIC/ L31*
41%
100%
Onshore Concessions
Offshore Concessions
Seismic Acquisition
Exploration Drilling
Field Development
Securing Equity
Numbers in red indicate Hibiscus’ direct ownership interest
*VIC/L31 = West Seahorse, VIC/P57 = Sealion
HiRex has exercised an option to acquire 20% of VIC/ P57 in addition to HPB’s direct 55% stake
24
EXPLORATION
ASSETS
25
Sharjah Offshore
Asset Name:
Sharjah Offshore
Asset Type:
Exploration
Country:
United Arab Emirates
Project Manager:
Hibiscus
Acquisition Date:
June 2011
Water Depth/ Size:
Up to 350 m/ 1600km2
Work Completed:
•
•
•
Seismic Acquisition
Mapped drill-ready
prospects
Awarded Well
Management contract
Upcoming Programme: Drilling of one exploration well
in Q3 2015
*Net resource to Hibiscus Petroleum: 246 mmbbls
** HPB estimates
Discovery increases
GCOS and valuations of other prospects
Exploration Trap
Miocene-Pliocene Flower
Structures
Miocene Channels and clinoform
Miocene turbidite Channels -lobe
Oligocene onlap
Oligocene amplitude anomaly
Oligocene reef
Eocene toe thrust
TOTAL
GCOS
11%
11%
11%
20%
30%
11%
11%
Unrisked
Recoverable
Prospective
Resources (mmbbl)
20
17
194
156
155
49
113
704*
26
Sea Lion
Asset Name:
Sea Lion (VIC/P57)
Asset Type:
Exploration
Country:
Australia
Operator:
Hibiscus
Acquisition Date:
January 2013
Water Depth/ Size:
Up to 150m/ 460km2
Participating Interest:
55.1% (Concession
Operator)
Work Completed:
•
•
Upcoming Programme:
Mapped drill-ready
prospects
Rig secured (Origin rig
club)
Drilling of one exploration
well in Q2 2015
27
Lime Norway 2015 Drilling
Through Lime Norway, Hibiscus will be participating in the drilling of three exploration wells next year on the
Norwegian Continental Shelf.
PL 591 (Lime Norway Stake: 5%)
Operator: Tullow Oil Norge AS
Date: 1H 2015
Prospect: Zumba
Reservoir: Upper Jurassic Rogn fm sands @ 2400 m
Trap: Stratigraphic
Gross Resource. : 72 MMBOE
CoS: 25%
PL 708 (10%)
Operator: Lundin Norway AS
Date: 2H 2015
Prospect: Ørnen
Reservoir: Permian spiculites @ 1900 m
Trap: Stratigraphic
Gross Resource : 280 MMBOE
CoS: 20%
PL 591C
PL 616 (5%)
Operator: Edison International Norge
Date: 2H 2015
Prospect: Haribo
Reservoir: Upper Cretaceous Chalk @ 3000 m
Trap: Stratigraphic
Gross Resource : 81 MMBOE
CoS: 25%
28
DEVELOPMENT
ASSETS
29
L-31 West Seahorse Field
(Australia)
Asset Name:
West Seahorse (VIC/L31)
Asset Type:
Development
Acquisition Date:
January 2013
Operator:
Hibiscus
Participating Interest:
100% (Concession operator)
Timing for FID:
December 2014
Work Completed:
Field Development Plan
approved
Production License
obtained
Programme*:
8.0 mmbbl 2P + 2C Reserves
Drill two development wells
(Q3 2015)
Award major contracts
(Q4 2014)
First Oil in 1H 2016
* Subject to change – depending on finalisation of development
programme
DEVELOPMENT
CONCEPT
30
Our Oman success story
Asset Name:
Oman Block 50
Asset Type:
Development
Country:
Oman
Project Manager:
Hibiscus
Effective Date:
August 2011
Water Depth/ Size:
Up to 150m/ 16,900km2
Participating Interest:
22% (through Lime)
Discovery Date:
March 2014 (1st
offshore discovery off
east of Oman)
Work Completed:
•
•
Upcoming Programme:
Drilling of two
exploration wells
48-hour flow test
Extended Well Test
During a 48-hour test, hydrocarbons were flowed to
the surface and the well achieved light oil
flow rate of up to 3000 stock tank barrels per day
with no water production
31
Oman Development
Completed within 3 years as opposed to normal cycle of 3 to 5 years
Early
2014
2011
License
Acquired Farm-out
Seismic
Acquisition
campaign
Rig
secured
Funding
secured
Drill two
exploration
wells
Q2
2014
Successful
oil discovery
& flow test
Seismic
acquisition/
processing
and
interpretation
Review of
technical
solutions
Approval obtained
for second phase of
EPSA
2015
Appraisal
Plan
submitted
2016
Multi-well
campaign
Targeted Extended
Well Testing/ Early
Production
32
PRODUCTION
ASSET*
*Pending completion of acquisition of 100% of Talisman Resources JPDA (06 105) Pty
Ltd
33
Kitan Oil Field
Asset Name:
Kitan Oil Field
(JPDA 06–105)*
Asset Type:
Production
Country:
Joint Petroleum
Development
Authority (Australia –
Timor Leste)
Operator:
ENI
Agreement Date:
June 2014
Water Depth/ Size:
Up to 330m/ 85 km2
Work Completed:
•
•
Field developed
with FPSO and
three subsea
wells
Drilling of Kitan-3
sidetrack well
4.3 mmbbl 2P + 2C Reserves
GLAS DOWR
FPSO
*Pending completion of acquisition of 100% of
Talisman Resources JPDA (06 105) Pty Ltd
34
HiRex
•
•
•
Formed in March 2013
A Joint venture between Hibiscus Petroleum and Rex International Holdings
Established in order to bring the Rex technology to Asia Pacific through
Hibiscus’ network and knowledge of the region
Objectives
• Identify and pursue high impact/low entry cost exploration opportunities
• Add value to high impact/ expensive exploration opportunities (Ex: Deepwater
wells) in selected, commercially attractive cases
• Obtain equity at ground floor level (for small stakes) or secure an overriding
royalty (if more than ground floor, to secure large equity stake)
Hirex Petroleum is currently evaluating high potential assets in Cambodia and
Malaysia. The company aims to acquire an equity position in at least two
assets by 1Q 2015.
35
Part Three A discussion on the future of Oil
36
WHAT IS THE FUTURE OF OIL?
160
Europe Brent Spot Price (Dollars per Barrel)
140
120
100
80
60
40
20
0
37
Oil Price Impact Factors
 Softer Demand
 China
 Europe
 Energy Efficiency Gains
 Technology
 Solar
 Wind
 LNG Effect
 Stranded gas from floating LNG
becomes viable
 Large investments making more gas
transportable
 Supply
 US Shale
 Geopolitical issues
 Iraq
 Saudi Arabia
 Libya
 Russia
38
Is Cheap Oil Sustainable?
 Winners
 World Economy
 Shifting resources from producers to
consumers
 China & India
 Agriculture based countries
 America
 Largest consumer and importer of oil
 Losers
 America
 Largest producer of oil
 OPEC Nations
 Russia
Shale is uneconomic
at $80 a barrel
39
Shale Breakeven Prices
US Shale Breakeven Prices
40
Why smaller companies will
thrive?
Field Size by Production
Volume (bbls/day)
No. of
Fields
Total
Production
(bbls/day)
1,000,000+
4
8,000,000
2
1
500,000 – 1,000,000
10
5,900,000
2
3
3
1
1
300,000 – 500,000
12
4,100,000
3
1
6
1
1
200,000 – 300,000
29
6,450,000
8
4
6
9
1
1
100,000 – 200,000
61
7,900,000
5
8
13
13
11
11
20
17
28
25
14
12
Pre
1950s
1950s
1960s
1970s
1980s
1990s
1
Capital markets expect growth from large companies. High volume
required by large companies to sustain growth hence…
for large companies, to maintain positive reserve replacement ratios,
large discoveries are required. These are more likely to be found in
challenging / frontier environments such as the Arctic, in deep water
or lying within complex geology…
which leaves conventional plays for smaller companies. Smaller
fields are also managed more efficiently by smaller companies!!
41
Part Four –
Our Oman success story
42
Masirah Oil Limited
• Listed in Singapore
• An independent E&P company
• Listed in Malaysia
• An independent E&P company
Hibiscus Petroleum
Berhad
Rex International
Holdings
56.4%
35%
• Based in Switzerland
• Private Bank
Schroder & Co
Banque S.A.
8.6%
National Oil Company of Ivory Coast
Hibiscus Petroleum
acted as Project
Manager of all drilling
activities on Block
50
Lime Petroleum Ltd.
64%
Petroci
Société Nationale d'Opérations
Petrolière de Cote d'Ivoire.
36%
Masirah Oil Limited
Block 50
Concession
43
Block 50 History - 1
Block Name
: Block 50,
Sultanate of
Oman
Date Acquired : August 2011
Water Depth
: Up to 150m
Size
: 16,900km2
Operator History
Company
OMAN
Offset
Wells
Block 50
Year Started
Work Completed
Sun Oil
1976
Amoco
1984
Triton
1989
Acquired and
reprocessed seismic
data
2006
Acquired nan
reprocessed seismic
data
Hunt Oil
Drilled 3 prospects
NO COMMERCIAL DISCOVERIES MADE!
44
Block 50 Potential ?
?
Between 1976 - 2008,
extensive seismic and
exploration drilling
activities were done
without success.
Why did Masirah Oil
believe there was
potential in the basin?
45
Investment Rationale - 1
A
• Offshore structure mirrors prolific onshore basin
B
• Masirah Bay includes equivalents of the Abu
Mahara and deeper, Nafun, Wasia and Tertiary
B
A
OMAN ONSHORE
OMAN OFFSHORE
46
Investment Rationale - 2
Preliminary in-house assessment
of prior datasets
Application of new
technology
(Direct liquid indicator)
47
Work Programme Strategy
Comprised of 3 phases
Detailed desktop review of
prior datasets
Preliminary
prospects
Phase 2
Data acquisition,
processing and
interpretation
Define well
locations
Phase 3
Drilling programme
Plan for Success
Apply new technology;
Rex Virtual Drilling
Phase 1
Plan for Success
Planning for Success “mindset” offers an alternative approach to reservoir appraisal:
•
•
Requires a very SMALL UPFRONT INVESTMENT (less than 5% of total work programme cost)
Potentially 12 – 18 months earlier First Oil and better definition of reservoir performance
48
Positives - A Discovery!
During a 48-hour test, hydrocarbons were flowed to the surface and the
well achieved light oil flow rate of up to
3000 stock tank barrels per day with no water production.
First discovery after 30 years of exploration
offshore east coast of Oman.
49
Oman - Summary &
Opportunities
• First offshore discovery East Oman in 30 years
• Perform additional 3D seismic (ongoing)
• Appraise GA South with an Extended Well Test
• Utilize an EWT concept that can be relocated to test
other discoveries
• Work closely with MOG to optimize the tendering process
to accelerate time to First Oil while maintaining full
transparency and maximizing Omani local content.
50
Appendix
51
Petroleum Economics
Increasing Commerciality
Low
Low
High
Range of Certainty
Undiscovered Prospective
Resources
Discovered Contingent
Resources
Discovered Reserves
High Estimate
3C
3P
Best Estimate
2C
2P
Low Estimate
1C
1P
High
Source: Society of Petroleum Engineers and World Petroleum Council
52
THANK YOU
53
Disclaimer
This presentation has been prepared by Hibiscus Petroleum Berhad (the “Company”) solely for use at a presentation to be made as of this date and may
not be used by any other party or for any other purpose. By attending the meeting where the presentation is made, or by reading the presentation slides,
you agree to the following limitations and notifications and represent that you are a person who is permitted under applicable law and regulation to
receive or access information of the kind contained in this presentation.
This presentation is strictly confidential to the recipient, may not be reproduced, retransmitted or further distributed to the press or any other person,
may not be reproduced in any form, may not be published, in whole or in part, for any purpose and should not be relied on, or form the basis of, any
decision or action by any person. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or
resident or located in any locality, state, country or other jurisdiction where such distribution, transmission, publication, availability or use would be
contrary to law or regulation or which would require any registration or licensing within such jurisdiction. In particular, this presentation (including any
copy of it) may not be taken, published, transmitted or distributed, directly or indirectly, in or into the United States of America (the “United States”),
Australia, Canada or Japan. Failure to comply with this restriction may constitute a violation of applicable securities laws.
This presentation does not constitute, nor form part of, and should not be construed as constituting or forming part of, any advertisement of, any offer or
invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities in the Company. This presentation is intended for
general informational purposes only and does not constitute, or form part of, and should not be construed as, an offer to sell or issue, or invitation to
purchase or subscribe for or the solicitation of an offer to buy, acquire or subscribe for, any securities of the Company or any of its subsidiaries, joint
ventures or affiliates in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its presentation,
should form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision whatsoever and it does not constitute
an information memorandum or any recommendation regarding the securities of the Company.
Some of the information in this presentation is subject to completion and/or change without notice. Unless otherwise stated, the Company is the source
for the data contained in this presentation. Such data is provided as at the date of this presentation and is subject to change without notice. No reliance
may be placed for any purposes whatsoever on the information contained in this presentation, or any other material discussed at the presentation, or on
the completeness, accuracy or fairness thereof. The information in this presentation is subject to verification, completion and change. Accordingly, no
representation or warranty, express or implied, is made or given as to, and no reliance should be placed on the completeness, accuracy or fairness of
the information or opinions contained herein. None of the Company or its advisors or any of their respective affiliates, members, directors, officers or
employees nor any other person accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this presentation
or its contents or otherwise arising in connection therewith.
Neither the presentation nor any part or copy of it may be accessed, taken, published, transmitted or distributed, directly or indirectly, in or into the United
States, except to “qualified institutional buyers” as defined in Rule 144A under the Securities Act. Any failure to comply with this restriction may constitute
a violation of United States securities laws. No securities of the Company may be offered or sold in the United States absent registration or an exemption
from registration or in a transaction not subject to, the registration requirements under the Securities Act. By attending the meeting where the
presentation is made, or by reading the presentation slides, you are deemed to represent and warrant that you are either (1) a qualified institutional
buyer or (2) located outside the United States and to the extent you purchase any securities of the Company you will be doing so pursuant to Regulation
S under the Securities Act or another exemption from registration requirements under the Securities Act.
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This presentation is made to and directed only at (i) persons outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth individuals, and other persons to
whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order and Schedules 6 and 7 of the Capital Markets and Services
Act 2007 (such persons, “Relevant Persons”). Any securities of the Company will be only available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such securities will be engaged in only with, Relevant Persons (and even then, to the extent determined by
the Company at its absolute discretion). As such, any person who is not a Relevant Person should not read, act or rely on this presentation or any of
its contents in any way.
This presentation contains “forward-looking statements”, which are based on current expectations and projections about future events, and include all
statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words
“targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “plans”, “could”, “should”, “predicts”, “projects”, “estimates”,
“foresees” or similar expressions or the negative thereof, as well as predictions, projections and forecasts of the economy or economic trends of the
markets, which are not necessarily indicative of the future or likely performance of the Company, and projections and forecasts of the performance of
the Company, which are not guaranteed. Such forward-looking statements, as well as those included in any other material discussed at the
presentation, concern future circumstances and results and involve known and unknown risks, uncertainties and other important factors beyond the
Company’s control that could cause the actual results, performance or achievements of the Company to be materially different from future results,
performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous
assumptions and estimates regarding the Company and its subsidiaries’ present and future business strategies and the environment in which the
Company will operate in the future. Forward-looking statements are not guarantees of future performance. These forward-looking statements speak
only as at the date of this presentation, and none of the Company or any of its respective agents, employees or advisors intends or has any duty or
obligation to supplement, amend, update or revise any such forward-looking statements to reflect any change in the Company’s expectations with
regard thereto or any change in events, conditions or circumstances on which any such statements are based or whether in the light of new
information, future events or otherwise. Given the aforementioned risks, uncertainties and assumptions, you should not place any reliance on these
forward-looking statements as a prediction of actual results or otherwise.
This presentation also contains certain statistical data and analyses (the “Statistical Information”) which have been prepared based on information
furnished by the Company and / or other sources. Numerous assumptions were used in preparing the Statistical Information, which assumptions may
or may not appear herein. As such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness or completeness in any
particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or
future market performance. The Statistical Information should not be construed as either projections or predictions or as legal, tax, financial,
accounting, investment or other advice.
This presentation should not be treated as advice relating to legal, taxation, financial, accounting, investment or other matters. By attending this
presentation you (i) acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company
and of the risks and merits of any investment in securities of the Company, and that you will conduct your own analysis and be solely responsible for
forming your own view of the potential future performance of the Company’s business and (ii) agree to be bound by the foregoing terms and to keep
this presentation and the information contained herein strictly confidential.
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