Pancontinental Oil & Gas NL : Investor Presentation - Prospex London

OFFSHORE NAMIBIA PEL 87 OPPORTUNITY

OUTLINE

• • LOCATION - ORANGE BASIN

• • ACTIVE FUTURE DRILLING ‐ ON TREND

• • DATA ‐ 3D OVER SATURN LEAD REQUIRED

• • SOURCE ‐ PROVEN OIL PRONE

• • CHARGE ‐ CONFIDENTLY MODELLED

• • RESERVOIR ‐ NEWLY IDENTIFIED GIANT APTIAN FAN COMPLEX

• • SEAL ‐ PROVEN IN OFFSET WELLS

• • RESOURCES ‐ MULTI‐BILLION Bbl POTENTIAL

• • CONTRACT ‐ RECENTLY AWARDED, VERY FAVOURABLE TERMS

• • FARMOUT AVAILABLE FOR ~5000 sq.km 3D & DRILLING

DISCLAIMER

These materials are strictly confidential and are being supplied to you solely for your information and should not be reproduced in any form, redistributed or passed on, directly or indirectly, to any other person or published, in whole or part, by any medium or for any purpose. Failure to comply this restriction may constitute a violation of applicable securities laws.

These materials do not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any securities, nor shall any part of these materials or fact of their distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision whatsoever in relation thereto. The information included in the presentation and these materials is subject to updating, completion, revision and amendment, and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and these materials, and any opinions expressed in relation thereto are subject to change without notice.

The distribution of these materials in other jurisdictions may also be restricted by law, and persons into whose possession these materials come should be aware of and observe any such restrictions.

This presentation includes forward-looking statements that reflect the company's intentions, beliefs or current expectations. Forward looking statements involve all matters that are not historical fact. Such statements are made on the basis of assumptions and expectations that the Company currently believes are reasonable, but could prove to be wrong. Such forward looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company's actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Additional factors could cause actual results, performance or achievements to differ materially. The Company and each of its directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in the presentation or these materials, and any change in the Company's expectations or any change in the events, conditions or circumstances on which these forward-looking statements are based as required by applicable law or regulation.

The resources referred to in this presentation were announced on 11 September 2018 (PEL 87).

The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

The company confirms that it is not aware of any new information or data that, in its opinion, materially affects the information included in the relevant market announcement and that all the material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

By accepting any copy of the materials presented, you agree to be bound by the foregoing limitations.

Statements made in this presentation on information compiled by Mr Barry Rushworth, Director of Pancontinental Oil & Gas NL. Mr Rushworth has the relevant degree in geology and has been practising petroleum geology for more than 35 years. Mr Rushworth has consented in writing to the inclusion of the information stated in the form and context in which it appears.

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PEL 87 - REGIONAL SETTING

• • Located offshore the Orange Basin

• • 100km NW of the Kudu syn-rift gas accumulation

• • Offset wells prove oil prone early post-rift source

• • Seismic mapping reveals Albo-Aptian fan overlying mature source rock

  • • New play for Namibian basin ("Saturn")

  • • Oil recovered from Wingat-1 in analogous setting

PEL 87 - COMPETITOR ACTIVITY

* Pancontinental 75%, Operator

• • Licence commenced 23 January 2018

• • 10,947 km2 block, offshore Orange Basin

* High level of local activity (SHELL, TOTAL, KOSMOS etc)

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PEL 87 - DATA & OFFSET WELL MAP

Moosehead‐1 (2014)

High quality oil‐prone "early mature" Aptian oil source

No effective reservoir Albian shale top seal

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