Coro Energy : Investor Presentation Q4

Q4 2020

CORO ENERGY PLC INVESTOR PRESENTATION

Q4 PRESENTATION INVESTOR PLC ENERGY CORO

DISCLAIMER

The information contained in this document ("Presentation") has been prepared by Coro Energy plc (the "Company"). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Presentation.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

Q4 PRESENTATION INVESTOR PLC ENERGY CORO

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A SOUTH EAST ASIAN ENERGY COMPANY

"Supporting the regional transition to a low carbon economy"

A SOUTH EAST ASIAN ENERGY COMPANY

South East Asia includes some

of the fastest growing economies globally

Electricity demand forecast to increase 152% by 2050*

Recently revised strategy, including renewables

Electrification will require significant investment in renewables

Increase in demand for

battery storage also to support grid imbalances and renewables growth

Well positioned to navigate challenging markets with $3.3m (unaudited) cash at 30 June 2020

Duyung PSC; A strong gas asset acting as a platform for regional growth

(15% interest with gross discovered 2C resource of 495 Bcf and attractive commercial metrics at low commodity prices)

7% 4%

19%

23.33%

46.67%

PLC ENERGY CORO

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		RETAIL	LOMBARD ODIER		PETROLEUM LTD
*SOURCE: BNEF (BLOOMBERG NEW ENERGY FINANCE)		CIP	OTHER

BOARD OF DIRECTORS

James Parsons

Non-Executive Chairman

Executive Chairman Ascent Resources Plc, Executive Chairman Corcel Plc, Non- executive Chairman of Echo Energy Plc,

Over 20 years' experience in the fields of strategy, management, finance and corporate development

Qualified accountant and has a BA Honours in Business Economics

Fiona MacAulay

Independent Non-Executive Director

Non- Executive Chairperson at Independent Oil and Gas, non-executive director of Ferrexpo and non-executive director of Chemring Group plc

Formerly CEO at Echo Energy Plc and COO at Rockhopper

Chartered Geologist and has held the position of European President of the American Association of Petroleum Geologists, currently sits on the Geological Society Investment Commitee

PRESENTATION INVESTOR PLC ENERGY CORO

BOARD OF DIRECTORS

Andrew Dennan

Non-Executive Director

CEO Ascent Resources Plc

Over 10 years' experience in capital markets

Leading proprietary investment decisions, capital raising, risk oversight and portfolio management

BSc (Hons) degree in Actuarial Science from City University, London

Marco Fumagalli

Non-Executive Director

Managing Partner at Continental Investment Partners Non-Executive director at CIP Merchant Capital Limited

Qualified accountant with a degree in Business Administration from Bocconi University in Milan

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WHY RENEWABLES?

CUMULATIVE GLOBAL INVESTMENT IN CLEAN ENERGY INFRASTRUCTURE OF $8TN TO $16TN IS REQUIRED BY 2030

SOURCE: GOLDMAN SACHS

		Global transition to low carbon
		energy system well underway
	SHARE OF GLOBAL
	PRIMARY ENERGY SUPPLY
	100%
	80%
	60%
	40%
	20%
WHY
RENEWABLES?	0%
	1900	1915	1930	1945	1960	1975	1990	2005	2020	2035	2050
	RENEWABLES	NATURAL GAS	OTHER NON-FOSSIL FUELS
	OIL	COAL

Electrification of transport, residential homes and industry will require new investment in electricity generation and battery storage

GLOBAL AVERAGE ANNUAL INVESTMENT IN WIND AND SOLAR (USD$ BILLION)

1200
1000
800
600
400
200
0
2015	2018	2025	2030	2035	2040	2045	2050

Cost of deploying renewables has fallen significantly due to improvements in technology

					CORO
LEVELISED COST OF ENERGY*		ENERGY
(USD PER KILOWATT HOUR)
	PLC
0.4
				INVESTOR
0.3					Q4 PRESENTATION
0.2
0.1
0.0
2010	2019	2010	2019	2010	2019
SOLAR PV	OFFSHORE WIND	ONSHORE WIND

5	SOURCE: BP WORLD ENERGY OUTLOOK 2020

SOURCE: BP WORLD ENERGY OUTLOOK 2020

SOURCE: IRENA RENEWABLE COST DATABASE

*LCOE: AVERAGE COST OF BUILDING AND OPERATING AN ASSET PER UNIT OF TOTAL ELECTRICITY PRODUCED

WHY SOUTH EAST ASIA?

Electricity demand forecast to rise		Significant new annual investment in		Coal still dominant and renewables
driven by increasing population and		renewables is forecast to 2040 to meet		penetration low
growing wealth		growing demand

SOUTH EAST ASIA AND EUROPE IN COMPARISON

ELECTRICITY	RENEWABLES AS A SHARE OF
DEMAND	PRIMARY ENERGY SUPPLIED - 2019

ENERGY CORO

SE Asia		Europe
POPULATION	1.0%
GROWTH	-0.3%

	2000
HOURS	1600
1200
TERAWATT
800
400
	0
	2010	2018	2020	2025	2030	2035	2040

UK

VIETNAM

THAILAND

PHILIPPINES

MALAYSIA

INDONESIA

0%

2%

4%

6%

8%

10%

12%

14%

16%

PRESENTATION INVESTOR PLC

WHY SOUTH EAST ASIA?

GDP	4-6%
GROWTH*	0-1.5%

ENERGY	4.0%
DEMAND
GROWTH**	-0.3%

*AVERAGE ANNUAL GROWTH 2020/2021 **AVERAGE ANNUAL GROWTH UNTIL 2040 (PUBLISHED JANUARY 2020)

FORECAST NEW INSTALLED CAPACITY			COAL AS A SHARE OF
ANNUALLY TO 2040 - GIGAWATTS				PRIMARY ENERGY SUPPLIED - 2019
								UK
COAL
								VIETNAM
								THAILAND
GAS								PHILIPPINES
								MALAYSIA
RENEWABLES								INDONESIA
								0%	2%	4%	6%	8%	10%	12%	14%	16%
0	2	4	6	8	10

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SOURCE: OECD

SOURCE: IEA 2019

SOURCE:BP STATISTICAL REVIEW OF WORLD ENERGY 2020

MAKO GAS FIELD, DUYUNG PSC, INDONESIA

A STRONG GAS PLATFORM FOR FURTHER GROWTH

DUYUNG PSC: THE MAKO GAS FIELD

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Coro interest 15%

Biogenic gas accumulation located in the prolific West Natuna basin

Shallow, Pliocene-ageIntra-Muda sandstone reservoir, with gas water contact at c. 391m TVDss

Six wells have penetrated the field to date

Reservoir cored & tested by the Mako South-1X well (June 2017)

20%+ porosities, multi-Darcy permeability Flowed 10.8 MMscf/d on test

Dry gas, no H2S, minimal CO2, over 97% methane Two well's DST completed - flowed 11.4 MMscf/d

Further flow test conducted with the Tambak- 1 well (November 2019)

Intersected a 24m intra-Muda sandstone section

Well defined gas water contact at 393m TVDSS, consistent with other wells drilled on the structure

Flowed 11.4 MMscf/d on test

T E N G I R I-1

TAMBAK-1

MAKO SOUTH-1

C A K A L A N G-1

M A KO-1

TA M B A K-2

THE MAKO ANTICLINE

Huge structure - 47 km long, 16 km wide

c. 350 sq km of areal closure above the GWC

Q4 PRESENTATION INVESTOR PLC ENERGY CORO

APPRAISAL CAMPAIGN SUCCESS

APPRAISAL

CAMPAIGN

SUCCESS

Mako Field = Large, Single Gas Tank Extensive High Quality Reservoir Distributed Over Huge Areal Extent Excellent Porosity, Multidarcy Permeability Sweet, Dry Natural Gas, >97% Methane Multiple Successful DSTs

276Bcf (2C), 392Bcf (3C) prior to appraisal

495Bcf (2C), 817Bcf (3C) post appraisal and resource audit

	1C	2C	3C
PRE DRILL (BCF)	184	276	392
POST DRILL (BCF)	287	495	817

Q4 PRESENTATION INVESTOR PLC ENERGY CORO

	PRE-DRILL ESTIMATES WERE AUDITED BY GAFFNEY CLINE & ASSOCIATES AND PUBLISHED IN
8	JANUARY 2019. POST DRILL ESTIMATES WERE AUDITED BY GCA AND PUBLISHED IN MAY 2020

ACCESS TO SINGAPORE GAS MARKET

WNTS (WEST NATUNA TRANSPORT SYSTEM) GAS PIPELINE TO SINAGPORE

ACCESS TO SINGAPORE

16 km from Kerisi platform (Medco-operated)

Can hook into West Natuna Transportation System (WNTS), delivers gas to Singapore

WNTS operated by ConocoPhillips on behalf of the basin operator group: Medco, Premier, STAR

Pipeline has spare capacity

HoA signed with Singaporean Buyer

Gas Sales Agreement negotiations are ongoing

MAKO FIELD LOCATION IN COMPARISON TO SINGAPORE AND WNTS GAS PIPELINE SYSTEM

MAKO FIELD

LOCATION

Q4 PRESENTATION INVESTOR PLC ENERGY CORO

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SUMMARY

Coro Energy's regional strategy underpinned by strong growth of energy demand and need for de-carbonisation in South East Asia

SUMMARY

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Duyung PSC and strong		Deal origination
funding position provides		underway, initially
solid platform for continued		focused on renewables
evolution into a balanced		and battery storage
regional energy company		supporting regional
		electrification

CORO ENERGY PLC INVESTOR PRESENTATION Q4

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