Empire Energy : Energy Club NT Event Presentation

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Empire Energy - Sights on Early Production in the Beetaloo
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Energy Club NT Event Presentation - 24 March 2022

Corporate Snapshot

For personal use only

Capital Structure

Shares on issue1	613.3M
Share price	$0.335
Market cap	$205.5m
Net (debt2) / cash	~$17.5m
Enterprise value	~$188.0m
Cash at bank3	~$25.6m

100%			100%	100%

EMPIRE ENERGY USA	IMPERIAL OIL & GAS	IMPERIAL OIL & GAS
PTY LTD	A PTY LTD

ASX Share Price

Top Shareholders

Pangaea (NT) Pty Limited4	19.5%
Elphinstone Holdings Pty Limited	8.7%
Global Energy and Resources	5.3%
Energy and Minerals Group	4.3%
Macquarie Bank Limited	4.3%
Board of Directors5	21.6%

1. Empire has 14.3m unlisted options on issue with an average exercise price of ~A$0.63 per share. In addition, there are 13.2m Share Rights on issue to members of the management team and Board. Most of the Share Rights have performance hurdles tied to total shareholder return.
2. Empire has a US$7.5 million debt facility (drawn to US$5.85 million) with Macquarie Bank maturing in September 2024 which is secured against the Company's USA gas production assets. Under new management, total debt has been reduced by over 80% since 2018
3. Cash as at 31 December 2021

4.	Pangaea shares total 140m, which will be issued subject to Pangaea not holding an interest of more than 20% in Empire's ordinary shares at any point in time. Currently there are 119,894,868 issued shares held by Pangaea, with 20,105,132 being unissued	1
5.	Board shareholding includes Mr Paul Fudge (Pangaea) and excludes options and MD Rights

Empire's Board of Directors

For personal use only

Paul Espie AO

Chairman & Non- Executive Director

•	Founding principal of
	Pacific Road Capital,
	a resources investing
	manager of private
	equity funds
•	Former Chairman of
	Oxiana Ltd during the
	development of the
	Sepon copper/gold
	project in Laos
•	Former Chairman of
	Cobar Mines Pty
	Limited after a
	management buyout
•	Former Head of Bank

Alex Underwood

Managing Director

•	Associate Director
	Energy Markets Division
	of Macquarie Bank
	Limited (Sydney and
	Singapore)
•	Director Natural
	Resources Division of
	Commonwealth Bank of
	Australia (Singapore)
•	Financial Analyst BHP
	Billiton Petroleum (Perth)
•	Experience investing
	debt and equity in the
	upstream oil and gas
	sector and identification
	of value creation

Peter Cleary

Non-Executive Director

• Distinguished 29-year career representing Santos, the North West Shelf Venturers and BP in Asia. His executive career was in LNG, pipeline gas and chemicals operations
• Member of the Executive Committee of the Australia Japan Business Co-operation Committee and the Australia Korea Business Council

Louis Rozman

Non-Executive Director

•	Former Managing
	Director of CH4 Gas
	which merged with
	Arrow Energy and later
	acquired by PetroChina
	and Shell
•	Founding principal of
	Pacific Road Capital, a
	resources investing
	manager of private
	equity funds
•	Former Chief Operating
	Officer of AurionGold
	Limited
•	Chairman of the
	VALMIN Code

Prof. John Warburton

Non-Executive Director

• Highly regarded petroleum geoscientist experienced in big fields
• 30 years technical & leadership experience in leading E&P companies including BP, LASMO-Eni and Oil Search
• Previously Chief of Geoscience & Exploration Excellence for Oil Search
• Non-ExecutiveDirector of Senex Energy

Paul Fudge

Non-Executive Director

• Controlling shareholder of Pangaea
• Significant investment experience in onshore Australian oil & gas, including being an early mover in the Queensland Coal Seam Gas industry and in the Beetaloo Sub- Basin
• Paul brings significant business and investment experience to the Board of Empire

Jacqui Clarke

Alternate Director

• 30 years professional services experience, with over 15 years as a Partner at Deloitte.
• Jacqui is a Chartered Accountant and Fellow of the Institute of Chartered Accountants, Graduate of AICD (Australian Institute of Company Directors), Chartered Tax Advisor and Justice of the Peace

of America operations

in Australia, New

Zealand and PNG

opportunities for

upstream oil and gas

development /

production assets

Committee for the

AusIMM and Australian

Institute of Geoscientists

Pangaea Representatives

2

Industry leading Management

For personal use only

Kylie Arizabaleta

Financial Controller

• Longest serving Empire management team member
• Prior to joining the Company, Kylie worked in the Audit division of Chartered Accounting firms as a senior and lead external auditor where she gained broad experience in Audit and other Assurance Services

Ben Johnston

Vice President Business

Development

• Director, Natural Resources & Energy, Commonwealth Bank of Australia
• Vice President, RBC Capital Markets energy investment banking team
• Chartered Accountant and MBA (Australian Graduate School of Management)
• Energy sector specialist across M&A, ECM and debt / project finance transactions

Sonia Harvey

VP Community and

Government Relations

• Based in Darwin
• Joined Empire from the Energy Club NT where she was the founder and served as Chief Executive. In this role, she built deep relationships across
  Empire's stakeholder groups including with Northern Territory Government and Shadow Ministers and Department leaders, service providers and peers in our industry.
• These relationships will be invaluable to Empire as we progress through to development and seek to raise our profile in the Northern Territory.

Charles Dack

Environmental and

Compliance Reporting Officer

• Environmental manager with qualifications in environmental engineering and environmental law.
• Extensive experience as the environmental regulator of the petroleum industry for the NT Government
• +6 years at the Northern Territory Government, employed as the lead Environmental Engineer for the NT Government to regulate the upstream petroleum industry.

Dr Alex Bruce

Chief Geoscientist

• PhD from the University of New South Wales (2001) in machine learning applications to geology
• 20 years experience across onshore and offshore projects from exploration to development and conventional and unconventional oil & gas
• Has held similar positions with other ASX oil & gas mid-caps including Drillsearch (acquired by Beach), AWE (now Mitsui), Roc Oil (now FOSUN) and Bridgeport Energy (part of New Hope Corporation)

Daniela Garrad

Geophysicist

• Over 35 years' experience with international and Australasian projects, including everything from basin scale regional studies, exploration and detailed field evaluation and development
• Started as a seismic interpreter with Esso Australia, and since worked in technical roles for diverse companies ranging from minnows, mid-caps to majors, most recently with Oil Search Alaska.
• Special interests and expertise in structural geology and sequence stratigraphy in both carbonate and clastic sedimentary systems.
• Holds a BSc(Hons) from The University of Newcastle and is a member of PESA, the AAPG and the EAGE

Todd Hoffman

Consultant

Geoscientist

• Over 15 years experience across onshore conventional and unconventional oil and gas exploration and appraisal projects, including geoscience operations
• More than 12 years working on Proterozoic shales in the Beetaloo and McArthur Basins
• Involved in large CSG and shale discoveries in the Queensland and Northern Territory
• Previous roles with privately held Pangaea Resources

3

Industry leading Operating Team & Consulting Support

For personal use only

Dr Simon Hann

Principal Engineer

• Founding partner of inGauge and a well engineering professional with over twenty years' operational experience including conventional oil and gas, geothermal, HPHT, and coal seam gas drilling and completions.
• Fourteen years' management experience with Santos, Woodside and Shell including roles as Operations Manager, Drilling Team Leader, Drilling and Completions Manager and Production Manager;

Qualifications

• PhD Materials Science University of Queensland, 1998
• Masters of Engineering Science, Qualifier University of Queensland, 1993
• Bachelor of Engineering, Manufacturing and Materials, University of Queensland, 1992
• Shell International Exploration & Production (SIEP) Round I and Round II Well Engineering Competency Certification SIEP

Kelvin Wuttke

Principal Engineer

• Over 24 years of industry experience ranging from conventional onshore oil & gas to CSG and international offshore operations at Santos and Chevron.
• Technical expertise includes drilling & completions design, workovers, well testing, artificial lift, pipelines and surface facilities, across conventional and CSG environments.
• Experience includes managing combined drilling, completion and stimulation projects, remediation workovers, snubbing, fracture stimulation, underbalanced operations, and a wide variety of artificial lift projects.

Qualifications

• Registered Professional Engineer of Queensland, Mechanical & Petroleum
• Chartered Professional Engineer (MIE Aust CP Eng), Mechanical
• MBA, Queensland University of Technology, 2003
• Bachelor of Engineering, Mechanical, University of South Australia, 1992

Jordan Bunning

Principal Engineer

• Founding member of inGauge. Over 17 years' operational experience at Santos, Oil Search, Roc Oil and Origin in complex well execution and project management, this includes projects in conventional oil and gas, HPHT, coal seam gas and deep water bores.
• Jordan has experience in roles such as Drilling Manager, Drilling Team Leader, Senior Drilling Engineer and Drilling & Completion Engineer.
• Has been the lead in some of inGauge Energy's most successful projects including as in situ Drilling Manager for Westside Corporation, Comet Ridge and most recently Empire Energy's
  Northern Territory Carpentaria 1 well.

Qualifications

• Bachelor of Engineering, Petroleum Engineer (Hons), University of New South Wales, 2003

Jon Bennett

Project & Construction Manager

• Jon has 25 years operational experience, including twelve years management experience at Santos in roles such as Pre-Development Manager, Construction Manager, Civil Construction Manager and several management roles in large scale Agriculture.
• Jon is an experienced professional with a strong focus on business outcomes. Offering experience in planning, design, and construction of gathering, power, well-pad, civil and other CSG facilities. Proven strengths in business and project management and driving efficiencies through innovation and simplification over a range of industries.
• In his management roles Jon has proudly achieved and maintained industry leading EHS performance across operations.

Daniel Kalinin

Stimulation Consultant

• 28 years of international experience in Russia, Turkmenistan, Kazakhstan, Mexico, the Middle East, China, and Australia.
• 20 years Schlumberger career included starting several new locations in Russia, business development in Turkmenistan & Uzbekistan, project engineer at Karachaganak, G&G/stimulation support for an integrated well construction project in Mexico
• Unconventional experience includes shale & tight gas in Saudi Arabia, Kuwait, Bahrain, Oman, China, and various basins in Australia. He has designed the fracturing stimulation of the maiden horizontal Velkerri discovery well.
• Degrees in Geology, Economics; post-grad Integrated Reservoir Management from IFP & Imperial College; ResEng program at Tulsa University.

Holds several patents and
published a few SPE technical
papers.	4