Reabold Resources : Corporate Presentation June 2022

Reabold corporate presentation

June 2022

Disclaimer

These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Company nor shall they or any part of them form the basis of or be relied upon in any manner or for any purpose whatsoever.

These Presentation Materials must not be used or relied upon for the purpose of making any investment decision or engaging in an investment activity and any decision in connection with a purchase of shares in the Company must be made solely on the basis of the publicly available information. Accordingly, neither the Company nor its directors makes any representation or warranty in respect of the contents of the Presentation Materials.

The information contained in the Presentation Materials is subject to amendment, revision and updating in any way without notice or liability to any party. The presentation materials may contain forward-looking statements which involve risk and uncertainties and actual results and developments may differ materially from those expressed or implied by these statements depending on a variety of factors. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions contained herein, which have not been independently verified. The delivery of these Presentation Materials shall not at any time or in any circumstance create any implication that there has been no adverse change, or any event reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the Company since the date of these Presentation Materials.

The Presentation Materials are confidential and being supplied to you for your own information and may not be reproduced, further distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person (except the recipient's professional advisers) or published, in whole or in part, for any purpose whatsoever. The Presentation Materials may not be used for the purpose of an offer or solicitation to subscribe for securities by anyone in any jurisdiction.

Introduction and overview

• the Reabold strategy is working

Reabold Resources is an investor in near-term, high growth energy projects where an injection of our capital facilitates activity and drives an uplift in realisable value

• We have been investing in the oil & gas sector since 2017 and own a diversified, low risk portfolio of appraisal stage assets with excellent value realisation potential
• Our disciplined approach has driven operational progress, enabling us to take several assets to the point of value realisation

We are at an exciting inflection point: our investment strategy is driving multiple opportunities to create tangible value

• Sale of Victory Asset - currently a non-binding conditional offer; will generate significant value for Reabold on completion
• West Newton has strong parallels to Victory, with the potential for value realisation on a greater scale
• Our newly acquired North Sea licences are assets we know well from our ownership of Corallian. They are close to infrastructure and hold promising prospects with development potential
• Converted drilling and production success in Reabold California into a 42% stake in Daybreak Oil & Gas, an OTC traded, Californian oil and gas operator

Our projects are economically robust

• Opportunities to recycle, redeploy capital and attract industry partners remain encouraging
• Oil price used for economic modelling and NPV calculations well below current levels

First significant value to be realised for shareholders through planned

sale of Victory; similar opportunities in current portfolio

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Who we are

• the Reabold team has broad and deep capabilities

We are an executive team with significant investment experience in oil and gas projects, company evaluation and commercial industry expertise

Stephen Williams - co CEO

• 17 years' experience in the energy sector
• M&G Investments, energy investment analyst - 2010 to 2016
• Simmons & Company International, energy investment analyst - 2005 to 2010
• ExxonMobil Analyst - 2003 to 2005

Sachin Oza - co CEO

• 18 years' investment experience
• M&G Investments, global Oil & Gas sector investment analyst - 2003-2016
• Tokyo Mitsubishi Asset Management and JP Morgan Asset Management, investment analyst

Chris Connolly - Chief Financial Officer

• 16 years in the natural resources sector
• Joined Reabold from Enquest where he was Group Financial Controller and significantly involved in acquisition projects
• Finance roles at Ophir Energy, De Beers Group & Canamens Energy Limited
• Trained at Ernst & Young

Our strategic and financial leadership enables our technically skilled operating partners to succeed

Reabold Board and industry advisors have a breadth of technical, operational and investor experience

• Peter Dolan (advisor): co-founder of Ophir energy(LSE listed), co-founder and Chairman of Fusion Oil & Gas(acquired) and co-founder NED (was Chair for 10 years) of Ikon Science,a quantitative interpretation service company
• Marcos Mozetic (Non Executive): former Head of Global Exploration for Super Major Repsol
• Jeremy Edelman (Chair), Mike Felton (Non Executive): extensive capital markets experience and strong investor relationships

Reabold's high calibre Board and advisors are a strong endorsement of

the executive team and strategy

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The Reabold way

• distinctive approach and a clear, disciplined investment strategy

Reabold's distinctive approach

• We identify oil & gas assets at the appraisal stage where there is a clear value creation opportunity between the investment required to progress the asset and the asset's value at the point of monetisation
• We invest in and provide modest funding for a diverse range of low risk, high impactprojects with near term catalysts to create value
• We are a non-operator but we are not passive: we take significant stakes in operating companies and use Board representation and a partnership approach to drive value creation
• We are disciplined in our exit routes and consider selling assets prior to full project development, in order to maximise the value of the whole Reabold portfolio

Strict investment criteria drives our portfolio potential. We focus on:

Geology

• Projects that are substantially de-risked from a technical perspective due to previous drilling
• Existing regional production with historic discovery wells in place
• As projects are low cost, they typically exhibit materially lower carbon intensity than the industry average

Economics of investment

• Focus on low capex, fast cycle with rapid monetization
• Deliver exceptional returns at normalised commodity prices
• Low geopolitical risk
• Non-operatormodel keeps cost low

Disciplined exit

• Bespoke to each project and asset, with the option to redeploy capital in the Reabold portfolio
• Optimise strategic assets for industry acquirors

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