United Oil & Gas : Investor Evening Presentation

UNITED OIL & GAS Plc

WALTON MORANT LICENCE, OFFSHORE JAMAICA

INVESTOR EVENING

23rd May 2024

WWW.UOGPLC.COM

UNITED OIL & GAS	Investor Evening 23rd May 2024	2

DISCLAIMER

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United Oil & Gas | Investor Evening 23rd May 2024

Executive Summary

UNITED OIL & GAS	Investor Evening 23rd May 2024	4

WALTON-MORANT LICENCE, JAMAICA

7 Billion Barrels of Mean Prospective Resources Identified

World-Class Exploration Licence

• Massive 22,400km2 exploration block
• Globally significant prospective resource potential
• • 7-billion-barrelmean/mid-case prospective resources1 identified to date
  • Huge upside potential and running room
• Walton-Moranthas favourable fiscal terms designed to attract investment into Jamaica

• Highly supportive government policy and actions supporting the Walton Morant Licence: 22,400km2; United equity: 100% progression of the Walton-Morant block

• Potential to build a substantial Jamaican business with substantial economic benefits for all stakeholders

The opportunity now exists for a suitably qualified and capable company to partner with United Oil & Gas to realize the massive potential of the Walton-Morant licence.

1 7 Billion bbls is UOG's arithmetic sum of the Unrisked Mean/Mid-Case Prospective Resources for each prospect/lead identified within the Walton Morant Licence boundary by UOG and previous operators

UNITED OIL & GAS	Investor Evening 23rd May 2024	5

JAMAICA IS AN EXCELLENT PLACE FOR BUSINESS

Jamaica provides huge potential for integrated business

opportunities…

•

• Jamaica is fully open to foreign investment
• Country-entryprovides access to growing energy markets in Jamaica and wider Caribbean
• Opportunity to be part of ongoing development of Jamaica and a sustainable future for its citizens
• Potential to reduce emissions and provide energy security by playing a role in replacing fuel imports in an energy hungry country
• Regional hub for energy distribution to wider Caribbean and beyond - Kingston harbour is the 7th-largest natural harbour in the world
• In country refinement of raw bauxite ore and export of higher value aluminium products
• Established pathways to major global markets

Source: International Financial Corporation

Access to North America

Access to Europe

Montego Bay

0.5. Mtpa

Old Harbour	AES Andres	Guayanilla	San Juan
1.7 Mtpa	Bay LNG	LNG
3.6 Mtpa
	1.75 Mtpa	1.1 Mtpa

Access to LATAM

Cartagena de

Indias

3.3 Mtpa

AES Colon

Gas export route Oil export route

1.5 Mtpa

…not just an Exploration Opportunity

Access to Asia via the Panama canal

Sources: Lambert Energy Advisory, bp Statistical Review of World Energy Data, Bloomberg

UNITED OIL & GAS	Investor Evening 23rd May 2024	6

JAMAICA IS AN EXCELLENT LOCATION FOR MONETIZING EXPLORATION

1. Material Prospectivity
2. • Multiple plays offshore with >7 bn barrels mean/mid-case potential across the licence
   • Huge upside potential
3. Active Hydrocarbon System
4. • All wells drilled to date have oil shows
   • Numerous seeps identified and sampled both onshore and offshore
   • Seismic evidence for hydrocarbon migration
   • Cretaceous source rock development. Onshore sample TOC's c. 8%
5. Attractive Monetization Potential
6. • Supportive government policy and fiscal terms
   • Walton-Morant'smonetization potential is directly comparable to the development of the nearby 11 bn barrel Stabroek resource in Guyana

GasSeepss

Oil Seeps

Gas Seep

Walton Morant

Licence

Walton Basin

Area

3D Seismic Area	Morant Basin
	Area

Satellite Slick	Blower Rock Oil Seep
Anomaly	Sampling (Tullow)
(Geoespace 2020)

Material Prospectivity

with Massive Value Potential

• Massive Value Potential is present in Walton-Morant with > 1 MMBOPD potential

UNITED OIL & GAS	Investor Evening 23rd May 2024	7

JAMAICA'S EXPLORATION HISTORY…AND WHAT'S DIFFERENT NOW

• 1950s - 1980s poor decisions and practices
• Drilling on surface expression alone is a guarantee of failure
• Poor quality legacy seismic data led to….
• The wrong targets drilled offshore
• Despite this hydrocarbons found in every well
• What could be possible with today's technology and improved subsurface understanding?

2020:

United take 100% working interest

Licence extensions to Jan 2026

2030

2026/27:

Drill Exploration Well…success leads to development and follow-on exploration drilling activity

What has changed?

• Exploration concepts - targeting intact prospectivity in the offshore basins, not the basin margins or breached structures onshore
• Better understanding of the regional source rock distribution and geological history in general
• Data quality - 3D acquired in 2018 (processed in 2019) a game-changer in terms of image quality, clarity and geophysical attributes

United Oil & Gas | Investor Evening 23rd May 2024

Massive Value

Potential of a World-

Class Exploration

Block

Source: SBM Offshore, via Offshore Magazine

UNITED OIL & GAS	Investor Evening 23rd May 2024	9

WALTON-MORANT, DEVELOPMENT POTENTIAL

• Massive block with world- class potential scale
• 7 Billion Barrels of Prospective Resources identified across numerous prospects and leads
• >1 MMBOPD production potential on success given scale of resource potential
• Conventional development approach feasible, analogous to Stabroek, Guyana

Hub Development Area

Potential for Gas Gathering and export to shore for use in Power Generation and Industry (or reinject into reservoirs)

Existing Thermal Power

Plants (915 MW)

7 Billion Barrel Resource Potential

Boag Hub

~1.5 Billion bbls

					Thunderball Hub
						~2 Billion bbls
		Colibri Hub
			Central Hub
		~1.5 Billion bbls
Pedro Bank Hub			~0.5 Billion bbls
		Zumbador Hub
~0.5 Billion bbls
						~1 Billion bbls

7 Bn BBL Potential that could be Developed with Conventional FPSO Approach

UNITED OIL & GAS	Investor Evening 23rd May 2024	10

BLOCK ANALOG - STABROEK GUYANA & WALTON-MORANT JAMAICA

Walton-Morant Block: Similarities with World-Class Stabroek Block, Guyana

Characteristic	Stabroek, Guyana (1)	Walton-Morant, Jamaica
Block Size	26,800 km2	22,400 km2
Water Depth	1900m - 3350m	50m - 2000m
Drilling TD	5000m - 7000m	2000m - 4000m
Source Rock	Cretaceous Oceanic Anoxic Event 2	Cretaceous Oceanic Anoxic Event 2
Resource Potential	11 Billion Barrels (discovered)	7 Billion Barrels (Mean)
Number Prospects/Leads > 100	33 Discoveries (so far)	21 Mapped (so far)
MMBO
Average Resources (per Prospect	c. 335 MMBO average per	c. 300 MMBO average per
> 100 MMBO)	discovery	prospect/lead
Conventional Development	FPSO Hubs with Multiple	FPSO Hubs with Multiple Prospects
	Discoveries & Drill Centres	& Drill Centres
Discovery to First Oil	< 4 Years	<4 Years
Potential FPSO Hubs	10 FPSO Hubs	6 FPSO Hubs
Resource Potential per FPSO	1.1 BBO / FPSO Hub	1.2 BBO / FPSO Hub
Production Potential	> 1.2 Million BOPD from the First 6	> 1 Million BOPD from 6 FPSO's
	FPSO's
Unit Development Cost	$7/bbl (Lisa Phase 1)	8.5 $/bbl
NPV10 Breakeven Oil Price	c. $25-35/bbl	c. $25/bbl

1. Hess Investor Presentation September 2023 and May 2024

Stabroek and Walton Morant maps

approx. same scale

Source: Google Maps

Source: Hess, 2023

Walton Morant Value Potential is Analogous to the Prolific Stabroek Block Offshore Guyana