Moray Firth (Blocks 13/30c & 14/26d) Samedi Oil Discovery

Tangram Energy Limited

Opportunity overview

P2359 (13/30c & 14/26d) 30th Round Innovate Licence (Tangram Energy Limited 100%) Upper Jurassic Oil Discoveries with standalone upside potential Buzzard analogue: stratigraphic pinch-out containing oil in Buzzard B2 sandstones Development concept to include appraisal well and subsea tieback to existing infrastructure

Samedi Discovery Summary Well 13/30-2 was drilled by Britoil in 1984 targeting the Piper Sandstone. The discovery within the Buzzard B2 unit was missed by the first core extraction. The key analogue for the Samedi discovery is the Buzzard Field which produces from both the B4 and B2 unit sandstones. Samedi’s trap is formed of an up dip pinch-out of the buzzard sandstones within a regional thinning of the entire Upper Jurassic towards the Grampian Arch. It’s evident through seismic that the reservoir sands are confined between Jurassic age faults which crosscut the basin in a WNW-ESE trend.

Overview P2359 is located within the Cromarty Sub-Basin in the Centre of the Moray Firth. The block sits within the core of both the Lower Cretaceous and Upper Jurassic fairway’s which are both produced locally within the Solitaire, Atlantic and Cromarty fields and Golden Eagle, Peregrine and Ross fields respectively. The Lower Jurassic sedimentary infill is dominated by the mass flow deposits of the Kimmeridge Clay Formation including the Burns, Ettrick and Buzzard Sandstones produced locally in the Golden Eagle Field, Thunderball Discovery and further south in the Buzzard and Ettrick Field’s.

ODT @ 2912m

P1

Up-dip pinch-out

13/30-2

13/30b-7

14/26a-9

13/30-3

Isopach map of B2 unit (TVDSS m)

Depth map of Base B2 (TVDSS m)

13/30-2

Seismic interpretation of Samedi Discovery (13/30-2)

Sediment pinchouts against the Grampian Arch

Data (RIGHT) redacted due to data confidentiality

Data (LEFT) provided by OGA and other

3rd party organisations on the NDR

Moray Firth (Blocks 13/30c & 14/26d) Samedi Oil Discovery

Tangram Energy Limited

Commercial & Technical

STOIIP (mmstb) P90 P50 P10 PMean Samedi (B2) Discovery 6.23 33.4 187 70 Snake (B4) Prospect 67.6 149 279 164 Blackjack (Sg) Discovery 1.25 6.99 20.0 9.01

Total 75.08 189.4 486 243

Tangram Energy Limited holds 100% of licence P2359. For further details contact: Martin Smith, Technical Director Email: martin.smith@tangram-energy.com Tel: +44 (0) 2031 676401

Schematic Depositional Model for Buzzard Sandstones

Samedi Discovery Well: 13/30-2 Core Yes DST Flow rate 89stb/d Water Saturation 25% API (°) 33 Oil Down To (ODT) Uncertain (2822-2912m) Oil Water Contact (OWC) Not seen

Petroleum System The Samedi discovery proves a working hydrocarbon system into the Buzzard sands within this area of the basin where multiple pinch-outs are visible in seismic. Petrophysics carried out on wells 13/30-2, 14/26b-5 & 14/26a-9 identify a trend of good quality thick B4 sands pinching out up against the Grampian Arch. Current & Future Work Tangram Energy has conducted seismic interpretation and depth conversion of newly purchased seismic, as well as petrophysical analysis for reservoir analysis of the Samedi Discovery up to date. Tangram is committed to reprocessing the seismic, as well as carrying out additional G&G studies. Tangram is looking to progress towards appraisal of the discovery once entering phase C of the licence. Export Routes P2359 is situated north of the Golden Eagle Field with the Samedi discovery located 12km north west of the Golden Eagle Platform.

Petrophysical analysis of 13/30-2