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April 2019 www.sundagas.com
Large, low risk oil and gas opportunity in the heart of Asian energy markets:
Hui Marah Prospect
Telen PSC, Indonesia
Andy Butler, CEO
2
Disclaimer
These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation forany offer to buy or subscribe for any securities in the SundaGas Pte Ltd or its affiliates (the “Company”) nor shall they or anypart 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 inan investment activity. Neither the Company nor its directors makes any representation or warranty in respect of the contents ofthe Presentation Materials.
The information contained in the Presentation Materials is subject to amendment, revision and updating in any way withoutnotice or liability to any party. The presentation materials contain forward-looking statements which involve risk anduncertainties and actual results and developments may differ materially from those expressed or implied by these statementsdepending on a variety of factors. All opinions expressed in these Presentation Materials are those solely of the Company unlessotherwise stated. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of theinformation or opinions contained herein, which have not been independently verified. The delivery of these PresentationMaterials shall not at any time or in any circumstance create any implication that there has been no adverse change, or anyevent reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the Company since the date ofthese 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 as providedfor in the relevant Confidentiality Agreement) or published, in whole or in part, for any purpose whatsoever. The PresentationMaterials may not be used for the purpose of an offer or solicitation to subscribe for securities by anyone in any jurisdiction.
Notice with respect to multi-client seismic data displays in this presentationWhere indicated, seismic displays are derived from data that are owned or controlled by and are an intellectual property right ofWesternGeco Seismic Holdings Ltd (“WesternGeco”) and are protected by international copyrights. The use of these data isrestricted to the Company through its valid use licence from WesternGeco and is subject to the confidentiality terms of thatlicence. The data shall not be disclosed or transferred except as expressly authorised in the licence. Any unauthoriseddisclosure, use, reproduction, reprocessing interpretation or transfer of this data is strictly prohibited.
3
Telen PSC : Location in Prolific Mahakam Region
▪ 100% operated PSC, acquired from TOTAL (2018)
▪ Adjacent to multiple oil and gas fields and 20km from pipelines to under-utilised Bontang LNG
▪ Low risk Hiu Marah prospect identified by SundaGas as low cost drilling opportunity
▪ West Seno field near Hiu Marah has export pipelines with ullage and processing capacity
Map Source: Petroleum Economist
HIUMARAHBontang
Hiu Aman
4Displayed seismic derived from data licenced from WesternGeco - please refer to disclaimer on page 2
Telen PSC: Hiu Marah Prospect Summary
N S W E
Example Composite depth Map Example Max Trough Amp – 100m window ▪ SundaGas holds 100% interest in Telen PSC
▪ Hiu Marah is a high impact / low oil and gas risk prospect that is strongly DHI supported with high porosity turbidite sands
▪ Prospective resources of 128 MMbo and 218 Bcf (Pmean)
▪ 1,600m water depth, but top reservoir <1,000m below mud line
▪ Well cost estimated at US$ 15 MM, well planned for H2 2020
▪ Prospect lies only ~20km from infrastructure
▪ Additional running room in adjacent open acreage
5
Hiu Marah Depositional Setting
ShelfIntra-slope mini-basin(modern equivalent of
Hiu Marah sands)
Basin floorWest Seno Field
Hiu Aman Discovery
Hiu Marah Prospect
Channel Leveesand Fans
‘Area II’ Setting
Fan lobes
6Diagrams from Redhead et al., 2000
West Seno Field – Subsurface Summary
▪ Well log of West Seno-4 reservoir section
▪ Extensively cored & tested: 112m net oil, 35m net gas
▪ Tested combined total of 19,350 BOPD + 18.5 MMcfd
▪ Upper to mid slope, channelised, complex and discontinuous reservoir sands
▪ Greater continuity prognosed at Hiu Marah
7
Reservoir Horizon Mapping Example
Max trough amplitude
+-20m
Horizon instantaneous
amplitude
Amplitude anomalies
closely conformable to structure
Amplitude anomalies
terminate at faults
8
Example Reservoir – Max Trough Amplitude +-20m
Amplitude cut-offs at faults and structural depths
9
Example Reservoir AVO - (Far-Near) x Far
Amplitude cut-offs at faults and structural depths
10
Notional Development Scenarios
▪ Notional development scenario work by Genesis
▪ Subsea development tied back to West Seno or
▪ Floating production and processing unit, including gas management and compression
▪ Oil export via West Seno pipeline or shuttle tanker
▪ Gas export via West Seno pipeline (20 km) to under-utilised Bontang LNG or domestic markets
BontangLNG
HIUMARAH
Hiu Aman
Map Source: Petroleum Economist
Santan
SundaGas ADEPT Build 0028
Date : 28/2/2019
Base Date: 2Q 2018
Currency USD
Oil bopd 35000
Gas MMscfd 60
Produced water bwpd 20000
Gas Lift MMscfd 20
Topsides Tonnes 4,129
Substructure Tonnes 22,115
Subsea Tonnes 482
FPSO Topsides (2) USD Millions 20
FPSO Hull (3, 4) USD Millions 83
Subsea USD Millions 340
Pipelines (& Risers) USD Millions 150
Mob/Demob (5) USD Millions 13
TOTAL CAPEX USD Millions 605
KEY MESSAGES CAPEX USD Millions 605
DECOMEX USD Millions 122
Topsides 3% (1) FPSO leased option. Annual OPEX USD Millions 53
Substructure 14% (2) COMPANY PMT cost. Annual FPSO Leased Rate USD Millions 74
Subsea 56% (3) Mooring system procurement & FPSO installation cost.
Pipelines 25% (4) Inclusive of mob/demob cost of installation vessels.
Mob/Demob 2% (5) For pipelines and subsea installation vessels.
Total 605 (6) Tie-in cost to West Seno FPU is excluded.
Maximum Design Rates
Weight Breakdown
CAPEX Breakdown
Costs
Telen PSC Visualisation Study - Option 1b (Leased FPSO)
J46621A
Geographical Area
INDONESIA - Internal Seas
Economic Parameters
3%
14%
56%
25%
2% Topsides
Substructure
Subsea
Pipelines
Mob/Demob
SundaGas ADEPT Build 0028
Date : 1/3/2019
Base Date: 2Q 2018
Currency USD
Oil bopd 35000
Gas MMscfd 60
Produced water bwpd 20000
Gas Lift MMscfd 20
Topsides Tonnes 6,540
Substructure Tonnes 5,915
Subsea Tonnes 582
Pipelines (& Risers) Tonnes -
Subsea USD Millions 402
Pipelines (& Risers) USD Millions 140
Mob/Demob (1) USD Millions 20
TOTAL CAPEX USD Millions 562
KEY MESSAGES CAPEX USD Millions 562
DECOMEX USD Millions 97
Topsides 0% (1) Pipelines and subsea installation vessels. Annual OPEX USD Millions 18
Substructure 0% (2) Tie-in cost to West Seno FPU is excluded.
Subsea 72%
Pipelines 25%
Mob/Demob 4%
Total 562
Maximum Design Rates
Weight Breakdown
CAPEX Breakdown
Costs
Telen PSC Visualisation Study - Option 2
J46621A
Geographical Area
INDONESIA - Internal Seas
Economic Parameters
72%
25%
4%
Subsea
Pipelines
Mob/Demob
SundaGas ADEPT Build 0028
Date : 1/3/2019
Base Date: 2Q 2018
Currency USD
Oil bopd 35000
Gas MMscfd 60
Produced water bwpd 20000
Gas Lift MMscfd 20
Topsides Tonnes 6,540
Substructure Tonnes 5,915
Subsea Tonnes 582
Pipelines (& Risers) Tonnes -
Subsea USD Millions 402
Pipelines (& Risers) USD Millions 140
Mob/Demob (1) USD Millions 20
TOTAL CAPEX USD Millions 562
KEY MESSAGES CAPEX USD Millions 562
DECOMEX USD Millions 97
Topsides 0% (1) Pipelines and subsea installation vessels. Annual OPEX USD Millions 18
Substructure 0% (2) Tie-in cost to West Seno FPU is excluded.
Subsea 72%
Pipelines 25%
Mob/Demob 4%
Total 562
Maximum Design Rates
Weight Breakdown
CAPEX Breakdown
Costs
Telen PSC Visualisation Study - Option 2
J46621A
Geographical Area
INDONESIA - Internal Seas
Economic Parameters
72%
25%
4%
Subsea
Pipelines
Mob/Demob
SundaGas ADEPT Build 0028
Date : 1/3/2019
Base Date: 2Q 2018
Currency USD
Oil bopd 35000
Gas MMscfd 60
Produced water bwpd 20000
Gas Lift MMscfd 20
Topsides Tonnes 6,540
Substructure Tonnes 5,915
Subsea Tonnes 582
Pipelines (& Risers) Tonnes -
Subsea USD Millions 402
Pipelines (& Risers) USD Millions 140
Mob/Demob (1) USD Millions 20
TOTAL CAPEX USD Millions 562
KEY MESSAGES CAPEX USD Millions 562
DECOMEX USD Millions 97
Topsides 0% (1) Pipelines and subsea installation vessels. Annual OPEX USD Millions 18
Substructure 0% (2) Tie-in cost to West Seno FPU is excluded.
Subsea 72%
Pipelines 25%
Mob/Demob 4%
Total 562
Maximum Design Rates
Weight Breakdown
CAPEX Breakdown
Costs
Telen PSC Visualisation Study - Option 2
J46621A
Geographical Area
INDONESIA - Internal Seas
Economic Parameters
72%
25%
4%
Subsea
Pipelines
Mob/Demob