Advancing on multiple fronts in SE Asia

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Joel Clifford Waters
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1 Adancing on multiple fronts in SE Asia Exploring for hydrocarbons where they are known to occur SEAAOC - September 19 th 212

2 Disclaimer Compliance This presentation has been prepared by MEO Australia imited for professional and sophisticated inestors. The information contained in this presentation is for information purposes only and does not constitute an offer to issue or arrange to issue securities or other financial products. The information contained within this presentation is not inestment or financial product adice and is not intended to be used as the basis for making an inestment decision. The presentation has been prepared without taking into account the inestment objecties financial situation or particular needs of any particular person. No representation or warranty express or implied is made as to the fairness accuracy completeness or correctness of the information opinions and conclusions contained in this presentation. To the maximum extent permitted by law none of MEO Australia imited its directors employees or agents nor any other person accepts liability including without limitation any liability arising out of fault or negligence for any loss arising from the use of the information contained in this presentation. In particular no representation or warranty express or implied is gien as to the accuracy completeness or correctness likelihood of achieement or reasonableness of any forecasts prospects or returns contained in this presentation nor is any obligation assumed to update such information. Such forecasts prospects or returns are by their nature subject to significant uncertainties and contingencies. Before making an inestment decision you should consider with or without the assistance of a financial adisor whether an inestment is appropriate in light of your particular inestment needs objecties and financial circumstances. Past performance is no guarantee of future performance. The distribution of this document in jurisdictions outside Australia may be restricted by law. Any recipient of this document outside Australia must seek adice on and obsere any such restriction. Petroleum exploration relies on the interpretation of complex and uncertain data and information which cannot be relied upon to lead to a successful outcome in any particular case. Petroleum exploration is inherently uncertain and inoles significant risk of failure. All information regarding prospectie resource estimates and other information in relation to MEO Australia imited s assets is gien in light of this caution. 2 MEO Australia imited

3 Rewind to the 197 s A different time with different technology... HP 3 computer (12kb) Dial telephone Rig floor Chief Geoscientist s car Sedco 135 Fashion 2D seismic line 3 MEO Australia imited

4 Northern Australia - Timor Sea A focal point of 197 s exploration effort Indonesia Sahul Platform Timor Sea Ashmore Platform Bonaparte Basin Darwin Browse Basin ondonderry High Australia 1 Petrel Sub-basin 4 MEO Australia imited

5 Drilling campaign was ery successful technically Yielding many gas discoeries while searching for oil. - SUNRISE-1 - TROUBADOUR-1 Sunrise-1 (1975) Diamond Ocean Digger Troubadour-1 (1974) Atwood Big John Petrel-1 (1969) Sedco 135 (Petrel ) Darwin Scott Reef-1 (1971) Glomar Tasman Frigate-1 (197) Southern Cross FRIGATE-1 TERN-1 - PETRE-1 SCOTT REEF-1 BRECKNOCK-1 Brecknock-1 (1979) Sedco Tern-1 (1971) Zapata Naigator 5 MEO Australia imited

6 But not commercially... the market wasn t ready yet for gas - SUNRISE-1 - TROUBADOUR-1 Sunrise-1 (1975) Diamond Ocean Digger Troubadour-1 (1974) Atwood Big John Petrel-1 (1969) Sedco 135 (Petrel ) Darwin Scott Reef-1 (1971) Glomar Tasman Frigate-1 (197) Southern Cross FRIGATE-1 TERN-1 - PETRE-1 BRECKNOCK TOROSA Brecknock-1 (1979) Sedco Tern-1 (1971) Zapata Naigator 6 MEO Australia imited

7 Some results didn t quite make the cut But deliered technical intrigue... GREATER SUNRISE YNEDOCH-1 Heron-1 (1971) Zapata Naigator HERON-1 FAMINGO-1 ynedoch-1 (1973) Sedco 445 Darwin Brewster-1 (19) Regional Endeaour Flamingo-1 (1971) Sedco 135 FRIGATE TERN PETRE TOROSA BREWSTER-1 BRECKNOCK 1 7 MEO Australia imited

8 Which when subsequently followed up.... rewarded those that inestigated further GREATER SUNRISE BAROSSA Heron-1 (1971) Zapata Naigator HERON BAYU-UNDAN ynedoch-1 (1973) Sedco 445 Darwin Brewster-1 (19) Regional Endeaour Flamingo-1 (1971) Sedco 135 FRIGATE TERN PETRE TOROSA ICHTHYS BRECKNOCK 1 MEO Australia imited

The initial discoeries remain undeeloped By 212 only Bayu-Undan (1995) and Blacktip (21) were deeloped ABADI Joint Petroleum Deelopment Area BAYU-UNDAN GREATER SUNRISE EVANS SHOA HERON-1 CADITA

9 The initial discoeries remain undeeloped By 212 only Bayu-Undan (1995) and Blacktip (21) were deeloped ABADI Joint Petroleum Deelopment Area BAYU-UNDAN GREATER SUNRISE EVANS SHOA HERON-1 CADITA BAROSSA Bayu-Undan (ConocoPhillips) Production 24 Bayu-Undan (ConocoPhillips) NG Production Feb 26 Darwin PETRE FRIGATE TERN BRECKNOCK CAIANCE TOROSA CONCERTO PREUDE ICHTHYS BURNSIDE 1 BACKTIP (Discoered 21) Blacktip (Eni) 9 MEO Australia imited

10 Howeer the age of gas is now truly upon us With nearly all resources now ear-marked for deelopment. ABADI Abadi (INPEX) Joint Petroleum Deelopment Area BAYU-UNDAN GREATER SUNRISE EVANS SHOA BACKWOOD HERON CADITA BAROSSA Prelude (Shell) Bayu-Undan (ConocoPhillips) Production 24 Greater Sunrise (Woodside) Bayu-Undan (ConocoPhillips) NG Production Feb 26 Darwin PETRE Browse (Woodside) CRUX Crux (Shell) FRIGATE TERN POSEIDON CONCERTO TOROSA PREUDE ICHTHYS BACKTIP BRECKNOCK CAIANCE BURNSIDE Ichthys (INPEX) 1 Bonaparte FNG (GDF Suez) Blacktip (Eni) Ichthys (INPEX) 1 MEO Australia imited

Een the more challenged gas resources Hae

capital US$25m * 5% Eni Farm-in May 211 US$35m *

5% SK E&S Farm-in June 212 Notes Eni farmed in

Eni acquired 4% of Eans Shoal - see Eni press

49.5% interest - see Santos press release of 7

11 Een the more challenged gas resources Hae attracted oer US$1 billion in pledged inestment capital US$25m * 5% Eni Farm-in May 211 US$35m * 4% Eni Acquisition Noember 211 US$52m * 49.5% SK E&S Farm-in June 212 Notes Eni farmed in for 5% of NT/P6 see MEO ASX release 14 May 211 Eni acquired 4% of Eans Shoal - see Eni press release of 29 No 211 SK E&S farmed in for up to 49.5% interest - see Santos press release of 7 June 212 * assumes all options exercised 11 MEO Australia imited

12 Marina-1 (27) discoered gas in 5 zones and was considered a sub-commercial gas discoery. ABADI ZONE 1 ZONE 2 ZONE 3 ZONE 4 Joint Petroleum Deelopment Area BAYU-UNDAN GREATER SUNRISE EVANS SHOA BACKWOOD EAST BACKWOOD N T / P 6 HERON HERON SOUTH BAROSSA CADITA ZONE 5 Marina gas and oil discoery Darwin CRUX FRIGATE PETRE TERN BRECKNOCK CAIANCE TOROSA CONCERTO PREUDE ICHTHYS BURNSIDE W A P BREAKWATER MARINA BACKTIP 1 12 MEO Australia imited

13 arina-1 Well MDT Pressure Data Interpretation (Zone 1 Gas Cap and Oil eg - P5 Case) With suggestions Pressure of (psia) a 23m oil column in Zone And possible oil in two other zones raising prospects for commercial oil Oil Gradient=1.162psi/m Gas Gradient=.267psi/m ABADI Zone 1 Top 134.7m TVDSS GREATER SUNRISE BAROSSA GOC=142m TVDSS Probable 23m oil column Joint Petroleum Deelopment Area BAYU-UNDAN EVANS SHOA BACKWOOD EAST BACKWOOD N T / P 6 HERON HERON SOUTH CADITA OWC=165m TVDSS Marina gas and oil discoery Water Gradient=1.514psi/m e 1 Top 134.7m TVDSS Points Darwin ter Points s Points Points (Zone 1) Gas ine (CGR=3bbl/MMscf) Oil ine Water ine C=142m TVDSS C=165m TVDSS TOROSA 32 Bcf gas* CONCERTO PREUDE ICHTHYS BURNSIDE BRECKNOCK CAIANCE 29.5 MMstb liquids* CRUX PETRE FRIGATE TERN W A P BREAKWATER MARINA BACKTIP 1 * 3C contingent resource 13 MEO Australia imited

If oil also present at nearby Breakwater prospect Would host a ery significant oil and gas

SUNRISE ABADI BAROSSA SAT Joint Petroleum Deelopment Area BAYU-UNDAN EVANS SHOA BACKWOOD EAST

Darwin CRUX FRIGATE PETRE TERN CONCERTO PREUDE ICHTHYS TOROSA 2.

14 If oil also present at nearby Breakwater prospect Would host a ery significant oil and gas resource Breakwater South East compartment (Floyd 3D) amplitude conforms with structure GREATER SUNRISE ABADI BAROSSA SAT Joint Petroleum Deelopment Area BAYU-UNDAN EVANS SHOA BACKWOOD EAST BACKWOOD N T / P 6 HERON HERON SOUTH CADITA Potential for deeper plays Breakwater prospect Darwin CRUX FRIGATE PETRE TERN CONCERTO PREUDE ICHTHYS TOROSA 2.4 Tcf gas BURNSIDE BRECKNOCK 276 MMstb CAIANCE liquids* W A P BREAKWATER MARINA BACKTIP 1 * P1 prospectie resource 14 MEO Australia imited

15 Vulcan sub-basin preiously explored for oil Poor seismic image quality and few deep wells ABADI Joint Petroleum Deelopment Area BAYU-UNDAN GREATER SUNRISE EVANS SHOA BACKWOOD EAST BACKWOOD N T / P 6 HERON HERON SOUTH BAROSSA CADITA A C / P 5 3 A C / P 5 Darwin CRUX A C / P 5 1 FRIGATE PETRE TERN POSEIDON CONCERTO W A P BREAKWATER TOROSA PREUDE ICHTHYS MARINA BACKTIP BRECKNOCK CAIANCE BURNSIDE 1 15 MEO Australia imited

Yielding seeral oil discoeries in the 19 s With limited follow up

Challis Venture Oil FPSO (199) Jabiru Venture Oil FPSO (196) Joint

BACKWOOD N T / P 6 HERON HERON SOUTH CADITA Puffin Oil FPSO (27) A

POSEIDON CONCERTO W A 4 5 4 P BREAKWATER TOROSA PREUDE ICHTHYS

16 Yielding seeral oil discoeries in the 19 s With limited follow up success causing interest to fade ABADI GREATER SUNRISE BAROSSA Challis Venture Oil FPSO (199) Jabiru Venture Oil FPSO (196) Joint Petroleum Deelopment Area BAYU-UNDAN EVANS SHOA BACKWOOD EAST BACKWOOD N T / P 6 HERON HERON SOUTH CADITA Puffin Oil FPSO (27) A C / P 5 3 A C / P 5 Darwin CRUX A C / P 5 1 FRIGATE PETRE TERN POSEIDON CONCERTO W A P BREAKWATER TOROSA PREUDE ICHTHYS MARINA BACKTIP Skua BRECKNOCK Oil FPSO (1991) CAIANCE BURNSIDE 1 16 MEO Australia imited

But recent liquids rich gas discoeries (Crux Cash) and improements in seismic image quality hae rekindled

GREATER SUNRISE HERON SOUTH ABADI Top ultimate seal BAROSSA Possible flat spot?

17 But recent liquids rich gas discoeries (Crux Cash) and improements in seismic image quality hae rekindled interest Joint Petroleum Deelopment BAYU-UNDAN Area AC/P5 ead A Top reseroir or seal? GREATER SUNRISE HERON SOUTH ABADI Top ultimate seal BAROSSA Possible flat spot? B EVANS SHOA BACKWOOD EAST BACKWOOD CADITA Potential closure N T / P 6 HERON height 25-3m Candidate sag due to oerlying hydrocarbon? Crux (Shell) A C / P 5 3 A C / P 5 A Darwin CRUX A C / P 5 1 FRIGATE PETRE TERN POSEIDON CONCERTO W A P BREAKWATER TOROSA PREUDE ICHTHYS MARINA BACKTIP BRECKNOCK CAIANCE BURNSIDE Montara Oil Deelopment (212) 1 17 MEO Australia imited

analogues to proen basins Bangkok G 2 / 4

- 15 KBD Arun NG Plant (1977) Originally

Proposed conersion to import terminal S E

18 Our moe into Indonesia & the Gulf of Thailand Has targeted proen basins and analogues to proen basins Bangkok G 2 / 4 Manora (Mubadala) Oil deelopment underway - 15 KBD Arun NG Plant (1977) Originally 5 trains 1 Mta 2 trains operating Proposed conersion to import terminal S E R U W A Y P S C Jasmine (Mubadala) Oil field 4 MMstb cumulatie Production Bontang NG Plant (1977) trains 24.6 Mta capacity Operating below full capacity Singapore Jakarta S O U T H M A D U R A P S C 1 MEO Australia imited

19 19 MEO Australia imited 5 S E R U W A Y P S C North Sumatra Indonesia - proen prospectiity Featuring many wells drilled pre ' '. &. M. ' ) - ' ) ) ) - &. O ) P & O ~ ~ " - ' ) - ). " &. & " Sumatra

.. Underpinned significant infrastructure including NG export facilities

20 2 MEO Australia imited 5 S E R U W A Y P S C Deelopment of significant gas discoeries... Underpinned significant infrastructure including NG export facilities ' '. &. M. ' ) - ' ) ) ) - &. O ) P & O ~ ~ " - ' ) - ). " &. & " NSO Arun NSO A Platform Arun NG plant (1977) Fertiliser plant Sumatra

21 Gas and oil discoered at Gurame in 196 A-1 blew out subsequent wells failed to flow? Gurame SE-1X testing crest 5 Bcf gas* 57 MMstb liquids* NSO Gurame SE-1X (proposed) A (proj.) A (proj.) G-1X 2 (proj.) A-1 Oil/Gas blowout (196) Arun S E R U W A Y P S C GURAME 53m oil Gurame SE-1X (proposed) 26m oil fold hinge Sumatra blue plane = lowest known oil Oil recoered in FIT 5 * Mean prospectie resource 21 MEO Australia imited

22 Seeral wells on Ibu Horst encountered gas & liquids 212 Ibu Horst 3D (71 km 2 ) designed to quantify resource potential NSO-2N (1975) Recoered ~23.75 ft 3 gas Ibu Horst NSO ONS B-1(1969) Tested ~14 MMCFD + 6 BCPD No Gas/Water contact identified S E R U W A Y P S C Arun S E R U W A Y P S C GURAME SAEM-1 (193) Tested ~19 MMCFD + 3 BCPD (~47% CO 2 ) No Gas/Water contact identified ONS B-2 (1969) Off structure on 2D Sumatra 5 22 MEO Australia imited

23 Gulf of Thailand a prolific oil and gas proince Many wells drilled pre G 2 / 4 & 1 23 MEO Australia imited

24 G2/4 along strike from productie trend With recent nearby oil discoeries extending the preious known oil fairway Manora (Mubadala) Oil deelopment underway - 15 KBD & G 2 / 4 Jasmine (Mubadala) Oil field 4 MMstb cumulatie Production Benchamas Oi and Gas (Cheron) 3 Tcf gas 35 MMstb oil Pailin Gas field (Unocal) 2 Tcf 166MMscfd 1 24 MEO Australia imited

New 3D seismic coers Rayong sub-basin Sainampueng-1 testing 1 27 MMstb* target with significant

Sainampueng-1 Krissana A A Sainampueng Western Basin Kra Basin Rayong Basin & GUF OF THAIAND

Chumpon Basin 23 prospects and leads 1+ MMstb mean resource potential* Malay Basin 1 ower

25 New 3D seismic coers Rayong sub-basin Sainampueng-1 testing 1 27 MMstb* target with significant follow-up Concession Boundary Pudnabad Sainampueng NW B Prospect Strong ead ead Hua Hin Basin Sainampueng-1 Krissana A A Sainampueng Western Basin Kra Basin Rayong Basin & GUF OF THAIAND Patani Basin G 2 / 4 A Pikul Pudsorn Kalong A Krongthong Sainampueng-1 Krathin location B Chumpon Basin 23 prospects and leads 1+ MMstb mean resource potential* Malay Basin 1 ower Miocene Kosum A Prospectie Interal Malulee Basement * Prospectie recoerable resource (unrisked) 25 MEO Australia imited

Adancing on multiple fronts in SE Asia Exploring for hydrocarbons where they are known to occur Gulf of Thailand Arun NG North Sumatra East Jaa Bonaparte Basin Ashmore

26 Adancing on multiple fronts in SE Asia Exploring for hydrocarbons where they are known to occur Gulf of Thailand Arun NG North Sumatra East Jaa Bonaparte Basin Ashmore Cartier Bonaparte Gulf Tassie Shoal NG & Methanol Darwin NG Exploration Appraisal Proposed Projects 3 rd Party NG Carnaron Basin North West Shelf & Pluto NG 26 MEO Australia imited

27 Fast forward to 212 Technology has come a long way in 4 years but fashion remains enigmatic Modern Rig Floor Chief Geoscientist s car Fashion Modern Seismic Vessel Modern Rig 27 MEO Australia imited

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Euro Pacific Capital Global Investment Conference 0 kilometers ARUN 25.00 NSO J S E R U W A Y P S C GURAME LEMURU TERIPANG SALEM S A KUALA LANGSA L E M GOS GLAGAH MYANMAR BANGKOK BUALUANG MANORA JASMINE THAILAND G 2 / 4 8 CAMBODIA PHNOM PENH 0 100.0 kilometers