PESGB-SEAPEX Presentation IHS Markit

Context for the Opportunities in Asia Pacific Dylan Mair Antonio Dimabuyu

Agenda

Investors Activity Trends Costs Country Highlights Opportunities

Australia Bangladesh

4 Indonesia Malaysia New Zealand PNG Philippines Thailand 3 Vietnam

$B Buyers  PTT 2 Sellers  Shell OG NZOG XOM Interoil OMV Shell Medco 1 ENN Beach COP BP Woodside Hony Repsol Lattice XOM Benaris Santos Mitsui AWE -

Medco PNE Ophir global deals Woodside INPEX Chevron Santos Pertamina Neptune BHPP M&P Engie © 2018 IHS Markit. All Rights Reserved. 3 Source: IHS Companies & Transactions Basin masters maintain core positions Operator mastery based on contract count

Chevron Total Many other existing players adding acreage Sovico Added contracts from July 2016 to June 2018

Ophir KPC

PT Balmoral Gas PT Sugico Graha Cen Sumatra Kumul Gulf Petr. JX Krisenergy Santos Dondonald MOECO Osaka Gas PGN P3 Global Repsol

Murphy Origin Petrochina Chevron KOGAS Petronas Mitsui Petrochina Operators Total CNOOC Southern Sky Tokyo Gas Hydra Galilee ExxonMobil Senex Seymour NZOG Shell Energy World East West Beach Non-operators Chi O&G Tag Bounty Cooper Planet Gas

Southern Sky Pancontinental UIL Triangle Whitebark NZOG East West Tag Terra Tasmania Lakes Source: IHS EDIN © 2018 IHS Markit. All Rights Reserved. 5 APIC Many new country entrants and more in play More than 60 new country entrants in the last 24 months

Changcheng Group

Batavia Oil JX Group Karunia Utama Bismark Igiri PT Cogen Nusantara Petrolia Prime Natuna Geoforce Drilling PT GHJ Seram PT Aceh Timur Kawai PT SGT PT Hutama Wiranusa Platanus Begesin PT Petro Indo Mandiri Balang Zircon PNG Prime T&S Kapul Hardie Sandaun

Rouge Rock

Citic JX Group KC Resources Operators Eastern Gas Mapella Skye Alba NS Coal Scap Oaky Hardie Sinopec Macquarie Oaky Creek Tag Oil 3C Group Orient Energy Cyclone Non-operators Royal

3C Group Cyclone Royal

Aung Yadana 1 (2017) seismic begun 2018 Total’s comprehensive exploration program Farmed in 2017 non-operator Diverse offshore frontier & near-field portfolio

Since 2015 Took over from BHPB (op) 2015 Antelope appraised ShellTepat farmin1 (2018)2017 Antelope South 1 (2018) Relinquishing Tepat 1 (2018) Farmed in 2016 non-operator Awarded 2016 3D seismic Q1 2018 Awarded 2016 Sri Lanka awards 2016 Mailu 1 (2019)

2D seismic (2015)

Source: IHS GEPS, EDIN

113 180 120 █ 3D sq km █ 2D line km 160

100 ▬ # 3D surveys 140

79 ▬ # 2D surveys km sq 120 80 81 69 100  3D survey 60 63 80  2D survey 44 43

60 40 43 40 33 18 ; km line‘000s‘000s

20 21 20

8 0 0 2013 2014 2015 2016 2017 2018

Map shows surveys 2016-18

© 2018 IHS Markit. All Rights Reserved. 8 Source: IHS EDIN Saka Sinopec Jadestone Bridgeport Genting Acer CIMPCL OMV CNPC Greymouth YCPC AWE HLJOC BHPB Source: IHS EDIN CPOC Apache MP B5 Inpex 250 BAPEX Eni Conventional wildcat drilling recovering in 2017 Petrofac Hess Onshore JX 2017 wildcats still down 40% from 2013 ………Interoil 200 Shelf Buru Deep Water Lundin TS JPDA Operators drilling fifteen or moreKrisEnergy Taiwan Total PetroChina MTJDA ▬ Wildcats trend wildcats & appraisals 2013Medco-18 150 Bangladesh Sapura ▬ Appraisals trend Ophir Philippines Cheal COP Brunei Quadrant PNG ECO Orient 100 Murphy New Zealand Oil Search Myanmar Stuart Woodside Vietnam Pan Orient Malaysia Repsol CEPSA 50 Off.S.China Vietsovpetro Indonesia PVEP Mubadala Thailand Victoria Australia Shell Chevron 0 Pertamina Petronas Beach

PTTEP

Wildcats Wildcats Wildcats Wildcats Wildcats

Wildcats Santos

2018 discoveries off to a good start CNOOC leading 2013-2018 net discovered volumes

2 1 0 1.8 Bboe CNOOC Shell Petronas XOM Sapura 5 96 99 100 Pertamina Chevron 90 Oil Search Woodside 4 80 Bboe Genting PNG

70 PetroVietnam Quadrant Vietnam 3 60 Oil Mubadala Eni # Discoveries Condensate Malaysia 50 Santos 53 44 Total 39 Gas 2 40 Daewoo Offshore Beach Brunei S.China 30 Murphy Also PH, TW, Mitsubishi

TH, NZ, BD 20 1 Indonesia 15 Repsol PGN

10 Australia Myanmar INPEX AWE 0 0 PetroBANGLA © 2018 IHS Markit. All Rights Reserved. 10 Source: IHS EDIN 2013 2014 2015 2016 2017 2018 Videocon Ophir Premier MPRL JX Carnarvon COP BPCL Starborn Transcendent Idemitsu Chim Sao Desaru West 125 5550

- - 2006 2018 2002 2018 Appraisals Kasawari 1,0501000 Some highlights of EUR growth

- through appraisal drilling 2011 2018

Lengo 6250 P'nyang 1 Lofin 1ST1 800 - 400360 2008 2018 - 1990 2018 - 2012 2018

Kowhai Tidepole 1620 180

- - 2006 2018 2000 2018 Waitsia ▬ Gas 150 ▬ Oil and Gas ▬ Oil - 2014 2018 © 2018 IHS Markit. All Rights Reserved. 11 Source: IHS EDIN Offshore exploration spend half of historic highs Asia Pacific exploration drilling and well services spending flat into 2018

North America flat into 2018 Latin America 4% decrease into 2018 Europe 3% decrease into 2018 Asia Pacific flat into 2018 Africa 9% decrease into 2018 Middle East flat into 2018 7.0 Russia & Caspian 8% increase into 2018

6.0

5.0

4.0

3.0

2.0

1.0

0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source: IHS Markit Source: IHS Companies & Transactions © 2018 IHS Markit. All Rights Reserved. 12 Regional rig rates lowest in more than 10 years Have jackup rates bottomed out? Floater rates converge above cost

600,000 Semi-subs Aus/Asia DW Semi-subs Aus/Asia MW 500,000 Jackups Aus/NZ Jackups SE Asia 400,000

300,000

200,000

100,000

Sabah deepwater carbonate play opener

East Malaysia supply and capacity Shell

6 Malampaya- 6 Fields >500m WD Camago  Carbonates

5 5  Clastics PFLNG1 GTL 4 MLNG4

3 3

2 2 Total Tepat 1 ExxonMobil 1 1 3 DW blocks Sarawak to LNG

0 0 PFLNG2

© 2018 IHS Markit. All Rights Reserved. 14 Source: IHS Vantage, EDIN Source: IHS Vantage, EDIN Expiring 2018 Expiring 2019 Expiring 2020 Malacca Strait PSC Ext Expiring 2021 Rokan PSC Selat Panjang PSC Indonesia: new terms drive change ‘B’ Block PSC Ext Makassar Strait PSC Ext PSCs and JOAs re-awarded under gross- split terms impact liquids production first Kepala Burung PSC Ext Bentu PSC Salawati Kepala Burung JOA Lirik PSC South Jambi ‘B’ PSC Seram (Non-Bula) PSC Ext Jambi Merang JOA Bula Field PSC Ext Rajah JOA Brantas PSC

800 Indonesia liquid production from expiring contracts to 2040 700

600

500 IOC, local & JOC production 400

300 Production from expired contracts 200

100 Pertamina production -

Awarded and expired since 2010 Awarded since 2010

EPI Nobel Awarded 2012-17 20 2012-17 Expired Shell PTTEP 2015-17 2012-18 15 Geopetrol Statoil 2012-17 2015-18 10 MPRL Tap 2014-18 2015-18 5 Oil India Shell 2014-18 2015-17 0 Reliance PTTEP 2010 2011 2012 2013 2014 2015 2016 2017 2015-17 2013-16 Source: IHS EDIN © 2018 IHS Markit. All Rights Reserved. 16 Australia: many commitments are on hold SGH Energy WA-377-P Eni AC/P21 1 year ext. adds studies 100 contracts ended, 123 extended since 1 January 2017 18 mo. ext. to contract before well commitment & well commitment Quadrant WA-505-P Magellan NT/P82 Events of “December 2017” are labelled Relinquished w/out 18 month commitment suspension well commitment

Statoil WA-506-P Relinquished w/out well commitment Extension Ended Santos WA-323-P 6 mo. ext. to contract & study commitment Santos ATP 820-P Relinquished without completing commitments Macallum Group EP 494 Reduced seismic commitment Black Gold ATP 739-P Relinquished without completing commitments Pilot Energy EP 416 6 mo. commitment suspension Advent PEP 11 2.5 year extension to contract and Murphy EPP 43 1 well plus seismic commitments 2 year ext. to contract, 1 well & seismic commitments; adds new study commitments BP EPP 37 & EPP 38 Cancelled for not drilling © 2018 IHS Markit. All Rights Reserved. 17 commitment wells Source: IHS GEPS, EDIN Woodside Ophir * Woodside Eni Pliocene turbidites Miocene carbonates Proven explorers target high impact wells Local explorers holding further potential Berlanga Eni Miocene Limestone Jurassic clastics Pliocene clastics Total Oil Search Miocene carbonate

Larus *† Jurassic sands Eocene/Miocene carbonates Finder † Permian carbonates

† Cue Quadrant Cue † Total Triassic clastics Eocene/Miocene carbonates Woodside * Drill date not confirmed Triassic clastics † Farm-in opportunity

NZOG *† Cretaceous draped clastics

“High impact”: Prospective for 100+ MMboe or a play opener Source: IHS GEPS © 2018 IHS Markit. All Rights Reserved. 18 Bid rounds are one source of opportunity Open & nomination blocks, farm-ins, direct negotiation... 2018 2019 2020 Western Australia 2017 (5) Australia 2017 Federal (1) Australia 2017 Federal (9) Queensland 2018 (10) Victoria 2018 Offshore (5) Australia 2018 1st Tranche (9) Australia 2018 Cash Bid (5) Australia 2018 2nd Tranche (7) Australia 2019 Nominations Australia 2017 2x (7) Queensland next 3 rounds (11,11,7) Indonesia Conv 2018 (Regular) China 2018 Offshore Round N.Z. 2018 Onshore Offer Bangladesh 5th Round * Thailand Bongkot & Erawan Thailand 21st Bid Round* Philippines PCECP Regular Blocks * Philippines PCECP Nomination Vietnam Open Block Promotion Proposed / Upcoming Malaysia Open Blocks Ongoing * To be confirmed Open blocks (Vietnam, Malaysia) License round awards since 1 July 2016 Source: IHS GEPS, EDIN © 2018 IHS Markit. All Rights Reserved. 19 19 June 2018 Session 2

Slide 20

Session 5

1. Context Session 7 Session 6 2. Myanmar 3. Papua New Guinea 4. Indonesia 5. South China Sea 6. Cambodia and regional Session 4 7. Northwest Borneo Session 8 Session 3 8. Australia & Timor Leste Farm out and opportunity talks

Posters

Thank You! Myanmar: A Global Exploration Hotspot Unleashing the Petroleum Systems Potential

13-15 November, Yangon, Myanmar

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