Production Sharing Contract (PSC) Overview November 2019

1 Forward-Looking Statements Certain statements in this presentation may constitute “forward-looking information” (“forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “estimate”, “potential”, “could”, “ongoing”, “prospective”, “expected” and similar words suggesting future outcomes. Readers are cautioned that, by their nature, forward-looking statements are based on current expectations regarding future events that involve a number of assumptions, known and unknown risks, and uncertainties. Actual results, performance or achievements of the Company, or the industry, may vary materially from what is expressed or implied by such forward-looking statements. Therefore, readers should not place undue reliance on forward-looking statements. Readers are also cautioned that potential production rates may not be indicative of long-term performance or of ultimate recovery. The Company will update its assumptions to reflect new events or circumstances when it is required, by law, to do so. The forward-looking statements in this presentation are based on management’s current expectations and assumptions that involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to: (1) risks associated with obtaining, maintaining and the timing of receipt of regulatory approvals, permits, and licenses; (2) uncertainties related to financing of the Company’s exploration activities and continued operations through access to capital markets; (3) the risk of volatile global economic conditions; (4) continued political stability; (5) continued support from the local communities, (6) operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; (7) the uncertainty of resource estimates, geological interpretations, estimates and projections in relation to production, costs and expenses, and health, safety and environmental risks; (8) the continued ability to obtain qualified staff and equipment in a timely and cost efficient manner; (9) the risk of commodity price and foreign exchange rate fluctuations; and (10) risks associated with the implementation of new technology. 2 • In October 2019, Sonoro Energy Ltd. and its subsidiary Zamatra Bakau Straits Ltd., along with partner PT Global Energi, executed the Selat Panjang Production Sharing Contract (PSC) with ’s Ministry of Energy and Natural Resources (ESDM).

• The Selat Panjang PSC spans 940 square kilometers and lies within a prolific hydrocarbon basin in the province of Central Sumatra.

• The PSC has produced hydrocarbons since the early ’90s. The field was not producing at this time.

3 • The Selat Panjang PSC has a 20-year term with a five-year work program commitment of US$74 million and a signature bonus of US$5 million.

• The PSC is structured with variable incentives that make the gross split terms and conditions very attractive for the Sonoro Energy consortium.

• Sonoro holds a 25% interest in the PSC with an option to acquire an additional 24% after completion of project milestones. Sonoro will provide services as operator of the project. 4 The Central Sumatra Basin generates over 45% of Indonesia’s oil production today.

Sumatran Light Crude (SLC) is exceptionally good quality crude, with >46 degrees API gravity.

In addition to exploiting existing fields, Sonoro Energy and its partners will carry out exploration programs to bring identified prospects for drilling. 5 • Since the 1940s, the Riau province has produced more than 14 billion barrels of oil • 7 exploration wells and 15 development wells have been drilled in Selat Panjang Block between 1975 and 2014 • Commerciality of four fields have been granted by the Indonesian government: Selat Panjang (1993), Bakau (2005), Rawa Minyak (2010) and Pematang/BSR (2014) • Production facilities, total tank storage of 5,600 bbls and a dedicated jetty are available, with some rehabilitation work • 9 production wells have been temporarily shut-in, and will require well services or workovers to re-activate production from the Sihapas formation • Sonoro Energy, subsidiary and partner plan to re-activate and exploit existing fields, following infrastructure rehabilitation • Sonoro Energy, subsidiary and partner also plan to mature several drillable prospects to discover additional substantial reserves 6 7 8 • Commercially discovered in 2005 • Six development wells drilled between 2005 and 2014 to produce hydrocarbons from Sihapas Formation. • Production peaked at approximately 680 BOPD before being shut-in in 2016 • Infrastructure includes storage tanks with 1,830-bbl storage capacity • Dedicated jetty accommodating a 5,000-bbl oil barge for transportation to refinery

9 10 • First drilled in 1998 • Drill stem tests in 2009 suggested 300-420 BOPD and 7+ MMcf/d of gas from Pematang Fm. • Gathering station with 1,400-bbl storage tank capacity • Has never reached commercial production due to previous operator’s financial difficulties • However, Indonesian government approved the field’s commerciality in 2014 under the Pematang Field’s Plan of Development (POD) 11 12 • Commercially developed in 1993 • Initial production of 550+ BOPD in the mid-1990s from Sihapas Fm. • Drill stem tests in 2004 suggested 200 BOPD in upper Pematang reservoir and 8 MMcf/d of gas in middle Pematang • Infrastructure includes camp and production facility, with storage tank capacity of 2,360 bbls

13 ▪ One of the world’s fastest-developing economies ▪ Demand for energy is outstripping supply ▪ Oil and gas fiscal regime is very well established ▪ Proven and mature oil and gas basins ▪ Indonesian government is seeking to attract more investment into energy in the face of declining oil and gas production ▪ Large pool of professionals and skills to draw upon in our oil and gas industry ▪ Sonoro has an experienced team with a track record in Indonesia and the region 14 Chris Atkinson (Chairman and Interim CEO) • Geologist, 30 years international: Shell, ARCO, V.P. ARCO Europe/N. Africa • Major successes in China, New Zealand, Indonesia and the United Kingdom • Track record of building and financing start-up exploration and production ventures • SE Asia, the UK, Canada and the Caribbean.

Dean Callaway (Director and Chief Financial Officer) • Chartered Professional Accountant, more than 23 years in the energy industry • CFO for private and public companies for more than a decade with experience in Indonesia, the Philippines, , France, Namibia, Niger and the United States • Previous Head of Mergers and Acquisition for Terasen Pipeline • Corporate finance and international business development experience at Enbridge and TransAlta

Richard Wadsworth (Director) • Engineer, 25+ years international: Premier, Anglo-Albanian, Koch, Syncrude and Esso • Co-founder, president and COO of Bankers Petroleum; increased production to 7,000 BOPD; 2P reserves of 100+ MMbbl • While at Anglo-Albanian, drilled first 20 wells in Albania in more than 20 years

David Winter (Director) • Geologist, over 30 years International Oil: Horizon Petroleum, CalValley, AEC, Cdn Oxy, Sun Oil, BP • Europe, SE Asia, N. America, S. America, Africa; CEO and President of Horizon Petroleum Ltd. • Founder of Canacol Energy; formerly with Cdn Occidental in Indonesia

Bill Marpe (GM, Jakarta, Director) • Lawyer (TX), 35 years international: Union Texas Petroleum, Transworld Oil Ltd. • President of three Production Sharing Companies in Indonesia. • General Manager of P.T. Petcon Borneo: Palangkaraya Block sold to Conoco-Phillips • Founder and President of Stockbridge Oil & Gas Ltd. 15 Experienced International and SE Asia team with successful track record

L to R:

Bill Marpe : Lawyer (TX), 35 years international: Union Texas Petroleum, Transworld Oil Ltd. General Manager Jakarta, Indonesia President of three Production Sharing Companies in Indonesia. General Manager of P.T. Petcon Borneo: Palangkaraya Block sold to Conoco-Phillips Founder and President of Stockbridge Oil & Gas Ltd.

Dean Callaway : Former executive with Bukit Energy, Gallic Energy, TG World, Enbridge, TransAlta, and Merril Lynch Director, Chief Chartered Professional Account, Bachelor Commerce from Dalhousie with MBA from Nijenrode University Financial Officer Experience in Indonesia, Philippines, France, Niger and N. America

Hening Sugiatno : Geologist, Colorado School of Mines, MSc; more than 25 years Oil E&P experience in Indonesia. Managed several PSC blocks Senior Geologist such as W. Kampar & Pase Blocks in Sumatera. Developed play concepts leading to award of Palangkaraya PSC, Kalimantan

Chris Atkinson : Geologist, 30 years international experience: Shell, ARCO, V.P. ARCO Europe/N. Africa Chairman and Major successes in China, New Zealand, Indonesia, U.K.; track record of building, financing startup and production ventures Interim CEO

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17 THANK YOU!

Contact: Dean Callaway, CFO Tel: +1 403 262-3252 [email protected]

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