Detring Energy Advisors | Oil & Gas Asset Clearinghouse 48% 22% 9% 21% 55% 18% 11% 16% 24% 28% 19% 29% Oil-rich production of 4.8 Mboed net (~75% oil) – 64 active producing wells | 17 platforms ~$25MM NTM EBITDA – PDP PV10 and reserves of $93MM and 8.6 MMBoe, respectively – Ability to fund development opportunities out of current cash flow generated by the assets Operated asset with control of development and production infrastructure – Potential for buyer to retain the existing, highly-experienced operating company No near-term P&A liabilities; first occurrence estimated in 2026 Location Map | Gulf of Mexico Ankor E&P Holdings Corp. and KOA Energy LP (“Ankor”) have retained Detring Energy Advisors (“Detring”) and Oil & Gas Asset Clearinghouse (“OGAC”) to market for sale their Gulf of Mexico Shelf assets located in the Mississippi Canyon, South Marsh Island, Vermilion, and Ship Shoal federal waters. The assets offer an attractive opportunity to acquire an 80-100% working interest in four legacy producing fields underpinned by substantial liquids-rich production (~75% oil) and cash flow with attractive development opportunities to drive growth. Gulf of Mexico Offshore Opportunity Ankor E&P Holdings Corp. | KOA Energy LP November 2020 Robust Prod. & Cash Flow 4.8 MBoed | ~$25MM NTM EBITDA Note: Cash flow, reserves, and PV10 assume an effective date of 1/1/2021 and five-year NYMEX strip as of 11/15/2020. PDP reserves and cash flow estimates includes currently shut-in wells expected to return to production in Q12021. MC21 pro-forma figures include minority partner’s 20% working interest to be acquired (sign and close anticipated by YE2020). 8.6 MMBoe 2P Reserves Summary $93MM PV10 4.8 MBoed SS230 Field (80% WI) MC21 Field (100% WI) SM73 Field (80% WI) Legend Ankor Blocks Meaningful High-Quality Inventory Remaining Numerous proven opportunities certified by 3 rd party engineers – Prolific, stacked Pliocene and Miocene reservoirs with 8 undeveloped opportunities (4 PUD) – Low-risk recompletion opportunities (sliding-sleeve moves, through-tubing completions, and rig recompletions) yield material reserves with minimal capital required – Total 2P PV10 and reserves of $185MM and 24.2 MMBoe, respectively – Infrastructure in-place to support continued development at competitive costs Large, high-quality spec 3D seismic data available for review on site Four diverse fields provide material scale and a platform for growth within the Gulf of Mexico PDP Summary (Net Reserves, Production and PV10) Louisiana Ship Shoal S. Marsh Island Mississippi Canyon MC 21 SS 230 SM 27 SM 73 SM27 Field (80% WI) Gross Reserves Boed MMBoe MMBoe % Oil $MM PDP by Field MC 21 13 1,157 6.6 4.8 88% $45 SS 230 25 1,336 2.3 1.6 70% $20 SM 27 8 918 1.5 0.9 48% $9 SM 73 18 1,400 2.0 1.3 89% $19 Total PDP 64 4,811 12.4 8.6 80% $93 Total PBP + PUD - - 10.5 6.9 53% $58 Total P&A / Demob. - - - - - ($21) Total 1P - - 22.9 15.5 68% $131 Total 2P - - 35.2 24.2 70% $185 Reserve Category/ Field Producing Well Count LTM Production Net Reserves PV10
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Detring Energy Advisors | Oil & Gas Asset Clearinghouse
48%
22%
9%
21%
55%
18%
11%
16% 24%
28%19%
29%
Oil-rich production of 4.8 Mboed net (~75% oil)
– 64 active producing wells | 17 platforms
~$25MM NTM EBITDA
– PDP PV10 and reserves of $93MM and 8.6 MMBoe, respectively
– Ability to fund development opportunities out of current cash flow generated by the assets
Operated asset with control of development and production infrastructure
– Potential for buyer to retain the existing, highly-experienced operating company
No near-term P&A liabilities; first occurrence estimated in 2026
Location Map | Gulf of Mexico
Ankor E&P Holdings Corp. and KOA Energy LP (“Ankor”) have retained Detring Energy Advisors (“Detring”) and Oil & Gas Asset Clearinghouse (“OGAC”) to market for sale their Gulf of Mexico Shelf assets located in the
Mississippi Canyon, South Marsh Island, Vermilion, and Ship Shoal federal waters. The assets offer an attractive opportunity to acquire an 80-100% working interest in four legacy producing fields underpinned by substantial liquids-rich production (~75% oil) and cash flow with attractive development opportunities to drive growth.
Gulf of Mexico Offshore OpportunityAnkor E&P Holdings Corp. | KOA Energy LP
Note: Cash flow, reserves, and PV10 assume an effective date of 1/1/2021 and five-year NYMEX strip as of 11/15/2020. PDP reserves and cash flow estimates includes currently shut-in wells expected to return to production in Q12021. MC21 pro-forma figures include minority partner’s 20% working interest to be acquired (sign and close anticipated by YE2020).
8.6MMBoe
2P Reserves Summary
$93MMPV10
4.8MBoed
SS230 Field(80% WI)
MC21 Field(100% WI)
SM73 Field(80% WI)
Legend
Ankor Blocks
Meaningful High-Quality Inventory Remaining
Numerous proven opportunities certified by 3rd party engineers
– Prolific, stacked Pliocene and Miocene reservoirs with 8 undeveloped opportunities (4 PUD)
– Low-risk recompletion opportunities (sliding-sleeve moves, through-tubing completions, and rig recompletions) yield material reserves with minimal capital required
– Total 2P PV10 and reserves of $185MM and 24.2 MMBoe, respectively
– Infrastructure in-place to support continued development at competitive costs
Large, high-quality spec 3D seismic data available for review on site
Four diverse fields provide material scale and a platform for growth within the Gulf of Mexico
Gulf of Mexico Offshore OpportunityAnkor E&P Holdings Corp. | KOA Energy LP
Ship Shoal 230 Field
South Marsh Island 27 Field Mississippi Canyon 21 Field (Simba)
South Marsh Island 73 Field
Ankor Block
Well
Oil Gathering
Oil Transmission
Gas Gathering
Gas Transmission
Averaging ~4,800 Boed over the last twelve months from 17 platforms, Ankor’s Gulf of Mexico Shelf assets offer a well-balanced portfolio with extensive, fully-operated infrastructure in place to support future development.
MC21B
SS229CSM69B
SM27A
~1,160 Boed (~90% Oil)
13 Producing Wells
1 Platform
~1,340 Boed (~60% Oil)
25 Producing Wells
7 Platforms
~1,400 Boed (~95% Oil)
18 Producing Wells
6 Platforms
~920 Boed (~40% Oil)
8 Producing Wells
3 Platforms
November 2020
Note: Production estimates represent last twelve month average production net to the Sellers’ current interests.
Detring Energy Advisors | Oil & Gas Asset Clearinghouse
Gulf of Mexico Offshore OpportunityAnkor E&P Holdings Corp. | KOA Energy LP
VR 191 Comp. Log
Ankor has completed a rigorous geologic analysis of the properties using seismic interpretation, AVO modeling, and petrophysical analysis in order to develop a firm understanding of the subsurface parameters that define success.
Numerous upside opportunities in the form of recompletions (10+ sliding sleeve moves, 17 TTP, and 12 MRWO) and prospects (3 deeper-pool and 1 step-out) are execution ready and capable of increasing production and extending
the life of the fields well into the future.
11800
12000
Example of High-Quality Recompletion Opportunity – VR 191 – C06 Well
Example of New Drill Opportunity – VR 191 – C10 Well
GR RESDDPHINPHI
14 Sand
26 Sand
27 Sand
28 Sand
30 Sand
GR RESDDPHINPHI 26 Sand Structure Map
GR RESDDPHINPHI
28’ Pay
Field data indicates average porosity of ~24% in the
homogenous 28 Sand
18’ Pay
The 26 Sand net pay thickens to the East and is accessible updip of the C08 well in the C06 well
26 Sand SWC SummaryOffset Well Porosity (%) Perm (mD)
A-1 Well 25.1 82
A-3 Well 26.1 140
C08
C06
BHP test indicate the 26 Sand has ~0.45 gradient / 6,073
PSIG@MP
C
G/W Contact @ 12,289’ SSTVD
28 Sand Structure Map
The 28 Sand remains untapped in a favorable
position on the upthrown portion of the Blue fault and can easily be drilled
from the C Jacket
Proposed Well
C
G/W Contact @ 12,548’ SSTVD
CI = 20’
CI = 20’
November 2020
Detring Energy Advisors | Oil & Gas Asset Clearinghouse
Gulf of Mexico Offshore OpportunityAnkor E&P Holdings Corp. | KOA Energy LP
This Information Flyer is based on material provided by Ankor E&P Holdings Corp., KOA Energy LP and their affiliates (collectively, “Seller”) and is offered to interested parties for the sole purpose of providingan overview of an opportunity to acquire certain of the Seller's assets (the "Transaction"). This Information Flyer is delivered on behalf of Seller by Detring & Associates, LLC, and the Oil & Gas Asset ClearingHouse (collectively, "Advisor"). The information contained in this Information Flyer ("Information") is for informational purposes only and does not constitute an obligation by Seller to enter into any futuretransaction. The Information should not be relied upon by the recipient in considering the Transaction, and the recipient should consider its own financial situation when evaluating the Transaction. ThisInformation Flyer does not constitute investment, legal, financial, tax, accounting or other counsel of any kind, and the recipient should conduct its own independent examination and assessment of theInformation, including obtaining investment, legal, tax, accounting and such other counsel as it considers suitable. Seller may change or otherwise modify the transaction process at any time without notice tothe recipient, including but not limited to accepting any proposal at any point in time, altering the dates of the process, or terminating the process completely without defining any reason and without any liabilityto any interested party. Advisor and its directors, employees, consultants and agents ("Group") make no representation or warranty as to the accuracy, completeness, timeliness or reliability of the contents ofthis Information Flyer or any Information provided during the course of the Transaction process. The Information has been prepared on the basis of publicly accessible information and material made availableto Advisor by Seller. Advisor has relied upon and assumed, without independent verification, the accuracy or completeness of all such information, which does not claim to be all-inclusive or to contain all of theinformation that may be relevant to the Transaction. The recipient acknowledges that conditions may change and that the Information may become out-of-date as a result. Advisor is under no obligation toupdate or correct this Information. Seller and Advisor are under no obligation to provide the recipient with access to any further information. Seller and Group shall have no liability for any representations(expressed or implied) other than, in the case of Seller, those given by Seller in the purchase and sale agreement, for any written or oral communications with any Interested Parties in the course of their reviewof the Transaction, or for any implied terms or obligations arising from operation of law or otherwise. To the maximum extent permitted by law, no member of the Group accepts any liability (including, withoutlimitation, any liability arising from fault or negligence on the part of any of them) for any loss whatsoever arising from the use of this Information Flyer or its contents or otherwise arising in connection with it orfrom the use of any Information provided throughout the course of the Transaction procedure. Certain statements contained herein may constitute forward-looking statements which involve risks anduncertainties that could cause actual events or results to differ materially from the projected or expected events or results implied or conveyed in such forward-looking statements. In particular, statementsregarding oil and gas reserves may include the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. No constituent of theGroup represents or warrants that such forward-looking statements will be achieved or will prove to be correct. Actual future results and operations could vary materially from the forward-looking statements.Similarly, no representation or warranty is made that the assumptions on which the forward-looking statements are based may be reasonable. No audit, review or verification has been undertaken by theGroup or an independent third party of the assumptions, data, results, calculations and forecasts presented or referred to herein. The recipient acknowledges that neither it nor Advisor intends that Advisor actsor be responsible as a fiduciary to the recipient, its management, stockholders, creditors or any other person. Each of the recipient and Advisor, by accepting and providing this Information Flyer respectively,expressly disclaims any fiduciary relationship and agrees that the recipient is responsible for making its own independent judgments with respect to any transaction and any other matters regarding thisInformation Flyer. Subsequent modifications may be provided as required.
Please contact Melinda Faust (Detring) or Cody Davis (OGAC) to request a confidentiality agreement or to learn more about this opportunity. Please route all communications through Detring and OGAC and do not contact Ankor directly.