KrisEnergy Holding Company Ltdkrisenergy.com/default/assets/KE Presentation Mar2012...KrisEnergy Holding Company Ltd Company presentation March 2012 Disclaimer • This Presentation

KrisEnergy Holding Company Ltd

Company presentation March 2012

Disclaimer

• This Presentation (the “Presentation”) has been prepared by KrisEnergy Holding Company Limited (the “Company”, and taken together with its consolidated subsidiaries, the “Group”) to provide a high level overview of certain aspects of the operations of the Group. This Presentation speaks as of 1 March 2012, and the Company assumes no obligation to update any statements herein

• To the best of the knowledge and belief of the Company (which has taken all reasonable care to ensure that such is the case), the information contained in this Presentation is in accordance with the facts and contains no omission likely to affect its import

• Information contained in this Presentation relating to reserve certification was derived from RPS Energy Ltd, Netherland, Sewell & Associates, Inc. and Rose & Associates, LLP. While the Company has taken reasonable actions to ensure that the statistical data attributed to RPS Energy Ltd, Netherland, Sewell & Associates, Inc. and Rose & Associates, LLP in this Offering Circular are reproduced in their proper format and context, the Company has not conducted an independent review of the information extracted or verified the accuracy of such data. The Company does not accept any responsibility for the accuracy of such information, nor has the Company independently verified any such information. The Company confirms that this information has been accurately reproduced, and so far as the Company is aware and is able to ascertain from information available from such sources, no facts have been omitted which would render the reproduced information inaccurate or misleading.

• No reliance may or should be placed by any person on the completeness, accuracy or fairness of this Presentation. Readers of this Presentation should make their own enquiries and take own advice (including, but not limited to, financial and legal advice) before making any investment in any securities of the Company

• This Presentation does not constitute or form a part of, and should not be construed as, an offer or invitation by the company to subscribe for or purchase any securities of the Company and neither this document nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever

• This Presentation and its contents are proprietary information of the Company and may not be reproduced, forwarded or distributed to any other person or otherwise disseminated in whole or in part without the Company’s express written consent.

2 Company presentation March 2012

Introduction to KrisEnergy

Production and Development Assets

Exploration Assets

Financials

Outlook & Summary

Appendix

Table of Contents


• KrisEnergy is an upstream oil and gas company with a diverse portfolio in Southeast Asia – Production averaged 4,800 boepd in 2011 from three producing fields

– EBITDAX of USD 61.9mm in 2011

– Certified net 2P reserves of 14.4 mmboe from three oil and gas fields

– Certified net 2C resources of 19.5 mmboe as at 31 December 2011

– Recent acquisitions have added another 16 mmboe 2C resources according to Management's Best Estimate1 – 13 contract areas in four countries, operator of seven blocks

• Experienced management with proven track record in the Southeast Asian oil and gas sector – Established in 2009 by the same management team that founded Pearl Energy,

which was listed on the SGX in 2005 and bought by Mubadala in 2008 for USD 833mm

– In-house technical team, each with over 20 years’ experience in fast-track Asian onshore/offshore development projects

– 54 employees with operations in Singapore and offices in Indonesia, Thailand and Vietnam

• A portfolio company of US-based private equity firm First Reserve Corp. since June 2009 – First Reserve Fund XII, L.P. committed up to USD 500mm of equity capital (99%) to fund acquisitions and operations

– Approx. USD 300.9mm of First Reserve funds have been invested as at 31 December 2011

• Issued USD 85mm senior secured bonds in July 2011 to finance development of discoveries – Repaid M&A facility

– Secured new bank revolver of up to USD 30mm, security shared pari passu with bond

– Developments to ramp-up production to ~13,400 boepd in 2015 and ~24,400 boepd in 2016

– Continued investment in new wells and shallow water platforms in Gulf of Thailand producing assets

4

Company presentation March 2012 1) To be certified by end of March 2012

Building a position in Southeast Asia

5

31 December 2011 Thailand Indonesia Cambodia Vietnam Group

Average 2011 Production (boepd) 2,780 2,036 Development Exploration 4,816

2P reserves* (mmboe) 13.3 1.1 - - 14.4

2C contingent resources* (mmboe) 10.2 6.7 2.6 - 19.5

Producing fields: B8/32 & B9A

37 platforms

Producing field: Glagah-Kambuna

1 platform

Development: Block A

4 platforms + 42 platform potential

Developments: G10/48 & G11/48

fields

5 platforms + 2 further potential platforms

* Certified reserves and resources by independent auditors

New developments: East Java Gas (Bulu & East Muriah PSCs) and Kutai PSC


Asset backing – certified reserve & resource overview

• 2P reserves split 50% oil : 50% gas

• 92% of 2P reserves base in Thailand, 8% in Indonesia

• Future movement of 2C contingent resources to 2P reserves to come largely from Thailand and Indonesia

• Another 16 mmboe have been added by “East Java Gas Project” according to Management’s Best Estimates3

6

1) Third party consultant: Netherland, Sewell & Associates, Inc. (“NSAI”) 2) Third party consultant: RPS Energy Ltd (“RPS”) 3) To be certified in March 2012

2P Reserves mmboe

B8/32 & B9/A (Thailand)1 13.28

Glagah-Kambuna (Indonesia)2 1.10

Total 2P reserves 14.38

2C Contingent Resources1 mmboe

G10/48 (Thailand) 5.65

G11/48 (Thailand) 4.57

Block A (Cambodia) 2.58

Kutai (Indonesia) 6.68

Total 2C contingent resources 19.48

2P+2C reserves & resources 33.86

B8/32 & B9/A

Glagah-Kambuna

G10/48

G11/48

Block A

Kutai

Certified 2P reserves & 2C resources


Production and investment forecasts

• Production ramp-up to ~13,400 boepd in 2015 and ~24,400 boepd in 2016

– Steady underlying production from the B8/32 & B9A fields with ~280 wells on stream

– Production growth from new developments

• Maintenance CAPEX related to B8/32, B9A and Glagah-Kambuna TAC

• Development CAPEX reflects oil projects in Thailand, Cambodia and new developments in Indonesia

– Two platforms at G11/48 with production start Q1 2014

– Three platforms at G10/48 with production start Q3 2014

– Four platforms in Block A with production start Q4 2014

– Includes development of gas fields in Kutai, Bulu & East Muriah PSCs in Indonesia

• Exploration CAPEX related to drilling and seismic acquisition in Kutai, East Seruway and Tanjung Aru PSCs

– High degree of discretionary exploration expenditure and few commitments

– Process underway to farm-out exploration drilling commitments in Vietnam

7

0

5000

10000

15000

20000

25000

30000

2010 2011 2012 2013 2014 2015 2016

bo

ep

d

Net WI Production Forecast

East Muriah

Bulu

Kutai

Block A

G11/48

G10/48

Kambuna

B8/32 & B9A

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20

40

60

80

100

120

140

2010 2011 2012 2013 2014 2015 2016

US

D M

M

Net WI CAPEX Forecast

Exploration

Development

Maintenance


Development schedule 2012-2016

8

FSO/PL

Drilling

FEED Platform EPCI

FSO/PL

Drilling

FEED Platform EPCI

FSO/PL

Drilling

2011

Block A Cambodia

G11/48 Thailand

G10/48 Thailand

2012

Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

2014

Q1 Q2 Q3 Q4

2016

Q1 Q2 Q3 Q4

2015

Q1 Q2 Q3 Q4

East Java Gas Bulu & East Muriah PSCs

Kutai PSC Indonesia

POD/GSA

Platform EPCI Drilling

POD/GSA

FEED Platform EPCI

Drilling

Platform EPCI

Drilling

Platform EPCI

Drilling

Q1 Q2 Q3 Q4 Q1

Prod. Area Applic.

Prod. Area Applic.

Platform EPCI

= first production = production from additional platforms


Experienced management team

9

Keith Cameron − CEO

• Chartered Accountant with 35 years’ experience in the oil and gas industry, including 25 years in Southeast Asia

• Founding director of KrisEnergy, previously a co-founder and Chief Executive Officer of Pearl Energy

• Prior to Pearl Energy, Keith held executive positions as Chief Financial Officer and VP Finance for Gulf Indonesia Resources Ltd. in Indonesia, and Group VP Finance for Asamera Inc., based in Canada, and was also posted to Bermuda

Chris Gibson-Robinson – Director Exploration & Production

• Founding director of KrisEnergy, and was a co-founder of Pearl Energy, responsible for all technical aspects of the Group's exploration and production as well as strategic planning

• Petroleum geologist with 34 years’ experience, largely in Asia, but also in the Middle East, Africa and South America

• Previous positions include Exploration & New Ventures Manager for Gulf Indonesia Resources Ltd., General Manager for Premier Oil (Halmahera) Ltd., President and co-owner of Far East Exploration Co. Ltd. and VP Exploration for Trend International Ltd

Richard Lorentz – Director Business Development

• Founding director of KrisEnergy and was a co-founder of Pearl Energy, responsible for the strategic development of the Group’s worldwide portfolio

• Petroleum geologist with over 25 years’ experience in the oil and gas industry

• Previous key positions include Manager of New Business Development for Elf Aquitaine in Singapore, New Ventures & Exploration Manager for Gulf Indonesia Resources Ltd., and Senior Production Geologist for Asamera (South Sumatra) Ltd

Stephen Clifford − CFO

• Chartered Certified Accountant, senior level finance professional with over 20 years of international oil and gas industry experience

• Prior to KrisEnergy, appointed Chief Financial Officer for Pearl Energy and also Group Financial Controller for the upstream division of parent company, Mubadala Development Company PJSC

• Held various positions in an 18-year career with Halliburton, gaining oil and gas experience in the US, Asia, Europe and the Middle East


Backed by the leading private equity fund First Reserve

• A leading private investment firm in the energy industry, making both private equity and infrastructure investments throughout the energy value chain

– Over USD 20bn under management in 3 active buyout funds and an energy infrastructure fund

• Independently owned firm, which has developed a global platform over nearly three decades of investing exclusively in energy with investments of approx. USD 13bn in equity

• First Reserve has invested in over 100 platform acquisitions and its portfolio companies have completed approx. 300 add-on transactions

• First Reserve holds two of the seven seats of KrisEnergy’s Board of Directors and has appointed two independent non-executive directors

10

Selected Portfolio Companies*

* A selection of First Reserve’s portfolio companies as of 31 December 2011, www.firstreserve.com


http://www.firstreserve.com/



Exploration Assets

Financials

Outlook & Summary

Appendix

Table of Contents

Gulf of Thailand – KrisEnergy’s position

12

• The Gulf of Thailand (GoT) contains some of the most prolific basins in Asia Pacific region

– A typical GoT oil field has multiple fault blocks with oil trapped in multiple reservoirs

– The entire basin benefits from a strong natural water drive resulting in high recovery factors

• Known geology and shallow water development concepts

– Attractive fiscal regimes

– KrisEnergy team developed Jasmine field, achieving >17 mmbo in first three years of production for Pearl Energy

• Assets provide stable cash flow from production and upside from development of discoveries

– B8/32 & B9A has produced 360 mmboe with drilling locations identified for 60-80 wells annually for next 10+ years

– Remaining gross 2P reserves of 286 mmboe (NSAI)

– Several commercial discoveries in Block A, G10/48 and G11/48 to be developed in next four years

• Assets have experienced operators

– Chevron is operator of B8/32, B9A and Block A

– Pearl is operator of G10/48 and G11/48

G10/48

G11/48

Pattani Basin

Producing Oil Fields

90 km

Block

A

Producing Gas Fields

Khmer Basin

Highest to lowest thickness of sediments:

» Blue (deepest) – Most Prospective

» Green

» Red

» Yellow (Shallowest) – Least Prospective

Jasmine Field

B8/32

& B9/A


B8/32 & B9A fields – Partner in Chevron-operated asset

13

• Blocks located in the northern Pattani Basin in the Gulf of Thailand

– 2,402 sq km combined gross acreage

– Historical development drilling success of nearly 100%

– 37 platforms installed, approx. 748 wells drilled & 250 active producer wells

• Remaining 2P reserves doubled since end-2006

– Reserves increased through continuous drilling of 60-80 development wells annually

– Management believes actual net 2P reserves are 25% higher than what is currently certified by NSAI

• Significant development potential remains

– Similar drilling expected to be maintained going forward with approximately 86 future platform locations and over 2,000 future well locations identified

– Future drilling in numerous untested fault blocks, identifiable by 3D seismic

– Estimated annual CAPEX of USD 18.5mm (net)

Thailand – B8/32 & B9A as at 31 Dec 11

Operator Chevron 51.66%

Working interest 4.63% net to KrisEnergy

Other partners PTTEP 25%, MOECO 16.71%, Palang Sophon 2%

Net 2P reserves1 13.3 mmboe

First production 1997

Current status Production & Development

1) NSAI


B8/32 & B9A production and capex summary

14

• Long-term stable production base with 202 mmbo + 952 bcf produced in 15-year history

• Lower drilling activity in 2011 due to temporary diversion of rigs

• Rigs re-located to the licence and full drilling campaign of 60-70 wells planned in 2012

• Approx. 50% oil versus gas reserves

• Realised oil price in 2011 was USD 109.66/bbl

• Realised gas price in 2011 was USD 5.76/mcf

0

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2010 2011 2012 2013 2014 2015 2016

bo

ep

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Net WI Production Forecast B8/32 & B9A

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18

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2010 2011 2012 2013 2014 2015 2016

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Net WI CAPEX Forecast B8/32 & B9A


Blocks G10/48 and G11/48 developments

15

• Blocks G10/48 and G11/48 are large shallow water blocks south of B8/32 and B9A fields

– Equivalent development concept as specified for the producing fields to the north

– G10/48 lies at the southern margin of the Pattani Basin

– G11/48 lies on the southern margin of the Pattani Basin and the NW margin of the Malay Basin

• Development plans to be submitted to Thai authorities in 2012, anticipate approvals late 2012/early 2013

– G11/48 is a 2-platform development plan with first oil in Q1 2014

– Initial 1-platform development plan for G10/48 with first oil in Q3 2014; additional 2 platforms to follow

• Progress since mid-2011

– KrisEnergy has seconded VP Operations to the operator to assist with development execution

– Issued expression of interest to five FSO suppliers

– FEED for production platform underway, to order steel and long-lead items after FEED

– Mooring studies completed, confirming use of CALM buoy

– EIA to be submitted March 2012

– Production Area Application to be submitted in March 2012, with government approval expected 3-6 months later

Thailand – G11/48 & G10/48 as at 31 Dec 11

Operator Pearl 75%

Working interest 25% net to KrisEnergy

Net 2C resources1 10.2 mmboe


Current status Development & Exploration

1) NSAI


Blocks G10/48 & G11/48 production and resource summary

16

0

2

4

6

8

10

12

Phase I Future*

mm

bo

e

Net WI 2C Resource Overview

G10/48 G11/48

* Future refers to the Niramai/Mayura and Angun/Mantana discoveries

• Production profile based on one platform in G10/48 and two platforms in G11/48

• Phase I to develop 5.75 mmboe of 2C resources

• CAPEX profile accounts for two additional platforms installed by end-2016, but not yet in production

• Future phases to develop 10 mmboe of 2C resources by installing up to 2 additional platforms after 2016, bringing the total number of platforms to 7

0

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2010 2011 2012 2013 2014 2015 2016

bo

pd

Net WI Production Forecast G10/48 & G11/48

G10/48 G11/48

0

5

10

15

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25

30

35

40

45

2010 2011 2012 2013 2014 2015 2016

US

D M

M

Net WI CAPEX Forecast G10/48 & G11/48

G10/48 G11/48

Company presentation March 2012 1) NSAI

Cambodia – Block A: Chevron-operated development

• Block A is a large Chevron-operated, under-explored block located towards the centre of the Gulf of Thailand

– Structural features are similar to Chevron-operated B8/32 & B9A fields 60 km to the west in Thailand

– Analogue development concept in same shallow water

– Production Permit Application and pre-FEED study submitted with sanction expected during 2012

– Targeting first oil production in Q4 2014

• Seven fields in Block A identified by 3D seismic interpretation and exploratory drilling

– Risked prospective resources of 672 mmboe OOIP1 as at May 2011 certified by Rose & Associates, LLP

– 23 of 26 exploration wells encountered oil and/or gas

• CNPA has informed it will exercise its option to acquire 5% participating interest in Block A, which will reduce KrisEnergy’s interest to 23.75% once completed

• Progress since mid-2011

– Detailed engineering completed

– Ready to order steel and long-lead items

– Ready to award tender for supply of 600,000 barrels FSO

– Drafting of Environmental Impact Assessment

– Identified location for shore-based facility

– Development plan socialized with local governments

17

Cambodia – Block A as at 31 Dec 11

Operator Chevron 30%


Other partners MOECO 30%, GS Caltex 15%



Current status Development and Exploration

Company presentation March 2012 1) OOIP = Original Oil In Place 2) NSAI

Block A production and reserves summary

18

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2010 2011 2012 2013 2014 2015 2016

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Net WI Production Forecast Block A

0

5

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2010 2011 2012 2013 2014 2015 2016

US

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Net WI CAPEX Forecast Block A

• Phased development starting with one platform, potential expansion to as many as 46 platforms

• Initial development of Apsara field

– Three discoveries in adjacent fault blocks

– Targeting first oil production in Q4 2014

• Phase I: Single platform development with FSO vessel

– 8.6 mmboe estimated 2C gross contingent resources

– Estimated gross flow of 10,000 bopd

– 24 initial wells +20 potential future infill wells

• Phase II development to comprise three additional platforms (by end 2016) and Phase III a further six platforms

Phase I,II & III development

Potential additional

development areas

Development areas Block A


• Glagah-Kambuna TAC lies approx. 40 km offshore North Sumatra

– Kambuna gas field was discovered in 1985

– Technical Assistance Contract (TAC) expires December 2016

• Facilities comprise three wells from an offshore platform producing through a 56-km, three-phase pipeline to onshore processing facilities

• Gas and condensate production began August 2009

– Certified 2P net reserves 4.1 bcf and 0.25 mmbbls gas-condensate as at 31 December 2011 1

– 2011 realised gas price USD 6.15/mcf

– 2011 realised condensate price USD 115.80/bbl

• Reservoir capable of high productivity but the relatively limited areal extent will result in recovery of all recoverable reserves in a relatively short timeframe

– Compression installation completed in February 2012 to allow 20 mmcfd gross plateau for five months

– Field is forecast to finish producing in late 2013

19

Indonesia – Glagah-Kambuna TAC, North Sumatra

Indonesia – Glagah-Kambuna TAC as at 31 Dec 11

Operator Salamander 50%


Other partners Serica 25%

Net 2P reserves1 1.1 mmboe


Current status Production

Company presentation March 2012 1) RPS

20

Kambuna – Production and reserves summary

Field development schematic

• Gas plant design capacity of 50 mmcfd (average)

– Gas sales restricted by off-take demand

• Field development activities

– Compression installation completed in January 2012

Kambuna field wellhead platform

Condensate off-take

Onshore gas processing facility at Pangkalan Brandan

0

0.2

0.4

0.6

0.8

1

1.2

1P 2P

mm

bo

e

Kambuna Reserves Overview (net) as at 31 Dec 2011

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2010 2011 2012 2013 2014 2015 2016

bo

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Net WI Production Forecast Glagah-Kambuna TAC


Indonesia – Kutai development and exploration acreage

• Interest in the Kutai PSC acreage on/offshore Indonesia – Kutai PSC comprises one onshore and four offshore areas in the

Mahakam River Delta, East Kalimantan

– Picked up after first phase of relinquishments by large, major operators (Chevron, Total)

– Dambus gas discovery in 2010 has 36 bcf gross certified 2C resources; upside gas potential within 10 km of Dambus area and 2012 exploration drilling expected to aggregate 100 bcf for commerciality

– Infrastructure with excess capacity within 15 km

• Located in the Kutai basin, most prolific petroleum basin in Indonesia

– Over 70 tcf and 4.5 billion barrels of oil and condensate expected ultimate recovery

– 21 tcf and 2.6 billion barrels produced to date from six fields

– Field sizes from 30 mmboe to 1,400 mmboe

• Future work program/Plan of Development – Development concept comprises three wells (Dambus, Mangkok

and Tayum) with support structures and pipeline to adjacent facility 15 km away

– Tayum-1 exploration well, to be drilled in Q4 2012 for USD 8.2mm net

– First gas Q4 2015

21

Indonesia − Kutai PSC as at 31 Dec 2011

Operator KrisEnergy

Working interest 54.6% net to KrisEnergy

Other partners Salamander 23.4%, Orchid Kutai 22%



Company presentation March 2012 1) NSAI

Indonesia − East Java Gas Project (Bulu & East Muriah PSCs)

Indonesia − Bulu & East Muriah PSCs as at 31 Dec 2011

Operator KrisEnergy

Working interest 42.5% / 50% net to KrisEnergy

Other partners AWE Ltd 42.5% / 50%

Net 2C resources1 16.3 mmboe1


• Blocks acquired by KrisEnergy in Q4 2011

• Bulu PSC offshore East Java

– Comprises three discreet areas offshore in the East Java Sea

– Lengo gas discovery drilled by previous operator with associated net 2C resources of 14.23 mmboe1

– One appraisal well scheduled in late 2012

• East Muriah PSC offshore East Java

– Acquisition transaction pending approval of the Indonesian government

– Adjacent to the Bulu PSC

– East Lengo gas discovery drilled by previous operator with associated net 2C resources of 2.1 mmboe1

– One appraisal well scheduled in 2013

• Work program/Plan of development

– Gas aggregation development

– Submission of plan of development during 2013

– Development concept comprises unmanned wellhead platform with five wells at Lengo with East Lengo 15-km tieback to Lengo platform

– Pipeline 65 km direct to shore or 25 km to Petronas Kepodang field, where potential to share 210-km export pipeline to shore

– First gas January 2016


1) Based on management’s best estimates. To be certified during March2012



Exploration Assets

Financials

Outlook & Summary

Appendix

Table of Contents

Indonesia – Tanjung Aru exploration acreage

Indonesia – Tanjung Aru PSC as at 31 Dec 2011

Operator KrisEnergy


Other partners Neon Energy 42%, Natuna Ventures 15%

Net 2C resources1 62 mmboe

Current status Exploration

• Interest in the Tanjung Aru PSC offshore East Kalimantan – Large acreage with three wells drilled previously, resulting in

two gas discoveries – Net 2C resources 62 mmboe1

– Seismic characteristics show several plays; shallow structural drilled already with gas discovery but not economics; channel in Mid-Miocene; and near basement structure

• Future work program – 3D seismic acquisition program in 2013


1) Based on management’s best estimates

Indonesia − East Seruway Exploration acreage

Indonesia – East Seruway PSC as at 31 Dec 2011

Operator KrisEnergy



• Interest in the East Seruway PSC offshore North Sumatra

– Located adjacent to Glagah-Kambuna TAC

– Block effectively under force majeure pending settlement between Indonesian government and Aceh authorities

– 2,000 km 2D seismic data acquired in 2010

• Future work program

– 2D seismic acquisition program

– One exploration well in 2014

– One exploration well in 2015


Vietnam − Block 105 exploration acreage

Song Ca prospect

Cua Lo prospect

Vietnam – Block 105 as at 31 Dec 2011

Operator KrisEnergy

Working interest1 50% net to KrisEnergy

Other partners Neon Energy 50%


• Interest in Block 105 offshore Vietnam

– 1,807 2D seismic data acquired and interpreted

– Data identified potential large structures

– Farm-out agreement pending, post farm-out KrisEnergy WI 25%

• 2012/2013 planned work program

– 3D seismic acquisition program in 2012

– One high impact exploration well in 2013

1) Of which 10% participating interest pending issuance of Group’s Vietnamese investment licence by Vietnam Ministry of Planning and Investment 26


Vietnam − Block 120 exploration acreage

Rua Bien prospect

Vietnam – Block 120 as at 31 Dec 2011

Operator KrisEnergy

Working interest1 50% net to KrisEnergy

Other partners Neon Energy 50%


1) Of which 10% participating interest pending issuance of Group’s Vietnamese investment licence by Vietnam Ministry of Planning and Investment

• Interest in Block 120 offshore Vietnam

– One well in block with 6m oil column

– Large gas discoveries in nearby blocks demonstrate diminishing CO2 south towards Block 120

– 2,021 2D seismic data acquired in 2010 and interpreted

– Data identified potential large structures

– Farm-out agreement pending, post farm-out KrisEnergy WI 25%

• Future work program

– 3D seismic acquisition program in 2012

– One high impact exploration well in 2013




Exploration Assets

Financials

Outlook & Summary

Appendix

Table of Contents

Balance sheet for the Issuer Group – USD 288mm of invested equity

• Issuer Balance Sheet is prepared on a pro forma basis for 2010, since reorganization occurred in May 2011

• Cash & cash equivalents were USD34.5mm at year end 2011, of which USD 11.5mm was in use as collateral for bank guarantees

• Equity drawn from First Reserve and management and directors was USD 305.1mm as of 31 December 2011, of which USD 288.1mm was contributed down into Issuer for acquisitions

• The Interest bearing short term liability was an M&A facility from Standard Bank, which was repaid from the Bond proceeds

– Other non-current liabilities includes the USD 85mm Senior Secured Bond

– In addition, there is a USD 30mm Revolving Credit Facility provided by Standard Bank and SMBC, which at 31

December 2011 remained undrawn

29

Unaudited Consolidated Balance sheet - USD mm 2010 2011

Non-current assets 304.5 276.3 Current assets 84.7 81.5 Total assets 389.2 357.8

Equity 217.5 171.4

Other non-current liabilities 70.2 156.7 Interest bearing short-term liabilities 68.0 -

Other short-term liabilities 33.5 29.7 Total equity and liabilities 389.2 357.8


Consolidated statement of Comprehensive Income for the Issuer Group

• Issuer Profit and Loss Statement is prepared on a pro forma basis for 2010, since reorganization occurred in May 2011

• Issuer EBITDAX represents earnings before interest, tax, depreciation, amortisation, impairment and exploration expenses. EBITDAX is a supplemental measure of the Issuer’s performance that is not required by or presented in accordance with IFRS

• EBITDAX was higher than forecast for 2011 primarily as a result of higher realised oil prices

30

Unaudited Consolidated statement of Comprehensive Income - USD mm 2010 2011

Revenues 81.8 100.2 Cost of goods sold (21.0) (29.0) Other operating expenses (8.1) (9.3) EBITDAX 52.7 61.9

Exploration expenses (32.2) (0.4)

G&G and drilling expenses - (10.3) EBITDA 20.5 51.2

Impairment of goodwill (16.3) - Reserve writedown (22.8) - Excess of fair value of net assets - 12.2

Loss on derivative financial instruments - (1.4) Total impairment (39.1) 10.8

Depreciation (50.6) (68.8)

EBIT (69.2) (6.8) Interest (3.0) (5.8) Pre tax profit (72.2) (12.6) Taxes 0.5 (30.7)

Net profit (71.7) (43.3)


Statement of Cash Flows

• Issuer Cash Flow statement is prepared on a pro forma basis for 2010, since restructuring occurred in May 2011.

31

Unaudited Statement of Cash Flows - USD mm 2010 2011 Operating activities

Loss before tax (72.2) (12.7)

Depreciation, depletion & amortisation 50.6 68.8

Impairment 39.1 - Unsuccessful exploration expenditure derecognised 32.2 0.4 Others (17.6) (13.9) Working capital adjustments 0.2 (7.2) Net Cash flows from operating activities 32.3 35.4

Investing activities

Acquisition of subsidiaries (217.4) (16.1)

Business combinations under common control 105.0 (102.3) Others (59.8) (3.9 Net Cash used in investing activities (172.2) (122.3)

Financing activities

Bank borrowing/(Repayments) 68.0 (68.0)

Proceeds from issuance of bond - 81.3

Increase in amounts due to related companies 106.9 114.3 Increase in restricted cash deposits (8.0) (8.0) Net Cash flows used in financing activities 166.9 119.6 Effect of exchange rate changes 0.3 1.8

Cash and Cash equivalents 27.3 34.5




Exploration Assets

Financials

Outlook & Summary

Appendix

Table of Contents

Outlook

• KrisEnergy has created a solid foundation for future growth

– Acquired 13 licenses had has become operator of 7

– Established a solid reserve base of 14.4 mmboe 2P reserves and 2C resources of 36 mmboe1

– Growth of portfolio and reserves through commercialisation of discovered resources and exploration

• Production & Developments:

– Partner in Chevron operated legacy assets forecast to produce at a steady rate in long-term

– Production expected to grow from approx. 4,800 boepd in 2011 to ~13,400 boepd in 2015 from 3 developments in the Gulf of Thailand with proven operators

– KrisEnergy operated developments in Indonesia, combined with additional Gulf of Thailand development phases, estimated to lift production to ~24,400 boepd in 2016

• Exploration:

– High degree of discretionary exploration expenditure and few commitments

– Farm-out agreement pending to fund 2 high impact exploration wells in Vietnam

– Limited exploration cost planned − KrisEnergy intends to farm-out exploration drilling commitments


1) Includes certified, as well as Management’s Best Estimates

Investment summary

• Management team each with 20+ years’ experience, a proven track record and a reputation for value creation in the upstream oil and gas industry

• Diversified production base of ~4,800 boepd in 2012 from three producing fields with >250 wells in Thailand and Indonesia

• Net 2P reserves of 14.4 mmboe as certified by third-party consultants as of 31 December 2011

• Portfolio of developments to add production from three new fields from 2014 and additional three new fields from 2016

• Partnered with industry players such as Chevron, Salamander and Pearl Energy among others

• USD 500mm equity commitment from leading private equity firm First Reserve Corp, approx. USD 200mm undrawn




Exploration Assets

Financials

Outlook & Summary

Appendix

Table of Contents

2002 2005 2006 2008 2009 2010 2011 2012

KrisEnergy – Creating a new pearl

KrisEnergy

• KrisEnergy is the latest venture of Keith Cameron, Chris Gibson-Robinson and Richard Lorentz, who originated Pearl Energy in 2002 – a multi-asset E&P company now owned by Mubadala Development Company PJSC of Abu Dhabi

• KrisEnergy’s current senior management steered Pearl Energy through growth, IPO in 2005 and eventual sale in 2008

Milestones in the Pearl Energy Story:

36

– Acquired portfolio of 24 blocks - covering approximately 140,000 sq km in Indonesia, Thailand, Philippines and Vietnam

– Increased net WI 2P reserves to 30.0 mmbo and grew net working interest production from 5,000 bopd to 20,500 bopd by August 2008

– Developed the Jasmine oil field, Gulf of Thailand, achieving cumulative production of 17.0 mmbo in first three operating years

– Delineated and created development plan for Ruby gas field, offshore Indonesia

– Participated in drilling 181 wells (operator for 109 wells) and attained 56% success rate for exploration wells (34 out of 61)

– Recorded 14 3D seismic programs across 3,927 sq km and recorded, processed and interpreted 20 2D seismic programs totalling 23,444 km

– Maintained safety record of <1 recordable incident per 2,000,000 man hours with no significant environmental incidents

– Attained a 56 per cent success rate for exploration wells

Pearl Energy acquires first asset in Indonesia

Pearl Energy successfully lists on SGX

Aabar Petroleum Investment Company PJSC acquires Pearl Energy

Mubadala acquires Pearl Energy

KrisEnergy established as an upstream oil and gas company focused on Southeast Asia

Oil production commences at the Jasmine oil field offshore Gulf of Thailand

KrisEnergy acquires first assets - two blocks offshore Gulf of Thailand

KrisEnergy acquires eight assets in Cambodia, Indonesia, Thailand and Vietnam

Krisenergy secures USD 115 mln bond and credit facility

KrisEnergy becomes operator of seven blocks in Indonesia and Vietnam


Management overview - continued

37

Kelvin Tang – Vice President Legal

• Kelvin was General Counsel for Aabar Energy PJSC based in Abu Dhabi after having held the position of General Counsel and Company Secretary at Pearl Energy from 2005 to 2008

• Advocate and Solicitor of the Supreme Court of Singapore. Member of the Association of International Petroleum Negotiators

James Parkin – Vice President Exploration

• 30 years’ experience in the oil and gas exploration sector, having spent 21 years in Southeast Asia. Involved in gas fields of South Sumatra, carbonate oil fields of Salawati/Irian Jaya, discovery of the Ujung Pangkah gas field in East Java, and development of Jasmine field, Gulf of Thailand.

• BSc. (Hons) in Geology, University of Sheffield. MSc. in Petroleum Geology, Imperial College, London

Tim Kelly – Vice President Engineering

• Over 30 years’ experience in the oil industry with 20 years in Southeast Asia. Involved in appraisal and development of new fields and reservoir and production management of mature fields

• Experience with Exxon, Phillips and Marathon. Corporate Petroleum Engineering Manager at Pearl Energy between 2003 and 2009

Mike Whibley – Vice Presdient Technical

• Geologist with over 30 years of management, operational and interpretive experience in exploration and development projects and new business development

• Prior exploration, country manager and technical roles with Pearl Energy, Amerada Hess, Santa Fe Energy/Devon Energy/PetroChina, Santos and Apache Energy in Southeast Asia, and Occidental Petroleum and Phillips Petroleum in Australia


Management overview - continued

38

Chris Wilson – Manager Business Development

• Strategist regarding economics, corporate and asset valuations. Between 2003 and 2009, sat as in-house Financial Advisor for Pearl Energy and worked on Pearl’s initial public offering in 2005

• Previously with ABN AMRO, Singapore, in the Project Advisory Group focused on power, oil and gas sectors dealing in M&A transactions, restructurings, and debt financing

John A. Bujnoch – Vice President Drilling

• John A. Bujnoch has over 30 years of experience as a drilling engineer and rig site manager in the oil and gas industry including drilling and workover engineering and well design, project management and implementation, and quality management.

• From November 2006 until December 2009, Mr. Bujnoch held the position of Vice President Drilling for Pearl Oil (Thailand), where he was responsible for exploration and development drilling in Thailand and Vietnam. During this period, the company drilled more than 100 wells in the region and brought four platforms into production.

Brian Helyer – Vice President Operations

• Brian Helyer has worked in the offshore oil and gas industry for over 33 years covering all aspects of project management for facilities construction, operations, maintenance and commissioning.

• Prior to joining KrisEnergy in March 2010, Mr. Helyer was the Project and Operations Director for Songa Floating Production, responsible for the conversion and class approval of the floating production, storage and offloading vessel, FPSO East Fortune. His experience includes appointments with Petrofac Energy Developments, Marathon Oil and Gulf Resources.

• Mr. Helyer specialised in the fast-track field development of the Cendor oil field PM 304 in Malaysia.


Board of Directors - Parent

39

Will Honeybourne – Non-Executive Chairman

• Joined First Reserve in 1999 and is currently a Managing Director based in Houston

• In addition to serving on the boards of various oilfield services and E&P portfolio companies in the US, UK, Canada and Singapore, he served as a Director of Hong Kong listed CNOOC Ltd.

Duane C. Radtke – Independent Non-Executive Director

• President and CEO of Valiant Exploration LLC and serves on the Board of Devon Energy. He joined the board of KrisEnergy in 2010

• Served as President of Devon’s International Division until the company merged with Santa Fe Snyder in 2000. From 2001 to 2007 he held the position of President and CEO of Dominion Exploration and Productions a subsidiary of Dominion Resources Inc.

Jeffrey S. MacDonald – Independent Non-Executive Director

• Joined First Reserve in 2007 and was a Managing Director based in London until 2010

• Mr. MacDonald was the Chief Executive Officer at Caledonia Oil and Gas Limited, a UK independent E&P company. Prior to joining Caledonia, he served as a Managing Director at Highland Energy Limited, also a UK independent E&P company

Anastasia Deulina – Non-Executive Director

• Director with First Reserve based in London since 2007

• Ms. Deulina was a Vice President at Goldman Sachs. Prior to Goldman Sachs, she was a Vice President at Merrill Lynch

Keith J. Pringle - Technical Advisor to the Board of Directors

• Keith J. Pringle recently spent three years with First Reserve from 2007 and was a director based in London. His responsibilities included investment origination, structuring, execution, monitoring and exit strategy, with particular emphasis on the reserves sector.

• Mr. Pringle was a non-executive director of KrisEnergy until August 2010


Board of Directors - Issuer

40

Keith Cameron - CEO

• Details for Keith Gordon Cameron are set out above under "Experienced management team “

Chris Gibson-Robinson – Director Exploration & Production

• Details for Chris Gibson-Robinson are set out above under "Experienced management team “

Richard Lorentz – Director Business Development

• Details for Richard Lorentz are set out above under "Experienced management team “

Stephen Clifford – CFO

• Details for Stephen Clifford are set out above under "Experienced management team “

Kelvin Tang – Vice President Legal

• Details for Kelvin Tang are set out above under "Management overview - continued “


Summary of the outstanding Bond

41

Issuer: KrisEnergy Holding Company Ltd (BVI)

Guarantors: The Subsidiary Guarantors (being all subsidiaries of the Issuer owning hydrocarbon assets directly) & parent company KrisEnergy Holdings II Limited

Amount: USD 85 mm

Issue Date: 11 July 2011

Final Maturity: 11 July 2016 (5 years after Issue Date)

Coupon: 10.5 % p.a., semi annual interest payments

Use of Proceeds: Repay existing bank loan of USD 58.5mm for development of discovered oil resources and general corporate resources

Issuer’s Call Options: Make whole @T+50bps first 2 years, thereafter at ½ coupon in year 3, ¼ coupon in year 4, 1/8 coupon in year 4.5 and at par last 6 months

Status of the Bonds: Constitutes direct, unsubordinated, unconditional and secured obligations of the Issuer

Main Security: (i) Pledge over shares in Pledged Subsidiaries and the Issuer; (ii) Floating charge over all the Pledged Subsidiaries and the Issuer’s present and future assets (included internal loans); (iii) A guarantee from the Guarantors; (iv) First priority assignment of Internal Loans (to the extent not covered by the floating charge). The bonds will share security with the USD 30mm Bank Facility

Change of Control: Put option at 101% of par plus accrued interest

Certain Covenants: • No additional debt other than USD 30mm Bank Facility and the greater of USD 5mm & 1.5% of total consolidated assets of the Group as well as hedging obligations. Other than the above-mentioned debt, all other debt shall be at Issuer level and subject to incurrence test (Fixed Charge Coverage Ratio 2.25/1.00 for all debt and Senior Secured Leverage Ratio (Gross Secured Debt/EBITDAX) of max 2.75/1.00 for Additional Notes and / or Bank Facility beyond USD 30mm). No other debt will be secured with other assets than what is included as security for the bonds

• Asset sale: the Group may sell hydrocarbon assets provided that the company reinvest in hydrocarbon assets. If no such reinvestment takes place within 180 days, the Issuer will make an Asset Sale Offer for a similar amount to all bondholders at 100% of par value

• Dividend limitations: the Dividend Basket will equal the sum of 50% of net consolidated income, 100% of aggregate net loss and 100% of cash and fair market value of property received by the Issuer from its shareholder after Issue Date


Simplified corporate structure and security package

42

KrisEnergy Holding Company Ltd

(British Virgin Islands “BVI”)

KrisEnergy (Management Services) Ltd

(BVI)

KrisEnergy Pte Ltd

Management company (Singapore)

KrisEnergy Ltd

(BVI)

Exploration: Kutai PSC KrisEnergy: 30+24.6 % KrisEnergy operator East Muriah PSC1 KrisEnergy: 50% KrisEnegy operator East Seruway PSC KrisEnergy: 100% KrisEnergy operator

Production: Kambuna TAC KrisEnergy: 25 % Salamander operator Bulu PSC KrisEnergy: 54.6 % KrisEnergy operator Tanjung Aru PSC KrisEnergy: 43% KrisEnergy operator

Development: G11/48 KrisEnergy: 25 % Pearl operator G10/48 KrisEnergy: 25 % Pearl operator

Development: Block A KrisEnergy: 25 % Chevron operator

Production: B8/32 & B9A KrisEnergy: 4.63% Chevron operator

PLEDGED SUBSIDIARIES & MANAGEMENT COMPANIES

OPERATING SUBSIDIARIES HOLDING THE HYDROCARBON ASSETS

100%

ISSUER

100%

Exploration: Block 105 KrisEnergy: 40+10% KrisEnergy operator Block 120 KrisEnergy: 40+10% KrisEnergy operator

• All subsidiaries are 100% owned by the Group, except for the interest in B8/32 & B9A fields which are owned through shares in joint ventures

• All entities owning hydrocarbon assets are Guarantors under the new bond issue and the bank facility. Krisenergy Holdings II Limited, the Parent of the Issuer, is also a Guarantor under the new bond issue

• All hydrocarbon assets are owned directly or indirectly by the Pledged Subsidiaries

CAMBODIA INDONESIA THAILAND VIETNAM PLEDGED SUBSIDIARIES & SUB-HOLDCO’S

Note: Block 06/94, previously listed under Guarantors, was formally relinquished in December 2011 1) Pending Indonesian government approval

Recent acquisitions


Revolver – Summary

43

Arranger and Lender: Standard Bank Plc (Agent)

Borrower KrisEnergy Holding Company Ltd.

Facility USD 30mm secured credit facility

Term: 3 (+1+1) years. 3 years fixed with 2 options for 1-year extensions

Use of Proceeds: (i) Finance Group’s working capital requirements, capital expenditure and acquisitions (ii) Pay fees, costs and expenses associated with facility and bonds

Security: Security shared pari passu with Revolver: (i) Pledge of shares in borrower and subsidiaries, (ii) Guarantees (of payment) from operating subsidiaries, (iii) Floating charge over assets of pledged subsidiaries

Enforcement: (i) Standstill 120 days, (ii) Decision by Majority Creditors (defined as bond holders and revolver creditors collectively holding more than 2/3 of

drawn amount)

Required Hedging: None

Financial Covenants: Applicable only if > 50% of facility is FUNDED. (i) 12-month liquidity test in 30 June and 31 December (ii) Debt:EBITDAX ≤ 3.75

Governing Law: Singapore law


Complete list of reserves & resources per field

44

Reserves: Net Working Interest

Contract Area PDP PUN 1P 2P 3P

B8/32 and B9A1 Thailand

Oil (MMBO) 0.89 0.72 1.61 6.87 8.33

Gas (BCF) 3.46 4.13 7.59 38.40 48.71

BOE (MMBOE) 1.46 1.41 2.87 13.27 16.45

Glagah-Kambuna2

TAC Indonesia

Oil (MMBO) 0.15 0.00 0.15 0.25 0.40

Gas (BCF) 2.55 0.00 2.55 4.10 5.95

BOE (MMBOE) 0.68 0.00 0.68 1.10 1.64

Group Total

Oil (MMBO) 1.04 0.72 1.76 7.12 8.73

Gas (BCF) 6.01 4.13 10.14 42.50 54.66

BOE (MMBOE) 2.14 1.41 3.55 14.38 18.09

Contingent Resources3: Net Working Interest

Contract Area 1C 2C 3C

G10/48 Thailand

Oil (MMBO) 0.13 5.65 9.97

G11/48 Thailand

Oil (MMBO) 2.60 4.57 12.11

Block A Cambodia

Oil (MMBO) 1.45 2.58 4.52

Kutai PSC Indonesia

Gas (BCF) 0.00 39.80 62.63

Condensate(MMBO) 0.00 0.05 0.08

BOE (MMBOE) 0.00 6.68 10.52

Group Total

Oil (MMBO) 4.18 12.80 26.61

Gas (BCF) 0.00 39.80 62.63

BOE (MMBOE) 4.18 19.48 37.05

1) Certified by NSAI as at 31 December 2011 2) Certified by RPS as at 31 December 2011 3) Certified by NSAI as at 1 April 2011


KrisEnergy Holding Company Ltdkrisenergy.com/default/assets/KE Presentation Mar2012...KrisEnergy Holding Company Ltd Company presentation March 2012 Disclaimer • This Presentation

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