www.columbus-erp.com Building an oil production led South American exploration business Leo Koot, Executive Chairman, June 2017
Forward Looking Statements Certain statements in this presentation are “forward looking statements” which are not based on historical facts but rather on the management’s expectations regarding the Company's future growth. These expectations include the results of operations, performance, future capital, other expenditures (amount, nature and sources of funding thereof), competitive advantages, planned exploration and development drilling activity including the results of such drilling activity, business prospects and opportunities. Such statements reflect management's current beliefs and assumptions and are based on information currently available. Forward looking statements involve significant known risks, unknown risks and uncertainties. A number of factors could cause the actual results to differ materially from the results denoted in these statements, including risks associated with vulnerability to general economic market and business conditions, competition, environmental and other regulatory changes, the results of exploration, development drilling and related activities, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although these statements are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that the actual results will be consistent with these forward looking statements. 2
Strengthened Management Team Mr. Stewart Ahmed, Mr. Gordon Stein, Mr. Leo Koot, Managing Director Trinidad Chief Financial Officer Executive Chairman Stewart Ahmed has 32 years oil industry technical, Gordon Stein is a member of the Chartered Institute of Public Leo Koot is a Dutch national, currently residing in the UK, with commercial and management experience, most recently as Finance & Accountancy and was the CFO of AIM-traded over 28 years of industry experience. During his extensive Chief Operating Officer and General Manager of AIM Listed Madagascar Oil Limited from June 2013 to October 2016. Mr career, he has run oil and energy businesses as well as been Madagascar Oil in Antananarivo from 2013-2016. Operating Stein was previously CFO at Cadogan Petroleum plc which is an active board member, most recently with AIM listed the Tsimiroro Field steam flood pilot, he gained the first Field an independent oil and gas exploration, development and Sterling Energy PLC as Senior Independent Non-Executive Development License in Madagascar’s history. production company with onshore gas and condensate assets Director. Mr Koot's global energy experience includes his role As General Manager of Dove Energy in Sana’a, Yemen, Mr in Ukraine. Preceding this, he has been CFO at Vanguard as Managing Partner of MENA Gulf Investment Partners (Abu Ahmed discovered, developed and operated a number of Energy Limited and Regal Petroleum plc. He has also held Dhabi), President of Abu Dhabi National Energy Company onshore oil-fields peaking at 25,000 BOPD. Subsequently he senior financial and operational management positions in (TAQA) and Managing Director of TAQA UK where he built the managed the exploration license seismic and drilling work Fairfield Energy Limited, Acorn Oil and Gas Limited, LASMO organisation from a few people to an organisation of over programmes as General Manager of Dove Energy in PLC, Monument Oil & Gas plc, Centrica plc and BG pc. Mr 2,000 staff and contractors and delivered a mature E&P Damascus, Syria and Midas Oil and Gas in Yemen. He Stein has over 23 years’ experience in the upstream oil and operating company that managed 60,000 barrels/day performed the position of Petroleum Engineering Manager gas sector in the UK and internationally, including Ukraine, production with US$1.7 billion in annual revenues. Prior to for RDS Resource, a leading Aberdeen based Subsurface Tunisia, Venezuela, Algeria and Turkmenistan. TAQA, Koot was CEO of Energy Development Partners an oil Consultancy from 1997-2000. Prior to that Mr Ahmed worked and gas business creating ways to match capital and for 12 years for Chevron in the UK North Sea and Gulf of resources with developing production, for which he helped Mexico as a Petroleum Engineer and Commercial Analyst. raise a US$350 million private equity fund. Mr Koot has a Mr Ahmed has a BSc in Mining and Petroleum Engineering Master in Petroleum Engineering. and is a Member of the Society of Petroleum Engineers.
Robust Foundations for Future Growth The Goudron Field SW Peninsula & Goudron deep Exploration opportunities High quality, low risk , onshore Trinidadian oil producing asset with significant growth potential • 1.3 billion barrels of gross unrisked prospective • oil-in-place is estimated to lie in South West 2P reserves 11.8 mmbbls • 2C reserves 22.2 mmbbls Peninsula • • Near term production growth Approx.350 bopd of production of light sweet • Multiple value generating opportunities average 38-degree API oil • IPSC agreement with Petrotrin state oil company Enhanced Recovery Mature E&P region Pressure support recently drilled development wells Venezuelan basin & Trinidad operations 2,500 • Established oil economy with infrastructure, 2,000 skills and services to execute the growth plan • Columbus Energy Resources has maintained a 1,500 strong license to operate in Trinidad 1,000 • Access to South America 500 0
Strategy Road Map Refreshed business strategy with a focus on capital discipline to create shareholder value Value growth Production Launch • Water injection program B to D • Strengthen leadership team • Pressure support for high rate wells • Build a value based organisation • Shallow Mayaro sand • Implement business processes • Drill injector/producer pairs • Implement robust decision • Re- drill “The lost well” making • Competent persons report Transformation • Material production uplift • Material discovery in the South West Peninsula 3 to 5 year timeline • Expand foot print in South America Value Growth Positive cash flow Exploration • Reduce G&A • • Increase production SW peninsula licensing • • Production optimization Mature exploration prospects • • Water injection program A Drill exploration targets • • Bonasse field reactivation Entry to South America Accelerate • Access to smart capital • Cornerstone investor • Merger • Farm- out’s
OUR VALUES Safe & Sustainable Stronger Together Creative Excellence Positive Energy Totally Trusted Personally Responsible 6
Thank you 7
Robust reserves base 2012 2016 Gross (mmbbls) 1P 2P 3P 1P 2P 3P Reserves 0.7 7.2 30.4 1.6 11.8 25.6 Gross (mmbbls) 1C 2C 3C 1C 2C 3C Contingent 6.2 15.9 63.2 3.2 22.2 63.4 Resources Gross (mmbbls) Low Medium High Low Medium High Original Oil in 65 125 350 210 555 975 Place Source: Challenge Energy, July 20162 Source: Deloitte, June 2016 8
LIND Facility • Net debt to Lind Partners ~US$1.6 million, being paid in cash monthly from free cash flow at Goudron • No trade creditors outside normal business • Spanish authorities decision taken and Ayoluengo field suspended pending the granting of a new 30-year concession • Final sale and purchase agreement signed to acquire all the deep and shallow rights from Beach Oilfield Ltd in the high value South West Peninsula play • Company’s reputation and licence -to-operate has been fully preserved in both Spain and Trinidad 9
10 Goudron
Goudron Production History 2,500 Recompletions Legacy well 2014 2015 and reactivation 8 wells 7 wells maintenance and infrastructure 2,000 Oil Production (bbls) 1,500 1,000 500 0 11
Water Flood Critical to increasing production and recovery • Analogue studies and 2014/15 well data indicate water flooding is appropriate • Local analogues at Trinity-Inniss, Navette and Beach-Marcelle Fields • Considerable local experience in Trinidad • Over 60 mmbbls of independently certified 3C resources ( Source: Deloitte 2016) • Scope of work for a low cost pilot project to be agreed 1Q17 • Existing produced water • Two C-sand injectors • Four to six C-sand producers • Consideration to be given to alternating water with gas or CO 2 • Application for a Environmental Certificate in 1Q and project start -up as soon as practical 12
South West Peninsula 13
South West Peninsula Lease Position Beach Oilfield Cedros Leases FRM-1 Deep Well 3D Seismic Columbus Energy Resources Cedros Leases Icacos Field Bonasse Field Icacos Leases Galpha Point 14
Why the South West Peninsula? • Largely unexplored in the Miocene at depths > 2000 ft Installing new well tanks • Accessible terrain • Re-migrated light oil at shallow depth • Only one deep well (FRM-1) which discovered oil • Parallel trend to the offshore Soldado field complex • Oil known in proven reservoirs seen in contemporaneous mud volcanoes Block of oil impregnated Herrera Sandstone from the mud volcano on the beach at Galpha Point • Estimated to be 1 to 4 billion barrels oil in place 15
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