2Exploring New Frontiers The Journey1st SPAC IPO25 July 2011Signed Lime Petroleum Agreements as QA24 October 2011Signed agreements for the subscription of shares in 3D Oil Limited and acquisition of rights to exploration permit VIC / P57 in the Gippsland Basin of AustraliaHibiscus Petroleum executed agreements to acquire a 35% equity stake in Lime Petroleum PLC (“Lime”) as our Qualifying Acquisition (“QA”).At the time of signing, Lime had 3 concessions in the Middle East.On 12 April 2012, a fourth concession, also in the Middle East, was added to the Lime portfolio without any change to the purchase consideration.Listed on the Main Market of the Malaysian Stock Exchange under Special Purpose Acquisition Company (SPAC) listing rules.As a SPAC, Hibiscus Petroleum was subject to several operating restrictions and was required to make a substantial investment in an approved Qualifying Acquisition (QA) before being able to operate as a ‘normal’ Main Market public company.Hibiscus, through its Lime investment, obtained exposure to 4 offshore concessions on the Norwegian Continental Shelf.To fund further growth opportunities, Hibiscus launched a Convertible Redeemable Preference Share (CRPS) scheme to raise up to RM210Mil.To date RM74.48 million has already been secured.Completion of the Lime transaction as the QA signified that the company was no longer a SPAC and became the first Malaysian listed Oil and Gas E&P company.TheJour1st Listed E&P Company18 April 20124 Additional Norwegian Concessions4 May 2012neyLaunch Issue of CRPS2/3 August 20123D Oil Transaction14 August 201225 July 2011Listed on the Main Market of the Malaysian Stock Exchange under Special Purpose Acquisition Company (SPAC) listing rules.As a SPAC, Hibiscus Petroleum was subject to several operating restrictions and was required to make a substantial investment in an approved Qualifying Acquisition (QA) before being able to operate as a ‘normal’ Main Market public company.25 October 2011Announced acquisition of a 35% equity stake in Lime Petroleum PLC (“Lime”) as the QA16 February 2012Received the Malaysian Securities Commission’s approval on the Lime QA21 March 2012Received shareholders’ approval on the Lime QA12 April 2012Announced signing of an Exploration and Production Sharing Agreement between Lime’s 100% owned subsidiary, Baqal Petroleum and the Government of Ras-Al Khaimah in the United Arab Emirates for an on-shore concession18 April 2012Announced the completion of the Lime QA. Company sheds SPAC status.4 May 2012Signed transaction agreements between Lime and North Energy to participate in 4 Norwegian concessions28 May 2012Announced various agreements in relation to the Petroci participation in Masirah Oil (Block 50 Oman) had been amended with favourable consequences to Lime and Hibiscus2/3 August 2012Signed agreements for RM74.48 million in subscriptions for Convertible Redeemable Preference Shares (CRPS)14 August 2012Signed agreements for the subscription of shares in 3D Oil Limited and acquisition of rights to exploration permit VIC / P57 in the Gippsland Basin, Australia
3Portfolio balancing will be the next thrust Exploring New Frontiers StrategyHighPortfolio balancingwill be the next thrustRISK PROFILEQualifying AcquisitionHigh Impact Advanced Exploration to Build ValueDevelopment AssetsProven Resources to Build Balance Sheet Resilience and Mitigate RiskPlan for Success Strategy for Exploration AssetsProduction AssetsCashflow for Profitability and SustainabilityIPO - SPACLowTIMEJuly Oct April Q2 / 2013
4Exploring New Frontiers The Lime Transaction Evolution SigningDeal PackageLime QA TransactionAnnouncement25 October 20113 Concessions in Middle EastOman Block 50 (74 -> 35 %)RAK North Offshore (59 %)Sharjah (100 %)Rex Technology for 15 Countries in Middle EastProject Management Contract to HibiscusTotal Consideration: US$ 55 mil for 35 %US$ 5 mil Discovery BonusMkt Cap:US$ 218 mil5 Sept 2012Approvals & Conditions PrecedentFulfillmentSecuritiesCommissionApproval16 February2012ShareholdersEGM21 MarchCompletionDeal PackageAdditional Concession in Middle EastRAK Onshore (100 %)Letter of Intent for 4 Additional Concessions in NorwayPL 503 (12.5 %)PL 518 (15 %)PL 526 (20 %)PL 530 (10 %)Use of Rex Technology for NorwayConcessionsNo Change in Purchase ConsiderationDealClosing18 April2012On 2 May 2012, Norway LOI translated to Definitive Agreements.On 28 May 2012, Lime’s stake in Masirah Oil was finalized at 64 %.
5Exploring New Frontiers Lime Assets – Middle East Concessions RAKOFFSHORERAKONSHORESHARJAHOFFSHOREOMANBLOCK - 50RAK OFFSHORE Dahan PetroleumRight Ally – 16 %Schroder – 25 %Lime – 59 %RAK ONSHORE Baqal PetroleumLime – 100 %OMAN BLOCK 50Masirah OilLime – 64 %Petroci – 36 %SHARJAH OFFSHOREZubara PetroleumLime – 100 %The Most Prolific Petroleum Basin In The World
6Exploring New Frontiers Lime Assets – Norwegian ConcessionsPL 518ZapffePL 526Vågar/KarlPL 503Lotos EP – 25% (OP)Edison -25%North Energy – 12%Skagen – 25%Lime – 13 %PL 518Dong – 40% (OP)North Energy – 15%Sagex – 10%Discover -20 %Lime – 15 %PL 530HeiloPL 503ValbergetPL 526North Energy – 33.3% (OP)E.ON Ruhrgas – 33.3%Lime – 33.3 %PL 530GDF – 40% (OP)North Energy – 10%Discover -20%Rocksource – 20%Lime – 10 %A Mature First World Petroleum Producer
8Exploring New Frontiers Value EnhancementOmanRAKRAKShaNorBloOffonwrshoreshoreck 50jahay
9Strategy Portfolio balancing will be the next thrust Exploring New Frontiers3D Oil TransactionStrategyHighPortfolio balancingwill be the next thrustQualifying AcquisitionHigh Impact Advanced Exploration to Build ValueRISK PROFILEDevelopment AssetsProven Resources to Build Balance Sheet Resilience and Mitigate RiskLime TransactionPlan for Success Strategy for Exploration AssetsProduction AssetsCashflow for Profitability and Sustainability3D Oil TransactionIPO - SPACLowTIMEJuly Oct April Q2 / 2013
10Exploring New Frontiers 3D Oil TransactionAs part of its portfolio balancing strategy, Hibiscus Petroleum, through Oceania Hibiscus and Carnarvon Hibiscus is proposing to:Subscribe to 13% of the enlarged current share capital of 3D Oil Ltd.acquire a 50.1% farm-in interest in VIC/P57 for AUD13.5 million and an additional contribution to project expenditure of AUD 13.5 MM (collectively referred to as the “Proposed Transaction”).Hibiscus to be the Operator of the concessionTotal Hibiscus Petroleum commitment is AUD 29 MMHibiscus Petroleum Berhad (Hibiscus)Oceania Hibiscus Sdn Bhd (OHSB)Carnarvon Hibiscus Pty Ltd (Operator)3D Oil Ltd (ASX Listed)Direct Investment in VIC/P57[Unincorporated JV]AUD 27 MM – Farm-in Agreement for a 50.1 % stake in VIC/P57AUD 2 MM – Subscription Agreement for placement of new shares in PLC100%13%49.9%50.1%Regulated by a Joint Operating Agreement to be entered into by both partiesMalaysiaAustraliaHibiscus Petroleum Berhad (Hibiscus)100%Oceania Hibiscus Sdn Bhd (OHSB)AUD 2 MM – Subscription Agreement for placement of new shares in PLCMalaysiaAustralia13%100%3D Oil Ltd (ASX Listed)Carnarvon Hibiscus Pty Ltd (Operator)49.9%50.1%AUD 27 MM – Farm-in Agreement for a 50.1 % stake in VIC/P57Direct Investment in VIC/P57[Unincorporated JV]Regulated by a Joint Operating Agreement to be entered into by both parties
11Exploring New Frontiers 3D Oil TransactionAustralia’s most prolific oil & gas basin, close to major existing infrastructure, including established oil & gas refineriesOperations are made up of 18 platforms and several subsea tiebacksOver 30 fields including 3D Oil’s West Seahorse field make up the Bass Strait groupingThe key assets within the permit are the (proven) West Seahorse Field, and two Exploration Prospects, Sea Lion and Felix .VIC/P57West Seahorse FieldEstimate of 7.3 MMbbls was doneby RISC on behalf of HibiscusCertification of 9.2 MMbbls was done by Gaffney Cline and Associates (engaged by 3D Oil)
12Exploring New Frontiers The FutureThe Lime investment enters an important phase over the next 12 months.CRPS provides us with financial resources to balance our risk profile.First oil from VIC/P57 targeted for QWe continue to assess new opportunities.Thank you for your support.