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Acquiring, funding and commercializing oil and gas assets in Asia 17th Asia Upstream Conference, Singapore 26 June 2012

These presentaAon materials have been prepared by Risco Energy Pte Limited (“Risco” or the “Company”), solely for the use at this presentaAon and have not been independently verified. This presentaAon is being communicated only to persons who have professional experience in maQers relaAng to investments and to persons to whom it may be lawful to communicate it to (all such persons being referred to as relevant persons). This presentaAon is only directed at relevant persons and any investment or investment acAvity to which the presentaAon relates is only available to relevant persons or will be engaged in only with relevant persons. SolicitaAons resulAng from this presentaAon will only be responded to if the person concerned is a relevant person. Other persons should not rely or act upon this presentaAon or any of its contents. No representaAons or warranAes, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the informaAon presented or contained in this presentaAon. Neither the Company nor any of its affiliates, advisers or representaAves accepts any responsibility whatsoever for any loss or damage arising from any informaAon presented or contained in this presentaAon. The informaAon presented or contained in this presentaAon is current as of the date hereof and is subject to change without noAce and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representaAves make any undertaking to update any such informaAon subsequent to the date hereof. This presentaAon should not be construed as legal, tax, investment or other advice. No past, present or future officer, employee, member, shareholder, partner and/or affiliate of either party to this presentaAon materials shall have any liability for any of the obligaAons under this presentaAon materials or for any claim based on, in respect of or by reason of such obligaAons or their creaAon. In addiAon, certain informaAon and statements made in this presentaAon contain “forward-‐looking statements.” Such forward-‐looking statements can be idenAfied by the use of forward-‐looking terminology such as “anAcipate,” “believe,” “considering,” “depends,” “esAmate,” “expect,” “intend,” “plan,” “planning,” “planned,” “project,” “trend,” and similar expressions. All forward-‐looking statements are the Company's current expectaAon of future events and are subject to a number of factors that could cause actual results to differ materially from those described in the forward-‐looking statements. CauAon should be taken with respect to such statements and you should not place undue reliance on any such forward-‐looking statements. Certain data in this presentaAon was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representaAons as to the accuracy or completeness of that data, and such data involves risks and uncertainAes and is subject to change based on various factors. By parAcipaAng in this presentaAon, you agree to be bound by the foregoing limitaAons.

Disclaimer

2

Presenter

3 PAGE 2STRICTLY CONFIDENTIAL

PRESENTERS

Chris NewtonExecutive Director

Tom SoulsbyChief Executive Officer

PAGE 24STRICTLY CONFIDENTIAL

Board of Directors Senior Management

EXPERIENCED BOARD AND MANAGEMENT TEAM WITH PROVEN TRACK RECORD

Bob Kamandanu – Director

� Mining engineer with 30 years in international mining and business

� Former CEO of PT Berau Coal

� President of Indonesian Coal Mining Association and CEO of Delma Mining

Ery Yunasri – Director

� Founding partner of Ery Yunasri & Partners

� Previously Corporate Finance partner at Wiriadinata & Widyawan & seconded lawyer at Allen, Allen & Hemsley, Sydney.

� LL.M in International Law, Washington College of Law and SH at U.I. Law School.

Yosephin Dewi – Chief Financial Officer

� Major in Accounting and AIMA certified

� 6 years at Deloitte

� 8 years at EMP

� Expertise in PSC, deferred tax GAAP and IFRS accounting

Tom Soulsby – Chief Executive Officer

� Former Director at PT Energi Mega Persada (“EMP”), responsible for adding over 500 million 2P MMboe reserves to EMP’s portfolio through acquisitions of 8 PSCs

� Investment banking background with UBS and ANZ in Melbourne, Singapore and Jakarta

� Qualified Accountant by training having worked in KPMG and Western Mining Corporation

Sohan Ojah Maharaj – Petroleum Engineering Manager

� Over 12 years of petroleum consulting experience in UK and Southeast Asia with Gaffney, Cline & Associates

� MSc in Petroleum Engineering

� Reserve certification specialist

Lindawati Kusuma – VP, Portfolio & Economics

� 11 years experience with BP in ONWJ as a production engineer

� 7 years leading planning & economics with BP / EMP

� Recognized expert in PSC economics and planning

Chris Newton – Executive Director

� Most recently CEO of EMP and former IPA President from 2004-2007

� Leadership roles in Brunei (MD: Fletcher / Shell) & Indonesia (President: Santos / EMP)

� 33 years oil & gas industry experience

� Geologist by background with post graduate qualifications in Applied Finance and Investment

Photo

7

The senior investment and operational management team have over 130 years of experience acquiring, running, operating,

dealing, managing, funding, commercializing and monetizing oil and gas assets

9 Individual operational track records include hydrocarbon exploration, development, production, power generation and gas commercialization throughout Southeast Asia, Australia, New Zealand and the U.S.A.

9 Between 2003 – 2009, individuals acquired assets from Conoco Phillips, BP, Santos, Inpex, Ephindo, Salamander Energy, BlakEnergy, Vitol and partnering CNOOC, Medco, Shell, BlakEnergy & Arrow (now Dart Energy), Total, Pertamina & GPC/Otto Energy

Timeline


KEY MILESTONES FOR RISCO

JUL 2010

JAN 2011

MAR 2011

AUG 2010

MAY 2011

OCT 2011

FEB 2012

— Incorporated as a company in Singapore and established a Jakarta representative office in temporary office premises for Tom Soulsby and Chris Newton

— Acquired a 71.5% stake in the producing Crane Mallard and Road Runner leases in South Texas, USA and established a Houston team and Office

— Key recruits secured at Risco, including Lindawati Kusuma, Sohan Ojah-Maharaj and Yosephin Dewi

— Ephindo expands from three to six PSCs with the additions of Kutai II, Meluk Mendung and East Kutai PSC’s. First pilot gas at Sangatta and Sekayu

— Key recruits secured at Ephindo, including Stuart Smith, Kamel Benaskeur, Tim Moore and Satria Djaya

— Opened Jakarta Office

— Acquired 28% interest in Ephindo Energy with call option to increase ownership to 40%

— Acquired 5% interests in the prodigious ONWJ and SES PSC’s from Salamander Energy Plc— Secured US$40 million RBL facility from Standard Bank

— Certified net 2P reserves expanded 23% against base investment cases as of 1 January 2012— Exercised call option in Ephindo Energy to increase stake to 40%

SEP 2011 — Acquired a 26.84% stake in the oil producing Galoc Block, Philippines alongside Otto Energy

APR 2012 — Raise debt and equity capital to capture acquisition opportunity set

— Singapore IPO2013

Background on Risco

5


Company overview Geographical footprint

� A private Indonesian sponsored Singapore based energy investment company

� Bridge between private equity and operating oil and gas company

� Established July 2010 by experienced upstream oil and gas transaction specialists

� Wholly owned by a prominent Indonesian family, which has a strong energy investment record

� Risco has to date invested in five oil and gas operations in Indonesia, the Philippines and the USA and it now has 11 individual oil and gas contract areas:

Ô Major stake in Ephindo, Indonesia leading first mover CBM company with 6 PSC’s and at first gas from pilot wells in two PSC’s.

Ô Over 7,000 boepd of production in Indonesia and Philippines

Ô Operated oil and gas production and development onshore South Texas.

� A plethora of upstream production acquisition opportunities being matured

� Leveraged up equity with US$40 million in RBL facility

� On track to IPO Risco Energy in 2013

OVERVIEW OF RISCO ENERGY

Risco is raising fresh equity by issuance of new shares to fund incremental organic growth and production acquisitions

Background


Portfolio overview

Note:* Risco Energy CBM Inc has exercised its option to increase its direct shareholding in Ephindo Energy Pte Ltd to 36% currently, and to 40% by August 2012

OVERVIEW OF RISCO ENERGY

ConventionalUpstream Oil and Gas

Unconventional GasCoal Bed Methane

USA

La Sara FieldSouth East

Sumatra PSCOffshore Northwest

Java PSC Galoc Field Onshore S. Sumatra and E. Kalimantan

Working interest

71.5% 5.0% 5.0% 26.8% *36%

Operator Risco CNOOC Pertamina Otto Mostly Ephindo

Status � Oil & Gas Production� Field Development� Mature Basin Exploration

�Oil Production�Phase II Development�Near Field Exploration

� CBM exploration� CBM pilot production� CBM gas certification & commercialization

2011 W.I. Prod.

150 boepd 2,200 boepd 3,000 boepd 1,600 bopd Pilot gas production

Indonesia Indonesia

Onshore Texas

Offshore Sumatra

Offshore Java

Philippines

Offshore Palawan

Indonesia

Risco Energy Pte Ltd

Risco’s place in Asia


Attractive Valuation Multiple

Leverage Capital � Exploit access to capital versus competitor constraints in equity and credit markets.� Combine cash generative production with manageable debt to leverage up equity,

portfolio depth & equity returns.� Use equity access as a differentiator in delivering opportunities throughout business

cycle.

Leverage Industry and Equity Market

Knowledge & Relationships

� Deep knowledge of customers, competitors, markets and resources to proactively source, evaluate, structure and close investment opportunities.

� Relationships with opportunity providers.� All drives South East Asia focus.

Rapidly Build � Speed for competitive advantage in sourcing, evaluating, negotiating and closing transactions.

� Build track record of moving quickly to gain preferred access to opportunities.

Market Driven � Understand what the market rewards and build the optimal balanced growth portfolio.� Balance focus with diversity, growth with funding, upside with downside protection.� Quality assets, aligned and motivated management with a delivery track record.� Arbitrage intrinsic and equity market valuations.

Upstream Growth Portfolio

� Upstream growth focused with strong production and cashflow foundation.� Balanced portfolio – production, development, appraisal & exploration growth pipeline.� Conventional and unconventional for production and reserves growth.� Organic and inorganic growth in reserves, production and cashflow.

Strategy to leverage capital, industry and equity market knowledge and relationships to rapidly build a market driven upstream growth portfolio with a premium valuation.

ENERGY INVESTMENT STRATEGY

Provide perspecAve on funding oil and gas assets in Asia/ASEAN

–  We fund our business to create value over and above our capital costs. How do we create enterprise value add?

•  Sources of sustainable comparaAve advantage •  Assess best strategies •  What do valuaAon guideposts telling us – what are the 5 key

value drivers? •  Cost of capital changes in recent years

–  How have we funded Risco’s acquisiAons and organic growth in the years 2010 to 2012

•  Elements of risk and mobilizing appropriate risk capital to oil and gas projects

•  Risco’s porfolio and where its projects fit on the risk and capital allocaAon matrix

–  Factors/consideraAons impacAng financing decisions

Topics

8


INVESTMENT HIGHLIGHTS02

PORTFOLIO OVERVIEW - CONVENTIONAL03

INTRODUCTION TO RISCO AND EQUITY RAISING RATIONALE01

PORTFOLIO OVERVIEW - UNCONVENTIONAL04

OPERATING CAPABILITY PLUSSAFETY, HEALTH AND ENVIRONMENT05

APPENDIX06

•  Have a clear strategy •  Know the end game •  Build a porfolio to match it

–  Lever your strengths •  Capital base •  Focus •  Speed •  Network •  Skills

•  Employ the right people to manage mulAfaceted risks

Value architecture in oil and gas

9

ExploraAon, midstream Upstream Gas, Pipelines, CBM LPG, Oil, EOR Philippines, Indonesia, CIS, USA, Refining Wildcat, Low risk exploraAon PSC’s, tax and royalty regimes, NaAonalizaAon risk

Por$olio

Looking back – what were the best strategies for value creaAon in the last oil price cycle? What does a review of last oil price cycle (2004-‐2009) tell us about value creaAon?

Click to edit Master Atle style Strategy drives the quality of returns over the cycle

11

4.4 2.5 2.5

2.3 2.2 2.2 2.1

2.0 1.9 1.9 1.9 1.9

1.8 1.6 1.6 1.6 1.5

1.4 1.3 1.3 1.3

1.2 1.2

1.1

0.0 1.0 2.0 3.0 4.0 5.0

CBM E&P

Exploration Integrated Gas

Refining and Deepwater Integrated Heavy Oil Oil Sands

Production Retail

Resource Plays Acquisitions

LNG Gas

Oil Focused E&P Geographic Focus

Development Technology

Drilling Services Seismic Services

Integrated Services EOR

Pipelines

Return on US$1.0 invested on 1 Jan 2004 to 1 Jan 2009

Source: Soulsby & Newton, Oil and Gas value crea8on strategies from a review of the 2004-‐2009 oil price cycle, 2009. Castle Asia.

Design around what the market values most and build to those specificaAons What are the 5 key desirable aQributes of highly valued oil and gas company from a review of the last oil price cycle?

Click to edit Master Atle style Sustained ProducAon growth

13

Super Majors

Majors

Integrated

Large Independents

Medium Independents

Small Independents

NOC's

Exploration

0

2

4

6

8

10

12

0% 10% 20% 30% 40% 50% 60% 70% 80%

Produc<on Growth Vs EV / EBITDA Mul<ple

EV /

EBIT

DA

Mul

tiple

Total Production Growth (2003 to 2008)

1


Click to edit Master Atle style Sustained income growth – reflects revenue growth and cost management

14

Exploration

Integrated Services

Seismic Services Small

Independents Integrated Medium Independents Drilling Services NOC's

Refiners Majors Large

Independents

Super Majors

Downstream

0.0

2.0

4.0

6.0

8.0

10.0

12.0

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Cur

rent

12

Mon

th T

raili

ng E

V /

EB

ITD

A M

ultip

le

2


Click to edit Master Atle style Reserve replacement suggests repeatability of operaAng metrics

15

Super Majors Majors

Integrated

Large Independents

Medium Independents

Small Independents

NOC's Exploration

0%

50%

100%

150%

200%

250%

300%

350%

$5 $10 $15 $20 $25 $30 $35

5 Year Reserve Rep

lacemen

t RaA

o

EV / IP BOE

3


Click to edit Master Atle style InternaAonalizaAon maQers

16

0%

5%

10%

15%

20%

0 1 2 3 4

Independent Oil and Gas Company Average Five Year TAR vs. Level of Por$olio Interna<onaliza<on

TAR

%p.

a.

4

Domes<cally Focused

Low level of interna<onaliza<on

High level of interna<onaliza<on


Click to edit Master Atle style Size maQers

17

-80%

-60%

-40%

-20%

0%

20%

40%

60%

$0.00 $0.01 $0.10 $1.00 $10.00 $100.00 $1,000.00

5 Year TAR vs. Market cap

Market Cap Log Scale (US$ Bln)

5 Y

ear T

AR

(%p.

a.)

Losers

5


Winners

Does this analysis apply to ASEAN?

18

Return performance (price rebased to 2009)

0

50

100

150

200

250

300

350

400

Jan-‐09

Mar-‐09

May-‐09

Jul-‐0

9

Sep-‐09

Nov-‐09

Jan-‐10

Mar-‐10

May-‐10

Jul-‐1

0

Sep-‐10

Nov-‐10

Jan-‐11

Mar-‐11

May-‐11

Jul-‐1

1

Sep-‐11

Nov-‐11

Jan-‐12

Mar-‐12

May-‐12

Brent FT World OilASEAN Index (equal weight) ASEAN Index (mkt cap weight)

ASEAN Explorers Index

ASEAN e&P Index

Now we have set course for value creaAon, how do we finance our ideas/opportuniAes to create EVA?

Financing for oil and gas projects

20

Secured Corporate RBL/HYB/P

Unsecured Corporate RBL/

HYB/P

Borrowing Base Finance (P50)

Development Finance (P90)

Including Development Assets at P90

Asset Finance

Equity

Discovery Appraisal Development Produc<on

Commercial Threshold Passed

FDP Approval or Equivalent

The type of financing available is dependent on the stages of an oil and gas asset/company in the life cycle. There will be cross-‐overs of the different types of finance on the characterisAcs of the asset/porfolio.

Explorn.

21

Secured Corporate RBL/HYB/P

Unsecured Corporate RBL/

HYB/P

Borrowing Base Finance (P50)

Development Finance (P90)

Including Development Assets at P90

Equity

Discovery Appraisal Development Produc<on

Commercial Threshold Passed

FDP Approval or Equivalent

ONWJ APN E/F Dev

Ephindo, ONWJ & SES ExploraAon

SES Gas Project

Galoc Phase-‐2 Dev

La Sara Expl/ Dev

ONWJ/SES/Galoc AcquisiAon

Self financing

Explora<on

Risco has closed 5 deals since 2010, now has exposure to 14 exp. wells and 29 dev wells in 2012

ONWJ 20 infill and sidetrack wells SES 9 infill wells, BanuwaA-‐K Gas Compressor Plaform Dev., Mila-‐A Plaform Development AsA-‐A Plaform Development AsA-‐A to BanuwaA-‐A Pipeline Mila-‐A to BanuwaA-‐A Pipeline BanuwaA-‐A ModificaAon for Mila & AsA Proj

ONWJ 2011 program YY-‐4 and KKT-‐1, and SP-‐1; KLU-‐1; ZTX-‐1; EG-‐1; MRAX-‐1 planned in 2012 Ephindo: SangaQa WO, Kutai 1 core and pilot program, SES 2011 program: Leyana-‐1; Zahra-‐1; Nadia-‐1; Andamsari-‐1 2012 program: West KiQy-‐1; Fanny-‐2 2013 program Galoc North

Discussed in more detail

DiversificaAon by geography, project status and hydrocarbon target

22


Risco Portfolio Snapshot

BALANCED PORTFOLIO EXPOSURE THROUGHOUT THE PRODUCTION TO EXPLORATION CHAIN

Production ProductionEnhancement Development Appraisal

Contingent Resource Conversion

Prospective Resource Conversion

BlockOperator

Galoc Oil GCU Oil Production Phase II FEED Objective of

Phase II OilGaloc North 3D Seismic

ONWJ Oil & Gas Multiple Oil & Gas Fields APN Gas Multiple Oil &

Gas FieldsMultiple Gas Fields Oil & Gas

SES Oil & Gas Multiple Oil & Gas Fields

Asti, Mila & Banuwati

Multiple Oil & Gas Fields Oil & Gas

La Sara Oil & Gas Recompletions Infield Drilling YB5 FaultChasers

YO6 Gas/ Cond. Reservoirs

M50 Deep Gas/ Cond. Play

Ephindo CBM CBM Pilot Wells

CBM Core Drilling

Mostly

Key consideraAons for financing

23

Considera<ons

Asset-‐based financing

Comments

What is the parent recourse?

Flexibility in use of proceeds

Adjustable facility amount

Financing in emerging markets

Size of facility amount

For E&P independent companies or alternaAvely upstream divisions of large conglomerates, raising financing based on their oil & gas assets provides a viable alterna<ve in terms of cost and proceeds amount;

E&P companies prefer to have their banking liabiliAes incurred by a Special Purpose Vehicle (SPV) holding directly or indirectly the interests in the oil & gas fields backing the Facility with limited recourse to their parent company, more ouen than not a listed enAty;

Upstream industry is inherently a capital intensive and volaAle so E&P companies want to be able to use their financing proceeds for a wide range of purposes including acquisiAon or exploraAon allowing them to capture business opportuniAes when they arise;

The operaAng cash flow from E&P independents depends heavily on the performance of their fields and on the prevailing crude oil price environment and thus may vary significantly over a relaAvely short period of Ame. Their banking liabili<es should adjust accordingly to reflect a reasonable leverage;

Upstream industry conAnues to look beyond tradiAonal mature basins such as North Sea with increasing momentum. As a result, it is ever more important for E&P independents to find banks comfortable enough to finance opera<ons in emerging markets;

Upstream acAvity is a capital intensive business to conduct and thus require large capital base preferably sourced from the debt market as required high return on equity is strong deterrent against over-‐equiAzaAon;

Parent company recourse?

Reserve based lending used to acquire ONWJ, SES and Galoc

24

Time

Amou

nt

1

2

4 3

1

2

3

4

The Facility Amount and its reducAon schedule are set at the signing of the Facility as a general frame and will not vary.

The Borrowing Base Amount and its reducAon schedule are reviewed on a regular basis based on updated data (reserves report/budgets/price deck) and bank’s financial model. These amounts will remain capped by the Maximum Facility Amount reducAon schedule (i.e. the Borrowing Base Amount can not be higher than the prevailing Maximum Facility Amount). The Maximum Available Amount shall be at any Ame the lower of the Facility Amount and the Borrowing Base.

The Outstanding is capped by the Maximum Available Amount and can be used as a revolving credit facility.

One of the features of Reserve Based Lending is the noAon of Borrowing

Base defined as a fracAon of the net present value of the net cashflows projected to be generated by the oil &

gas assets collateralizing the financing

It is essenAally a variable cap over the amount made available to the Borrower

which is reviewed on a regular basis

This dynamic debt sizing mechanism allows the E&P

companies to monitor closely and thus opAmize

the debt leverage over their asset porfolios

Source: Standard Bank

Reserve based lending process

25

Debt structuring Security package

Technical experAse

Financial experAse

Reservoir Engineer

Financial Modeler

Oil & Gas Tax Specialist

Reserves & producAon profile

Capital & operaAng expenditures

Price and markeAng strategy

Senior Structurer

OperaAonal Inputs

Financial Model

Use of DCF analysis

Oil/gas price benchmark

Tax modeling

Term Sheet

Tax & regulatory framework

1/ Data gathering 2/ Field ValuaAon and Risk Analysis 3/ NegoAaAon and Debt

Structuring

CollecAon of the field data available… …which is reviewed by in-‐house experts… …arranging the key facility docs

Reserve based Lending & the balance sheet impact

26

Lo

ose

Less constraining than tradiAonal project

financing with usually no recourse to a sponsor but

requiring a closer lenders monitoring than pure corporate finance, Reserve-‐Based Lending stands between these two types of financing


Importance of Balance Sheet

Lend

ers' Co

ntrol

UPSTREAM FINANCING

DEBT CAPITAL MARKET

Project Finance

Reserve Based Lending

Corporate Financing

Debt Capital Market

Tight

CriAcal Unimportant

AcquisiAon Financing

27

Banks’ Target asset value

Buyer’s Target asset value

Structuring by way of a bridge financing for up

to 60% of the target value and offer hedging soluAon embedded in

the structure to miAgate financing risks : interest rate, commodity price,…

The bridge financing is subsequently refinanced

via a Reserve Base Lending facility


The amount available under the Bridge Facility is based on the cash flow arising from the oil & gas reserves of the Target using the Banks’ economic assumpAons; The Bridge Facility can be supplemented by a mezzanine and/or balloon facility for further leverage according to the credit strength of the buyer combined with the target; The refinancing usually occurs between 3 to 9 months auer the closing of the Bridge Facility;

Security structure will favor opera<ng flexibility to the benefit of the Borrower and will include mainly pledges over shares.

~ 60%

~ 40%

Key features AcquisiAon Financing mix

Key advantages

Streamlined structuring process to enable prompt availability of debt proceeds to finance the acquisiAon;

Use of proceeds under the Bridge Facility allows the Borrower to minimize the use of equity for the payment of the acquisiAon price;

Exit op<on for the Bridge Facility is readily provided by the leverage of the Target under a RBL Facility.

Equity

Debt

1/ ValuaAon 2/ Financing

Risco’s deliverables

28


Since inception in June 2010, the Company has successfully acquired five assets and added over 20.5MMboe 2P reserves and 31.5MMboe 2C resources to its portfolio

Growth through acquisitions – 2P MMboe Growth through acquisitions – 2P+2C MMboe

Acquisition costs/ EBITDA1,2 Acquisition costs per 2P+2C boe

5.8 5.8 5.8 5.8

3.9 3.9 3.9

5.2 5.2

5.6

0

5

10

15

20

25

La Sara - Jan 11 Galoc - Sep 11 ONWJ - Oct 11 SES - Oct 11

Cum

ulat

ive

net W

I mm

boe

La Sara Galoc ONWJ SES

5.5 5.5 5.5 5.5 5.5 5.5

5.8 5.8 5.8 5.8 5.83.9 3.9 3.9 3.9

10.4 10.4 10.4

12.2 12.2

2.4

05

1015202530354045

Ephindo -Aug 10

La Sara - Jan 11

Galoc - Sep 11

ONWJ - Oct 11

SES - Oct 11 Ephindo -Feb 12

Cum

ulat

ive

net W

I mm

boe

Ephindo - Aug 10 La Sara Galoc ONWJ SES Ephindo - Feb 12

2.4

5.8

3.9

10.4

12.2

5.5

4.9

3.2

8.6

2.22.8

3.3

-1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Ephindo -Aug 10

La Sara -Jan 11

Galoc - Sep 11

ONWJ -Oct 11

SES - Oct 11

Ephindo -Feb 12

US$/2P+2C

boe

Attr

ibut

able

net

WI m

mbo

e

2P+2C reserves US$/2P+2C boe

SIGNIFICANT GROWTH TRACK RECORD1

Note:1. Reserves and resources as at 1 January 2012; transaction dates denote date of transaction completion 2. EBITDA adjusted to exclude head offices costs3. La Sara reserves are net of royalties as per standard US practice

7.5

23.3

24.7

18.0

2.5

1.4

0.9

1.9

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0

5

10

15

20

25

La Sara - Jan 11 Galoc - Sep 11 ONWJ - Oct 11 SES - Oct 11

x

US$

mill

ions

EBITDA Acq cost/ EBITDA

Risco’s Reserves and resources


Note:

1. As at 1 January 2012

2. Volumes are defined in accordance with the requirements of the Petroleum Reserves Definitions published in March, 2007 and referred to as the Petroleum Resources Management System (SPE PRMS) that was approved by the Society of Petroleum

Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, and the Society of Professional Evaluation Engineers

3. Totals may not compute due to rounding

4. Independent certification companies: Gaffney, Cline & Associates – Singapore (GCA), RPS Energy Consultants Ltd – Singapore (RPS), Mire & Associates Inc – USA (MAI), Netherland Sewell & Associates Inc – USA (NSAI)

5. Risco, through its 40% direct interest in Ephindo has a net effective working interest in the Sekayu and Sangatta I PSC of 7.4% and 9.6% respectively

6. NSAI as at March 2012

ESTABLISHED RESERVES AND RESOURCES

Net working interest reserves and resources � Risco’s substantial proven oil and

gas reserves and resources have

been independently certified

� Multidimensional upside from

reserve creep, production

optimization, infield drilling, new

satellite developments and nearfield

exploration

� Material gas contingent and

prospective resource upside from

CBM

� Balance between Asia’s Brent linked

crude upside and stable Indonesian

contracted gas

1

Significant, oil-dominated reserves and resources

Contract

Area Country

Net Risco

WI (%) Certified

Reserves (MMboe) Resources (MMboe)

1P 2P 3P 1C 2C 3C

La Sara USA 71.50% MAI 1.5 5.8 7.3 - - -

Galoc Philippines 26.84% GCA 1.6 3.9 5.6 - - -

ONWJ Indonesia 5.00% RPS 4.1 5.2 6.0 2.9 5.2 10.1

SES Indonesia 5.00% RPS 4.0 5.6 6.5 3.8 6.6 9.4

Ephindo CBM Indonesia NSAI6 - - 0.6 9.4 19.7 30.4

Total 11.2 20.5 26.0 16.2 31.5 49.9

Reserves and resources oil attribution

Contract

Area Country

Net Risco

WI (%) Certified

Reserves (% Oil) Resources (% Oil)

1P 2P 3P 1C 2C 3C

La Sara USA 71.50% MAI 30% 18% 17% - - -

Galoc Philippines 26.84% GCA 100% 100% 100% - - -

ONWJ Indonesia 5.00% RPS 61% 56% 57% 31% 40% 49%

SES Indonesia 5.00% RPS 80% 68% 66% 89% 85% 83%

Ephindo CBM Indonesia NSAI6 - - - - - -

Total 69% 57% 45% 22% 24% 25%

Documents

Acquiring,*funding*and* …...— fa Bank — agains 2012 — E 40% 2011 — t Energy 2012 — c set 3 — IPO Background*on*Risco* 5 L 5 overview footprint y mpany con specialists

Acquiring,fundingand* …...— fa Bank — agains 2012 — E 40% 2011 — t Energy 2012 — c set 3 — IPO BackgroundonRisco* 5 L 5 overview footprint y mpany con specialists