September 2020

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Aimi NasharuddinNED

28+ years of business, corporate finance and operational experience.Accountancy background starting at Arthur Anderson & CoCorporate experience in CIMB Investment Bank Berhad

Jeremy KingNED

Senior corporate finance exec 19+ years’ experience with English Trust Co Ltd, Private Equity Investor Plc, and Kleinwort Benson Investment Management Ltd

Christopher PitmanNED

35+ years’ international upstream O&G experience Schlumberger Geoquest Inc, Quatar General Pertoleum Co, Petroleum Geo-Services ASA,

Dixon WongNED

Chief Strategy at Tune Project GroupExperience with corporate finance, group strategy and synergies, Banking experience at HSBC Bank Malaysia and the Bank of Tokyo-Mitsubishi

New Management Team More than 130 years experience in Asia and Africa

Datuk Bolhassan DiNon-Executive Chairman and Interim CEO

Industry and region-specific expertise with Sarawak Shell Bhd.Elected member of Sarawak State Legislative Assembly (1987-2011)Chairman of Miri Port Authority (1987-1997)

Roberto BenciniTechnical Consultant

39+ years' International upstream Oil&Gas experienceAccomplished oil finderGulf-Chevron, Lasmo-ENI, GA.I.A.

Portfolio Value: Tunisia (Saouaf) & UK Offshore (Dunrobin)

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Opportunities

Business Model

The 'easy oil' - conservative exploration for overlooked plays in proven basin whereconventional structures have been tested and developedApply new techniques and interpretations to mature basin to rapidly move throughdevelopment curveBuild a full cycle E&P business: Production, Development, low-risk exploration/appraisalTake immediate advantage of low-cost supplier environments during period of lower oilprices

Awarded in UK 31st Round.Upland – 40% interest.Low cost initial work commitment including re-processing of the existing 3D seismic data. Pmean prospective resources of 187mmboe for Dunrobin Prospect and Pmean prospective resources of 21.5 mmboe for Golspie Prospect.

Value Creation

Saouaf work programme: process existing ETAP seismic data to develop prospectinventory and explore new playsAttract strategic industry partners to help fund appraisal & exploratory wells.Risk sharing ventures with contractors – opportunities for risk / reward contractsMove quickly in low oil price environment, acquire production and additional prospectingpermits for attractive returns.

Licence group under a ‘confidentiality work sharing agreement with a major European Energy Company – effectively an exclusive farm-in option.

Tunisia: North Africa, Onshore and Offshore

Tunisia4,004km2 Saouaf Permit in JV with Tunisian National Oil Company (ETAP)

UKP2478 Innovate licence operated by Corallian Energy

Opening up SIGNIFICANT opportunities in South-East Asia

Sarawak

Brunei

Unique competitive advantage through new management, experienced technical team and shareholder contacts to identify game changing opportunities.

MOUs signed with respected local partners for licence applications and operations in both Sarawak and Brunei

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Sarawak MalaysiaStrategic Alliance in Prolific Region

Strong relationships with government, Petros & PetronasBrooke deal unique access to opportunities Screening process has now led to focus on specific assetsIn-depth analysis & discussions are well advanced

SARAWAK: Exploration onshore adjacent to a prolific and mature offshore area

Sarawak Government & Petronas agreement over the management of oil and gas assets.

All oil and gas permits in Sarawak are to be issued by the Sarawak Government. (1958 State Oil Mining Ordinance)

Latest developments welcomed by Sarawak in the development of its significant oil and gas resources.

Sarawak to now have more control in the management of the oil and gas assets in Sarawak

Encouraging signal for industry players that they may soon be able to work in the area with Petros to maximise the substantial potential of Sarawak

Strong relationship with Petros, the Sarawak Government's wholly owned oil and gas company

TUNISIA:SAOUAF PERMIT

Political stability, welcoming commercial environmentOnshore proven petroleum system in central TunisiaGood hydrocarbon licensing terms, high gas prices, existing infrastructuresExtensive data available from ETAP, being interpreted nowExisting oil and gas seeps in permit area – working petroleum systems – probable Palaeozoic source rock also activeTransformational gas-condensate sub-salt play being investigated.

Tunisia, North Africa4,004 km2 Saouaf Prospecting Permit (UPLAND Operator)

Operated permit in JV with Tunisian State oil company (ETAP) with multiple prospects and leads$1 million bank guarantee in place, released as soon as work is carried out.Work commitments – Vintage seismic data reprocessing + 300 km new 2D seismicTransformational 2020 work programme started:- Vintage data ingest by building Geographical Information System (GIS)

and loading the data on state-of-the-art geoseismic interpretation software (done)- Proven play concept analysis and new play generation (done)- G&G interpretation and Lead Inventory generation, including first pass recoverable resources, risking and ranking (in progress)- Selection of vintage seismic lines for high quality reprocessing (approx. 100 km) and their reprocessing (this is the first element of the work programme commitment)- New seismic survey design (acquisition parameters and position, approx. 300 km), aiming at maturing the first exploration well location in the next licensing phase

May 1994

Feb 1956

April 1955

Dec 1952Nov 1954

BOU DABBOUSstructure

SAOUAFThe Saouaf licence area has important strategic assets above ground which will be crucial for the company in the future to quickly get discoveries onstream.

The Saouaf licence area includes pipelines such as the large diameter Transmed pipeline, with gas compression stations and significant spare capacity. This provides reliable access to the attractive local gas market and commercialisation.

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RESOURCES bcf. of 4 principal prospects, (from Blackwatch CPR)

PROSPECT P90 MEAN P10 COMMENTS

DEKRILA ANTICLYNE surface fold with one seismic line

3 Tested Zones41 182 340

best test 80k.cfd. But probable water coningAptian 12 45 85 not reached by well DK-1

ENFIDA WEST ANTICLYNE 13 129 269 good seismic control, (10 lines)

ENFIDA SOUTH WEST ANTICLYNE 58 181 329

8 seismic lines, half structure is in the open block to the south

JEBEL BOU DABBOUS ANTICLYNE

224 813 1460no seismic, oil seep on crest at salt piercement suggests possible oil fill in some of the potential payzones

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ETAP studied in detail the petroleum geochemistry of the Jebel Garci light oil seep, and they could not relate this oil seep to any known source rocks of the area.

This is a strong indication that another source rock is active in the area.

Light oil indicates a deep, mature source rock, and the most likely candidate is the prolific Silurian “Hot Shale” Source Rock, which is interpreted to be present in the Saouafarea below the sealing Triassic salt formation.

SAOUAF

TENDRARA

HASSI R’MEL

Regional extent of Triassic salt formation

0.9 TCF discovered + 8 TCF potential (Sound Oil)

85 TCF(Sonatrach)

saltsalt

SAOUAF: a promising eastward extension of the prolific Hassi R’Mel sub-salt play, extended to the West by Tendrara

SCHEMATIC CROSS-SECTION ACROSS THE BOU DABBOUS STRUCTURE

prospective sub-salt gas-condensate lead

(projected)

vertical exaggeration x 2NW SESAOUAF PERMIT

A transformational play has been identified within the Saouaf license, new for the area but well proven in Algeria and Morocco, based on the extensive presence of both a Triassic salt formation acting as regional seal and a probable Palaeozoic mature source rock (the Silurian “Hot Shale”).

saltsalt

salt

salt

R E G I S T E R E D O F F I C E

4 4 E S P L A N A D ES T H E L I E RJ E R S E YJ E 4 9 W G

L O N D O N O F F I C E

4 9 B E R K E L E Y S Q U A R EM A Y F A I RL O N D O NW 1 J 5 A Z

W E B S I T E : W W W . U P L A N D R E S . C O M

E M A I L : B O L H A S S A N @ U P L A N D R E S . C O M

T E L : + 4 4 7 8 9 1 6 7 7 4 4 1

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