Mitra Energy Inc.

Building an Asian Gas Champion

November 2015

TSX-V: MTE

Disclaimer

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Mitra Energy took its name from an ancient word that conveys the spirit of the
company. The word Mitra' appears in Indo-Iranian, meaning "covenant, treaty,
agreement or promise", while in Sanskrit, it signifies "friend" or alliance.

The choice of name was made in recognition of the fact that success in the oil and
gas business cannot be achieved in isolation, but rather requires a partnership with
governments, industry peers, staff, investors and all other stakeholders.

Mitra Energy Investment Proposition

Unique pure play E&P, focused on delivering premium-priced gas to SE Asian markets
Robust Investment Case
Healthy cash position, funded to FID
Zero debt
Blue chip shareholder register

High profile industry partnerships with global players

Core NAV of US$602 MM (1) versus market cap of ~US$20MM
First gas planned for 2018-19
Proven track record
World class technical team
Drilled 18 wells, 11 operated, 28% success rate
5 significant gas discoveries (gross 676 MMboe of 3C) (1)
Impeccable HSE record

10 farm-outs achieved, resulting in gross US$716MM spend

(1) Contingent Resources plus valuation sourced from the CPR published by LR Senergy, March 2015

The Mitra Model

Strategies
Deliver First Gas & Cash Flow
Monetise existing discoveries

High Impact Exploration

TECHNICAL
EXCELLENCE

REGIONAL
EXPERTISE

COMMERCIAL
KNOW HOW

Farm-out funded growth

Capture Early Production

Value accretive M&A

Building an Asian Gas Champion

(1) Note: Logos to the left of the illustration represent selected institutions that have invested in Mitra and the logos to the right of the illustration select current and former industry partners

Evolving Gas Markets in SE Asia

Emerging SE Asia Gas Infrastructure(1)

SE Asia Gas Market Highlights

ASEAN-5 GDP growth forecast ave 5.3% to 2020(2)

Myanmar
Philippines
Thailand

Gas markets evolving rapidly, with increased

regional demand and premium pricing (1)
Vietnam

On top of exports from the region, SE Asia is the

fastest growing LNG market globally, expanding
from zero in 2011 to 45 MMtpa by 2025(3)

Malaysia

Malaysia

LNG economics suggest a convergence price for

the region in the range of $10-12 / MMbtu, despite
temporary oversupply
Expanding pipeline connectivity links Thailand,
Malaysia, Vietnam, Singapore and Indonesia

LNG Regasification
Operating

Lack of gas for power is a drag on growth, regional

demand outstrips supply

Singapore

Post-FID
Pre-FID

Existing fixed-price gas contracts have been

renegotiated upwards to encourage investment,
with most prices in the range $6-9 / MMbtu

LNG Liquefaction
Operating
Post-FID
Pipelines
Operating
Planned

Indonesia

In spite of significant local production,

SE Asia is increasingly dependent on LNG,
resulting in premium-priced gas markets

(1) Data taken from IHS Energy. Map modified from Butler, 2013 - http://www.seapex.org/im_images/pdf/Simon/5%20Andy%20Butler%20-%20Evolving%20Gas%20Story%20in%20SE%20Asia%20-%20watermark.pdf
(2) ASEAN-5 = Vietnam, Thailand, Indonesia, Philippines, Malaysia. For period 2016-2020. IMF World Economic Outlook Database, October 2015 edition - https://www.imf.org/external/pubs/ft/weo/2015/02/weodata/index.aspx
(3) Woodmac Research - http://public.woodmac.com/public/media-centre/content/11719042

Philippines & Vietnam: Common Themes and Gas Market Trends

Macro Environment

Themes

Government Share for New Deepwater Gas Field (1 tcf) (1)

100.0%
90.0%

Growing populations of ~100 million

OECD forecasted GDP growth 2014-2018 of ~6%(3)

Growing gas supply supply-demand deficits

Philippines

80.0%
70.0%
60.0%
50.0%

Gas shortage in south Vietnam forecasted to be 300

MMcf/d in 2015 and 1.5 Bcf/d by 2025(4)

40.0%
30.0%
20.0%

Only one significant gas field in production in

Philippines

10.0%

Vietnam Gas Supply & Demand

UK

US GoM

Philippines

Australia

Indonesia

Vietnam

Myanmar

Malaysia

Brunei

0.0%

Gas Sale (mmcf/d)

2,000

Vietnam

PSCs, stable contractual regimes with excellent fiscal

terms to encourage production growth

Strong government support eases negotiations (though

timing may be an issue)

Robust pipeline gas prices (~$10-12/MMbtu in 2012-14

in Philippines, ~$6-9/MMbtu in Malay Basin, Vietnam)

LNG import facilities planned and under construction,

coming on stream in 2015-16

(2)

1,500

1,000

500

0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Cuu Long Basin
Malay Basin

(1)
(2)
(3)
(4)

Nam Con Son Basin

Gas Demand

Song Hong Basin

Source: Wood Mackenzie 2011 (Upstream Insight August 2011 : New hopes for exploration in the Philippines)
Based on Wood Mackenzie data and Mitra analysis
OECD report (Economic Outlook for Southeast Asia, China and India 2014) - http://www.oecd.org/site/seao/Pocket%20Edition%20SAEO2014.pdf
PV Gas website - http://www.pvgas.com.vn/product-and-service/services/gas-import

Portfolio Overview
Hanoi

Upside Vietnam Hanoi

Trough
Complete resource evaluation
and farm-out pilot drilling

MVHN/12KS

Upside Vietnam Phu Khanh

Basin
Deepwater oil play

Key partner:

Acquired 3D seismic data and

plan to farm-out for carried well
Manila
Bangkok

127
Ho Chi Minh City

Core Vietnam Malay Basin

0.6 1.1 TCF of gross gas (2C3C) found already

51

Progress development solutions

Plan transition from 2C to 2P

Core, significant upside

Philippines SC 56
0.6 - 2.5 TCF of gross gas
(2C-3C) found already

45

SC 56

Carried for high impact well

in 2016

46/07

Key Partner:

Key partners:
Kuala Lumpur

Upside Indonesia Bone PSC

High impact gas exploration
adjacent to LNG facility

Net Resources (2C, 3C and RPR)(2)

Acquired 2D seismic data and

plan to farm-out for carried wells

16%
37% Total 2C:
69
MMboe

53%
63%

Total 3C:
210
MMboe

RPR(1):
770
MMboe

47%

Bone

Jakarta

Key Partner:

15%

69%
Mitra Assets
Malay Basin

Vietnam

Philippines

Indonesia

Other Key Focus Areas

Kilometres

1000

(1) Net Risked Prospective Resources include both High-Graded and Other prospective resources as discussed in the CPR
(2) There is no certainty that any portion of its prospective resources will be discovered. There is no certainty that the contingent resources and, if discovered, prospective resources will be commercially viable to produce

CPR Summary: Resource & NPV10 Growth

Net 2C Resources (MMboe)(3)

Net 3C Resources (MMboe)(3)

9.0

5.0
17.5

55.2

34.7
21.3

69.5

210.3
111.4

25.8

SC 56

Nam Du

Tho Chu

Philippines

U Minh

Total

SC 56

Nam Du

Philippines

Vietnam Malay Basin

Net 2C NPV10 ($MM)(2)

Average NPV10 / 2C boe = $11.57

(1)

CPR gas price

US$5.75

SC 56
Implied
NPV10 / 2C

$9.81

70

585

602

No value attributed
in CPR

Nam Du
$13.09

Total

Excludes a further 58 leads

highlighted within the CPR

279

253

U Minh

Net RPR (MMboe)(3)

CPR gas price

US$9.55

CPR gas price

US$9.55

Tho Chu
Vietnam Malay Basin

Tho Chu

770

185
U Minh

Total

High Graded Prospects

Other Prospects

Total

$14.00

Significant NPV10 growth with transformational upside potential

Source: Competent Persons Report by LR Senergy, March 2015
(1) Average NPV10 / 2C boe derived from $602 / (69.5 17.5) to give average for SC 56, 46/07 Nam Du and 51 U Minh
(2) The after-tax net present value here reflects the tax burden on the properties on a stand-alone basis. It does not consider the business-entity-level tax situation, or tax planning. It does not provide an estimate of the value at the level of the
business entity, which may be significantly different. Refer to the heading NPV Warning
(3) There is no certainty that any portion of its prospective resources will be discovered. There is no certainty that the contingent resources and, if discovered, prospective resources will be commercially viable to produce

Board of Directors

Paul Ebdale

Jerry Korpan

Chief Executive Officer

(Executive Director)

Non-Executive Chairman

Paul has almost 33 years industry experience, working

with Conoco and Hess before founding Mitra Energy

Jerry has been an investment banker for 30 years

financing natural resource projects worldwide

Bob Lambert

Iain McLaren

Deputy-Chairman
(Non-Executive Director)

Director
(Non-Executive)

Bob has over 40 years upstream oil and gas

experience, mostly in Conoco and was previously CEO
and President of TSX-V listed Petra Petroleum

Following a distinguished career with KPMG, Iain has

significant oil and gas experience and is currently
senior independent director of Cairn Energy plc.

Eric Schwitzer
Director
(Non-Executive)
Eric has had over 35 years experience within the
investment banking and natural resources sector and is
currently Vice Chairman of Lincoln Peck Financial

10

Experienced Senior Management Team and Core Staff

Name

Title

Years of
Experience

Previous Employers

Management
Team
Paul Ebdale

CEO

33

Will Mathers

CFO

18

Andy Butler

VP Business
Development

Dave Goulding

VP Technical

26

John Grant

General Manager
Indonesia

37

Brabant

20

Core Staff
Vietnam
Dave Goulding, VP Technical
Rob Herries, Geological Advisor
Walter Wuertz, Geophysical Advisor
Chan Yin-Hoe, Senior Geophysicist

Business Development
Andy Butler, VP Business Development
Leung Chee Ling, General Counsel
Kevin Ho, Economics Manager
Nguyen Quoc Viet, Commercial Manager
Wee Eng Swee, Senior Geologist

Years of
Experience
(26)
(23)
(30)
(15)

Indonesia, Philippines and Thailand

Years of
Experience
(20)
(19)
(20)
(25)
(28)

Operations

John Grant, General Manager

Colin Murray, Exploration Manager
Sonny Sampurno, Exploration Manager

Years of
Experience
(37)
(34)
(35)

Technical staff have an average of >24 years

experience, with direct involvement in
>50 commercial exploration discoveries
>20 operated developments

Ian McMahon, G&G Operations Manager

John Frewin, HSE Manager
Paul Boudreau, Drilling Manager

Years of
Experience
(43)
(28)
(31)

Business Development team with successful SE

Asia track record
Most assets and wells operated by Mitra
Centred in Kuala Lumpur for economies of scale,
complemented by fit-for-purpose offices in Jakarta,
HCMC and Hanoi.

11

Vietnam Malay Basin: Setting

Malay Basin
Base Tertiary Depth
PM3 (18)
215 mmscfd
(expands to
245 mmsfcd)

Thailand

Cambodia

Vietnam

46/07

Block B, (28)
Planned
~500 mmscfd

Ca Mau

Vietnam

51

45

46/07
PM-03
MTJDA

Mitra block

Existing Gas Power Plants

Gas field

Planned Gas Power Plants

Existing Pipeline

Planned Gas Processing Plants

Planned Pipeline

Fertiliser Plants

12

U Minh
Discovery
Nam Du
Discovery

expanding to 245 mmscf/d

Tho Chu
Discovery

Ca Mau pipeline, 215 mmscf/d,

Vietnam Malay Basin: Location of Assets, Fields and Prospects

Mitra PSC
Gas Fields
Prospects
Leads
3D Outlines
Pipeline
Fault

Working Interests
Block
46/07

MTJDA

W.I. (%)

Operator

Partner(s)
PVEP and
KUFPEC

Block 51 PSC

35%

Mitra

Block 46/07 PSC

70%

Mitra

PVEP

Block 45 PSC

70%

Mitra

PVEP

Total Area held by Mitra = 10,200 km2 / 2,520,362 acres

10

20

40

13

Malay Basin Area Development Strategy

Gas Aggregation Fields

Development Strategy and Plans

Nam Du
No DST
5% CO2

Block 51

Block 46/07
Mitra 70%

Khanh
My

Block
46/13

PM3-CAA
Dam
Doi
Bunga
Orchid

MALAYSIA

Tho
Chu

Ca Mau pipeline
(current 220 MMcf/d,
rising to 265 MMcf/d)

Mitra 70%

Mitra 35%

U Minh(1)
21.3 MMcf/d +
523 bcpd
3% CO2

Deliver early production to meet available

pipeline capacity

Block 45

Plan to transition to 2P reserves and gas

sales contracts by mid 2016, with gas
production two years later
Expanded Ca Mau pipeline capacity planned,
ullage for Mitra gas from 2018 onwards
Nam Du and U Minh fields require only two
development wells each, with gross capex per
field of c.US$70 MM
Produced gas to be gathered and treated at
Khanh My and passed into PM3 infrastructure
Alternative routing directly to Ca Mau pipeline
is also being considered by Petrovietnam
Gas prices of >$8 / MMbtu anticipated, on a
fix price formula with escalation

Payback expected in <1 year, with later

developments funded by first field
Mitra will require < US$40MM of equity
development capital from FID to first gas

(1) U Minh Field test is detailed in CPR. DST #2 flowed for 1 hour 38 minutes, from a tested interval depth of 1,734m to 1,748m measured depth below rotary table. Test flowed 21.32 mmscfd of gas and 532 bcpd. Gas contained
2-3% CO2 and no H2S. Produced water was 7%

14

Schedule to First Gas

Reserve
Assessment
Report (RAR)

Outline Development
Plan (ODP)

Declaration of
Commerciality

Field Development Plan

(FDP)

Front End Engineering and Design (FEED)

Gas Sale and Purchase Agreement (GSPA),
Tie-in agreement

PSC milestones

Q4 2015
RAR approved,
ODP submitted

Q1 2016
ODP approved
Declaration of Commerciality

Gross Production (Nam Du)(1)

MMscf/d

mid-2016

Q3 2018

FDP approved
2C 2P

1st Gas

Net Free Cash Flow (Nam Du)(1)

US$ MM
Cost recovery period

(1) Based on the CPR published by LR Senergy, March 2015

15

Philippines SC 56, A New Gas Frontier

Background

Location

Mitra 25% with TOTAL (75% op.), following TOTAL farmin during 2012

Manila

Play proven by the Dabakan and Palendag discoveries (3C of ~2.5 TCF)
TOTAL has elected to drill first of 2 fully carried optional wells ($75MM each)
Halcon well currently in planning (Pmean 6.7 TCF gas + 169 MMbbl)

Philippines

Mitra retained 100% of the cost pool ($386MM) prior to the entry by TOTAL

JV awarded an extension area to pursue the Halcon play trend into the basin

Brunei

Indonesia

Regional transect over giant Halcon Prospect

2000m

Agung Lead

SC 56 Prospects and Leads

Planned location
(approx)

2D Lead

Halcon

3000m

2D Lead

Luntang
Samat

Palendag

4000m

Halcon
Deep

Dabakan

Halcon

5000m

6000m

5km

Halcon Deep
Carbonate Lead

Block area = 6,220 km2 / 1,536,989 acres

16

Philippines SC 56, Halcon Prospect

Halcon Main Target 3D Perspective View
Dabakan-1

Existing Discovery Trend

New Play Trends

Palendag-1

Planned
Halcon well
location

Basin Floor
Halcon Seismic Amplitude Extraction

Flat spot at Halcon 8.8 Ma reservoir target

Planned
Halcon well
location

17

Indonesia Exploration: Bone PSC

Location Map

Asset Profile

Sengkang Gas
Fields

LNG
Facility

Mitra 60% operator, 40% Azipac

Undrilled block extends from onshore gas production, where

LNG facility is being constructed

New data confirms the extension of the onshore gas play and
has highlighted many new leads

Additional 1,200 km of 2D seismic acquired in 2015, focussing

on shallow water targets for future drilling

Plan farm-down in exchange for carried spend on drilling of

exploration wells in 2016-17

Dataroom open and a number of interested parties have

requested dataroom time

Senergy estimated resources in shallow water from 1.8 TCF

(best) to 5.3 TCF (high)

Bone PSC

One of the leads identified from

new 2D seismic data

LNG tank under construction at

Sengkang

Sengkang LNG photos from Energy World Corp. 2014 Annual Report

Block area = 7,516 km2 / 1,857,237 acres

18

Bone PSC Offers High Repeatability: Multiple Prospects in Shallow Water

Sengkang Gas Fields

Gas Fields

Shallow water
prospects
Prospects in
deeper water
with higher risk
metres

Bone PSC

19

Vietnam Exploration: Block MVHN/12KS

Asset Profile

MVHN/12KS (Mitra 100%) occupies 3,620 km2

Map of Operations

Hanoi

(894,518 acres) of the Hanoi Trough, an onshore

extension of the producing Song Hong Basin

The first shale PSC in SE Asia, terms have been

MVHN/12KS
PSC

re-negotiated to cover all conventional and

unconventional hydrocarbons

Halliburton is working alongside Mitra as technical

consultant and contributes global experience in
unconventional E&P plays

A number of discoveries exist in the basin, with a

small producing gas field carved out from the
block (Tien Hai)

Initial work programme consists of seismic

reprocessing and geological studies

Plan to farm-down interest in MVHN/12KS, in

exchange for a carry on pilot wells

2015 completion of geophysical

and geological studies, farm-down

2015 fracking studies

2016 pilot hole drilling / fracking to

test shale gas and tight gas plays

Block area = 3,620 km2 / 894,518 acres

20

Tight Sand Reservoirs Inter-bedded with Shales: Excellent Flow Potential

Shale and Tight Sand Reservoirs Inter-Bedded
Depth
(m)

Lithology

Status

Gas
Saturations
Gas saturated shales
Gas charged tight sands

Gas saturated shales

Studies with Halliburton have

demonstrated interplay of gas sands
with shales, providing excellent flow
rate potential when applying modern
frac techniques

Failed historical tight gas sand frac

jobs were poorly executed
Gas charged tight sands

Gas saturated shales

Gas charged tight sands

Gas saturated shales

Gas charged tight sands

Gas saturated shales

Geomechanical analysis and frac

studies planned to aid pilot well
design

Developing resource evaluations for

both shales and tight sands by end
2015, with technical audit and
farmout process initiation planned in
early 2016

Gas charged tight sands

Gas saturated shales

Cut-offs: VCL < 0.5; SW < 0.7

21

Vietnam Exploration: Block 127

Asset Profile

Map of Operations

Mitra is PSC operator, with a 100% working interest

Phu Khanh Basin is under-explored but oil play proven

ExxonMobil

Recent entrants include ENI, Murphy and Premier Oil

ENI

Mitra acquired 3D seismic data (May-June 2015) to confirm a

drilling location on the Alpha Prospect

Murphy

Origin / Premier
Murphy

Alpha has 248 MMbbls gross Prospective Resources (Pmean)

of oil with a POSg of 19%

ENI

Repsol

A number of other large prospects and leads identified

Plan to farm-out and drill well in 2016-17

Oil discovery
(Plains, 2009)

Santos

ENI

Soco and Sovico

signed MoU for
E&P cooperation

Repsol

PVEP

PVEP

Block 127

Mitra

ONGC
Vietgazprom

Block area = 9,246 km2 / 2,284,727 acres

22

Look Ahead Activity Programme for Key Assets

Licence

Philippines

SC 56

Op / Partners

2016
Halcon1

2D

51

Vietnam
Malay Basin

2015

Commercial Focus
on Area
Development Plan

Country

46/07
45

Declaration of
Commerciality

2C 2P

Farm-out

Tho Chu
Appraisal 2
Nam Du
Appraisal /
Development

NV

Vietnam
Other

127

3D
2D Reprocessing, G&G Studies

MVHN/12KS

Indonesia

Bone

M&A

Production

Farm-out

2D

Farm-out

Farm-out

Pilot Well 2
Tacipi
Reefs 2

Secure Production Growth Assets

Well Mitra funded

Seismic Acquisition

Well Carried farm-out

Other Activities

Target Assets

(1) Date shown is earliest the Halcon well can be drilled, likely to slip into 2017
(2) Activities contingent on future farm-out
(3) Award may depend upon relinquishment of existing PSC

23