www.columbus-erp.com

Annual General MeetingSupporting presentation for video

27 June 2019

Producing profitable barrels

Profitable barrels – key drivers

• Structure & process• Recruit & train• Quality & control• Lean organisation

• CERP I – The first well intervention rig recertified for operations June ’19

• CERP II – Our second well intervention rig bought and ready to be mobilised

• Water injection – low cost• CO2 injection – in partnership with Predator

• Profit margins vary significantly per field• Cliff edge SPT royalties creates Oil price range

(50 to 60 $/bbl) not inducive for investment• New Heritage organisation still finding their way• Both Trinity Innis and Goudron IPSC’s extensions

are being negotiated

Efficiency Own your own

Enhance recovery Business environment

Grow net revenue Reduce well intervention cost

Add low cost revenue Royalty tax take & bureaucracy

Own our own- Well servicing equipment

• Repair well equipment wear• Deal with contaminated fluid production• Arrest natural decline 10%• Heritage & government approvals

• Well optimisation• Bottom hole pressure surveys• Prepare wells for stimulation• Install water injection completions• Install CO2 injection systems

CERP - I Run to stand still

Enhance recovery CERP - II

Enhanced recovery - Goudron water injection

• Support high rate producers GY 665, 664 • Injecting in deeper C-sands• Connectivity established through a water

bearing zone

• Support biggest historic producer GY670• Final pressure 2,000 psi, fault block isolated

• Injectivity test in multiple shallower Mayaro wells – continuous connected sands

• Connectivity established through a water bearing zone

Pilot A – 667 669/670 Pair

Injectivity testing Full field

Total volume produced

kbbl, 11,400

Total volume injected

kbbl, 300

69%

31%

91%

9%

88%

12%

C-sands C - sands

Mayaro

Enhanced recovery – Goudron next steps

Water saturation distribution Mayaro

(ppt)

251 likely Mayaro A

influenced

Enhanced recovery - Trinity Innis CO2 Injection

Enhanced recovery - CO2 Project status

Background

• Asset Trinity Innis• Ownership 100 % Ownership• CO2 pilot In partnership with Predator• Reservoirs Herrera turbidite• Reserves 4* MMbbl• Present production 120 – 150 BOPD• Produced to date 23MMBO• API 28 – 32o

Pilot objectives

• Determine the extent to which C02 injection in AT-4 and AT-5X can repressurise the reservoirs

• Measure the Initial C02 EOR Production Rate (“IP”) from the injected sands and compare with the expected Baseline Production Rate

• Collect data for use in simulation of large-scale injection program

• Monitor for communication between Herrera sands

* 18% recovery factor

CEC approval granted

Fiscal regime

• Incremental Production Sharing Contract• Goudron• Trinity Innis

• Farm-out agreement• South Erin

• Private production licence (SWP)• Bonasse• Icacos• Cedros

Supplemental Petroleum Tax (SPT)

• A Government Tax introduced to avoid the Oil company getting a disproportioned share of Oil Price increase

• Cliff edge tax – at 50 $/bbl Oil price an additional 18% tax is payable

• SPT can be offset against capital investment• SPT is in addition to 55% Corporate tax &

Unemployment levy

TT business environment

Building a material business

Building a material business – key drivers

• Large prospect portfolio in SWP• First two mature prospects

• The Clove prospect• The Saffron prospect

• Subject to permitting ready for drilling by September

• South America focus• Land operations• Leverage Trinidad as an operating base

Exploration

Mergers & acquisitions

Balanced risk

Building on our strengths

Exploration – Orinoco river

Exploration - Fluvial hydrocarbon system

Exploration – Regional teconics

UBOT 1 to Bonasse Seismic lineAxis 0 Offset Migration

UBOT 1 to Bonasse Seismic lineAxis 0 Offset Migration - Interpretation

UBOT 1 to Bonasse Interpretation

UBOT 1 to Bonasse Interpretation

LOCATION AINLINE: 2151 XLINE: 2010

LOCATION BINLINE: 2133 XLINE: 2209

LOCATION CINLINE: 2114 XLINE: 2191

Potential Subsurface Drilling Targets Identified

Saffron – Prospect Summary

CHANCE OF GEOLOGICAL SUCCESS

TRAP RESERVOIR CHARGE

Presence Effectiveness Presence Effectiveness Presence Effectiveness

0.8 0.9 1.0 0.7 1.0 0.9

Chance of Geological Success 0.451 in: 2.2

Critical risksTrap - Structure may be segmented into multiple compartments and risk will increase downdip as larger column heights are involvedReservoir effectiveness - UBOT produced 207bbl, but productivity uncertain

LOCATION AINLINE: 2151 XLINE: 2010

Unrisked Gross STOIIP (MMbbl)

P90 17

P50 53

P10 133

Pmean 66

Clove – Prospect Summary

CHANCE OF GEOLOGICAL SUCCESS

TRAP RESERVOIR CHARGE

Presence Effectiveness Presence Effectiveness Presence Effectiveness

0.9 0.9 1.0 0.9 1.0 0.9

Chance of Geological Success

0.661 in: 1.5

Critical risksTrap - structure may be segmented into multiple compartments Charge - Height of column is unknown and risk increases moving towards Bonasse 12

Primary TargetUnrisked Gross STOIIP (MMbbl)

P90 0.03

P50 0.17

P10 0.44

Pmean 0.21

TWSL Drilling Rig T-38• HRI Load craft carrier mounted• 1100HP Load craft 1000 Drilling Rig (410K lbs

hook load capacity, 10,500’)• 250T Top Drive, Forum Automatic Pipe Handler,

NOV Iron Roughneck.• 2 x 1000HP triplex Mud pumps, 450 bbl

Circulation System outfitted with all equipment required for drilling in Trinidad.

• 1 x 563KVA and 1 x 500KVA Generators.

Exploration - Rig selection & permitting

Permitting and Site preparations

• Private petroleum licence granted• CEC permit available need to be modified to

include drilling location• Surface location selected• Key documents prepared for submission• Prepare access road and drilling site

Saffron – Prospect summary

Saffron - Early field economics

(20)

-

20

40

60

80

100

120

140

160

(5)

-

5

10

15

20

25

30

35

MIL

LIO

NS

MIL

LIO

NS

Annual Cashflow Cum Cashflow

-

5

10

15

20

25

30

US$

Mill

ion

s

Capex Spend Profile per annum

Security forDecommissioningShallow WellDrillingExpenseInjectionFacilities

ProductionFacilities &Storage TanksPipelineCapex (incl.tie-in)

Unlevered IRR 118%NPV10 $79 million

Key economic indicators

Quick to production

Mergers & Acquisitions

“We also commenced an extensive programme of activities to spread our wings into other South American countries through further M&A opportunities, a programme which resulted in a number of bids being made and our announcement (in April 2019) of a planned new country entry.” 2018 Annual Report

Next steps – additional M&A• Focus on development of SWP and New Country Entry• Trinidad consolidation?• Repeat transactions similar to New Country Entry

New Country Entry - 2019• Expect to announce July/August 2019• Meets our investment criteria

• Onshore • Proven Hydrocarbon Province• Close to Existing Infrastructure• Operatorship

• Assets suitable for• Rejuvenation• Appraisal/Development Upside

• Existing STOOIP• Quick to access – planning for appraisal and rolling

development starting Q1 2020

Watch this space…

Q&A

Goudron field

Background

• Asset Type Producing• Ownership 100 % Ownership• Reservoirs Mayaro & C sands• Reserves 11.8 MMbbl• Produced to date 5.6 MMbbl• API 35 – 55O

Incremental opportunities - Ongoing

• Well optimization• Well treatment/stimulation• Water injection

• Pilot A • Mayaro• GY670 support

Provides cash for growth

Goudron

Bonasse field

Background

• Asset Type Producing• Ownership 100 % Ownership• Reservoirs Lower Forest & Cruse• Reserves 0.087 MMbbl• Produced to date 0.5 MMBO• API 25 – 35O

Incremental opportunities

• Well reinstatement & optimization• Well treatment/stimulation• Deepen a well• Enhanced recovery

• Water injection

Private Production License – Reduced Royalties

Bonasse

Icacos field

Background

• Asset Type Producing• Ownership 100 % Ownership• Reservoirs Lower Forest & Cruse• Reserves 0.058 MMbbl• Produced to date 0.65 MMBO• API 25 – 35O

Incremental opportunities

• Well reinstatement & optimization• Well treatment/stimulation• Enhanced recovery

• Water injection• Undeveloped shallow sand identified

Private Production License – Reduced Royalties

Icacos

Inniss Trinity

Background

• Asset Type Exploration• Ownership 100 % Ownership• Reservoirs Forest and Cruse• Reserves Under review• Produced to date 1.05 MMBO• API 25 – 35o

Exploration Opportunities

• Independent consultancy engaged for enhanced workup program

• Reprocess Seismic• Portfolio of over a dozen initial risked prospects• Range in depth from shallow to deep• Range in size from 20 MMbbl to 400 MMbbl per

prospect• Drill or deepen to an exploration target in 2019

South West Peninsula

Private Production License – Reduced Royalties

Inniss Trinity

Background

• Asset Type Producing• Ownership 100 % Ownership• Reservoirs Herrera turbidite• Reserves 4* MMbbl• Produced to date 23MMBO• API 28 – 32o

Incremental opportunities

• Well optimization• Well treatment/stimulation• Enhanced recovery

• Water injection • CO2 injection

• Predator Farm-in

IPSC with Petrotrin

* 18% recovery factor

Inniss Trinity

South Erin field

Background

• Asset Type Producing• Ownership 100 % Ownership• Reservoirs Lower Forest & Cruse• Reserves 1.4* MMbbl• Produced to date 0.3 MMBO• API 22 – 26O

Incremental opportunities

• Well optimization• Well treatment/stimulation• Infill drilling funded from cashflow• Enhanced recovery

• Water injection• Only 10% of the block has been explored to date

Farm-out from Petrotrin

* 20% recovery factor

South Erin

Snow Cap discovery

Background

• Asset Type Development• Ownership 83.8 % Ownership• Reservoirs Herrera turbidite• Reserves 1.1 MMBO• Present production N/A• Produced to date 11,400 bbl• API 34 – 36O

Incremental opportunities

• Secure Development approvals• Phase I – Appraisal & Development• Phase II – Incremental development• Further appraisal and exploration potential

Development license pending

Cory Moruga (Snowcap Field)