HARTSHEAD RESOURCES NL — AGM Information 2016

Nov 27, 2016

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2016 Annual General Meeting

Value creation through a sequence of catalysts including settlement, farmout, drilling and development

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Corporate Snapshot
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CAPITAL STRUCTURE (ASX: PVD)

Issued Capital
Ordinary Shares (PVD)	259,633,604
Unquoted securities	22,279,228
Market Capitalisation
Undiluted (at 4.5cps)	$11.7m
Cash Position
Cash (as at 30 Sep 2016)	$7.2m

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0.06 5
Volume PVD Share Price
0.05
4
0.04
3
0.03
2
0.02
1
0.01
0.00 0
Share Price
Volume (Millions)
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Quality exploration portfolio spanning North, West and East Africa

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MAZAGAN PERMIT, MOROCCO

23% Non-Operated interest

Large frontier deep-water block. Farmed out to FreeportMcMoRan to fund two wells. The MZ-1 exploration well was drilled in 2015 with no commercial shows. Conditional settlement entered into with Freeport in relation to the second well commitment.

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NKEMBE PERMIT, GABON

100%, Operator

Contains Loba discovery (141m gross oil column) with significant near field exploration potential. Nkembe is a shallow water block within a proven petroleum system and proximate to producing fields and pipeline infrastructure

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AMBILOBE PERMIT, MADAGASCAR

100%, Operator

Large frontier block in East African region. 1,175 km[2 ] broadband 3D seismic survey completed in 2015. Large Cretaceous and Jurassic structures defined on new 3D. Finalising processing and interpretation ahead of farmout campaign.

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FY 2016 Achievements
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• Strengthened balance sheet and cash position

• Drilled maiden deep water well offshore Morocco (free-carried/no financial exposure)

• Signed settlement agreement with Freeport (currently pending completion)

• Extension of Nkembe permit – 12 months extension to enable drilling to occur next year

• Completion of studies on Nkembe confirming commerciality of Loba Oil Field, including fully costed fast-track development plan, economics and independent Loba flow potential study

• Renegotiation of Ambilobe PSC, increase in equity to 100% and Operatorship at no cost

• Completed acquisition of 1,175km[2] of 3D seismic data on Ambilobe within budget

• Successful in achieving $1.5 million cost reduction target for FY 2016. Going forward, these initiatives will continue to deliver savings and preserve our cash

• Strengthening of board with appointments of Nathan Lude, Simon Eley and David Sanders

Despite challenging conditions in the market and the energy sector, Pura Vida has achieved a number of important outcomes to reposition the company for growth

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Strategy: near term value creation
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► Completion of settlement agreement with Freeport

• Farmout to secure funding for 2017 drilling program in Nkembe block

• Production test of Loba discovery and nearby exploration upside

• Fast-track development of the Loba Oil Field

• Prudent capital management and cost control

Map of Nkembe block showing Loba oil field, nearby exploration potential and proximate infrastructure

Pura Vida’s strategy for the commercialisation of Loba has the potential to transform the Company from an Explorer to a Producer in the near term

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• Recent work has rejuvenated plans for the appraisal and development of the Loba Oil Field in Pura Vida’s 100%owned Nkembe block

• Loba has an 81% chance of commercial success[1 ]

• We now have a fully costed Concept & Feasibility Study (CFS) for the fast-track development of the Loba Oil Field allowing for first production within 12 months of a successful production test

• There is a unique window of opportunity to take advantage of the current low cost environment, including readily available idled assets which enable cost effective fast-track development

• Economic modelling for the Loba Oil Field and Loba Complex gives an NPV10 ranging from US$37 to $330 million (unrisked)[2 ]

• The low case (1C) for the Loba Oil Field is economic even at current oil prices[2,3]

• The much larger Lepidote Deep prospect is ‘drill-ready’ and offers significant upside potential

• Pura Vida is in farmout discussions with industry partners that are focused on commercialisation of the Loba Complex in the near term

Pura Vida’s strategy for the commercialisation of Loba has the potential to transform the Company from an Explorer to a Producer in the near term

Notes: (1) See slide 14 for full resources table, including risking; (2) See slide 15 & 18 for economic assumptions and risk factors; (3) See slides 16 and 17 for oil price assumptions and sensitivity analysis

* Resource and risk estimates have been prepared by Mr Andrew Morrison BSc. Geology (Hons) a Geologist who has over 30 years of experience in petroleum geology, geophysics, prospect generation and evaluations, prospect and project level resource and risk estimations and is a member of the Society of Petroleum Engineers. Mr Morrison is a full time employee of the Company and has consented to inclusion of the resource estimates in this presentation in the form and context in which they are included.

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Strategically positioned near infrastructure
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Note: PVD contingent resources and prospective resources are gross, un-risked estimated volumes in millions of barrels of oil

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1 2 3
Anguille /
LOBA (Batanga) Loba East (Batanga) Lepidote Deep Cap Lopez
Loba Deep (Anguille)
A
B
3 10km drill radii
(potential for central
development hubs)
2
1
Nkembe PSC
Two off take routes
(oil and gas pipelines)
A Barbier Field Platform
0 2 4 6
km
Oguendjo Terminal
B
(FSO)
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* Resource estimates have been prepared by Mr Andrew Morrison BSc. Geology (Hons) a Geologist who has over 30 years of experience in petroleum geology, geophysics, prospect generation and evaluations, prospect and project level resource and risk estimations and is a member of the Society of Petroleum Engineers. Mr Morrison is a full time employee of the Company and has consented to inclusion of the resource estimates in this presentation in the form and context in which they are included.

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	Cases	Gross Resource Estimate (mmbo)	Breakeven Oil Price USD/bbl	NPV10 USD(MM)
Loba Field Only	Low (1C)	7.7	39.9	37
	Best (2C)	11.5	27.8	86
	High (3C)	16.5	25.2	134
Loba Complex	Aggregated mean	34	15.9	330

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• Project economics are robust

• Margins improve considerably if resource exceeds 1C (P90) estimate for Loba Discovery only

• Loba East and Loba Deep offer significant upside to Loba Field

• Payback period for Capex in all cases is less than 12 months from first production

• By way of comparison, VAALCO publicly stated their breakeven for Gabon production is <US$25/bbl

• Ability to cost recover exploration costs under PSC makes further exploration very attractive once Loba is in production

• Success at Loba opens the development hub up to numerous near field exploration plays

Notes: (1) NPV is net to Pura Vida’s 80% net interest after corporate income tax, assuming Government takes up 20% share of the development and subject to farm down; (2) PVD contingent resources and prospective resources are gross, un-risked estimated volumes in millions of barrels of oil; (3) Full range of resource estimates and risking are shown on Slide 14; (4) Oil price based on average between the World Bank forecast (which is an average of Brent, WTI & Saudi crudes) and WTI futures; (5) Refer to slide 15 & 18 for other key economic assumptions and risk factors

* Resource estimates have been prepared by Mr Andrew Morrison BSc. Geology (Hons) a Geologist who has over 30 years of experience in petroleum geology, geophysics, prospect generation and evaluations, prospect and project level resource and risk estimations and is a member of the Society of Petroleum Engineers. Mr Morrison is a full time employee of the Company and has consented to inclusion of the resource estimates in this presentation in the form and context in which they are included.

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well which had good oil shows but did not test valid trap
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Gas flags
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Gr Oil Sat (So ) Lith

Multiple stacked channels

Amplitudes within a single channel that crosses the broad structural 4 way dip closure. Other stacked channels (not shown here)

Lepidote 1 Well location

Max closure

Lepidote Deep Gross un-risked prospective recoverable resources (mmbo)	Lepidote Deep Gross un-risked prospective recoverable resources (mmbo)	Lepidote Deep Gross un-risked prospective recoverable resources (mmbo)	Lepidote Deep Gross un-risked prospective recoverable resources (mmbo)
LOW	BEST	HIGH	MEAN
25	60	114	65

* Resource estimates have been prepared by Mr Andrew Morrison BSc. Geology (Hons) a Geologist who has over 30 years of experience in petroleum geology, geophysics, prospect generation and evaluations, prospect and project level resource and risk estimations and is a member of the Society of Petroleum Engineers. Mr Morrison is a full time employee of the Company and has consented to inclusion of the resource estimates in this presentation in the form and context in which they are included.

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• Utilize a MOPU to shorten the Loba development cycle time to first oil

• MOPU will be a new conversion from one of many readily available jack-up rigs (saves time and cost)

• Connected to a six slot, three pile Well Head, Intervention, and Export platform (WHIEP)

• Process system capable of handling <40,000 barrels of oil per day plus associated gas and water production

• Easy tie back options to Barbier Oil Field (10km) or Oguendjo Terminal, FSO (15km)

• Simple approach used often in the region

• Allows for first oil within 12 months of a successful production test

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An example of a MOPU located next to a Well Head Platform illustrative of the CFS for the Loba Complex

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Well design for optimal flow and recovery rates
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• An independent study of well flow potential based on Loba discovery found the optimum well design should include:

• Dual lateral horizontal well (as shown)

• Frac-pack completion

• Electrical submersible pumps (ESP’s)

• The independent study found achievable flow rates of 4,200 bopd up to 10,000 bopd based on this well design

• PVD has incorporated this design in its development plan and economics using per well flow rates of 4,200 bopd (Low 1C case) and 6,500 bopd in all other cases

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Surface well

Capable of handling maximum throughput from both horizontal well bores (> 10,000 bopd)

Lateral horizontal well

Bore hole has multi-frac pack completions with dual ESP’s for optimum flow rate and recovery

Dual ESP’s Dual ESP’s 800m to 1000m

Top Seal

Dual Lateral (Horizontal) well bores

Reservoir

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Contacts & Disclaimer
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Contacts

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Mr Damon Neaves Managing Director

T: +61 8 9226 2011 F: +61 8 9226 2099

E: dneaves@puravidaenergy.com.au Level 3, 89 St Georges Terrace Perth WA 6000

Resource estimates cautionary statement

The estimated quantities of prospective resources relate to undiscovered accumulations and contingent resources relate to discovered accumulations. These estimates have an associated risk of discovery or appraisal (as the case may be) as well as a risk of development. Further exploration, appraisal and/or evaluation is required to determine the existence of a commercial quantity of moveable hydrocarbons.

Prospective and contingent resource estimates in this presentation are prepared as at 7[th] September 2016. The resource estimates have been prepared using the Society of Petroleum Engineers’ Petroleum Resources Management System (SPE-PRMS) to define resource classification and volumes see www.spe.org . The contingent resource estimates for the Loba oil discovery have changed as a result of new data, in particular an engineering study of the well test of Loba-M-1 and a well flow potential study and well bore modelling which has refined and optimised well design. This work has impacted the range in estimated recovery rates and consequently the resultant resource estimates and the chance of success. The prospective resource estimates for pre-salt prospects have changed due to a change in assumptions on condensate yield. For calculations of gas to liquids a conversion factor of 6 has been used to report barrels of oil equivalent.

Pura Vida is not aware of any new information or data that materially affects the assumptions and technical parameters underpinning the estimates of the contingent and prospective resources.

Persons compiling information about hydrocarbons

The resource estimates contained in this presentation have been prepared by Mr Andrew Morrison BSc. Geology (Hons) a Geologist who has over 30 years of experience in petroleum geology, geophysics, prospect generation and evaluations, prospect and project level resource and risk estimations and is a member of the Society of Petroleum Engineers. Mr Morrison is a full time employee of the Company and has consented to inclusion of the resource estimates in the form and context in which they are included. Mr Morrison meets the requirements of qualified petroleum reserve and resource evaluator as defined in Chapter 19 of the ASX Listing Rules and consents to the inclusion of this information in this document.

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Disclaimer
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This presentation has been prepared by Pura Vida Energy NL ( Company ).

This document contains background information about the Company current at the date of this presentation. The presentation is in summary form, has not been independently verified and does not purport be all inclusive or complete nor does it contain all the information that a prospective investor may require in evaluating a possible investment in Company or its assets.

Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.

This presentation is for information purposes only. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction. This document is not a prospectus and does not contain all of the information which would be required to be disclosed in a prospectus. This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdiction. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such jurisdiction.

This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek their own professional, legal, tax, business and/or financial advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent permitted by law, the Company and its related bodies corporate, its directors, officers, employees and representatives (including its agents and advisers), disclaim all liability, take no responsibility for any part of this presentation, or for any errors in or omissions from this presentation arising out of negligence or otherwise and do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts, conclusions or other representations contained in this presentation. This presentation may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company’s current expectations, estimates and assumptions about the industry in which the Company operates, and beliefs and assumptions regarding the Company’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “potential” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of the Company. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

APPENDICES

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Resource table (including risking)
Recoverable contingent and prospective resources
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Post Salt Pre-Salt

14

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Loba Complex economic assumptions
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1. Economic model is used to calculate the Net Present Value (NPV) of future cash flows from the project for the cases described below using a 10% discount rate and based on the assumptions set out herein.

2. Costs and development concept are based on CFS for a fast-track development of the Loba Field utilising a MOPU and a 6 slot WHIEP with up to 3 production wells to recover contingent and prospective recoverable resource range. Facilities would be tied back to nearby pipeline infrastructure.

3. Costs inputs meet Level 3 Criteria (High confidence) with a total contingency of 30%. Opex is escalated at 3% pa.

4. All production wells assumed to be single surface well with dual horizontal well bores in reservoir section with completions that include frack packs, gravel screens and down hole Electrical Submersible Pumps (ESP’s) to optimise production rate and recovery per well. Independant study found achievable flow rates of 4,200 bopd up to 10,000 bopd based on this well design. Modelling assumes per well flow rates of 4,200 bopd (Low case) and 6,500 bopd in all other cases.

5. Loba Economic Cases:

Cases	Comment
Loba Field Only
Low (1C)	1C recoverable contingent resource (7.7mmbo). Assumes a single well with two horizontal producers for the Loba discovery only.
Best (2C)	2C recoverable contingent resource (11.5 mmbo) representing best case. Assumes a single well with two horizontal producers that have better recoverythan Low case,drainingonlythe Loba discovery.
High (3C)	3C recoverable contingent resource (16.5 mmbo). Assumes two wells both with two horizontal producers draining only the Loba discovery.
Loba Complex
Aggregated Mean	Arithmetic summation of mean contingent and mean prospective recoverable resources of Loba, Loba Deep and Loba East (being a total of 34mmbo). Assumes three wells each with two horizontal producers.

1. Loba Complex modelled using mean volumes to enable arithmetic summation of resources for the Loba Field, Loba Deep & Loba East, full range of resource estimates and risking are shown on Slide 14.

2. All valuations are net to Pura Vida’s 80% interest after corporate income tax, assuming Government takes up 20% share of the development. Pura Vida’s interest may be subject to farm down.

3. 10% discount rate used in NPV calculations.

4. All valuations use PVD’s base case oil price forecast which is the average of WTI futures and the World bank oil futures (that is itself an average of Brent, Dubai & WTI). See slides 16 & 17 for details on oil price assumptions and sensitivity analysis.

5. Royalty, bonuses, fund contributions, cost recovery and production splits are modelled in accordance with PSC terms.

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Oil price assumptions & comparative forecasts
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Note: Oil prices are annualised averages. Price forecasts from World Bank and WTI futures have been averaged by PVD for use in economic modelling

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HIGH
BASE
LOW
X
LOW CASE
BREAKEVEN $39.90
Modelled start
of production
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Oil price sensitivity analysis for Loba Discovery only
(World Bank)
(PVD, Averaged)
(WTI Futures)
17
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• Farmout - Securing funding for the drilling program through a farmout deal is the critical next step in realising the value of the Nkembe block. Pura Vida is in discussions with potential partners to fund the drilling program, including appraisal and testing of the Loba Oil Field. Nkembe is a quality asset and as the Operator and holder of a 100% interest in the block, the Company believes it is well placed to achieve a farmout.

• Work commitments - Pura Vida’s ability to perform the work commitments in the current exploration phase of the Nkembe block, which includes acquisition of new 3D seismic data and a well, remains dependent on securing a farmin partner or an agreement with the Government to vary those commitments.

• Development funding - In the success case, the Company will need additional funding to proceed with any development of the Loba Oil Field or other discovery. The Company may look to industry partners for funding in such circumstances and/or consider debt or equity funding alternatives.

• Geological risk - Exploration risk is evaluated by interpretation of geological and geophysical data and the accuracy of those interpretations can be influenced by a number of factors. A key risk in the commercialisation of the Loba Oil Field is establishing a commercial flow rate by carrying out a production test of that reservoir.

• Oil price – Economic factors, and in particular, the oil price will impact the project. The price of oil fell sharply in late 2014 and a sustained period of relatively low oil prices has been experienced since then. The oil price has recovered from the lows experienced in early 2016 however remains volatile.

• General risks - There are number of other risks commonly associated with the business of oil exploration, development and production. By its nature, oil exploration contains elements of significant risk with no certainty of the discovery and commercialisation of hydrocarbons. A broad range of factors may impact results such as operational and environmental risks, failure to obtain consents and approvals necessary for the conduct of operations and regulatory or sovereign risk and political instability.

Pura Vida’s believes its strategy for the Nkembe block has the potential to be transformational for the Company in the near term. Management are actively seeking to overcome the challenges and risks in order to realise the potential value for shareholders