HARTSHEAD RESOURCES NL — Investor Presentation 2012

Aug 12, 2012

Investor Presentation

• Offshore Morocco work program significantly ahead of schedule

• ► Farmout preparations commence with appointment of manager ► Net prospective resources of 2.4 billion barrels (mean)

Mazagan permit

► Total area of 10,900km[2 ] (2.7m acres)

• 3,570km[2] of modern 3D seismic

► Operator and 75% interest holder

• Net 2.4 billion barrels of mean prospective recoverable resources (Source: RISC))

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PRICE CHART
ASX Code PVD
$0.40
Issued Capital
$0.30
Ordinary Shares 52.2m
20c Partly Paids (paid to 1c) 23.0m
$0.20
Management Incentives
$0.10
40c Options 5.0m
Performance Rights 10.0m
$0.00
Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12
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Market Capitalisation (at $0.35/share) $18.5m Cash $6.7m Unpaid Capital (Partly Paids) $4.4m Debt Nil

Directors

Damon Neaves, Managing Director David Ormerod, Technical Director Bevan Tarratt, Non-Executive Chairman

Net Prospective Resources (mean) 2.4bn bbl

• Figures are inclusive of shares issued and proceeds from the placement announced on 6 July 2012

Head Office Melbourne Office Level 8, 225 St Georges Tce Suite 305, 480 Collins St Perth WA 6000 Melbourne VIC 3000 t: +61 8 9486 4036 t: +61 3 8610 6680 f: +61 8 9486 4799 f: +61 3 8610 6334 e: info@puravidaenergy.com.au

Damon Neaves

Managing Director

David Ormerod Technical Director

Bevan Tarratt Chairman

• Formerly BDM for Tap Oil

• Led Business Development, Commercial and Legal teams during 8 year tenure at Tap

• Several major acquisitions, many involving entry into new countries: Thailand, Ghana, Indonesia, Brunei, Philippines, Australia & New Zealand

• Established highly profitable domestic gas business

• Upstream project management experience

• Legal/corporate advisory background

• Over 25 years industry experience

• Participated in several major discoveries over his career: Mad Dog, Atlantis and Neptune (deep water GoM ) and Stybarrow (NWS)

• Responsible for Karoon Gas’ entry into Brazil which saw a period of dramatic growth in shareholder value

• Experience with BHPBP, Woodside, Stirling and Tap in areas as diverse as the Gulf of Mexico (GoM), West Africa, SE Asia and the NW Shelf

• Leads a strong technical team at Pura Vida

• Accounting industry background focused on small/mid caps

• Founding partner of Hemisphere Corporate

• Equity markets experience with Patersons Securities

• Managed IPOs, secondary raisings and re-structuring of numerous listed companies

• Director of a number of Australian public companies

► Pura Vida has assembled a management team with extensive commercial, technical and A&D expertise with a track record of exploration success and value accretive acquisitions

► Seeking early entry opportunities with exceptional potential for growth in value

• Agadir basin - proven hydrocarbon system with onshore oil and gas production

• Shows in 80% of wells drilled offshore Morocco

• Recent significant increase in transactional activity:

• Kosmos has surrounded Pura Vida by picking up 3 blocks last year

• Fastnet (ex-Cove founders) have recently acquired interest in neighbouring block

• Total has taken large position to the south (not shown on map)

• Anadarko has large acreage position onshore

• Significant discoveries have been made on Atlantic conjugate margin

• Highly attractive Moroccan fiscal terms result in high NPV/bbl

• 70/30 production split in favour of Contractor

• 10 year holiday from corporate income tax

“In our opinion, Morocco has one of the most attractive fiscal regimes in the world”

• SOURCE: EDISON INVESTMENT RESEARCH

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REPSOL GAS
DICOVERY
ONSHORE OIL
& GAS FILEDS
KOSMOS – 3
SURROUNDING
CAP JUBY BLOCKS ACQUIRED
OIL FIELD 2H 2011
FASTNET (EX-COVE
MANAGEMENT)
ANADARKO ACQUIRED JUL 2012
ACQUIRED
OCT 2011
OIL FIELD GAS FIELD
5
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• Significant resource potential

• Three independent play types with multiple prospects & leads

• Huge Toubkal prospect 790 mmbbl (mean)

• Toubkal is a ‘look-a-like’ of the billion barrel Jubilee field discovered by Kosmos offshore Ghana – the largest oil discovery in West Africa in the past decade

• Drilling inventory consists of multiple prospects and leads

• 2012 work program will address key risks ahead of farmout and drilling

• Drilling program scheduled for 2013-14

• A discovery will open up a new fairway

UNRISKED PROSPECTIVE OIL RESOURCES (RECOVERABLE)

	TRENDS	MEAN (mmbbl)
	Miocene trend
	- 3 prospects (including Toubkal)	875
	Lower Cretaceous toe thrust trend
	- 4 prospects & leads	612
	Lower Cretaceous inversion anticline trend
	- 4 leads	1,671
	TOTAL	3,158

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NET TO PURA VIDA (75%)
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2,368
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Source: RISC Independent Resource Assessments

INVENTORY OF PROSPECTS & LEADS

DATA SOURCE: RISC INDEPENDENT RESOURCE ASSESSMENTS

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30%
Toubkal
Zagora
25%
Amchad
Jbel Musa
20%
Jbel Ayachi
Jbel Lakhdar
15%
Jbel Tifidi
Jbel Tadrart
10% Jbel Azavza
Jbel Aroudane
Jbel Talmest
5%
Amtoudi
Tafraoute
0%
0 100 200 300 400 500 600 700 800 900 1000
NET MEAN PROSPECTIVE RESOURCE (MMBBL)
CHANCE OF SUCCESS
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Major discoveries in the West African transform margin have spurred a ‘land grab’ along the North African coast…

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KOSMOS (2007)
JUBILEE
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ANADARKO (2010)
MERCURY
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CNR (2001)
BAOBAB
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KOSMOS (2008-10)
ODUM, TEAK
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VANCO (2009)
DZATA
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KEY OBJECTIVES FOR 2012…

1. Complete drop core program to test for oil seeps

2. Complete seismic reprocessing – de-risk prospects and recognise additional resources

3. Secure farm-in partner to fund drilling program to test multi-billion barrel potential of Mazagan

4. Achieve market recognition of the value of the Mazagan permit

5. Build a diversified E&P portfolio through acquisition

Timeline	2012	2012	2012	2012	2012	2013	2013	2013	2013	2013
	Q1		Q2	Q3	Q4	Q1		Q2	Q3	Q4
Admission to ASX
Drop core program					« TESTING F	OR OIL SEEPS
Seismic reprocessing					« IMPROVE	RISKING & RE		COGNISE AD	DITIONAL RES	OURCES
Potential acquisition of new project(s)						« DIVERSIFY		PORTFOLIO
Farmout								« SECURE FA	RMOUT FOR	DRILLING
Well planning
Exploration well(s)						TEST MULTI-B		ILLION BARR	EL POTENTIAL	»

• Independent resource assessment completed by RISC

• Miocene plays are combined structural/stratigraphic traps – high success rates worldwide

• Prospects exhibit strong amplitude support or DHI’s (Direct Hydrocarbon Indicators)

• Big structures – moderate risk/high return

• Huge Toubkal prospect is ‘drill-ready’ with a gross resource potential of 790 mmbbl (mean)

GROSS UNRISKED PROSPECTIVE OIL RESOURCES (MMBBL - RECOVERABLE)

MIOCENE PROSPECTS*	LOW	BEST	HIGH	MEAN
Toubkal	180	560	1,670	790
Zagora	13	35	95	47
Amchad	8	26	81	38
TOTAL (GROSS)	-	-	-	875

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NET TO PURA VIDA (75%)
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-
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656
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Source: RISC Independent Resource Assessment – Sep 2011

* Independent resource estimates not available for Amtoudi and Tafraoute leads

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Seismic amplitudes on Toubkal
WATER
AMPLITUDE SCALE
LOW
OIL SALT (WATER)
MODERATE
(OIL)
HIGH
(GAS)
GAS
SEISMIC AMPLITUDE MAP
RESERVOIR
150m gross column
OIL/WATER CONTACT
► High quality 3D seismic
► Direct Hydrocarbon Indicators (DHI’s)
► Amplitude response conforms to structural closure SEISMIC SECTION
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LIMIT OF
RESERVOIR
OIL WATER
CONTACT
JUBILEE STATS.
WATER DEPTH (m) 1,250
JUBILEE RESERVES (mmbbl) 2P 850
NO AMPLITUDE RESPONSE (NO RESERVOIR)
AREA OF BRIGHT SEISMIC AMPLITUDES (RESERVOIR)
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OIL WATER
CONTACT
LIMIT OF
RESERVOIR
TOUBKAL STATS.
WATER DEPTH (m) 1,200
TOUBKAL POTENTIAL P90 180
RESOURCES P50 560
(mmbbl) P10 1,670
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• Seismic definition of Toubkal is a ‘mirror image’ of Jubilee

• Similar in scale, volume and structure

• 3D seismic on both structures show bright amplitudes conforming to structural closure

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• Two separate trends containing several large-scale prospects & leads

• Lower Cretaceous reservoir encountered in wells offshore Morocco

• Recognised major play fairway in Morocco

GROSS UNRISKED PROSPECTIVE OIL RESOURCES (MMBBL - RECOVERABLE)

	LOWER CRETACEOUS TOE THRUST TREND	LOW	BEST	HIGH	MEAN
JBEL MUSA		32	121	452	202
JBEL AYACHI		32	127	501	222
JBEL LAKHDAR		14	56	216	97
JBEL TIFIDI		12	49	207	91
	LOWER CRETACEOUS INVERSION ANTICLINE TREND
JBEL TADRART		94	364	1,400	622
JBEL AZAVZA		80	306	1,175	522
JBEL AROUDANE		37	143	556	247
JBEL TALMEST		41	162	632	280
TOTAL (GROSS)		-	-	-	2,283

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NET TO PURA VIDA (75%)
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1,712
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Source: RISC Independent Resource Assessment – April 2012

Simple four way structural closures…

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RESERVOIR
JBEL MUSA
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JBEL AYACHI
222 mmbbl (mean) JBEL MUSA
202 mmbbl (mean)
JBEL LAKHDAR
97 mmbbl (mean)
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Numerous large deep water targets…

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Jbel Tadrart Jbel Aroudane Jbel Talmest
JBEL TALMEST
280 mmbbl (mean)
JBEL AROUDANE
247 mmbbl (mean)
26 km
JBEL TADRART
622 mmbbl (mean)
RESERVOIR JBEL AZAVZA
522 mmbbl (mean)
15
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Mature ‘drill-ready’ prospects

Modern, high quality 3D seismic data over Mazagan has revealed Direct Hydrocarbon Indicators (DHI’s) on drilling prospects

Significant upside

Independently certified mean prospective resources of 2.4 billion barrels (net)

Value

Pura Vida provides a compelling investment proposition at current market prices:

• Early entry investment opportunity

• Value compares favourably to peers on ASX, TSX & AIM

• Risked NAV of Mazagan project is considerable

• Asymmetric risk-reward opportunity

Leverage

Tight capital structure (approximately 40m shares on issue) provides investors with significant leverage in success case

Growth

Industry experienced board and management team with a demonstrable track record of growth in shareholder value through exploration success and value accretive acquisitions

Certain statements contained in this presentation, including information as to the future financial or operating performance of Pura Vida Energy NL (Pura Vida) and its projects, are forward-looking statements. Such forward looking statements:

• are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Pura Vida, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

• involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and

• may include, among other things, statements regarding targets, estimates and assumptions in respect of production, prices, operating costs, results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

Pura Vida disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to rely on forward-looking statements due to the inherent uncertainty therein.