HYDROCARBON DYNAMICS LIMITED — Capital/Financing Update 2019

May 28, 2019

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ASX: INK

Rights Issue Presentation

May/June 2019

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Disclaimer, Forward Looking Statements and Competent Person Statement

This presentation has been prepared by Indago Energy Limited (the “ Company ” or “ Indago ”). This presentation is being provided to investors for the sole purpose of providing preliminary background corporate, financial and other information to enable recipients to review the business activities of the Company. It is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any securities in the Company.

The information presented in this presentation may contain predictions, estimates and other forward-looking statements. Although the company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those included in the forward-looking statements include the timing and extent of changes in commodity prices for oil and gas, the need to develop and replace reserves, environmental risks, drilling and operating risks, risks related to exploration and development, uncertainties about the estimates of reserves, competition, government regulation and the ability of the company to meet its stated business goals.

Prospective investors should make their own independent evaluation of an investment in the Company or seek advice from their financial adviser, accountant, lawyer, stockbroker or other professional adviser. Nothing in this presentation should be construed as financial product advice, whether personal or general, for the purposes of Section 766B of the Corporations Act, or otherwise. This presentation does not amount to, involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product.

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Corporate Summary

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ASX listed - Energy focused

Stephen Mitchell Chairman Ray Shorrocks Non-Executive Director Nick Castellano Executive Director Allan Ritchie Non-Executive Director Doug Hamilton Business Development Manager

Shareholder Summary S McGregor Super Fund 6.9% S Mitchell 5.9% Lowell Resources Fund 5.1% G Barnes 4.9% A Khan 4.1% Wheelbarrow Investments 3.8% Top 50 Holders 66%

Capital Structure
Cash:	$1.3m (31 Mar 19)
Share Price:	$0.035
Issued Cap:	211.6m Shares
Market Cap:	$7.4 Million
Options	2.5m @14c (exp. 1/3/20)
Rights Issue (announced	1 for 3 @ $0.035 to raise up to
24/5/19)	$2.4m

Modest sales of main product commenced

Significant Contingent Oil Resources reported in Kentucky project, successful pilot undertaken & sale of test oil occurred

New project in Utah and given substantial Contingent Resources

Appointed additional agents & distributors and now have reps in China, India, Middle East, Colombia & parts of Europe

Conducted 13 field trials and oil from ~40 oil projects tested in laboratories

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Rights Issue

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• ⮚ 1-for-3 Non-Renounceable Rights Issue at 3.5cps to raise up to $2.47 million.

• ⮚ Board and management to participate in Rights Issue

Indicative Timetable:

Event	2019
Announcement of the Entitlement Offer	Friday 24 May
Shares traded on an “ex” entitlement basis	Thursday 30 May
Record Date for eligibility to participate in the Entitlement Offer	Friday 31 May
Despatch of Entitlement Offer Booklet and Entitlement and Acceptance Form to Eligible Shareholders	Monday 3 June
Entitlement Offer opens	Monday 3 June
Entitlement Offer closes	Monday 24 June
Securities quoted on a deferred settlement basis	Tuesday 25 June
Shortfall (if any) announced to ASX	Thursday 27 June
Settlement of New Shares under the Entitlement Offer	Friday 28 June
Issue of New Shares under Entitlement Offer	Friday 28 June
Despatch of Holding Statements and New Shares commence trading on a normal settlement basis	Monday 1 July

Note: Timetable is subject to change

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Use of Funds

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Use of funds from the Rights Issue:

⮚ Upstream Project Appraisal ⮚ North & South American Business Development ⮚ Business Development - Outside Americas ⮚ Manufacturing & Facilities ⮚ Working Capital ⮚ Cost of Issue Total	$0.4m $0.8m $0.2m $0.1m $0.8m $0.2m00
	$2.5m

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Indago’s HCD Technology

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HCD Multi-Flow® , is a small, specially engineered carbon-based molecule that disaggregates & reliquefies the large agglomerations of waxes and asphaltenes naturally occurring in waxy and heavy crude oils.

Fewer than 5 carbon atoms

Gaseous at room temperature

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C H
4 10
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5-15 carbon atoms Liquid at room temperature

C H 8 18

HCD Multi-Flow® molecule

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15 carbon
atoms
Solid at room
temperature
The paraffin now passes into the liquid phase at room temperature
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C H
16 34
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Technology Used from Well bore to Refinery

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Subsea pipeline &
floating storage
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Improves oil production onshore and offshore by reducing viscosity and mitigating paraffin and asphaltene depositions in production equipment. Reduces reliance on, and costs of, diluents and chemical treatments.

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e
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Provides flow assurance for onshore and offshore pipelines by liquefying paraffin and asphaltene depositions. Reduces reliance on traditional solutions of heat, solvents and mechanical pigging.

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Liquefies oil sludge in transport and storage facilities, transforms the way cleaning operations are undertaken and recovers saleable hydrocarbons from the sludge.

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70% of the world’s crude oil resource is heavy but represents only 9% of world production

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Advances in production and transport techniques improves heavy and extra heavy crude oil economics. HCD Multi-Flow has potential to further improve these economics.

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• Since acquiring HCD, Indago has focussed on the following countries: • U.S.A

• • Canada

• • China

• • Colombia

• • India

• • Oman

• • Iraq

• • Kuwait

• • UAE

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Production Facilities - Phoenix

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Production & storage facilities in Phoenix Arizona. Also storage facilities in Malaysia.

Current capacity is 10,000 drums/year. Could be lifted to 20,000 with additional staff.

Simple automation of facility could swiftly bring capacity to 130,000 drums/year (24 hours/day).

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Middle East partner has the option to manufacture in the Middle East (with exclusive distribution rights) upon US$20m payment.

TankClean product has recently been upgraded and is undergoing trials prior to replacing existing product.

Existing stock of ~ 380 drums of HCD MultiFlow®

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Value Creation Strategy

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The value creation strategy for Indago’s use of HCD Multi-Flow[®] is twofold:

1. Build a portfolio of Upstream Projects

Invest in known oil accumulations where the application of HCD technology may lead to commercial extraction, reserves growth and cash flow. Two projects acquired to date:

• Kentucky

• Utah

2. Sell HCD Multi-Flow® and Tank Clean Products to Industry

• Targeting oil producers, pipeline operators, tank cleaners and refiners:

• Developed marketing team in North America with representatives in Texas, California and Alberta.

• Established agents & distributors in China, India, the Middle East, Colombia & parts of Europe.

In the last 12 months this sales force has been responsible for meetings with 120 potential customers, arranging 13 field trials for 7 producers and has collected and tested in independent laboratories ~40 crude oil samples from different projects.

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Field Trial Success

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Over the last 18 months HCD Multi-Flow[®] was tested in 13 field trials including:

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Lab Success – Seeking Field Trial

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Over the last 18 months HCD Multi-Flow[®] has tested crude oils from 40 projects in independent laboratories & company bench tops, many of which field trials are being sought. Examples of lab successes include:

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Bench top Success – Seeking Field Trial

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Examples of bench top tests now progressing to field trial include:

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Testing Implications on Dosage Rates

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• Tests and trials indicate dosage rates of HCD Multi-Flow® for use in paraffin rich crudes are typically between 250 - 750 ppm.

• Tests and trials indicate dosage rates of HCD Multi-Flow® for use in heavy, extra heavy and viscous crudes are in the 1,000 – 2,000 ppm range.

• Dosage rates will always vary considerably depending on individual applications and oil composition.

Multi-Flow Dosage Rates (ppm)	250	500	750	1000	1500	2000
End User Cost/bbl of oil treated (US$)*	$0.47	$0.94	$1.42	$1.89	$2.83	$3.78

• Based on the North American recommended retail price of HCD Multi-Flow®

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Conclusions of Field & Laboratory Testing of Multi-Flow during 2018-2019

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HCD Multi-Flow® has proven highly effective in Field and Laboratory testing undertaken during 2018-2019 in the following applications:

1. Pour Point Reduction

• Earlier case studies on the Puteri Platform, Abu Alpha and Syria demonstrated that HCD MultiFlow® could reduce Pour Point of paraffin-rich crudes in the range of 9 to 53[0] C.

• Current field and laboratory testing in Utah and Turkmenistan is consistent with earlier results demonstrating Pour Point reductions in the range of 14 to 33[0] C.

2. Viscosity Reduction

• Applications in viscosity reduction are a new direction for Indago from the earlier focus on pour point reduction in waxy crudes.

• Laboratory testing of heavy and extra heavy crudes and sludge consistently demonstrate viscosity reductions in the range of 40-99% depending on API[0] Gravity.

3. Diluent Reduction

• The application in diluent reduction is a direct consequence of the viscosity reducing characteristics of HCD Multi-Flow®. By reducing extra heavy crude oil viscosity by as much as 99%, HCD Multi-Flow® is doing the work of the diluent, but instead of a one-to-one ratio it works in thousands of parts per million.

• Indago successfully trialled HCD Multi-Flow® as a diluent reducer in California and China during 2018.

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Upstream Activities

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Upstream Projects - Kentucky

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Western Kentucky Oil Sands are estimated to have 3.4 billion barrels of original oil-in-place (OOIP).

Indago has leased 1,786 acres over which independent certifiers, Netherland Sewell & Associates, have estimated an OOIP of 42.3 million barrels (mmbbl). Of this OOIP, NSAI estimates that 7.5 mmbbl is 3C, 3.7 mmbbl is 2C and 1.9 mmbbl is 1C.

More than 10 wells previously drilled in INK’s acreage demonstrates oilsaturated reservoir 12-20 metres thick at a depth of 125-215 metres with 10[0] API oil.

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Upstream Projects – Kentucky

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The first well was cored & confirmed good porosity, permeability and oil saturation.

Well test then designed to ascertain if HCD MultiFlow® could sufficiently reduce viscosity down hole

to allow oil to be produced to surface.

Well was injected with HCD-Multi-Flow® and carrier fluid then swabbed and 82 bbls of oil were successfully produced to surface.

Well then placed on pump for further testing which ceased when water handling issues combined with low oil production were encountered.

After successful proof of concept, plans to design tests to prolong production are underway and possibly to test light oil shows above target encountered during drilling operations. 18

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Upstream Projects – Utah

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Utah Oil Sands are well documented and estimated by the Utah Geological Survey (UGS) to contain 14-15 billion barrels of oil.

Indago has leased 3,459 acres over the NW part of Asphalt Ridge in the Uinta Basin over which independent certifiers, Netherland Sewell & Associates, have estimated an OOIP of 141.7 million barrels (mmbbl), and Contingent Resources of 24.8 mmbbl of 3C, 12.4 mmbbl of 2C and 6.2 mmbbl of 1C.

Previous operators have drilled around INK’s acreage indicating an oil saturated reservoir 27-53 metres thick at depths from 60-914m. Published results (UGS) from 6 wells drilled within INK’s acreage, report oil saturation of 65.6% of 10-14[0] API oil in sandstones with porosity of 30.3% & permeability of 524 mD.

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Upstream Projects – UTAH

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• INK completed a required cultural survey in April of 2019 and has applied for a permit to take bulk samples from the Rimrock Sandstone.

• Samples will be tested with HCD Multi-Flow® in a series of different processes to determine optimal treatment method to recover maximum oil with minimum HCD Multi-Flow®.

• Consideration being given to also test the deeper sections of the permit with a conventional well similar to the production test conducted in Kentucky.

• INK will consider a partner for the next stage of testing both in Utah and Kentucky.

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Current Priorities

Viscosity and Diluent Reduction in China

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Viscosity of the diluted crude produced from the well was reduced by 65% at all temperatures (20[[0]] C, 30[[0]] C and 50[[0]] C).

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⮚
⮚
⮚
⮚
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⮚ Viscosity of the diluted crude produced from the
well was reduced by 65% at all temperatures
(20 [[0]] C, 30 [[0]] C and 50 [[0]] C).
⮚ Viscosity reduction achieved by a crude oil-to-
CNPC’s Heavy Oilfield diluent ratio of 1:1 can now be achieved with a
crude oil-to-diluent ratio of 1:0.6 by adding Multi-
(38,000 bopd)
Flow, or a 40% reduction in diluent requirement.
⮚ Production increased by 22%.
⮚ Indago’s distributor is negotiating a pilot-scale
field trial in a cluster of ~80 wells.
1,000,000
Native crude
10,000
1:0.6 native crude to diluent ratio
1:1 native crude to diluent ratio
100
Diluted crude oil viscosity with no Multi-Flow
Diluted crude oil viscosity with 2,000 ppm Multi-Flow
1
20 30 40 50 60 70 80
Temperature [0] C
Viscosity cP
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Viscosity reduction achieved by a crude oil-todiluent ratio of 1:1 can now be achieved with a crude oil-to-diluent ratio of 1:0.6 by adding MultiFlow, or a 40% reduction in diluent requirement. Production increased by 22%.

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Proposed Trial in the Bohai Sea, China

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⮚ ⮚ Bohai Sea ⮚

HCD proposed a trial in the Bohai Sea with a major Chinese Operator.

The trial will address bitumen plugging in gravel pack completions and wax deposition in perforations & production tubulars.

Drums of Multi-Flow have been purchased & delivered to Tianjin and the trial is expected to be undertaken in second half of 2019.

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Current Priorities – USA

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California

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• Multi-Flow testing in extra heavy (5-6[0] API) crudes was successful and led to modest drum sales to a small independent operator. • The substantial viscosity reductions achieved by Multi-Flow has led to two down-hole trials with California’s largest heavy oil producer who currently uses a significant quantity of viscosity reducing agents to enable artificial lift and pipeline transport. Several drums of Multi-Flow are onsite and the trial is waiting only for bottle testing to ensure compatibility of the Multi-Flow with the crude.

Utah

• In Utah, separate trials with 2 of the largest producers in the Uinta Basin were about reducing pour point of the very waxy crudes. Multi-Flow reduced the pour point of one of the major producer’s crude by 14[0] C and also increased the flash point to 126[0] F. INK is currently considering re-engaging with the company after the company was acquired

Texas

• In Texas the trial was about reducing Basic Sediment and Water (BS&W) to raise oil quality and crude oil sale price. While the BS&W was substantially reduced from 4% to 2%, the trial fell short of the 1% target for commercial application.

Kentucky

• Indago successfully drilled & stimulated a test well with MultiFlow. Crude oil viscosity was reduced from 50,000 cP to 490 cP allowing crude to be swabbed to surface. Next steps are to design drilling, completion and recovery techniques to establish commercial flow rates.

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Current Priorities - Canada

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SASKATCHEWAN
Fort McMurray
Athabasca
Peace River
Oil Sands
Oil Sands
ALBERTA Cold Lake
Oil Sands
Edmonton
Lloydminster
Calgary
100 km
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• Indago has been pursuing opportunities in the Oil Sands, Mature Fines Tailings and Heavy Conventional Oil.

• Progress has been hampered by the Canadian Oil market conditions.

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INK’s AGM
May 28th
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Diluent Reduction in the Canadian Oil Sands

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SASKATCHEWAN
Fort McMurray
Athabasca
Peace River
Oil Sands
Oil Sands
ALBERTA Cold Lake
Oil Sands
Edmonton
Lloydminster
Calgary
100 km
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Canadian Oil Sands

• A major International operator provided old storage samples of “dead” Steam Assisted Gravity Drainage (SAGD) crude oil. Testing aimed at reducing the amount of diluent required to meet Canadian pipeline specifications by adding Multi-Flow. Results were a proof of concept with the addition of Multi-Flow reducing the diluent requirements by ~8%. The Company is now collecting samples of freshly produced SAGD crude to retest “live” samples.

• ~1.6 million bpd of diluted crude is exported by pipeline

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Native crude & naphtha
Native crude & naphtha
plus Multi-Flow
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Testing Heavy Oil in Canada

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Rainbow SASKATCHEWAN
Field
Fort McMurray
Cactus Lake
Field
ALBERTA
Edmonton
Lloydminster
Calgary
100 km
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Heavy Conventional Oil

• ⮚ The Cactus Lake Field trial was underway at the time of last year’s AGM.

• 1,000 ppm MF uplifted crude oil gravity by 1.1[0] API & reduced viscosity from 1,001 cSt to 586 cSt (at 20[0] C).

• ⮚

• ⮚ Despite being technically successful, progression to drum sales was curtailed by Canadian oil market conditions.

• Rainbow field produces ~12,000 bopd of waxy & asphaltenic crude creating deposition problems in the perforations, tubulars and gathering lines.

• ⮚

• HCD proposed a Multi-Flow squeeze and continuous feed to eliminate the deposition problems.

• ⮚

• ⮚ The trial is scheduled for June 2019 (weather issues delayed an earlier commencement date).

• ⮚ The operator is one of Canada’s largest oil companies producing ~215,000 bopd.

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Current Priorities in the Middle East

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Offshore
Turkmenistan
Rumaila
field
Abdulyah
field
Safah
HabHab
Mukhaizna
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Oman

• GCD (HCD’s Middle East Distributor) has progressed HabHab

• project to a 3 well pilot evaluation & design and is negotiating the final list of operators/contractors.

• OXY has progressed to product testing MF for a solution to their

• subsurface issues & requested sample of MF for internal testing.

Kuwait

• GCD has proposed a well stimulation pilot with Kuwait Oil Company

• in the Abduliyah field. Kuwait Oil Company is the 6[th] largest oil company in the world and produces on the order of 3.5 million barrels of oil per day.

Iraq

• GCD has proposed two pilot trials to Basrah Oil Company: a tank

• clean and a pipeline clean-up. Basrah Oil Company operates the giant oilfields of Southern Iraq including Rumaila & produce on the order of 3.2 million barrels of oil per day.

Abu Dhabi

• GCD received successful results from testing at ADNOC’s in-house

• laboratory testing of sludge and crude samples from ADNOC’s tank farms. GCD also received positive independent lab test results for ADOC’s Mubarraz Island and has submitted proposal to ADOC.

Turkmenistan

• ®

• GCD’s proposal to Dragon Oil to trial HCD Multi-Flow last year has

• been delayed while the company restructures. However, outstanding laboratory testing of Petronas’ crude in the neighbouring offshore block will provide impetus for Dragon Oil to move forward .

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Proposed Trial in Abduliyah Field, Kuwait

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⮚
⮚
Abdali
Raudhatain
Ratqa
Sabriyah
Bahrah ⮚
Kra’ Almru
Medina
Khashman ⮚
Dharif
Abduliyah
Minagish
Greater
Dorra
Burgan
⮚
Umm
Gudair Hout
Wafra
S. Fawaris
50 km
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GCD has proposed a well stimulation pilot in the Abduliyah oilfield from the Kuwait Oil Company.

Abduliyah oilfield has 100’s of producing wells & is adjacent to the supergiant Greater Burgan field (largest sandstone reservoir ever discovered).

The objective of the trial is to increase production flow rate by reducing crude oil viscosity.

Drums of Multi-Flow have been purchased & delivered to Kuwait. The pilot is scheduled July-August 2019.

Independent laboratory tests on Kuwait sludge samples showed substantial reduction in viscosity with the addition of Multi-Flow, augmenting potential of the field trial.

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Proposed Trials with Basrah Oil Company in Iraq

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West
Majnoon
Qurna
Nahr Umr
Zubair
Rumaila
Tuba
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⮚

• ⮚

• ⮚

GCD has proposed two pilot projects to Basrah Oil Company (BOC) in Iraq, one for a tank clean, the other a small-scale pipeline clean-up across a length redirected from a high volume trunk line. The Ministry of Oil in Iraq has approved the pilots and referred the projects to BOC for technical evaluation. Data has been requested from BOC for final trial design. GCD anticipates 2H, 2019 start.

Basrah Oil Company is the part of the Iraq National Oil Company that operates the oilfields of Southern Iraq & produces on the order of 3.2 million barrels of oil per day.

Success in the pilot projects may give HCD access to major opportunities in the supergiant fields such as Rumaila which is the 3[rd] largest ever discovered and currently produces 1.3 million barrels of oil per day.

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100 km
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ADOC Pipeline & Tank Clean Request

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• ⮚ ADOC (Abu Dhabi Oil Company) requested a Preventative Maintenance Program for Flow Assurance in Production Facilities and Storage Tanks on Mubarraz Island utilizing HCD MultiFlow® Technology.

• ⮚ Daily crude oil production on Mubarraz Island is 45,000 barrels.

• ⮚ Storage tank capacities are 750,000 and 380,000 barrels of oil.

• ⮚ Independent laboratory testing of the sludge was highly successful.

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Middle East Priorities - ADNOC Tank Cleans

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• ⮚ ADNOC (Abu Dhabi National Oil Company) undertook testing of HCD Multi-Flow at their own internal ADNOC onshore laboratory under different environments. The performance of HCD Multi-Flow was accepted by ADNOC, and GCD has proceeded with the “Online Tank Desludging” pilot proposal.

• ⮚ GCD and HCD were then invited and presented the final proposal to ADNOC’s oil storage tank main maintenance contractor. GCD is currently in negotiations for the initial five tank contract with capacities ranging from ½ to 1 million barrels of oil.

• ⮚ ADNOC are currently collecting samples from the first tank to conduct further lab tests

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Petronas’ Concession Offshore Caspian Sea, Turkmenistan

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(8,000 bopd)
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• ⮚ HCD Multi-Flow reduced Pour Point from 24[0] C to -9[0] C, well below the winter Caspian Sea temperature average of 8[0] C.

• ⮚

• HCD Multi-Flow lowered the BS&W from 13% to 0.3%.

⮚

• HCD has proposed a field trial for Petronas’ 8,000 bopd field.

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Heavy and/or Viscous Oil-Producing Areas & Pipeline Network of Colombia

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Cano Limon
Rubiales
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Llanos Basin

• characterized by light oil fields in the north and heavy oil fields in the south and central parts including the Rubiales field with OOIP of 4.38 billion barrels of 11.3-14.5[0 ] API crude.

• The south central Llanos Basin has many more fields and billions of barrels of reserves where crude oil gravity must be uplifted or diluted to meet pipeline specifications of 600 cSt & 15-16[0] API.

Upper & Middle Magdalena Valley

• characterized by crude oils from 15-20[0] API, but of unusually high viscosity and locally high in wax content.

• Some crudes are trucked to the Caribbean coast because they don’t meet pipeline specifications.

Pipeline Transport

• The National Oil Company of Colombia transport 400,000 barrels of oil per day through the pipeline network and is estimated at approximately one billion dollars on imported diluent to enable the heavy crudes to meet pipeline specifications of 600 cSt & 15[0] API.

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Viscosity Reduction in Laboratory Testing, Colombia

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• ⮚ Indago has tested crude oils from 4 fields, 3 in the Llanos and 1 in the Middle Magdalena Valley with 3 different operators.

• ⮚ In laboratory testing at an independent laboratory Multi-Flow successfully reduced the viscosity of the crude from all 4 fields to below the pipeline specification of 600 cSt.

• ⮚ Indago is negotiating with 3 companies to test Multi-Flow in field trials with the objective to make the heavy crude pipeline compliant without the need for diluent.

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Seeking Field Trial in the Vicinity of Rubiales Field, Llanos Basin, Colombia

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ODL Pipeline
Quifa N
340,000 bopd
transport capacity
Sabanero
Quifa SW
Rubiales
Potential
(Ecopetrol)
field trial
Current production
135,000 bopd
4.3 billion barrels OOIP
Current production
45,000 bopd
3.12 billi on barrels OOIP
CPO-13 20 km
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Barmer

Major Pipeline, India

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⮚

Indago proposed a two phase trial of HCD Multi-Flow on a 6,000 bopd recirculation line at the Bhogat terminal after successful lab results.

⮚

Phase I aims at reducing the Pour Point & WAT of the crude by 15[0] C with dosage rates of Multi-Flow between 500 and 2,000 ppm.

⮚

Phase II aims at reducing the Pour Point & WAT of the crude by an additional 10[0] C (total reduction of 25[0] C) with dosage rates of Multi-Flow up to a maximum of 5,000 ppm.

⮚

Indago will seek to secure a contract for Multi-Flow to be applied to the 175,000 bopd pipeline should Phase I and/or Phase II meet the success criteria and commercial requirements.

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Assam and Mumbai High, India

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Baghewalla Field

Indago has proposed a two well Tri-phase Squeeze trial in the heavy Baghewalla field, Rajasthan for one of India’s largest producers.

Development Pipeline Bhogat

Assam

Indago’s sales & marketing team has approached management at Assam and identified opportunities for Multi-Flow to treat wax deposition in non-piggable pipelines.

Indago has submitted a proposal for a 34 km line that transports 4,400 bopd. Many other non-piggable pipelines that experience paraffin deposition have been identified as ideal candidates.

Mumbai High

Indago’s Sales & Marketing team are currently engaging the Managers of the offshore Mumbai High assets.

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Indago Progress

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Region Oilfield Problem Researched & Opportunity Identified In-house testing Producing Company Engaged Proposal Lab Field Trial PilotTesting Drum Sales Contract
Canada
Stimulation Oil Sands Pipeline
MFT API Uplift
ColoradoNew Mexico
USA Utah
Texas
Wyoming Texas California
CHINA
Tank CleanEOR PipelineDiluent
Europe
Norway UK Belarus Kazahkstan
UAE Turkmenistan
Middle East
Iraq
Kuwait Oman
Colombia
MagdalenaLlanosLlanos
India
Mumbai High
Assam Mangala
<75 drums/day from 75-750 drums/day >750 drums/day
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Risk Factors

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An investment in Indago carries with it the following risks:

1. General

Due to the inherently uncertain nature of the oil and gas industry, the Indago business carries with it various risks. Shareholders should realise that the value of Indago may fluctuate and that a dividend is not expected to be declared by Indago in the medium term. Whilst Indago will attempt to minimise the following risk factors, many of them are beyond its control. This list of risk factors should not be taken as being exhaustive of the risks faced by Indago. These factors and others not specifically referred to may materially affect the performance of Indago and the value of its shares.

2. Funding Risk

In order to fund the future growth of the Indago business it will be necessary for the Board to consider Indago's potential capital raising needs notwithstanding the funds raised under the current capital raising.

3. Early Stage Risk

The HCD Multiflow business is still at the early stage of its development. This brings with it a variety of potential risks. There is no assurance that Indago will be able to overcome them moving forward.

4. Absence of Revenue Risk

Indago has no current revenue and there is no certainty that product sales will be generated.

5. Demand and Supply Risk

Activities within the oil and gas industry by its nature are risky. The operations of customers can be affected by a huge number of factors, risks, issues and costs. These have a potential flow on effect as far as Indago is concerned, potentially putting strain on its customer and channel relationships. Competitive pressures can impact on Indago's ability to successfully engage with the more established channel partners.

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Risk Factors (continued)

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6. Competitor Risk

Indago operates in a competitive environment. Its competitors will compete with Indago in relation to products and in relation to sales price. Indago's competitors may seek to reverse engineer Indago's products.

7. Operational Risk

Indago is subject to the usual form of operational risks that apply to an international manufacturing/blending business. These include the potential for industrial disputes relating to labour or product logistics, raw material supply risks and costs, capital costs which may be incurred in the event of increased demand, the hiring of appropriately skilled and secure labour, and geopolitical and government risk.

8. Intellectual Property Risk

As set out above, whilst Indago will own the intellectual property relating to the Multiflow products, it will not be granted access to the formulas and related know-how until completion of the maximum royalty agreement payment in the absence of certain specified exceptions. There is a potential risk which arises simply because these formulas and related know-how are not held directly by Indago.

9. Currency Risk

Indago's revenues are expected to be largely denominated in US dollars, whereas its operating costs are expected to be largely denominated in a combination of US dollars and Australian dollars. As an ASX listed entity, Indago reports in Australian dollars. These aspects mean that Indago is potentially exposed to currency and exchange rate risk.

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Contacts

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Australia

Stephen Mitchell - Chairman Telephone: +61 3 9642 2899

USA

Nick Castellano Director & CTO Telephone: +1 480 235 5376

Doug Hamilton - Business Development Manager Telephone + 61 488 989 981

Canada

Garth Sloan Telephone: 403 660 4752

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Appendicies

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Pour Point vs Wax Content & Pour Point Reduction with Multi-Flow

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Utah 43 [0] C to 29 [0] C
Puteri 41 [0] C to 32 [0] C
40
Abu Alpha 36 [0] C to 14 [0] C
Syria 65 [0] C to 12 [0] C
20
Turkmenistan 24 [0] C to -9 [0] C
0
-20
-40
-60
Wax content & pour point of 331 crude oils of the world (from
IP, Hydrocarbon Management, 2004, Energy Institute,
London, 2 [nd] Edition, June 2004)
-80
0 5 10 15 20 25 30 35 40 45 50
Solid Wax Content %m/m 45
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	Viscosity Reduction (%) with Multi-Flow versus API0Gravity
60 70 40 30 50 100 90 80 Reduction in viscosity (%) 20 10 0	10 15 20 5 0 California Crude Oklahoma Crude Canadian Crude Chinese Crude Colombian Crude Kentucky Crude

API[0] Gravity

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Diluent vs Diluent + Multi-Flow® Explained California Heavy Oil

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50:50 crude-diluent blend

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5 [0] API Light
Native condensate ~18 [0] API
crude diluent For transport
100%
+ =
$US70
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70:30 crude-diluent blend + HCD Multi-Flow

5[0] API Light condensate 2,000 ppm Native diluent + 5[0] API (0.002%) MF ~15[0] API crude Native crude 60% + + = 40% $US42 $US3.78

Operator’s Estimated Savings $US5.26/barrel

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UAE Independent Laboratory Results

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Diluent Equation

Indicative of a paraffinic sludge

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(0.905 gm/cc x 0.7) + (0.854 gm/cc x 0.25) + (0.805 gm/cc x 0.05) = 0.887 gm/cc = 28[0] API UAE Sludge 70% UAE Crude 25% Multi-Flow 5% Multi-Flow substantially uplifts API gravity

Very low sediment content Very high emulsion content High water content

UAE Sludge + 25 % UAE Crude + 5 % Multi-Flow = 99% Viscosity Reduction

UAE Sludge + 25 % UAE Crude = Substantial reduction in emulsion & water + 5 % Multi-Flow = further reduction in emulsion, slight increase in water liberated

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