METGASCO LTD — Investor Presentation 2021

Feb 15, 2021

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L14 – Cervantes Oil Exploration project

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ATP2021 – Vali-1 ST1 gas discovery independently certified net 2P Reserves 8.3PJ

Agenda

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‒1
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Company snapshot

‒2 Achievements over the last 24 months

‒3 Metgasco’s strategy/asset overview

‒4 Vali-1 ST1 – ATP2021

‒5 Cooper/Eromanga Basin PRL211

‒6 Perth Basin- Cervantes – L14

‒7 Cooper/Eromanga Basin ATP2020

‒8 Indicative exploration timeline

‒9 Conclusion

10✓ Disclaimer

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Company snapshot

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Metgasco is an active exploration company poised for growth

Company overview

Substantial shareholders & Board

• Experienced team focused on creating shareholder value.

• An exploration focus in the prolific onshore Australian Cooper/Eromanga and Perth basins.

• Currently assessing resource upside of Vali gas field and surrounding area to determine optimum flowline sizing for potential development of a production hub. Anticipated drilling of Vali-2 appraisal well in Q2 CY2021.

• Currently planning the drilling of high impact oil exploration well Cervantes-1 in L14, anticipated drilling late Q2 CY2021.

• Drilling of second Cooper Basin well, Odin-1 in PRL211, anticipated during Q2 CY2021.

• Leveraged to successful GOM player Byron Energy via holding of circa 18.6M shares.

▪Leveraged to successful GOM player Byron Energy via holding of circa 18.6M shares.	▪Leveraged to successful GOM player Byron Energy via holding of circa 18.6M shares.	▪Leveraged to successful GOM player Byron Energy via holding of circa 18.6M shares.	▪Leveraged to successful GOM player Byron Energy via holding of circa 18.6M shares.
▪In February 2021 plan to issue shareholders one bonus option for every three ordinary shares at an exercise price of $0.04
	cents per share with option expiry date of 31st Dec 2021.
Financial information
Share price (12 February 2021)		A$0.029
Number of shares		549.6m
Employee Performance Rights		10.4m
Market capitalisation		A$15.93m
Cash1		A$2.10m
BYE Shares2		A$2.89m
Debt		A$nil

• 1 As at 31 December 2020

• 2 As at 12 February 2021

	Substantial shareholders & Board poised for growth
	Melbana Energy Limited	20.01%
	Keybridge Capital Limited & Aurora Funds	14.77%
	Board and Senior Management	2.29%
	Top 20 Total shareholders	49.92% 2,019

Source: Link Market Services ( 12 February 2021)

Exploration focus on prolific Australian onshore basins

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Gas focus
Oil focus
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Achievements over the past 24 months

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Significant achievements have been made in the last 24 months in 3 key focus areas

Cooper Eromanga

Perth Basin

Corporate

• ✓ September 2019: signed Perth Basin exploration farm-in deal with RCMA in the Western Flank of the Perth Basin. Deal terms allow up to two exploration wells to be drilled.

• ✓ ATP2021 successfully farmed-out to Vintage Energy in May 2019, VEN paid 65% for operatorship and 50% interest.

• ✓

• ✓ Farmed-out a further promoted 25% to Bridgeport announced in August 2019, free carried on Vali-1 exploration well achieved with 25% interest remaining.

• ✓

• ✓

September 2019: large oil prospect Cervantes identified by Metgasco & Prospective resources announced.

• ✓

✓ Mid-September 2019: farm-out data room opened.

• ✓ 1[st] JV well Vali-1 spud in Dec19 and discovered gas in Permian sands

• ✓ Vali-1 ST1 successfully stimulated and ✓ tested at stabilised rate = 4.3 mmscf/d at 942 psi FWHP in Q3 CY2020.

15 Nov 2019: Vintage Energy farms-in to the Cervantes prospect, paying 50% of well costs for 30% interest. Right for ✓ 2[nd] well farm-in L14 at same terms.

• ✓ Vali field appraisal drilling recently approved by JV partners. Vali-2 drilling planned for Q2 CY2021. Potential production in early Q1 CY2022.

• ✓ CY2020 appoint highly experienced ✓ drilling consultancy Aztech appointed .

✓ Government approvals and well planning significantly advanced and aiming to drill well in late Q2 CY2021*.

• ✓ Nov 2019 ATP2021 JV farms-in to PRL211, MEL to pay 25% of Odin for 21.25% interest. Well planned for Q2 CY2021*.

✓ Long lead equipment ordered and drilling rig LOI signed in Dec CY2020.

In Q3 CY20 the Company completed a Share Placement and SPP raising circa $4M before costs .

Capital raising funds used for ValI-1 ST1 fracture stimulation, test completion(s) , pipeline FEED and working capital

Following Dec CY2020 AGM approval 20 million shares in Byron Energy(ASX “BYE”) In SpecieDistribution completed to MEL eligible shareholders.

Remaining Byron Shareholding current value circa $2.9mill

Metgasco continue to assess value adding corporate and asset opportunities in the Cooper and Perth Basins.

*Subject to regulatory approvals and rig availability

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Quality Onshore Australia Exploration Asset Portfolio

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• East Coast Gas - Cooper/Eromanga Basin – Vali gas discovery, stimulated and tested. ERCE certification of net 8.3PJ** gas reserves.

• West Coast Oil - Perth Basin - Cervantes shallow oil prospect - Hovea Oil field lookalike.

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Cooper/Eromanga Basin- Multi-Permit Footprint

Perth Basin

ATP2021 – In Q3 CY2020 Vali-1 ST1 stimulated and tested at 4.3MMscfd. 1 firm + 1 option Vali appraisal drilling in CY2021 approved by JV in campaign with PRL211 - Odin Structure which is a Vali lookalike.

L14 -15mmbo* 2P Cervantes oil prospect located between the Hovea, Jingemia and Cliff Head oil fields .

ATP2020 & PRL237

Exploration focus on prolific Australian onshore basins

• *Ref slide 13/19 reserve notes

• ** Ref slide 7/19 resource notes

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Metgasco: Strategy / Asset Overview

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Strategy - Deliver shareholder returns from current and new E&P assets/investments and be the partner of choice

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Cooper/Eromanga Basin QLD

• 2 permits - 1 non-op /1 operated.

• ATP2021 (25%) Vali-1 ST1 gas

• discovery, independent Net Reserve 2P Reserves of 8.3PJ*.

• Successful Stimulation and gas test completed July / August CY20.

• Vali field appraisal progressing.

• ATP2020 (100% operated) Farm-out campaign re-launched Q1 CY2021

Cooper/Eromanga Basin SA

• 2 non-operated permits.

• PRL211 farm-in pay 25% for 21.25% of Odin planned Q2 CY21.

• PRL211 adjacent to ATP2021.

• Odin structure similar to Vali and

• can be developed via same pipeline.

• PRL 237 (20%) – No near term activity planned . Senex sold asset to Beach Energy in Q4 CY20.

Onshore Perth Basin

• Basin entry farm-in to drill Cervantes exploration prospect in L14 Licence by paying 50% to earn 30% equity.

• 2[nd] Farm-in exercise right to June 30[th] CY21 on same terms.

• Vintage Energy secured as equivalent funding partner.

• Subject to HSE approvals- aiming for spud late Q2 CY2021

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*Ref Slide 7 reserves notes

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ATP2021- Gross 33 PJ Reserves ….how big is the upside?

Drilling Rig LOI signed for CY2021 two firm (Vali-2/Odin-1) + optional well (Vali-3) appraisal /exploration drilling program to determine size of gas production hub in ATP2021

• Assessing the resource upside of the Vali Field and nearby area by drilling Vali-2 and Odin-1 prior to purchase of flowline infrastructure

• ▪ Vali-2 is designed to test Toolachee gas target at the crest of structure to provide additional reserves to the recently certified Patchawarra Formation. Nappamerri formation also a target

• Kinta-1(2003 Santos well) being re-evaluated as a follow-up opportunity as 93ft of net sand was logged with average 9% porosity in Patchawarra sands and was not fracture stimulated.

• ▪ Vali-1 ST1 ERCE Independently certified gas reserves of 33.2 PJ*(gross) see table below

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	Gross ATP 2021 Vali Gas Field Patchawarra Formation (1 December 2020)	Gross ATP 2021 Vali Gas Field Patchawarra Formation (1 December 2020)	Gross ATP 2021 Vali Gas Field Patchawarra Formation (1 December 2020)
	1P	2P	3P
Reserves (Bscf)	12.3	30.3	78.9
Reserves (PJ)	13.4	33.2	86.6
	Net ATP 2021 Vali Gas Field Patchawarra Formation (1 December 2020)
	1P	2P	3P
Reserves (Bscf)	3.1	7.6	19.7
Reserves (PJ)	3.4	8.3	21.6

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*Refer to Reserve Notes on Page 19

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Potential to develop a gas production hub

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Post Stimulation program gas test stabilised rate of 4.3 MMscf/day…an excellent result!

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By focusing on assessing the resource upside ahead of first gas there is the potential to optimise the value of the ATP2021and PRL211 assets, with the following benefits expected to be realised:

• Appropriately sized flowline – by better defining field volumes through drilling, the flowline will be developed with adequate capacity for future production over the long-term.

• Development of a production hub – further technical and operational work will better define resource upside in the area surrounding the Vali Field. This could add significant value to the Vali Field as a potential production hub for the area.

• Gas marketing advantages – the Joint Venture will be in a stronger position to market larger volumes of gas, with the potential for improved terms and pricing.

• Exposure to rising gas prices – gas prices are increasing, with forecasters and market commentators expecting this trend to continue.

Gas flare at Vali-1 ST1 (5 August 2020)

Drilling up-to 3 wells in next 6 months assesses the size of the prize .Anticipate JV FID approval early Q3 CY2021 of new gas production hub development - First Gas anticipated Q1 CY2022.

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*Subject to JV approval ,GSA signing ,tie-in tariff and regulatory approvals

Cooper Basin PRL211- Strategic Odin Farm-in

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• PRL 211 adjacent to ATP2021 licence - Odin gas prospect straddles both permits.

• ATP2021 JV paying 100% of Odin gas exploration well for 85% licence interest.

• Metgasco will own net 21.25% of PRL 211 ​licence via paying 25% net (circa $1.1million) of the Odin well. ▪

Robust anticline with dual gas targets at the Toolachee(40% COS) and Patchawarra formations(32% COS) mapped in 3D. PRL 211 is a 98.4 km[2] retention licence expiring October 2022 with 5yr option to extend.

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▪ ▪ ▪ ▪ ▪ ▪ ▪

High chance of development as close to infrastructure(proposed Vali flowline) connected to high price Eastern States gas markets.

The closest well is Strathmount-1 drilled downdip of the Odin crestal location at both Toolachee (~15m downdip) and Patchawarra Formations (~55m downdip).

Strathmount-1 tested gas in the Patchawarra Formation and Tirrawarra. sandstone at RTSTM. Toolachee test failed due to poor mud system.

Stratigraphically trapped gas outside of mapped closure provides resource upside. Extension granted by SA government on well commitment date to Q4 CY2021.

Odin planned to be drilled at same time as Vali campaign- estimated spud Q2 CY2021.

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1 Refer to MEL ASX release 22 Nov 2019

Projected East and South-Eastern gas production vs demand

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New gas discoveries required to ease dependence on the development of “undeveloped 2P reserves” and “anticipated developments” to meet forecast demand

• Federal Govt has identified gas companies and the delivery of gas to market as an essential service.

• Forecast demand underpinned by LNG, expected to be steady over the long-term.

• Significant investment, needed to meet forecast demand, required for:

• Development of 2P undeveloped.

• Development of ‘anticipated developments.

• Development of new discoveries.

• Exploration and appraisal.

• Domestic gas prices are independent of the volatility of global oil prices.

• Recent ACCC papers indicate contract gas pricing in the $9-10/GJ range.

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AEMO states in its March 2020 Gas Statement of opportunities that: ”Actual operational constraints, particularly within the Victorian DTS, may lead to transportation limitations throughout the system, creating potential supply gaps during peak winter days from 2024”.

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Perth Basin History - Cervantes 2nd Oil Production wave

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West Erregulla
Beharra. Springs Deep [B]
Cliff Head
Hovea
Jingemia
Yardarino
Dongara * [A] Waitsia
Mt Horner
Mondarra
Woodada
Beharra Springs Redback Kingia/H
Tarantula CSS Gas
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• A Dongara has produced only 1.2mmboe of Oil, but according to several reports, there is 2P P50 ~13mmboe reserves remaining to produce using lateral wells. B No Reported P50 Resources for Beharra Springs Deep, but based on Waitsia and West Erregulla, assumed to have 2P P50 >400 BCF

• Historically most wells have been designed to test the Dongarra sandstone with only a few intersections of the Kingia/High Cliff section.

• The recent Kingia/High Cliff discoveries were drilled in the gas mature Dandaragan trough and have tripled the discovered gas reserves in the Perth Basin.

• It is very likely that the Oil Creaming curve will also have a 2[nd] wave, when Cervantes-1 and Refine Energy’s wells are drilled to test oil prone Kingia/High Cliff reservoirs in CY21.

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Perth Basin – Cervantes – L14- Hunting for Oil in Kingia

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Kingia/High Cliff
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• Jingemia-1 intersected a 26m water bearing good porosity sand of Kingia/High Cliff Sand(outside of structural closure) reducing the risk of sand presence in Cervantes.

• Cervantes structure significantly shallower than Jingemia.

Cervantes well COS of 28% with high chance of development due to proximity(3Km) to Jingemia production facility.

• Kingia Sand produces oil in Cliff Head field in “K” sand.

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Perth Basin – Cervantes – L14

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Potentially one of the largest undrilled oil opportunities in the Perth Basin (Gross P50 OOIP 35mmbo), with geological similarities to nearby discoveries

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Cattamarra Coal
Measures
Kockatea
Shale
Dongara
Kockatea
Kingia Shale
HCSS
Kockatea
Shale
Preliminary Depth TVD
Prognosis (m)
Intra Cattamarra CM 1177
Dongara Sst 1830
Irwin River CM 1961
Kingia Formation 2197
Bit Basher Shale 2218
High Cliff Sst 2227
Holmwood Shale 2303
TD 2400
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Near Top Kingia Depth (mTVDss)
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ties in the Perth Basin (Gross P50 y discoveries	ties in the Perth Basin (Gross P50 y discoveries
Exploration Key Data
Country	Australia
Basin	Perth Basin
Licence	L14 Western Flank Cervantes + 2nd well L14
Prospect Targets	Cervantes + right to second expwell farmin
Farm-in Promote	Farm in for 30% for funding 50% of 1st well- 2nd wellsame termsfrom Apr-June2021
Cervantes Owners	MEL 30%(well op),RCMA 40%,VEN 30%
Target Information	TD: ~2500-2700 Md Primary Targets: Kingia/HCSS/Dongara
Gross Prospective Resource-see table	P50: OOIP 35mmbo and Recoverable 15.6 mmbo,(arithmetic sum of Permian Zones)
Estimated spud date	End Q1 CY 2021(subject to rig availability & government approvals.
Proximity to Infrastructure	3km to Jingemia Plant – processing & sale and purchase structure in place.

• Locally prolific Kingia Sandstone at shallowest depth in onshore Perth Basin and potential oil bearing.

• An independent report by RISC (refer Metgasco announcement 4 October 2019) calculated the Mid/P50 prospective resources on the Cervantes prospect of gross 17.4 mmbo representing a 14% increase on the P50 estimate of Metgasco.

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W-E Section: Twin Lions - Cervantes - Waitsia

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A’
A
Cervantes
Dongara
Kingia
HCSS
▪ The regional cross section illustrates the tilted fault blocks of the hydrocarbon bearing Perth Basin
▪ Cervantes shares similar structural features with successful discoveries east of the prospect
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• Total oil produced from nearby fields in excess of 27 MMbbl of oil

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Perth Basin: L14 planning to drill Cervantes prospect

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• Cervantes drilling surface location and access track chosen to minimise environmental footprint and to enable all three Permian oil targets to be accessed via one deviated exploration well.

• Substantial environmental planning work on the access track and well location undertaken. Work undertaken included the completion of an additional botanical survey in Q3 CY2020 and negotiating Heritage and track access agreements. Project environmental approvals are now anticipated in Q2 2021.

• Highly experienced Perth Basin consultancy Aztech Well Construction have completed the detailed well design and long lead equipment has been ordered.

• In December 2020, the CJV signed a letter of intent (LOI) with Refine Energy Pty Ltd(“Refine”) to use Refine Rig-2 for the drilling of the Cervantes exploration prospect

• RCMA has entered into a two-well farmout and tolling agreement with Refine Energy on 22 October 2020. Under the arrangement Refine will drill two wells (Tammar and Agile) in the L14 license area utilising their own drilling rig which is stored at RCMA’s Jingemia site.

• The Cervantes prospect will be drilled immediately following the

• two Refine L14 wells allowing for optimal rig and crew efficiency. A full rig contract agreement is anticipated to be signed with Refine Energy in Q1 CY 2021. Anticipated spud date late Q2 CY2021.

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ATP2020: Loki lead

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Overlooked, underexplored area with shallow oil and gas potential close to infrastructure

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Exploration Key Data Near Top Toolachee TWT Structure Map CI:0.005s
Country Australia Independent
Basin Cooper/Eromanga 4 way dip
closure Leads
Licence ATP2020
Well Loki Lead
Loki
Licence Entry QLD Government Gazettal Lead Stratigraphic
Pinchout,
Licence Owners Metgasco 100% potential for
Native Title larger trap
In place
Agreement
TD: ~1750mMD.
Target Primary Targets: Cret - Jurassic
Information sands for oil, Toolachee Formation
for gas
Indicative P50
OGIP + OOIP TBC based on seismic reprocessing Permian
Very Thin or
Estimated Spud Absent
Subject to securing JV partner
date
Proximity to
Pipeline traverses permit
Infrastructure
Buckaroola-1 Loki Anticlinal Lead Hooley-1
Canyon
▪ ATP2020 licence conditions allows deferment
of commitments to future years
▪ Seismic reprocessing was completed in
March
▪ Licence commitment deferral discussions
~40km with regulator underway in conjunction with
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• Licence commitment deferral discussions with regulator underway in conjunction with re-launch of farm-out process in Q1 CY2021

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2021/2022 Indicative exploration timeline

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Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022
Connection to gas network First gas sales
Drill Drill Drill Stimulate & Complete
Vali-2 Odin Vali-3 Vali/Odin wells
Vali and Odin Drilling, planning & approvals JV FID Agreement
Secure Gas sale and tariff deal
Restart Farm-out Farm-in Loki Drilling or seismic survey , Drill shallow Loki
process-secure quality agreement planning & approvals prospect or complete
partner signed? seismic program
Well planning, HSE approvals, Drill * Complete/ On success, book reserves and
procure equipment contractor Cervantes Test Well? commence field development
selection planning including regulatory
approvals
Oil & Gas
Cooper Basin
ATP2021/PRL211
ATP2020 Oil & Gas
Cooper Basin
Oil
Perth Basin
L14 - Cervantes
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Past/future committed milestone

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Milestone dependent on discovery/ JV approval / new partner and/or funding.

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*Subject to regulatory approvals and rig availability

**Subject to regulatory and JV approvals and rig availability

Conclusions - Upcoming investment highlights

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Near term operational, corporate and macro news flows will provide a number of share price catalysts

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LOI for rig signed to enable planning to drill Vali-2 /Odin prospects Drill Vali-2 and Odin-1 consecutively in ATP2021 and PRL211 in Q2/Q3 CY2021. ATP2021 / PRL211 On success stimulate/test and complete to expand production hub.

Cervantes Drilling Rig and final planning Perth Basin L14

Sign drilling contract in Q1 CY 2021. Finalising drilling plans and regulatory approvals targeting spudding well in late Q2 CY2021.

Re-launch ATP2020 farm-out process . Farm-out up to 50% of the ATP2020 licence. Leading to drilling or seismic in Q1 CY2022.

Farm-out of ATP2020

FID for Vali Development Following successful drilling of firm drilling program Odin and Vali-2 . ATP2021 Assess upside gas reserve potential and optimise flowline size & route. Secure gas sales agreement and processing tariff .

Plan seismic program Review potential to drill additional gas and shallow oil prospects and/ or drill drilling targets in ATP2021 and select new drilling targets by Q3 CY2021. Review need for further 3D seismic. in ATP2021

Identify 2[nd] Farm-in Well Work underway to identify 2[nd] optional well to be decided during the 1[st] half of CY2021. Perth Basin L14

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Disclaimer / Reserves and Resource Notes

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• This presentation is being provided for the sole purpose of providing the recipients with background information about Metgasco Ltd (Metgasco) which is current only at the date of this presentation. No representation, express or implied, is made as to the fairness, accuracy, completeness or correctness of information contained in this presentation, including the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in the presentation (“forward-looking statements”). Such forward-looking statements are neither promises or guarantees and involve unknown risks and uncertainties and are by their nature subject to significant uncertainties and contingencies and are based on a number of estimates and assumptions that are subject to change (and in many cases are outside the control of Metgasco, its Directors and Officers) which may cause the actual results or performance of Metgasco to be materially different from any future results or performance expressed or implied by such forward-looking statements.

• This presentation provides information in summary form only and is not intended to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor.

• Due care and consideration should be undertaken when considering and analysing Metgasco’s financial performance. All references to dollars are to Australian Dollars unless otherwise stated.

• To the maximum extent permitted by law, neither Metgasco nor its related corporations, Directors, employees or agents, nor any other person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

• This presentation should be read in conjunction with other publicly available material. Further information including historical results and a description of the activities of Metgasco is available on our website, www.metgasco.com.au.

• Cautionary statement prospective resources: the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The prospective resource volumes quoted in this presentation for the Cervantes Prospect reference Metgasco ASX release of 10 September 2019 . The prospective resource volumes for the Odin exploration prospect reference Metgasco ASX release 22 November 2019. The reserves for Vali quoted in this presentation were independently certified by ERCE Equipoise Pte Ltd(ERCE) and were detailed in Metgasco ASX release 14 December 2021. The reserves and resources have been classified and estimated in accordance with the Petroleum Resource Management System (PRMS). Metgasco is not aware of any new data or information that materially affects the previous estimates and that all material assumptions and technical parameters continue to apply and have not materially changed.

• Competent Person Statement: The reported Perth Basin prospective resource estimates are based on information compiled or reviewed by Dr. R. Willink who holds a PhD and a BSc (Hons) in Geology and is a member of AAPG and PESA. Dr. Willink is a Non-Executive director of Metgasco and is currently an Advisor on Exploration of the privately-owned Timor Resources and has worked in the petroleum industry as a practicing geologist for over 40 years. Dr. Willink has consented to the inclusion in this report of matters based on his information in the form and context in which it appears.

• Competent Person Statement : The reported Vali Gas field contingent reserve estimates are based on information compiled or reviewed by Adam Becis , Principal Reservoir Engineer with ERCE. ERCE is an independent consultancy specialising in petroleum reservoir evaluation. Except for the provision of professional services on a fee basis, ERCE has no commercial arrangement with any other person or company involved in the interests that are the subject of this contingent resource evaluation.

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