TALIUS GROUP LIMITED — Investor Presentation 2015

Sep 7, 2015

Growth through focused Oil & Gas exploration and production

September Investor Presentation

ASX Code: AVD

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IMPORTANT

THIS PRESENTATION HAS BEEN PREPARED BY ANTILLES OIL & GAS NL ("ANTILLES"). IT SHOULD NOT BE CONSIDERED AS AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SHARES IN ANTILLES OR AS AN INDUCEMENT TO MAKE AN OFFER OR INVITATION WITH RESPECT TO THOSE SECURITIES. NO AGREEMENT TO SUBSCRIBE FOR SHARES IN ANTILLES WILL BE ENTERED INTO ON THE BASIS OF THIS PRESENTATION.

THIS PRESENTATION CONTAINS FORWARD-LOOKING STATEMENTS THAT ARE NOT BASED ON HISTORICAL FACT, INCLUDING THOSE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY CONTAINING SUCH WORD AS 'BELIEVES', 'MAY', 'WILL', 'ESTIMATES', 'CONTINUE', 'ANTICIPATES', 'INTENDS', 'EXPECTS, 'SHOULD', 'SCHEDULE', 'PROGRAM', 'POTENTIAL' OR THE NEGATIVES THEREOF AND WORDS OF SIMILAR IMPORT.

ANTILLES CAUTIONS THAT THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL EVENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THE STATEMENTS. THE FORWARD LOOKING STATEMENTS ARE EXPRESSLY SUBJECT TO THIS CAUTION. ANTILLES MAKES NO REPRESENTATION, WARRANTY (EXPRESS OR IMPLIED), OR ASSURANCE AS TO THE COMPLETENESS OR ACCURACY OF THESE FORWARD-LOOKING STATEMENTS AND, ACCORDINGLY, EXPRESSES NO OPINION OR ANY OTHER FORM OF ASSURANCE REGARDING THEM. ANTILLES WILL NOT NECESSARILY PUBLISH UPDATES OR REVISIONS OF THESE FORWARD-LOOKING STATEMENTS TO REFLECT ANTILLES' CIRCUMSTANCES AFTER THE DATE HEREOF.

BY ITS VERY NATURE EXPLORATION AND DEVELOPMENT OF OIL AND GAS IS HIGH RISK AND IS NOT SUITABLE FOR CERTAIN INVESTORS. ANTILLES SHARES ARE A SPECULATIVE INVESTMENT. THERE ARE A NUMBER OF RISKS, BOTH SPECIFIC TO ANTILLES AND OF A GENERAL NATURE WHICH MAY AFFECT THE FUTURE OPERATING AND FINANCIAL PERFORMANCE OF ANTILLES AND THE VALUE OF AN INVESTMENT IN ANTILLES INCLUDING AND NOT LIMITED TO ECONOMIC CONDITIONS, STOCK MARKET FLUCTUATIONS OIL AND GAS DEMAND AND PRICE MOVEMENTS, REGIONAL INFRASTRUCTURE CONSTRAINTS, SECURING DRILLING RIGS, TIMING OF APPROVALS FROM RELEVANT AUTHORITIES, REGULATORY RISKS, OPERATIONAL RISKS, RELIANCE ON KEY PERSONNEL, FOREIGN CURRENCY FLUCTUATIONS, AND REGIONAL GEOPOLITICAL RISKS.

THIS PRESENTATION DOES NOT PURPORT TO BE ALL INCLUSIVE OR TO CONTAIN ALL INFORMATION WHICH YOU MAY REQUIRE IN ORDER TO MAKE AN INFORMED ASSESSMENT OF THE COMPANY'S PROSPECTS. YOU SHOULD CONDUCT YOUR OWN INVESTIGATION, PERFORM YOUR OWN ANALYSIS, AND SEEK YOUR OWN ADVICE FROM YOUR PROFESSIONAL ADVISER BEFORE MAKING ANY INVESTMENT DECISION.

CAUTIONARY STATEMENT FOR PROSPECTIVE RESOURCE ESTIMATES - WITH RESPECT TO THE PROSPECTIVE RESOURCE ESTIMATES CONTAINED WITHIN THIS REPORT, IT SHOULD BE NOTED THAT THE ESTIMATED QUANTITIES OF PETROLEUM THAT MAY POTENTIALLY BE RECOVERED BY THE FUTURE APPLICATION OF A DEVELOPMENT PROJECT MAY RELATE TO UNDISCOVERED ACCUMULATIONS. THESE ESTIMATES HAVE AN ASSOCIATED RISK OF DISCOVERY AND RISK OF DEVELOPMENT. FURTHER EXPLORATION AND APPRAISAL IS REQUIRED TO DETERMINE THE EXISTENCE OF A SIGNIFICANT QUANTITY OF POTENTIALLY MOVEABLE HYDROCARBONS.

INFORMATION IN THIS REPORT RELATING TO HYDROCARBON RESOURCE ESTIMATES HAS BEEN COMPILED BY DAVID ORMEROD, THE ANTILLES MANAGING DIRECTOR. DAVID ORMEROD HAS OVER 25 YEARS OF EXPERIENCE IN PETROLEUM GEOPHYSICS AND GEOLOGY AND IS MEMBER OF THE AAPG. DAVID ORMEROD CONSENTS TO THE INCLUSION OF THE INFORMATION IN THIS REPORT RELATING TO HYDROCARBON PROSPECTIVE RESOURCES IN THE FORM AND CONTEXT IN WHICH IT APPEARS. THE PROSPECTIVE RESOURCE ESTIMATES CONTAINED IN THIS REPORT ARE IN ACCORDANCE WITH THE STANDARD DEFINITIONS SET OUT BY THE SOCIETY OF PETROLEUM ENGINEERS, PETROLEUM RESOURCE MANAGEMENT SYSTEM.

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SNAPSHOT

Antilles team possesses business and technical skills from the Atlantic Margin applicable to the Antilles Region in the Caribbean

Antilles represents an entry for investors into high value deep water Atlantic Margin type exploration

Targeting countries where Antilles team has experience

Antilles has a strategic technical relationship with geophysical specialist contractor to enable use of cutting edge geophysical technology

Established reputation with small Australian companies, Karoon Gas and Pura Vida Energy, in accessing high quality Atlantic Margin acreage of same style – currently available in the Antilles

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INVESTMENT THEMES

• Proven board with career success at both junior company and major level  extensive industry networks, particularly in Caribbean and South America

• Strategic industry partnerships including seismic, HSE and drilling which mitigates funding risk for Antilles

• Large prospective acreage position acquired onshore Peru (100% Equity)

• 2D Seismic data available for reprocessing, low cost drilling

• Desirable fiscal regime/operational setting

• Global economic conditions and oil price  exceptional opportunity

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CAPITAL STRUCTURE

As of September 7, 2015

	Australian Listed Company	ASX: AVD			Key Shareholders	Key Shareholders
	Fully paid ordinary shares	46,923,063			Multi Client Geophysical	9%
	Cash at Bank	A$0.85M			Havoc Partners	5%
	Price	A$0.035			HSBC	3%
	Market Cap	A$1.64M			Management	12%
					Top 20 Holders	48%

• 16.6M Class A Performance Shares, 2.3M Class B Performance shares and 18M partly paid shares (1c paid, 19c to be paid) on issue

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DIRECTORS & MANAGEMENT

PERSONNEL

POSITION

Dr. Jack Hamilton Non-Executive Chairman David Ormerod Managing Director

Gary Grubitz

Non-Executive Director

Damian Black

Non-Executive Director Company Secretary/CFO

Ranko Matic

EXPERIENCE

Highly experienced executive and board director with over 25 years experience, previous director NW Shelf for WPL. Currently director of Duet Group, SXE.

25+ years oil and gas exploration experience in capturing and operating new quality acreage. Former Technical Director Pura Vida Energy.

35+ years oil and gas deep water exploration experience in operating high quality acreage. Former Vice President Exploration, BHP. Extensive experience in corporate finance, specializing in resources/oil and gas sector. Extensive experience in corporate governance.

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DAVID ORMEROD – A PROVEN TRACK RECORD

Pura Vida

• Founder of the company and responsible for entry to Morocco

• Entry to deep water Morocco ahead of the industry

• Subsequently farmed out to FreePort McMoran for two wells, total value $230M

• Drilling to start in Jan 2015

• Entry to Gabon and Madagascar deep water blocks

Karoon

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• Responsible for entry into Santos Basin Brazil where Karoon successfully farmed out to Pacific Rubiales and subsequently drilled three wells two of which were significant discoveries.

• Responsible for entry to Peru where Karoon has offshore and onshore acreage with drilling commencing soon

BHP

• Worked a variety of regions including GoM, West Africa, SE Asia, Brazil,

• Multiple deep water wells drilled in variety of settings including same styles to target countries

• – Partnered with oil majors in number of JV’s including Exxon, Shell, BP

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GARY GRUBITZ – EXCEPTIONAL EXPLORATION SUCCESS

BHP - Team leader Atwater fold belt, 1995–2000

• Worked large Gulf of Mexico AMI with BP

• Opened Middle and Lower Miocene play in Green Canyon – the most significant new play in the period

• Made multi-hundred million barrel deepwater Miocene discoveries at Neptune, Atlantis, and Mad Dog

BHP - Exploration Manager Gulf of Mexico, 2001–2006

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• Made multi-hundred million barrel deepwater discoveries at Cascade (operated), Puma, Chinook (operated), Shenzi (operated), and Knotty Head

• Opened Paleocene-Eocene play in Walker Ridge – the most significant new play in the period

• Additional commercial discoveries: Boris, Vortex, Boris South, Tiger, Starlifter, Mustang, and Little Burn

• BHP added the highest value per exploration dollar spent over 10-year period from 1995 to 2005

BHP - VP Global Exploration, 2006–2013

• Delivered multi-Tcf discoveries in Australia

• Expanded deepwater portfolio in SE Asia, Latin America, and West Australia

• Successful field extensions in Malaysia-Brunei

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JACK HAMILTON – OPERATIONAL AND DEVELOPMENT MANAGMENT

Shell, 1981–2001

• Oversaw operations of Shell’s oil refining and supply chain business in Australia/New Zealand

• Led major project developments in LNG in Australia

Woodside Energy, 2001–2006

• Led the North West Shelf Gas / LNG Project ($1.8B Woodside revenue, $1.4-2 B pa in spend and ~1000 employees)

• Project development and investment commitment to Phase V LNG expansion

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Liquid New Guinea Gas CEO & various board roles, 2006–2014

• Led major project developments in LNG in Papua New Guinea

• Clean Coal startup company advancing the technology and company development

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Peru has
resources 15.4
TCF / 663 Repsol
MMBO
Perupetro Gran Tierra
Karoon
Cepsa
Repsol
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PERUVIAN ACTIVITY

• Major producing areas in the onshore Maranon Basin and to the south in the Ucalyi Basin

• Numerous smaller to mid cap companies

• Bid round 2014/15

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ANTILLES DEVELOPS POSITION IN PERUVIAN PROJECTS

Block 105:

• Antilles delivers on the first stage of their strategy acquiring large, prospective acreage position onshore Peru in Block 105 Southern Peru

– Working hydrocarbon system present with historic oil production on the block

• Recent 2D seismic data available for reprocessing/interpretation using modern technology

• High equity (100%) places Antilles in strong position with regards to potential future farm-out

• Low cost exploration and attractive fiscal terms

Sechura Basin TEA:

• Antilles acquires rights to technical evaluation agreement in Peru

• Working hydrocarbon system

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LOCATION OF BLOCK 105 LOCAL INFRASTRUCTURE AND DRILLING

With the major road, rail link and new pipeline project, block 105 is in an ideal area for development and export of resources

SIBOIL DEL PERU 105 Ayabacas 1XPirin GPirin H B SIBOIL DEL PERU 105Coata 2X BB Coata 1X [j][Pirin J]

GRUPO PETROLERO 156

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Legend
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Pipelines 0 12.525 50 75 100 Kilometers Field

Sources ~~:~~ Esr ~~i,~~ HERE, DeLorme, TomTom, Intermap, ~~in~~ crement P Corp ~~.,~~ GEBCO, USGS, FAO, NPS, NRCAN, GeoBase, IGN, Kadaster NL, Ordnance Survey, EsrJapan, METI, Esr ~~i~~ Ch ~~in~~ a (Hong Kong), sw ~~is~~ stopo, MapmyInd ~~ia~~ , © OpenStreetMap ~~i~~ contr ~~ib~~ utors, and the GIS User Commun ~~it~~ y

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EXISTING SEISMIC AND WELLS PIRIN OIL FIELD

The Pirin field and surface seeps being proximal to the existing seismic database potentially provides Antilles with low risk drilling opportunities as a result of the planned seismic reprocessing.

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105
Pirin J Pirin H
B Ayabacas 1X Pirin 1 [jj] j [j] [j] Pirin I
Coata 2X
B Coata 1X
105 B
Legend
Railways
Pipelines Peru
Existing seismic 105
New Seismic Survey
156
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Pirin field produced around 300,000 barrels of 37 API oil Perupetro 2008

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TOP SALT STRUCTURE MAP

– Extensive salt basin with prospective levels both above and below the salt.

– The prospective targets above salt have produced at Pirin and the Maranon Basin while those below the salt produce at the Hunt operated LNG project to the north.

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Pirin B
Pirin G Pirin H
Pirin C [j] j [jj] [j] j [j] Pirin I
Ayabacas 1X
B
Coata 2X
B
Coata 1X
B
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105
Legend
Top Salt
Railways
Pipelines Peru
Existing seismic 105
Top Salt.bil
RGB
Red: Band_1
Green: Band_2
Blue: Band_3
0 2.5 5 10 15 20
Kilometers
----- End of picture text -----

Contour interval is 20 ms or ~40 m in vertical relief

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SEISMIC LINE

At Antilles we see an extensive salt basin with simple traps both above and below the salt. The prospective targets above salt are compressional anticlines while those below the salt simple tilted fault blocks as seen in many oil producing basins worldwide where the Antilles team has worked.

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Simple compressional fold
Trap
Salt
Salt
Trap
2 km
200m
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WORK PROGRAM

The block is currently in force majeure at the previous operators election while engaging with local communities as required in Peru

• Work program is to shoot 200 km of new 2d seismic at an expected cost of US$2 million in the twelve months post lifting force majeure (2nd term of the permit)

• Option exists to drill earlier if the reprocessing of the existing seismic better defines the current leads

• Expected cost of drilling US$2.5 million

– This would meet the commitment for the 3rd term of the permit of 18 months

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ECONOMIC TERMS

The permit is a royalty tax regime

• Royalty is 5% below 5,000 bopd and between 5% and 20% up to 100,000 bopd

• 5% over riding royalty to previous operator

• – Tax rate of 32%

• Additional profit tax based on R factor approximately 5%

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Royalty &
Costs to Develop
Tax
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• NPV per barrel around US$10-15 for US$50 oil.

IN SUMMARY, A SIMPLE PROGRESSIVE FISCAL SYSTEM WHERE THE INVESTORS ARE REWARDED IN THE SUCCESS CASE

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Company
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ANTILLES ACQUISITION OPPORTUNITIES

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SECHURA BASIN TEA

• Sechura Basin has a proven source rock the Muerto Formation which has sourced the billion barrels recovered from the oil fields to the west of the license area

• Good oil shows in the two wells proving the extent and presence of the source rock

• Large scale reservoirs

• The inversion structures seen in the area generate large scale structures which have substantial resource potential.

– The map of magnetic response indicates a major high running through the centre of the block associated with an inversion tectonic trend

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CARIBBEAN/ SOUTH AMERICA: “ANTILLES REGION”

• Stable democracies

• Sovereign risk amongst lowest in South America

• Significant production

• Good terms for oil

• Same system as seen in Venezuela where resource is 135 BBO

• Antilles will chase Venezuelan system through the Caribbean

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Strategic Seismic Drilling: partnered with
STRATEGIC
Partnership: a large offshore drilling
established agreements INDUSTRY company for drilling,
with key seismic PARTNERSHIP HSE management.
groups, exchanging Facilitates participation
equity position in the in deep water bid
block for seismic survey rounds
Deepens technical and Significantly reduces
corporate capability financial risk for
investors
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2D SEISMIC PROVIDER: MultiClient Geophysical ASA (MCG)

– Positioned in the industry sweet spot

• Combining Geology & Geophysics expertise and Oil &Gas industry knowledge

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– Plan surveys in close dialog with oil companies

• Charter marine seismic vessel

• Supervise acquisition and processing of seismic data

• Market and sell data as Multi Client

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3D SEISMIC PARTNER: Polarcus Ltd.

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ANTILLES DRILLING PARTNER: AGR

• Antilles entered into an MOU with AGR, an Oslo-listed oil and gas service company, to work together to assist in well planning, design and execution for the company and provide drilling capability to the company which is unique in the small cap sector.

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Trinidad has
around 13 BHP
TCF / 1 BBO
BHP
BP BP
BHP
BHP
BHP
Anadarko
Exxon
Venezuela
has around
135 BBO
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EASTERN CARIBBEAN ACTIVITY

• Surrounding blocks taken by BP, BHP and Anadarko

• BHP has committed to more than $US1 billion in exploration efforts (Trinidad Express)

• Antilles qualified to bid in Barbados

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KEY VALUE DRIVERS

Acreage acquisition in Peru – a proven play

– Reprocessing of existing 2D illustrating the salt play may lead to rapid partnering

– Potential to farm out to attract a operator via established relationships from Antilles team to lower risk and exposure

• Rig selected and Rig contractor identified

– Drilling event will aim to deliver significant value Deep Water Bidding Process Underway – Initial bids in place in proven productive fairways

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ASX: AVD

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CONTACT DETAILS: ANTILLES OIL AND GAS NL SUITE 2316, LEVEL 23, HWT TOWERS, SOUTHBANK, MELBOURNE, VIC 3006 T: +61 8 9226 4500 EMAIL: DORMEROD@ANTILLESOILANDGAS.COM.AU