Corporate Presentation, January 2013krisenergy.com/default/assets/KrisEnergy Ltd_Corporate...

KrisEnergy Ltd

Corporate Presentation, January 2013

© 2013 KrisEnergy Limited 2

This presentation has been provided for the sole purpose of providing preliminary background information to enable

investors to review the business activities of the Company and does not constitute or form part of an offer, solicitation or

invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in

any connection with, any contract or commitment whatsoever.

This presentation contains interpretations and forward-looking statements that are subject to risk factors associated with the

oil and gas industry. You are cautioned not to place undue reliance on these forward-looking statements, which are based

on the current views of the Company on future events.

It is believed that the expectations reflected in the presentation are reasonable but may be affected by a variety of variables

and changes in underlying assumptions which could cause actual results to differ substantially from the statements

made. These include but are not limited to: production fluctuations, commodity price fluctuations, variations to drilling, well

testing and production results, reservoir risks, reserves estimates, loss of market, industry competition, environmental risk,

physical risks, legislative fiscal and regulatory changes, changes to petroleum licences/regimes, economic and financial

market conditions, project delay or advancement, approvals and cost estimates.

Investors should undertake their own analysis and obtain independent advice before investing in the Company’s securities.

The Company and its Directors, agents, officers or employees do not make any representation or warranty, express or

implied, as to endorsement of, the fairness, accuracy or completeness of any information, statement, representation or

forecast contained in this presentation and they do not accept any liability for any statement made in, or omitted from, this

presentation.

The information contained in this presentation noted above are subject to change without notice. This presentation is

intended only for the recipients thereof and may not be forwarded or distributed to any other person and may not be copied

or reproduced in any manner.

Disclaimer

© 2013 KrisEnergy Limited

Our Profile

KrisEnergy is an upstream oil and gas company with a diverse

portfolio of exploration, appraisal, development and production assets

• Experienced management and technical

team with proven track record in finding

and monetising oil and gas resources

• Balanced portfolio:

• Positive cash flow from current

production

• Oil field developments in Thailand

and Cambodia

• Appraisal of contingent gas

resources underway in Indonesia

• Significant potential in exploration

program

• Risks minimised through farm-out strategy

Indonesia

• Bulu PSC

• East Muriah PSC

• East Seruway PSC

• Glagah-Kambuna TAC

• Kutai PSC

• Tanjung Aru PSC

• Udan Emas PSC

Cambodia

• Block A

Thailand

• B8/32 & B9A

• G10/48

• G11/48

Vietnam

• Block 105

• Block 120

3


KrisEnergy Today

• Extensive operator experience

• Onshore and offshore

• All technical work undertaken in-house

• Regional reach, 85 employees in

• Bangkok

• Ho Chi Minh City

• Jakarta

• Singapore

• Leading financial backing

• Private equity energy specialists First

Reserve Corp

• Singapore conglomerate Keppel Corp

• EHSS

• Full-suite of group wide environmental,

health, safety and fire policies

• Singapore office awarded OSHAS 180001

certification

• 14 contract areas

• 1 in Cambodia

• 7 in Indonesia

• 4 in Thailand

• 2 in Vietnam

• Net production

• Average 3,383 boepd in 2012

• Two new oil fields in Thailand by 2015

• New oil field in Cambodia and two gas

fields in Indonesia by 2016

• Net reserves & resources

• 13.38 mmboe of net 2P reserves1

• 29 mmboe of net 2C resources2

• 1.2 billion boe of net unrisked

recoverable prospective resources

(Pmean) in exploration inventory

1Certified by Netherland, Sewell & Associates, Inc. (“NSAI”) as at 31 December 2012 2NSAI certified as at 31 December 2011

4


Strategy: Delivery of long-term growth

Acquired 14 contract areas

since inception

Continuously reviewing

corporate & asset

opportunities

Targeting 20 mmboe net 2C

resources for development

in near term

Production to rise from

approx. 3,400 boepd in 2012

Exploration program

targeting net unrisked

recoverable prospective

resource volumes of 1.2

billion boe

Farm-out of exploration

drilling commitments

Approx. US$40/bbl

breakeven oil price

55% B8/32 & B9A production

hedged at US$100/bbl for

May-December 2012

5


Transformational Growth

• Two exploration blocks in the Gulf of Thailand

• 14 blocks in Cambodia, Indonesia, Thailand

and Vietnam

• Operator of six contract areas

• 2012 average net production 3,383 boepd

• 2012 average realised oil price approx.

US$115/bbl; average realised gas price

approx. US$6.57/mcf

6

KrisEnergy portfolio December 2009 KrisEnergy portfolio December 2012


Geographical Diversity

Key Facts

• 14 contract areas in six core areas:

A. Offshore Vietnam

B. Gulf of Thailand

C. Offshore North Sumatra

D. East Java Sea

E. Kutai/Makassar Strait

F. Onshore West Papua

• Gross acreage under licence 62,079

sq km

• Development/appraisal projects:

• G10/48 and G11/48, Gulf of

Thailand

• Block A, offshore Cambodia

• Kutai, Bulu and East Muriah gas

appraisal, Indonesia

• Near-term, high-impact exploration in

Blocks 105 & 120, offshore Vietnam

C

D

A

E

B

F

7


Portfolio Life Cycle

F: Offshore Vietnam

Block 105 25%

Block 120 25%

A: Gulf of Thailand

B8/32 & B9A 4.6345%

G10/48 25%

G11/48 25%

Block A 23.75%

B: Offshore North Sumatra

Glagah-

Kambuna 25%

East Seruway 100% (Op)

D: Offshore East Kalimantan

Kutai PSC 54.6% (Op)

Tanjung Aru 43% (Op)

C: Offshore East Java

Bulu 42.5% (Op)

East Muriah 50% (Op)

Production

Development

Development

pending

Exploration

E: Onshore West Papua

Udan Emas 100% (Op)

8


Development pending: Net 2C resources (mmboe) as at 31 December 2011

Kutai PSC

Bulu PSC

East Muriah PSC

Block A

G10/48

G11/48

1.12

0.43 1.5

0.79

Reserves & Resources Pipeline

9.36

6.68

Net 2P reserves & 2C resources (mmboe) per asset class

Producing

Development

Developmentpending

13.38 19.88

9.33

Producing assets: Net 2P reserves (mmboe) as at 31 December 2012

B8/32 & B9A

Glagah-KambunaTAC13.34

0.04

Development assets: Net 2C resources (mmboe)as at 31 December 2011

Block A

G11/48

G10/48

2.15 3.40

3.78

9

• Net 2P reserves 13.38 mmboe1 (99% B8/32 & B9A)

• Net certified 2C resources 29.2 mmboe2

1NSAI certified as at 31 December 2012 2NSAI certified as at 31 December 2011


Our History

KrisEnergy was established in 2009 by Keith Cameron, Chris Gibson-Robinson and

Richard Lorentz, who originated in 2002 Pearl Energy – a highly successful multi-

asset E&P company now owned by the government of Abu Dhabi

2002 2005 2006 2008 2009 2010 2011 2012

Pearl Energy

acquires first

asset in

Indonesia

Pearl Energy lists on

Singapore Exchange

with US$240 million

market cap

Oil production rises

to 2,500 bopd at

Mengoepeh oil field

onshore Sumatra,

Indonesia

Jasmine oilfield starts

production in Gulf of

Thailand

Mubadala acquires

Pearl Energy for

US$833 million

KrisEnergy

established with

US$500 million

equity commitment

from First Reserve

KrisEnergy acquires

eight assets in

Cambodia, Indonesia,

Thailand and Vietnam

Aabar Petroleum

acquires Pearl in

US$500+ million

takeover transaction

KrisEnergy acquires

first assets - two blocks

offshore in Gulf of

Thailand KrisEnergy secures

US$115 million bond

and credit facility

Keppel Corp acquires 20%

shareholding in KrisEnergy

Ltd for US$115 million

KrisEnergy awarded 7th

asset in Indonesia and

farms out 50% WI in

Vietnam exploration blocks

10


• Leading private equity energy specialists with >US$20 billion under management

• Approx. US$300 million invested to date

• Holds two seats on KrisEnergy’s Board of Directors

Strong Financial Backing

• Singapore conglomerate including world leader in rig design, construction and repair

• Acquired 20% of KrisEnergy Ltd in July 2012 for US$115 million

• Holds two seats on KrisEnergy’s Board of Directors

11


Key Management & Technical Team

The founders of KrisEnergy have established a reputation for sound business

practices and technical success and have attracted highly experienced individuals

to key roles in the core management team

• Keith Cameron – Chief Executive Officer

• Chris Gibson-Robinson – Director Exploration & Production

• Richard Lorentz – Director Business Development

• Stephen Clifford – Chief Financial Officer

• Kelvin Tang – Vice President Legal

• James Parkin – Vice President Exploration

• Tim Kelly – Vice President Engineering

• Chris Wilson – Vice President Business Development

• Mike Whibley – Vice President Technical

• John A. Bujnoch – Vice President Drilling

• Brian Helyer – Vice President Operations

• Geoff Bennett – Chief Geophysicist

• Tanya Pang Manager Investor Relations

Full biographical details for the Management & Technical Team are in Appendix I

12


Board of Directors

• Keith Cameron – Chief Executive Officer

• Chris Gibson-Robinson – Director Exploration & Production

• Richard Lorentz – Director Business Development

• Will Honeybourne – Non-executive Chairman

• Choo Chiau Beng – Non-executive Director

• Loh Chin Hua – Non-executive Director

• Brooks Shughart – Non-executive Director

• Jeffrey S. MacDonald – Non-executive Director

• Duane C. Radtke – Non-executive Director

• Koh Tiong Lu John – Non-executive Independent Director

• Tan Ek Kia – Non-executive Independent Director

• Keith Pringle – Technical Advisor to the Board of Directors

Full biographical details for the Board of Directors are in Appendix II

First Reserve and Keppel Corporation each hold two seats on the

Board of Directors of KrisEnergy

13

operations


Environment, Health, Safety & Security (EHSS)

15

• Singapore office received OHSAS 180001

certification by Switzerland Accreditation

Services in October 2012

• Commenced ISO 14001 audit, to be

fully certified in March 2013

• Jakarta office commenced OHSAS

180001 and ISO 14001 accreditation

process, scheduled completion by end

June 2013

• Audit and certification planned for

Bangkok and Ho Chi Minh City offices

• All EHSS policies and procedures are

compliant with OHSAS 180001

requirements

• Vice President Operations is responsible

for writing, implementation and annual

review of EHSS policies and performance

• Fully established Environment Health and

Safety Management System

• Group-wide system comprising

management, environment, health

and safety hazard standards and

procedures

• Policies provide frameworks for

overall EHSS objectives

• All policies accessible on group-wide

SharePoint system

• Training undertaken for IMO accredited

Tier 3 Oil Spill Response

• Group-wide training to commence in 2013

for OPITO-accredited Management of

Major Emergences (MOME)


Diversity Across the Value Chain

Least mature assets Most mature assets

Glagah-Kambuna

Indonesia

B8/32

Thailand

B9A

Thailand

Kutai

Indonesia

Block A

Cambodia

Prospective Appraisal Development Developed

G11/48

Thailand

G10/48

Thailand

Block 105

Vietnam

Block A

Cambodia Block 120

Vietnam

G11/48

Thailand

G10/48

Thailand East Muriah

Indonesia

Bulu

Indonesia

East Seruway

Indonesia JSAs

Indonesia Tanjung Aru

Indonesia

KrisEnergy’s asset portfolio as at December 2012:

Udan Emas

Indonesia

16


PRODUCTION - Thailand

B8/32 & B9A

• Status: Production, development and exploration

• Area: 2,072 sq km

• Location: Gulf of Thailand over the northern Pattani

Basin

• Water depths: 42 to 113 metres

• 2012 average net production 2,524 boepd

Partners:

• Chevron 51.66% (Operator)

• PTTEP 25.00%

• MOECO 16.71%

• KrisEnergy 4.63%

• Palang Sophon 2.00%

Geology:

• Source: Late Eocene to Late Oligocene lacustrine

shales

• Reservoir: Oligo-Miocene fluvial and deltaic sandstones

• Trap: Tilted fault blocks

• Seal: Intra-formational Oligo-Miocene fluvial and deltaic

shales

17


PRODUCTION - Indonesia

Glagah-Kambuna TAC

• Status: Production

• Technical Assistance Contract

• Area: 380 sq km

• Location: Offshore North Sumatra in the Malacca Straits

• Water depths: Approx. 40 metres

• 2012 average net production 860 boepd

Partners:

• Salamander 50% (Operator)

• KrisEnergy 25%

• Serica Energy 25%

Geology:

• Source: Early Miocene to Early Pliocene coals, carbonaceous shales and

marine mudstones

• Reservoir: Early Miocene Belumai Fm dolomitised carbonate sandstones

• Trap: Faulted anticline

• Seal: Latest early Miocene intra-formational shales

18


DEVELOPMENT - Thailand

G11/48

• Status: Development and exploration


• Location: Gulf of Thailand over southern margin of Pattini

Basin and northwest margin of Malay Basin

• Water depths: Up to 75 metres

Partners:

• Mubadala Petroleum 75% (Operator)

• KrisEnergy 25%

Net unrisked recoverable prospective resources1 (mmboe):

Geology:

• Source: Late Eocene to Late Oligocene lacustrine shales



• Seal: Intra-formational Oligo-Miocene fluvial and deltaic shales

P90 P50 P10

1 5 26

1 Management’s best estimates

19


DEVELOPMENT - Thailand

G10/48



• Location: Gulf of Thailand over southern margin of the

Pattini Basin

• Water depths: Up to 60 metres

Partners:

• Mubadala Petroleum 75% (Operator)

• KrisEnergy 25%


Geology:

• Source: Late Eocene to Late Oligocene lacustrine shales



• Seal: Intra-formational Oligo-Miocene fluvial and deltaic shales

P90 P50 P10

2 7 22


20


DEVELOPMENT - Cambodia

Block A



• Location: Khmer Basin, Gulf of Thailand


Partners:

• Chevron 28.50% (Operator)

• MOECO 28.50%

• KrisEnergy 23.75%

• GS Energy 14.25%

• CNPA 5.00%

Geology:

• Source: Oligocene

lacustrine shales

• Reservoir: Early Miocene

fluvial sandstones


• Seal: Early Miocene intra-

formational fluvial shales

Block A potential platform locations


P90 P50 P10

13 30 69


21


APPRAISAL - Indonesia

Bulu PSC

• Status: Appraisal/development pending

• Area: 990 sq km

• Location: Offshore East Java

• Water Depths: 50 to 60 metres

Partners:

• KrisEnergy 42.5% (Operator)

• AWE Ltd 42.5%

• PT Satria Energindo 10.0%

• PT Satria Wijayakusuma 5.0%


Geology:

• Source: Primarily Eocene deltaic and lacustrine coals and

carbonaceous shales, and Early Miocene shallow and

deep water marine mudstones

• Reservoir: Early Miocene and Early Oligocene carbonates, Middle Miocene marine sands and Eocene sandstones

• Trap: Early Miocene carbonate reefs, basement anticlines, tilted fault blocks and stratigraphic pinchouts

• Seal: Regionally sealing Early Miocene sales and Early to Late Oligocene intra-formational shales

P90 P50 P10

1 4 12


22



East Muriah PSC



• Location: Offshore East Java


Partners:

• KrisEnergy 50% (Operator)

• AWE Ltd 50%


Geology:

• Source: Eocene deltaic and lacustrine coals and

carbonaceous shales, and Early Miocene shallow and

deep water marine mudstones

• Reservoir: Early Miocene and Early Oligocene

carbonates, Middle Miocene marine sands and Eocene sandstones

• Trap: Early Miocene carbonate reefs, basement anticlines, tilted fault blocks and stratigraphic pinchouts

• Seal: Regionally sealing Early Miocene sales and Early to Late Oligocene intra-formational shales

P90 P50 P10

2 11 39

1Management’s best estimates

23



Kutai PSC


• Area: 2,832 sq km, one onshore and three offshore areas

• Location: Mahakam River delta, East Kalimantan

• Water Depths: Onshore to 200 metres

Partners:

• KrisEnergy 54.6% (Operator)

• Salamander Energy 23.4 %

• Orchid Kutai Ltd 22.0%


Geology:

• Source: Early Miocene to Early Pliocene coals, carbonaceous shales and

marine mudstones

• Reservoir: Middle Miocene to Pliocene deltaic sandstones

• Trap: Faulted anticlines, tilted fault blocks, stratigraphic channels and

carbonate build-ups

• Seal: Middle Miocene to Pliocene intra-formational shales

P90 P50 P10

23 50 99


24


EXPLORATION - Indonesia

East Seruway PSC

• 100% working interest and operator

• Status: Exploration


• Location: Offshore North Sumatra Basin



Geology:

• Source: Early Miocene to Early Pliocene coals,

carbonaceous shales and marine mudstones

• Reservoir: Early Miocene Belumai Fm carbonates and

basement

• Trap: Carbonate reefs/build-ups and fault blocks

• Seal: Early Miocene intra-formational shales

P90 P50 P10

42 68 102


25



Tanjung Aru PSC



• Location: Southern edge of the Kutai Basin

• Water Depths: 20 metres to over 1,000 metres

Partners:

• KrisEnergy 43% (Operator)

• Neon Energy 42%

• Natuna Ventures Pte Ltd 15%


Geology:

• Source: Early Miocene-Pliocene coals and

carbonaceous shales

P90 P50 P10

13 25 39

• Reservoir: Middle Miocene to Pliocene deltaic sandstones

• Trap: Structural and stratigraphic pinch-out plays

• Seal: Middle Miocene to Pliocene intra-formational shales


26



Udan Emas PSC

• 100% working interest and operator



• Location: Onshore West Papua over the Bintuni

Basin

Geology:

• Source: Permian - Jurassic carbonaceous shales

and coals

• Reservoir: Jurassic sandstones

• Trap: Structural/stratigraphic

• Seal: Intra-formational Mesozoic shales

Resources: Further technical work required

27


EXPLORATION - Vietnam

Block 105



• Location: Central Song Hong Basin


Partners:

• Eni Vietnam 50% (Operator)

• KrisEnergy 25%

• Neon Energy 25%


Geology:

• Source: Oligocene to Middle Miocene lacustrine shales and

Miocene to Pliocene marine shales

• Reservoir: Oligocene to Pliocene deltaic, marginal marine and

turbidite fan sands

• Trap: Tilted fault blocks, rollover and faulted anticlines and turbidite

fans

• Seal: Oligocene to Pilocene regional and intra-formational shales Song Ca

prospect

Cua Lo

prospect

P90 P50 P10

128 324 751


28


EXPLORATION - Vietnam

Block 120



• Location: South China Sea overlying Quang Ngai Graben in

north and central areas, passing into Phu Khanh Basin in the

south

• Water depths: 50 to 1,100 metres

Partners:

• Eni Vietnam 50% (Operator)

• KrisEnergy 25%

• Neon Energy 25%


Geology:

• Source: Oligocene lacustrine shales

• Reservoir: Oligocene fluvial sands, Miocene carbonate reefs and turbidite

fan sands

• Trap: Tilted fault blocks, faulted anticlines, carbonate reefs and turbidite fans

• Seal: Oligo-Miocene intra-formational shales

Rua Bien prospect

P90 P50 P10

149 397 1,149


29

appendices


APPENDIX I – Management & Technical Team

Keith Gordon Cameron Chief Executive Officer

A founding director of KrisEnergy, Keith was previously a co-founder and the Chief Executive Officer

of Pearl Energy, which was publicly listed on the Singapore Exchange in 2005 and acquired by Abu

Dhabi-based Aabar Petroleum Investments Company PJSC in 2006. Keith was appointed Special

Advisor to Aabar until 2008 when Pearl Energy was acquired by Mubadala Development Company

PJSC.

Keith is a Chartered Accountant with more than 30 years of experience in the oil and gas industry, of

which 25 years have been in Southeast Asia. Prior to Pearl Energy, Keith held executive positions as

CFO and VP Finance for Gulf Indonesia Resources Ltd., in Indonesia, and Group VP Finance for

Asamera Inc., based in Canada, and was also posted to Bermuda.

Keith has been a registered Chartered Accountant since 1970 and is a Fellow of the Institute of

Chartered Accountants of England and Wales and a member of the Canadian Institute of Chartered

Accountants and the Institute of Chartered Accountants of Alberta, Canada.

31



Chris Gibson-Robinson Director Exploration & Production

A founding director of KrisEnergy, Chris was a co-founder of Pearl Energy and was responsible for

all technical aspects of the group’s exploration and production as well as for strategic planning.

Chris is a petroleum geologist with more than 30 years of experience, largely in Asia, but also in the

Middle East, Africa and South America. Following the acquisition of Pearl Energy by Aabar

Petroleum Investments Company PJSC in 2006, Chris assumed the roles of VP Operations and VP

New Ventures (Southeast Asia), and was a member of Aabar’s Senior Executive Team until 2008

when Pearl Energy was acquired by Mubadala Development Company PJSC.

His previous positions include Exploration & New Ventures Manager for Gulf Indonesia Resources

Ltd., General Manager for Premier Oil (Halmahera) Ltd., President and co-owner of Far East

Exploration Co. Ltd. and VP Exploration for Trend International Ltd.

Chris is a Chartered Geologist and a Chartered Scientist, a Fellow of the Geological Society of

London and a member of the Indonesian Petroleum Association, the South East Asia Petroleum

Exploration Society and the Petroleum Exploration Society of Great Britain. He holds a Master of

Science in Marine Earth Science (Geology & Geophysics) from University College London and

Bachelor of Science and Associate Royal School of Mines degrees from Imperial College, University

of London.

32



Richard Lorentz Director Business Development

A founding director of KrisEnergy, Richard was a co-founder of Pearl Energy and was responsible

for the strategic development of the group’s worldwide portfolio. Following the acquisition of Pearl

Energy by Aabar Petroleum Investments Company PJSC in 2006, Richard assumed the role of VP

New Ventures & Corporate Relations and was a member of Aabar’s Senior Executive Team until

2008 when Pearl Energy was acquired by Mubadala Development Company PJSC.

He is a petroleum geologist with more than 30 years of experience in the oil and gas industry.

Previous key positions include Manager of New Business Development for Elf Aquitaine in

Singapore, New Ventures & Exploration Manager for Gulf Indonesia Resources Ltd., and Senior

Production Geologist for Asamera (South Sumatra) Ltd. He has also worked for Oriental Petroleum

& Minerals in the Philippines, Funk Exploration Inc. in the United States and Anglo-Suisse (Pakistan)

Inc. based in Karachi. Richard currently serves as non-executive Chairman for Franklin Offshore

Marine, based in Singapore.

He is a member of the Indonesian Petroleum Association, American Association of Petroleum

Geologists, Oklahoma Geological Society and the South East Asia Petroleum Exploration Society.

Richard holds a Master of Science (Geology) from the University of the Philippines and a Bachelor

of Science (Geology) from Oklahoma State University.

33



Stephen Clifford Chief Financial Officer

A Chartered Certified Accountant, Steve is a senior level finance professional with 20 years of oil

and gas industry experience in international locations throughout the eastern hemisphere.

Prior to KrisEnergy, Steve was appointed Chief Financial Officer for Pearl Energy and also Group

Financial Controller for the upstream division of parent company, Mubadala Development Company

PJSC. Steve also held various positions in an 18-year career with Halliburton Company where he

gained a wealth of oil and gas industry experience in the Middle East, Africa, Asia, the United States

and Europe.

He is also a Certified Compliance Officer and holds a Bachelor of Arts (Business Studies) from

Hatfield University in the UK.

34



Kelvin Tang Vice President Legal

Kelvin is General Counsel for KrisEnergy responsible for the legal and regulatory functions of the

company. Most recently, Kelvin was General Counsel for Aabar Energy PJSC based in Abu Dhabi

after having held the position of General Counsel and Company Secretary at Pearl Energy between

2005 and 2008.

Between 2003 and 2004, Kelvin was a legal associate at Wong Partnership and Clifford Chance

Wong (a joint law venture between Wong Partnership and Clifford Chance), an Associate Director

(Legal) at Temasek Holdings Pte Ltd (2000–2003) and a legal associate in the Technology Practice

Group of Rajah & Tann (2000–2002).

Kelvin holds a Bachelor of Law from the National University of Singapore and is an Advocate and

Solicitor of the Supreme Court of Singapore. He is also a member of the Association of International

Petroleum Negotiators.

35



James Parkin Vice President Exploration

James has 30 years of experience in the oil and gas exploration and production sector and has

spent the last 19 years in Southeast Asia. During this period of his career, James was involved in the

gas fields of South Sumatra, the carbonate oil fields of Salawati/Irian Jaya, the discovery of the

Ujung Pangkah gas field in East Java, and the development of the Jasmine oil field in the Gulf of

Thailand.

James held the position of Corporate Exploration Manager at Pearl Energy between 2003 and 2008

and Regional Vice President Southeast Asia from 2008 to 2009, and has worked previously with

British Gas, Petromer Trend, Union Texas Petroleum and ConocoPhillips.

James has a BSc. (Hons) in Geology from the University of Sheffield and an MSc. in Petroleum

Geology from Imperial College, University of London. James is a member of the South East Asia

Petroleum Exploration Society, the Indonesian Petroleum Association and the Petroleum Exploration

Society of Great Britain.

36



Tim Kelly Vice President Engineering

Tim has over 30 years of experience in the oil industry and has spent the last 20 years in Southeast

Asia, during which time he has been involved in the appraisal and development of new fields and the

reservoir and production management of mature fields.

He has major oil company experience with Exxon, Phillips and Marathon and was Corporate

Petroleum Engineering Manager at Pearl Energy between 2003 and 2009.

In 2000-2001, Tim conducted the on-site drill-stem testing activities for the 400 MMBO Cepu

discovery and appraisal wells in Indonesia. While at Marathon, Tim drill-stem tested exploration

wells in Belize, Brazil, Egypt, Tunisia, Syria, Indonesia and Australia.

He holds a Bachelor of Science (Petroleum Engineering) from the Colorado School of Mines.

37



Chris Wilson Vice President Business Development

Chris is a strategist regarding economics and corporate and asset valuations. Between 2003 and

2009, Chris was the in-house Financial Advisor for Pearl Energy and worked on Pearl Energy's initial

public offering in 2005, the Group's reserves-based debt facilities and transactions with strategic

equity investors.

He also has held a key role at ABN AMRO in Singapore in the Project Advisory Group focused on

the power, oil and gas sectors dealing in mergers and acquisitions, restructurings and debt

financings.

Chris began his career in Asia in 1993 as a private equity analyst for Chase Capital Partners in Hong

Kong. He holds a Master of Arts (China Studies) from the Paul H. Nitze School of Advanced

International Studies in Washington D.C., and a Bachelor of Arts (International Relations) from John

Hopkins University, Baltimore in Maryland, in the United States.

38



Michael Whibley Vice President Technical

Mike is a geologist with over 30 years of management, operational and interpretive experience in

exploration and development projects and new business development. He has been based in Asia

for the last 19 years, most recently as an Advisor with Pearl Energy.

Prior exploration, country manager and technical roles were with Amerada Hess, Santa Fe

Energy/Devon Energy/PetroChina, Santos and Apache Energy in Southeast Asia, and Occidental

Petroleum and Phillips Petroleum in Australia.

Mike’s experience is predominantly throughout Asia (Indonesia, Thailand, Indochina and South Asia)

and Australasia (Papau New Guinea, Timor Sea, North West Shelf). His most notable recent "hands-

on" appraisal - development projects have been the carbonate fields of Mudi, Sukowati and Ujung

Pangkah in East Java, and the Bentu-Segat-Seng gas fields in Central Sumatra.

Mike graduated from the University of Western Australia with a Bachelor of Science (Hons) in

Geology and is a member of the Indonesian Petroleum Association, South East Asian Exploration

Society and the American Association of Petroleum Geologists.

39



John A. Bujnoch Vice President Drilling

John has over 30 years of experience as a drilling engineer and rig site manager in the oil and gas

industry including drilling and workover engineering and well design, project management and

implementation, and quality management.

John began his career with Conoco Inc. in Houston in the United States in 1979 and in the ensuing

27 years worked in various locations including Indonesia, Qatar, United Arab Emirates, the Gulf of

Mexico in the United States and the United Kingdom North Sea. His experience includes holding the

positions of Drilling Superintendent in Qatar on a billion dollar development drilling programme to

supply liquefied natural gas to the United States and Japan, and Well Operations Co-ordinator on

the Belanak development project in the Natuna Sea, Indonesia.

From November 2006 until December 2009, John held the position of Vice President Drilling for

Pearl Oil (Thailand), where he was responsible for exploration and development drilling in Thailand

and Vietnam. During this period, the company drilled more than 100 wells in the region and brought

four platforms into production.

John holds a Bachelor degree in Meteorology from the University of St. Thomas in Texas and is a

member of the Society of Petroleum Engineers.

40



Brian Helyer Vice President Operations

Brian has worked in the offshore oil and gas industry for over 30 years covering all aspects of

project management for facilities construction, operations, maintenance and commissioning. As well

as his roles as Vice President Operations, he is also responsible for the writing and implementation

of Environment Health Safety & Security (EHSS) policy across the group.

Prior to joining KrisEnergy in March 2010, Brian was the Project and Operations Director for Songa

Floating Production, responsible for the conversion and class approval of the floating production,

storage and offloading vessel, FPSO East Fortune.

His experience includes appointments with Petrofac Energy Developments, Marathon Oil and Gulf

Resources in various locations including Indonesia, Malaysia, Tunisia and the United Kingdom.

While in Malaysia, Brian was involved in the fast-track field development of the Cendor oil field in PM

304.

Brian has attained the National Examination Board in Occupational Safety and Health (NEBOSH)

professional safety accreditation and is a member of the International Institute of Risk Management

(IIRM) and the Institute of Occupational Safety and Health (IOSH).

41



Geoff Bennett Chief Geophysicist

Geoff has 34 years of experience in oil and gas exploration, including 23 years in Southeast Asia.

His expertise lies in prospect evaluation and geophysical operations. Geoff was instrumental in the

discovery of several large gas fields in Sumatra and the development of the Jasmine oil field in

Thailand.

Geoff worked with Pearl Energy on projects in Indonesia, Thailand, the Philippines and Vietnam

from 2003 to 2009. In his previous career, he held senior technical positions with Shell Canada,

Sundance Oil, Asamera Oil and Gulf Indonesia.

He holds a B.Eng. in Mechanical Engineering from the Royal Military College of Canada and an

MSc. in Geophysics from the University of British Columbia.

42



Tanya Pang Manager Investor Relations

Tanya joined KrisEnergy in 2012 and has 20 years of experience in journalism and investor

relations/corporate communications in the energy sector. She began her career in 1990 as Deputy

Editor on a monthly science journal before moving in 1992 to Platts, the oil price benchmarking

agency. In 1994, she joined Reuters news agency and spent 12 years on foreign assignments

including five years as an International Correspondent in Oslo, Norway, and five years as Editor-in-

Charge, Energy for Asia-Pacific based in Singapore.

Tanya joined Pearl Energy in 2005, where she was responsible for investor relations and all internal

and external communications, including during the acquisition of Pearl Energy by Aabar Petroleum

Investments Company PJSC and subsequently by Mubadala Development Company PJSC. In

2008, she moved to Arawak Energy, a dual listed (TSX/LSE) upstream company, as Manager

Investor Relations based in London, UK. In 2010, Tanya established a consultancy providing

corporate communications, marketing, public relations and editorial services to clients including

KrisEnergy, Schlumberger Business Consulting, Arawak Energy, Vitol and Atlantic Energy.

She holds a Bachelor of Science (Hons) in Chemistry & European Studies (German) from the

University of Sussex and is a member of the South East Asia Petroleum Exploration Society.

43


APPENDIX II – Board of Directors

(Details for Keith Cameron, Chris Gibson-Robinson and Richard Lorentz are in APPENDIX I)

Will Honeybourne Non-executive Chairman

Will is a Managing Director of First Reserve, a preeminent global private investment firm with a

single focus in the energy industry. Will’s responsibilities include investment origination, structuring,

oversight, as well as providing strategic growth assistance to portfolio companies in the E&P and

oilfield services sectors.

In addition to KrisEnergy, he currently serves as a Director on the boards of Barra Energia Petroleo

e Gas (Brazil), Acteon Group Limited (UK), and Exterran Holdings, Inc. Will’s experience on more

than 15 boards includes serving as a Director of Hong Kong listed CNOOC Ltd.

Prior to joining First Reserve in January 1999, Will was Senior Vice President of Western Atlas

International. Prior to that time, he served as President and Chief Executive Officer of Alberta-based

Computalog. His earlier career was primarily with Baker Hughes, including positions as Vice

President and General Manager at INTEQ and President of EXLOG.

Will holds a BSc., ARSM in Oil Technology from Imperial College, London University, and is a

member of the Society of Petroleum Engineers and the Society of Exploration Geophysicists. He

currently serves as a Director of the Petroleum Equipment Suppliers Association.

44



Choo Chiau Beng Non-executive Director

Chiau Beng is the Chief Executive Officer of Keppel Corporation Ltd. and is also the Chairman of

Keppel Offshore & Marine Ltd., Keppel Land Limited and Keppel Energy Pte Ltd.

Chiau Beng was awarded the Colombo Plan Scholarship to study Naval Architecture at the

Newcastle University, Newcastle upon Tyne, UK. He graduated with a Bachelor of Science (First

Class Honours) in 1970 and a Master of Science degree in Naval Architecture in 1971. He attended

the Programme for Management Development at Harvard Business School in 1982 and is a

Member of Wharton Society of Fellows, University of Pennsylvania.

Chiau Beng sits on the Board of Directors of k1 Ventures Limited and he is a Board member of the

Energy Studies Institute, a Board & Council member of American Bureau of Shipping and the

Chairman of Det Norske Veritas South East Asia Committee. He is a member of the American

Bureau of Shipping’s Southeast Asia Regional Committee, Special Committee on Mobile Offshore

Drilling Units and Singapore University of Technology and Design’s Board of Trustees.

He was conferred the Public Service Star Award (BBM) in August 2004, the Meritorious Service

Medal in 2008 and NTUC Medal of Commendation (Gold) Award in May 2007. He is Singapore’s

Non-Resident Ambassador to Brazil.

45



Loh Chin Hua Non-executive Director

Chin Hua is the Chief Financial Officer of Keppel Corporation Ltd. He is also Chairman of Alpha

Investment Partners Limited (Alpha), the real estate fund management arm of Keppel Land.

Chin Hua has over 25 years of experience in real estate investing and funds management spanning

the US, Europe and Asia. Prior to joining Alpha, he was Managing Director at Prudential Investment

Management Inc., where he led the Asian real estate fund management business. He was

responsible for overseeing all investment and asset management activities for the real estate funds

managed out of Asia.

Chin Hua started his career in real estate investment with the Government of Singapore Investment

Corporation (GIC). He has held appointments in the San Francisco office and was head of the

European real estate group in London before returning to head the Asian real estate group at GIC.

He holds directorships in several companies within the Keppel Group including Keppel Shipyard

Limited, Keppel FELS Limited, Keppel Offshore & Marine Ltd., Keppel Land Limited, Keppel Land

China Limited, as well as various fund companies and subsidiaries.

He is a Colombo Plan Scholar and holds a Bachelor in Property Administration from Auckland

University as well as a Presidential Key Executive MBA from the Pepperdine University. He is also a

Chartered Financial Analyst and a Registered Valuer from the New Zealand Institute of Valuers.

46



Brooks Shughart Non-executive Director

Brooks Shughart, joined First Reserve as a Director in 2012. His responsibilities range from deal

origination and structuring to due diligence, execution and monitoring, with particular focus on the

reserves sector.

Before joining First Reserve, Brooks was a Director in the Mergers and Acquisitions Group for Credit

Suisse. Prior to Credit Suisse, he held positions in the energy groups of Lazard Freres and

Donaldson, Lufkin & Jenrette/CS First Boston.

Brooks holds a Bachelor of Business Administration in Finance from The University of Texas.

47



Duane C. Radtke Non-executive Director

Duane joined the Board of Directors of KrisEnergy in 2010. He is President and Chief Executive

Office of Valiant Exploration LLC, and also serves on the Board of Devon Energy. He is also non-

executive Chairman and a member of the Board of Directors for NFR Energy LLC.

From 2001 to 2007, Duane held the position of President and CEO of Dominion Exploration and

Production, a subsidiary of Dominion Resources Inc. Following the merger of Devon Energy and

Santa Fe Snyder in 2000, he served as President of Devon’s international division until joining

Dominion Resources. From 1993 to 1998 Duane was President of Santa Fe Energy Resources

(SFER) Southeast Asia stationed in Jakarta, Indonesia. SFER held exploration, development and

production assets in Sumatra, East Java and Irian Jaya, as well as Myanmar, Malaysia and offshore

China.

Duane began his career in the energy industry in 1971 as an engineer for Texas Pacific Oil

Company. He holds a Bachelor degree in mining engineering from the University of Wisconsin in the

United States.

48



Jeffrey S. MacDonald Non-executive Director

Jeff joined the Board of Directors of KrisEnergy at its inception in 2009. He is also Chairman of Delta

Energy, a UK E&P company with assets in Italy, and a non-executive Director of Empire Oil and

Gas, an Australian public E&P company.

Jeff was previously a Managing Director with First Reserve based in London, with responsibilities for

investment origination, structuring, execution, monitoring and exit strategy, with particular emphasis

on the oil and gas reserves sector.

Prior to joining First Reserve, Jeff was a founder and Chief Executive Officer of Caledonia Oil and

Gas Limited, a UK independent E&P company, and before Caledonia, he was a founding member

and Managing Director of Highland Energy Limited. Before joining Highland, he was the Managing

Director and Chairman of Blackwatch Petroleum Services Ltd, an international E&P consultancy.

Prior experience includes Managing Director at Production Testing Services, primarily managing

Russia and the Middle East, and as an engineer and project manager with Conoco Inc. in London,

Dubai and Houston.

Jeff holds a Bachelor of Science (Hons) in Civil Engineering from Glasgow University, Scotland.

49



Koh Tiong Lu John Non-executive Independent Director

John joined the Board of KrisEnergy in January 2013. He was a Managing Director and a Senior

Advisor of the Goldman Sachs Group until 2006. He has over 30 years of experience in investment

banking and law.

Prior to joining the Goldman Sachs Group in 1999, John spent 19 years as a lawyer at various firms,

including J. Koh & Co, a Singapore firm which he founded, as well as serving in the Singapore

Attorney-General’s Chambers office and the Ministry of Finance.

John also serves on various boards of directors including NSL Ltd. (Singapore) and Lumena

Resources Corp., which is listed on the Hong Kong Stock Exchange. He serves as the Chairman of

the Audit Committees of both companies. John is a Non-executive Director and a member of the

Audit and Risk Committees of Mapletree Industrial Trust, a Singapore listed REIT. He was also a

Director and Chairman of the Investment Committee of MIF, a private real estate fund managed by

the Mapletree group.

John has interests in various book businesses in the United Kingdom and the United States and in

an ebook venture. He is a Director on Singapore’s National Library Board and on the Development

Board of Oxford University’s Bodleian Library. He holds a Bachelor of Arts degree and Master of Arts

degree from the University of Cambridge, UK, and is a graduate of Harvard Law School.

50



Tan Ek Kia Non-executive Independent Director

Ek Kia joined the Board of Directors of KrisEnergy in January 2013. He is a seasoned professional

in the upstream oil and gas and petrochemicals sectors having spent a 33-year career from 1973

with the Shell group of companies in various capacities and countries worldwide.

In 1994, Ek Kia was appointed Managing Director of Shell Malaysia Exploration and Production and

in 2000 took the role of Chairman of Shell Companies in North East Asia, based in Beijing. In 2003,

he transferred to Singapore as Executive Vice President, Shell Chemicals Ventures and

Developments, Asia Pacific and the Middle East.

Since retiring in 2006, Ek Kia has served on various boards and committees. He currently serves as

a Non-executive Director to SMRT Corporation Ltd., CitySpring Infrastructure Management Pte Ltd.,

Keppel Corporation Ltd., PT Chandra Asli Petrochemical Tbk., Transocean Ltd., Keppel Offshore

and Marine Ltd., and Dialog Systems (Asia) Pte Ltd. He is also the Chairman of Citygas Pte Ltd. and

Star Energy Group Holdings Pte Ltd.

He holds a BSc. degree in Mechanical Engineering from Nottingham University, UK, and is a

Chartered Engineer with the Engineering Council UK, a member (MIMechE) of The Institute of

Mechanical Engineers, UK, and a Fellow of the Institution of Engineers, Malaysia. In 2001, Ek Kia

was awarded the honour of Panglima Gemilang Bintang Kenyalang by the State Government of

Sarawak, Malaysia, which carries the title Datuk.

51



Keith J. Pringle Technical Advisor to the Board of Directors

Keith spent three years with First Reserve from 2007 and was a Director based in London. His

responsibilities included investment origination, structuring, execution, monitoring and exit strategy,

with particular emphasis on the reserves sector.

Keith was a non-executive Director of KrisEnergy until August 2010 and is now Technical Advisor to

the Board of Directors. He is a non-executive Director of Remora Energy, an independent oil and

gas company with operations in Colombia, and he also advises a number of exploration and

production companies on strategy and technical matters.

Prior to joining First Reserve, Keith was part of a small team that successfully started, built up and

divested a number of independent oil and gas companies. He served as an Executive Director at

Caledonia Oil and Gas Limited and at Highland Energy Limited.

Before founding Highland, Keith was an Executive Director at Blackwatch Petroleum Services Ltd.

Other previous experience includes the role of Senior Reservoir Engineer for Clyde Petroleum Plc

and Conoco Inc.

Keith holds a Bachelor of Science (Hons) in Geology from Edinburgh University and a Master of

Science in Petroleum Engineering from Strathclyde University. He is a member of the Society of

Petroleum Engineers.

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