May 2015

Myanmar Offshore Oil & Gas Investment Opportunity

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Reader AdvisoriesThe information in this presentation contains certain forward-looking statements. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", “plan", "continue", "estimate", "demonstrate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", “could", "might", "should", "believe", "would" and similar expressions and include statements relating to, among other things, the anticipated ongoing strategy of Canadian Foresight Group Pte. Ltd. (CFG) and CFG Energy Pte. Ltd. and development, drilling and acquisition opportunities and plans for CFG and the anticipated performance of CFG’s properties. Such forward-looking statements or information is provided for the purpose of providing information about the current expectations and plans relating to CFG and its current and future oil and gas assets (the “CFG Assets"). Readers are cautioned that such information may not be appropriate for other purposes, including making investment decisions. In particular, this document contains forward looking statements pertaining to: CFG’s corporate areas of focus; CFG’s capital raising plans; CFG’s operational and development plans and the timing thereof; the quality and characteristics of the CFG’ Assets; expected performance in 2014 and beyond; the anticipated performance of the properties to be explored and developed and the timing of certain matters related thereto; CFG’s capital budget requirements; the proposed fundraising, the price per share, the use of proceeds for such offering, the levels of participation of insiders in such offering and the timing of certain matters related thereto; the expected operational plans, including preparation, exploration, drilling and optimization activities, and the anticipated results therefrom; expected capital cost reductions; and matters ancillary or related to the foregoing list. In addition, please note that information relating to estimated reserves and resources are deemed to be forward-looking information, as it involves the implied assessment, based on certain estimates and assumptions that the reserves described can be economically produced in the future. The forward looking statements in this presentation are based on certain assumptions, including, without limitation: the quantity of reserves and resources associated with the CFG Assets; the oil and natural gas production levels of the CFG Assets; the quality and characteristics of the CFG Assets; the source of funding for CFG’s activities including development costs; development and drilling plans for those CFG Assets and the timing of results thereof; projections of commodity prices and costs; supply and demand for oil; potential reserves and future production with respect to the CFG Assets, business strategy and objectives; exploration and drilling plans; the costs associated with and the timing in relation to drilling wells; the costs of leases; capital expenditures; operating and other costs; the timing of implementing certain operating techniques; royalty rates and taxes; expectations regarding the ability to raise capital and continually add to reserves through acquisition and development; the sources of and the uses of cash generated from the business of CFG ; and the treatment under governmental regulatory regimes, including with its quasi-governmental partner, MOGE. Readers are cautioned such assumptions, although considered reasonable at the time of preparation of the information in this presentation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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Reader AdvisoriesCFG’s actual results, performance or achievement could differ materially from those expressed in or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits CFG will derive therefrom. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond CFG’s control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; ability to secure drilling and service equipment; and obtaining required approvals of regulatory authorities. CFG’s actual decisions, activities, results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that CFG will derive from them. Readers should be cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties. These risk factors should not be construed as exhaustive. Any financial outlook or future oriented financial information in this presentation, as defined by applicable securities legislation, has been approved by management of CFG. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Management of CFG believe that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak as of the date hereof. Except as required by law, CFG undertakes no obligation to publicly update or revise any forward-looking statements.The information contained in this presentation does not purport to be all inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and reviews of CFG and the information contained in this presentation. Information in relation to the previous experience of CFG’s management is not indicative of the future performance characteristics of CFG. Without limitation, prospective investors should consider the advice of their financial, legal, accounting, tax and other advisors and such other factors they consider in investigating and analyzing CFG.

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Highlights• Canadian Foresight Group Pte. Ltd. (“CFG”) was established to pursue international

E&P opportunities in SE Asia and successfully participated in Myanmar’s inaugural offshore bidding round.

• CFG holds an 80% interest in Myanmar’s offshore Block M15 and is the Operator• Myanmar’s offshore oil sector is dominated by the Super-majors and Majors.• Currently, CFG is the only pure Myanmar offshore investment opportunity

available.• CFG’s directors and management team have extensive expertise in both onshore

and offshore oil/gas exploration and development, particularly in Asia.

Opportunity: Proposed US$30.0 million financing

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Corporate Structure• Canadian Foresight Group Pte. Ltd and

its wholly owned subsidiary CFG Energy Pte. Ltd. are Singapore private incorporated companies.

• Shares issued and outstanding: 148,203,555.

• Capital raising: Planning to raise US$30 million by 2Q 2015.

CANADIAN FORESIGHT GROUP PTE. LTD.

CFG ENERGY PTE. LTD. (MYANMAR BRANCH)

100%

100%

CFG ENERGY PTE. LTD.

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Directors and Management• Songning Shen – Chairman & CEO - Mr. Shen is a Canadian Professional Geologist residing in Calgary. Mr. Shen holds an M.Sc. from the

Norwegian University of Science and Technology. Mr. Shen is recognized as being one of the discovers of China’s biggest offshore oilfield, the SZ36-1 field. Mr. Shen was a Co-founder, Co-Chairman and Director of Sunshine Oilsands Ltd., a company listed on the Hong Kong Stock Exchange and the Toronto Stock Exchange, which under Mr. Shen’s leadership grew to over 1.0 million acres of oilsands leases with a resource base of 4.2 billion barrels.

• Kevin Flaherty - Executive Director - Mr. Flaherty holds a MBA, Finance and resides in Vietnam, where he is a managing director of Energy & Natural Resource Investments at Saigon Asset Management. He co-founded two natural resources firms in Vietnam: Tiberon Minerals and Keeper Resources; both of which were subsequently acquired by Asian-based investment firms.

• Greg Turnbull - Director - Mr. Turnbull is a lawyer, currently a senior partner at the Calgary office of McCarthy Tétrault LLP. He currently serves as a director of a large number of publicly listed oil and gas E&P companies, including Crescent Point Energy Corp., Storm Exploration Inc., Heritage Oil Corporation, and Marquee Energy Ltd.

• Raymond Fong – Director - Mr. Fong is a Canadian Professional Engineer. Mr. Fong was a director of China Coal Corporation from 2007 to 2012. He held previous directorships with Abenteuer Resources Ltd., Stealth Ventures Ltd., Zapata Capital Inc., director and president of Ultra Capital Inc. and a former director of United Rayore Gas Ltd. Mr. Fong is currently serving as a Director for Sunshine Oilsands Ltd. and Palinda International Group.

• Wei (David) Wu - Director - Mr. Wu has over 30 years of experience as owner and operator of businesses in China. He is a Director of West Pacific Petroleum and Yunnan Tianli Trading Ltd. He has also been a Manager of Husky Energy Challenge Holdings since September 2005. Currently, Mr. Wu serves as the Chairman of the Board of Directors of Caiterra International Energy Corporation.

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Directors and Management• Perla Woo - Vice President of Corporate Operations - Ms. Woo is Canadian Professional Engineer, with a degree in Engineering from the

University of Calgary. She was a Co-Founder of Sunshine Oilsands Ltd., and was Senior Vice President until September 2008. Ms. Woo has over 20 years experience working in the oil and gas industry in Canada in the fields of reservoir engineering, exploitation, and pressure transient analysis.

• Shan Li - Vice President of Finance - Ms. Li has been the Investment Manager of the Strategic Investment Division of the Bank of China Investment Group since 2010 and previously served as the Vice-President of BOCI Asia Limited. She has been involved in numerous IPOs and major M&As transactions.

• Kyaw Moe – Myanmar Special Representative – Mr. Kyaw Moe has 15 years of media and communication working experience in both the corporate and public sector.

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Myanmar 2013 Offshore Bid Round

DOMINATED BY SUPER-MAJORS

& MAJORS

• Bids Closed : November 2013• Results Announced: March 2014• CFG Contract Signed: March 2015

Offshore Bid Round ResultsBlocks Selected Candidates

Shallow Water BlocksA-4 Woodside & BG GroupA-5 ChevronA-7 Woodside & BG GroupM-4 Oil India & Mercator Petroleum & Oilmax EnergyM-7 Fosun & Tap Oil M-8 Berlanga Holding

M-15 CFGM-17 Reliance IndustriesM-18 Reliance IndustriesYEB Oil India & Mercator Petroleum & Oilmax Energy

Deep Water BlocksAD-2 Woodside & BG GroupAD-3 Ophir EnergyAD-5 Woodside & BG GroupAD-9 Shell

AD-10 Statoil & ConocoPhillipsAD-11 Shell MD-2 ENIMD-4 ENIMD-5 Shell YWB Total

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PSC Signing Ceremony – March 30,2015• CFG signed the Production Sharing Contract

for Block M15 on March 30, 2015.• Ceremony attended by 7 Government

Ministers including the Minister of Energy, the Managing Director of MOGE, ambassadors, and over 70 government officials.

• Coverage on Myanmar TV and in Newspaper.

• Myanmar views the finalization of the offshore contracts to be a milestone in the country’s development and have pledged full support to CFG and other operators to implement their exploration and development programs.

The Production Sharing Contract (PSC) signing ceremony at Nay Pyi Taw, Myanmar on March 30, 2015

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Strong Local Partner• CFG’s 10% local partner on Block M15 is

“Century Bright Gold”, a subsidiary of the KMA group, one of Myanmar’s leading commercial firms.

• KMA Group is a diversified conglomerate controlling the KMA Hotel Group, CB Bank, CB Insurance, Golden Myanmar Airlines, etc.

• KMA Group has solid governmental relationships.

• Never on the US or European Union Sanction List.

• KMA is carried for all exploration costs on Block M15 up to the Declaration of Commerciality.

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Block M 15 - Oil and Gas Prospectivity

• Water depths on the block drop from 30 meters in the east to about 1600 meters in the west.

• Multiple play types are present across the block with multi-TCF prospects.

MULTIPLE TARGETS

Block M15 - CFGBlock MD5 -Shell

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The Kitchen: Large Volumes of Gas Have Been Generated on Block M15

• Basin Modelling demonstrates that the rich Oligocene source rock kitchen on the western part of Block M15 has generated 80 – 100 BCF per square. kilometer, more than sufficient to source the multi-TCF traps on Block M15.

• Deep water prospects directly overlie source kitchen areas, in shelf areas, migration pathways lead directly to prospect locations.

Volume of Gas Generated per Square Kilometer showing Prospect Outlines

The Prospects:Numerous Multi-TCF Prospects on Block M15

The Leads: LeadNumber Name and Description

2 Deepwater Turbidite lacks seismic control

3a Oligocene Horst Block – gravity defined, may be large in size

7 Potential Oligocene oil-prone basins defined by satellite gravity

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Prospect P10 P50 P90

Number Name BCF BCF BCF

1 Deep Water Turbidite Basin Fan 17323 10055 5736

3 Oligocene Horst Block 1171 645 376

4 Miocene Sandstone Pinchout – AVO supported

8300 3400 1100

5 Yetagun - Like Basement High 110 75 35

6 Carbonate Buildup 20406 9769 4490

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Prospect 1 – Deep Water Turbidite Fan ComplexIsopach of Fan Sequence (Meters) with seismic profile

Area 245 sq km

4 km line spacing

Line PCM 04 65

• Turbidite Fan Complexes are the “Play of the Decade” and have spurred the participation of majors and super-majors in Myanmar Offshore.

• Multi-TCF fields are likely.• Block M15 Turbidite Fan Complexes extend onto the adjacent

block held by Shell.• Estimated P50 Prospective Resources: 10.1 TCF.

Block MD5 -Shell

Block M15 -CFG

A

A

B

B

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Prospect 4 - Miocene Pinchout – AVO supportedAVO amplitudes showing interpreted gas-charged area with seismic profile

• Miocene sandstones are truncated adjacent to a large shelf-bounding fault.

• A prominent AVO (Amplitude vs Offset) anomaly suggests that the sandstone package is gas-charged.

• Estimated P50 gas resources of 3.4 TCF.

• Stacked sands may increase prospective resources significantly.

B

B

A

A

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Prospect 6 – Carbonate Buildup

A

A

B

B

Characterized by underlying flat-zones and cross-cutting channels

• Large carbonate buildup displays prominent flat zones.• Cross cutting channels are apparent, separating the

down-dip areas characterized by flat-zones from the updip portion tested by the well M15-1.

• Very high porosity and permeability is expected with attendant high estimated recoverable resources of P50 9.7 TCF.

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2015 2016 2017 2018 2019 2020 2021 2022

2015 2016 2017 2018 2019 2020 2021 2022Estimated Capital Expenditures

Optional Optional

$17.5 MM $25 MM $25 MM $25 MM $25 MM

Block M15 Operations ScheduleAccelerated Work Schedule to Maximize Value

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Seismic Acquisition• Acquisition costs are the lowest they have

been in 25 years. Estimated cost for a 5000 sq km survey: $17 MM.

• “First Mover” advantage in approvals, costs, and partnerships.

• Recent development of Broadband acquisition technology has significantly improved gas play identification.

• CFG will have a competitive advantage in acquiring offset Block M16 and in farm-in discussions with offset Block MD – 5 held by Shell.

• Allow for the rapid testing of plays by the drill bit on M15, first well Q4 2016.

Area of 3D Survey – 5000 sq km

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Block M15 – Eastern Portion Evaluation

Area of Air Gravity Survey – 8000 sq km

Area of 3D Seismic Survey – 5000 sq km

• The entire eastern portion of M15 has sparse seismic coverage.

• Regional satellite gravity suggests that Oligocene basins are present similar to the oil-prone Tanintharyi Basin immediately north of Block M15 .

• The area will be evaluated using air gravity, which can identify potential basins and prospective structures at low cost - $1.0 - $1.5 MM total estimated cost for the survey.

Area of Air Gravity Survey – 8000 sq km

Area of 3D Seismic Survey – 5000 sq km

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EconomicsEconomic Scenarios• Two economic models have been

constructed to estimate the NPV and IRR of gas developments on Block M15.

• The Shelf Model assumes development of gas reserves in water depths of 300 – 400 meters using a fixed platform solution. The shelf model is applicable to Prospects 3a, 4, 5 and 6. Resource sizes of 2, 5 and 10 TCF have been modelled.

• The Deepwater Model assumes gas reserves in water depths 1500 – 2000 meters using a SPAR platform solution. The model is applicable to Prospects 1, 2 and 3. Resource sizes of 3, 6 and 10 TCF have been modelled.

Water Depth and Type of Production Platform Modelled

Shelf ModelDeepwater Model

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Economics before Capital Recovery

100%

52.5%

10.5%

21%

12.5%

3.5%

Myanmar Fiscal Terms Summary

• 12.5% royalty rate.• 60% cost recovery threshold.• Sliding scale state profit allocation of 55-80%

in the deepwater and 60-90% on the shelf depending on daily production rate.

• 25% corporate tax (five year tax holiday from first production) levied on profit oil only

• 25% sales gas domestic market obligation sold at 90% of fair market value.

• 20% MOGE participation after commercial discovery (25% if reserves are >5 Tcf)

• MOGE fully carried before back-in, contractor repaid from state’s allocation of cost gas.

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Marginal government take of >70%Key Fiscal Terms Summary Illustrative Contractor Netback

Revenue Royalty Govt Profit Share (55%)

Corporate Tax

Contractor Netback

$100.0

$29.5

($12.5)

($48.1)

($9.8)

(1) Calculated assuming maximum production rate in each tranche applicable

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Indicative Field CharacteristicsRange of discovery sizes and locations modelled for shelf (300–400 M water depth) and deepwater (1500–2000 M water depths)

Regional Overview Development Scenarios

• Range of scenarios considered around water depths, recoverable volumes and distance to tie-in.

• Illustrative field assumptions based on Yetagun field characteristics for the shelf prospects, and Shwe field characteristics for the deepwater .

• Shelf prospects lie in water depths of 300 – 400 m, the reservoir depth from seafloor is 2,000 m and estimated resources are 4.5 - 20 Tcf gas – condensate. Cases modelled are 2, 5 and 10 TCF.

• Deepwater turbidite prospects lie in water depths around 1600m, reservoir depths from seafloor are 2000 – 3000 m, and estimated resources are 5.7 - 17 Tcf dry gas.

• Tie-in to Yetagun facilities is possible due to declining Yetagun production, current capacity is 1 BCF/D. Tie-in distances is about 110 kms.

• A dedicated pipeline to the Kanbauk metering station is required for larger outputs. Tie-in distance is about 280 kms.

100 KMS Radii - Distance to Kanbauk Metering Station

Gas Prospects

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Shelf Indicative Development Solution

Assumed Development Details Indicative Development Schematic

1-3 WHP with a processing platform with gas piped to Yetagun (110 kms) or alternately to Kanbauk 240 km

• $145mm E&A costs: four well exploration and appraisal programme with semi-submersible rig assumed from 2016/2017.

• Multiple WHP development solution assumed.

• All in production well costs ~$25 mm per well including topsides drilling infrastructure costs.

• Peak well flow rate of ~45 mmcf/d based on available information on the Shwe Gas project.

• 20” Pipelines to Yetagun or alternately to Kanbauk, with an assumed maximum flow rate of 225 mmcf/d per pipeline.

• Pipeline costs to Yetagun account for ~30% of total development capital costs, and to Kanbauk up to 55% of total development capital costs.

• Does not consider any sharing of infrastructure or costs with other potential discoveries.

• Current modelling is based on single, standalone, discoveries.

Source: IHS Que$tor

Source: Genesis Engineering - Tho Chu Field Development

100 km pipeline to Yetagun Or

300 km pipeline to Kanbauk Kanbauk Landfall

FSU

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Deepwater Indicative Development Solution

Indicative Development Details Indicative Development Schematic

Caisson spar buoy indicative development solution with gas piped to Yetagun (150 km) or to Kanbauk 280 km

Source: IHS Que$tor Source: IHS Que$tor

150 km (Or

280km pipeline)

Caisson spar buoy development with

drilling facilities

Landfall

Development wells drilled

with TSV

• $300mm E&A costs: three well exploration and appraisal programme with drill-ship assumed from 2017/2018.

• Caisson spar buoy development solution assumed for both the deepwater and shelf with water depths of >1,500m.

– Subsea development challenged given high number of wells.

– Current maximum for Tension Leg Platform development ~1,600m.

– Analogue spar development on Shell’s GoM Perdido development (~2,500-2,900m)

• Production wells drilled from Tender Support Vessel (“TSV”).

– All in well costs ~$50mm per well including topsides drilling infrastructure costs.

– Peak well flow rate of ~45 mmcf/d and recovery of 333 Bcf based on available information on the Shwe Gas project.

• Pipelines assume a maximum flow rate of 225 mmcf/d per pipeline and nominal diameter of 20 inches. Pipeline costs to Yetagun (150 kms) for a development in deepwater account for approximately 30% of total capital costs while costs to the Kanbauk landfall (320 kms) account for 55% of total capital costs.

• Does not consider any sharing of infrastructure or costs with other potential discoveries.

• Current modelling is based on single, standalone, discoveries.

Prospect NPV10 / IRR Analysis

Contractor Full Life-Cycle NPV10 at Various Prices and Reserve Sizes Contractor IRR at Various Prices and Reserve Sizes

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6.5 7 8 9 10 11 12

8%

11%

14%

17%

20%

23%

26%

IRR

(%

)

6.5 7 8 9 10 11 12

--

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0 Shelf - 2 Tcf / 110km Pipeline to YetagunShelf - 5 Tcf / 110km Pipeline to YetagunShelf - 10 Tcf / 110km Pipeline to YetagunDeepwater 3 Tcf / 150km PipelineDeepwater 6 Tcf / 150km Pipeline

NP

V1

0 (

US

$b

n)

Wellhead ExportDomestic Price $5.8 $6.3 $7.2 $8.1 $9 $9.9 $10.8

Wellhead ExportDomestic Price $5.8 $6.3 $7.2 $8.1 $9.0 $9.9 $10.

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10 TCF Shelf$4.25 BBN

10 TCF Deepwater$1.4 BBN

Economic Summary• Shelf Gas developments of 10 TCF yield NPV10 of $4.25 BBN

assuming the most likely $8 /mcf gas price.• Deepwater gas developments of 10 TCF yield NPV10 of $1.4

BBN assuming the most likely $8/mcf gas price.• Rates of return are heavily dependent upon discount rate and

gas price, however they are relatively insensitive to partner carry and capex.

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Summary• Multi-TCF prospects on Block M15 have

strongly positive economic valuations.• Exploration and investment by the Super

Majors and Majors in the Myanmar offshore oil and gas sector increases the value proposition for CFG.

• With most of the Myanmar offshore acreage taken up by the Super-majors and Majors, CFG is a unique opportunity for investors to participate in Myanmar’s offshore oil & gas sector.

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Contact InformationSONGNING SHENChairman of the Board and Managing DirectorCanadian Foresight Group Pte. Ltd.Mobile: 1-403-875-2129 Office: 1-587-353-3711 ext. 1120Email: s.shen@canadianforesight.com

PERLA WOOVice PresidentCanadian Foresight Group Pte. Ltd.Mobile: 1-403-827-6328Office: 1-587-353-3711 ext. 1121Email: p.woo@canadianforesight.com

KEVIN FLAHERTYExecutive DirectorCanadian Foresight Group Pte. Ltd.Mobile: +84 978 706 255Email: k.flaherty@canadianforesight.com

CANADIAN FORESIGHT GROUP PTE. LTD.Calgary Office:Suite 800, 717 7th Avenue SW, Calgary, AB T2P 0Z3, CanadaOffice: 1-587-353-3711Fax: 1-403-452-0907

Yangon Office: Unit 8, 3rd Floor, Cooperative Business Center, Corner of

Sayarsan Road & New University Road, Bahan Township, Yangon, Myanmar

www.canadianforesight.com