Rose Petroleum plc TPI Investor Presentation...Disclaimer The information contained in this...

Rose Petroleum plc TPI Investor Presentation (AIM: ROSE)

OIL & GAS EXPLORATION

www.rosepetroleum.comwww.rosepetroleum.com www.rosepetroleum.com

December2017 StrictlyPrivateandConfidential

Disclaimer   Theinformationcontainedinthispresentation(the"Presentation")hasbeenpreparedbyandisthesoleresponsibilityofthedirectorsofRosePetroleumPLC(the"Company").

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  CertainstatementsinthePresentationareforward-lookingstatements,andthePresentationitselfhasbeenbaseduponanumberofassumptions,forecastsandprojectionswhichbytheirnatureareforwardlooking.Forward-lookingstatementsaretypicallyidentifiedbytheuseofforward-lookingterminologysuchas"believes","expects","may","will","could","should","intends","estimates","anticipate","plans"or"assumes"orsimilarexpressions,orbydiscussionsofstrategythatinvolveriskanduncertainties.Bytheirnature,forward-lookingstatements,assumptions,forecastsandprojectionsinvolveanumberofrisksanduncertainties,andinsomecasesarebasedonestimatesandincompleteinformation,thatcouldcauseactualresultsoreventstodiffermateriallyfromthoseexpressedorimpliedbytheforward-lookingstatementsorbythePresentationasawhole.Theserisksanduncertainties,andtheimpacttheyhaveontheassumptions,forecastsandprojectionscontainedinthePresentation,couldadverselyaffecttheoutcomeandfinancialeffectsoftheplansandeventsdescribedherein.

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  AllenbyCapitalLimited(“AllenbyCapital”)isactingintheprovisionofcorporatefinancebusinesstotheCompany,withinthemeaningoftheFinancialConductAuthority’sConductofBusinessSourcebook(“COBS”),andno-oneelseinconnectionwiththeproposalscontainedinthisPresentation.Accordingly,recipientsshouldnotethatAllenbyCapitalisneitheradvisingnortreatingasaclientanyotherpersonandwillnotberesponsibletoanyoneotherthantheCompanyforprovidingtheprotectionsaffordedtoclientsofAllenbyCapitalundertheCOBSnorforprovidingadviceinrelationtotheproposalscontainedinthisPresentation.

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Executive Summary

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•  Disposingofhistoricminingassets:closedUS$1.5msaleofSDAMill,MexicoandearlystagediscussionsunderwayonUraniumassets

•  Earning75%WorkingInterest(“WI”)inover92,000grossacresinoneofthemostprolificUnconventionalResourceOil&GasplaysintheU.S.A.

•  US$5.5m(includingonewell)carryforRockiesStandardOilCompanyLLC(“RSOC”)retaining25%WI•  GunnisonValleyUnit(Paradoxbasin)3Dseismic40sqmileacquisitionCOMPLETED

•  3DSeismicprovidesessentialdataforunlockingtheParadox-fracturedrivenbasin•  identifydrilltargetsandpermit5drillinglocationsinParadoxBasin

•  RyderScottResourceReportestimateTotal“Mean-Case”CertifiedGrossUnriskedProspectiveRecoverableResourcestoRoseof:

•  1.1Billionbarrelsofoiland2.2Trillioncubicfeetofgas•  CaneCreekisanestablished&provenproductivedrilledsince1962–newtechnologyiskey•  Extensiveexistinginfrastructurealreadyinplaceacrosstheregion•  Earlydrillingsuccesswillconverttherelevantprospectiveresourcesintoreserves•  InitialWellplannedtobespuddedinH22018•  AssessingtheLithiumpotentialwithintheGunnisonValleyUnit

Highlights

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Low risk •  Proven hydrocarbon play surrounded by highly productive basins •  Extensive existing infrastructure across the region •  Cane Creek is a proven productive interval with high COS (“chance of success”) •  3D survey de-risks play significantly and will highlight drilling locations •  3D Seismic has led to very high drilling success rates in Paradox Basin

•  Excellent quality 3D acquired at the Rose lease holding •  Basin specific experienced technical team High reward •  Exposure to over 1.1 billion barrels of oil and 2.2 TCF of gas on Rose's acreage •  Early drilling success will convert the relevant prospective resources into reserves •  Robust production economics and capability of significant production ramp up •  A fully costed 288 well programme is valued at US$218m-$365m (NPV 10)

Board of Directors

Non-ExecChairman–PhillipJeffcocko  FounderandManagingPartnerofCewCapitalLLPo  PreviouslyPhillipworkedatBarclaysCapitalandglobalheadof

commercialrealestateforBarclaysWealth.HealsoheldseniorpositionsatGoldmanSachsandRoyalBankofScotlandPlc

o  MemberoftheRoyalInstitutionofCharteredSurveyorsandholdsaBSc(Hons)fromtheCassBusinessSchool,London

FinanceDirector-ChrisEadieo  QualifiedCharteredAccountant(PWC)o  17yearsexperienceincapitalmarketso  PreviouslyFDofAIMquotedAurumMining

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CEO–MatthewIdienso  Co-founderofRose/VANEo  +20yearsexperienceinthenaturalresourcessectoro  Co-founderandNonExecDirectorofHummingbirdResourcesplco  Co-founderandDirectorofSeamwellInternationalLtd

Director(O&G)–KellyScott◦ 40+yearsofexperienceinonshoreandoffshorerigoperationsacrosstheglobe

◦ Previouslyworkedwith3LegsResources,Encana,Esso,Reading&Batesamongothers

◦ Drilledandfrac’dthefirsttwohorizontalshalewellsinEurope

Ops Team Backgrounds

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TyWatson-PresidentofRoseO&G•  Operationsengineerwithover32yearsofexperience,BSinPetroleumEngineeringfromMariettaCollege

•  MorerecentlywasCOOwithGreatWesternO&GwhereheledeffortstoconvertteamfromverticalplayertoHZoperatortoexploitGWOG45,000acandbuildproductionfrom1000Boepdtoover3000Boepdunder2years

DavidList-ConsultingGeophysicist•  Geophysicist with over 32 years of experience with MS in Geophysical Engineering fromColoradoSchoolofMines

•  MostrecentlywasSeniorGeophysicistforFidelityleadingtheexploration&developmentintheParadoxBasinfor9years

•  Designed,shotandinterpretedFidelity’s3DprogrammesintheParadoxBasin•  PlannedandsteeredallFidelity’sHorizontalWellsintheParadoxBasin•  Extensiveexperiencewithfracturedreservoirs(SouthAmerica,Mexico,US,MiddleEast)•  Adept in interpreting and integrating geophysical, petrophysical, and engineering data intogeomodelsfordevelopmentplans

ToddFockler-ConsultingFieldGeophysicist•  Geophysicistwithover35yearsofexperiencewithBSinGeophysicsfromColoradoSchoolofMines

•  StartedcareerinMiddleEastandAfricaandlaterworkedbasinsallacrosstheUSinover40locations

•  In2004,wasawardedpatentonnewseismicrecorderandformedAscendGeocompany•  Has Consulted seismic programs since 2009 and managed permitting, surveying, andacquisitioninbasinsacrosstheUS

•  LedthefieldseismicworkforalltheFidelityParadoxshoots

GregorMaxwell-TechnicalAdvisortotheBoard•  Geologistwith25yearsexperience,PhDinreservoirgeologyfromtheUniversityofAberdeen

•  BroadexperiencefromChevronandApachewithsuccessfulrolesinfielddevelopment,explorationandbusinessdevelopment

•  SmallcapE&PexperiencedevelopingRocksourceASAexplorationportfolioandonshoreUSfielddevelopment

Paradox Basin, Utah, USA •  The Paradox Basin is a major emerging unconventionalresourceplay.

•  FidelityE&PCo.,aformersubsidiaryofMDUResourcesGroup(NYSE: MDU),wastheleadoperatordevelopingtheCaneCreekFieldandadjoiningholdings,nowownedbyKirkwoodResources.

•  Rose’s leases are located 12 miles north of Kirkwood’s(formerlyFidelity)CaneCreekUnit.

•  In 2013, Fidelity produced nearly 1.0MMBO from the CaneCreekField from14wells. Cumulatively, throughJanuary2017,thefieldhasproduced7.9MMBOand5.7BCFGfrom36wells*

•  Kirkwood have restarted development and have recentlydrilledonesuccessfulwellintheCaneCreek,secondunderway

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Paradox Basin Roseacreage

ProlificRockyMountainBasin

•  Explorationandproductionfrom1961

•  Majorfields–Aneth,Lisbonhaveproducedover550mmboand1.2TCF

Relevant History & Current Operations in Paradox Basin, Utah

HistoricalOperations •  1962:SouthernNaturaldrilledLongCanyon1-9(FirstCaneCreekClasticProducer,cum1.2MMBO)•  1990-1993:ColumbiaGasdrilled6wells(4producedfromtheCaneCreekClastic)•  1993-2004:4wellsdrilled(2CaneCreekClastic,1Clastic19)•  2007-2012:Fidelitydrilled5wells.Thiswasprimarilyaverticalprogramwithmixedresults.Stonedrills3HZwellsinCaneCreekClasticwells

insouthernplayarea•  2012-2014:FidelitypushedforwardHZdrillingwithseismicprogramdrivingproductionfrom100BOPDtoover3000BOPDin19months•  2016-2017:KirkwoodacquiretheFidelitypositionandrestartinfilldrilling(2wellsin2017)

CurrentOperations•  36wellsdrilledtodate•  5OperatorsinBasin–PacificEnergy,KirkwoodResources(Fidelity),CCI,Resolute,Stronex•  TotalCumulativeProductionfromCaneCreekField–7.9MMBOand5.7BCFG•  288wellinventory(2wells/section)Rose•  TargetEUR–617MBO(6WellaverageonmostsimilarGeologicalfeaturesdrilledbyFidelity)•  LightCrudeOil40-50°API•  TypicalWellCost-US$8mtoUS$10m(targetUS$6minDevelopment)

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•  The Paradox Cane Creek Clastic productivefairway is orientated in a northwest-southwestdirection

•  The productive fairway is characterized bythicknessgreaterthan2,000feet

•  In this position, water depths were deepenough to preserve organicmaterial (up to20% TOC) and allow thick salt depositionformingthetopandbasesealtotheclastics.

•  Similarburial historiesbetweenCaneCreekareaandtheGunnisonValleyarea

Paradox Formation: Productive Fairway

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NW

SE

NE

SW

ParadoxIsopachfeet

Rose3DSeismicshootlocation

Structuralcrosssectionshowingthemainstructuralelementsandprospectiveareasforcommercialhydrocarbonaccumulations.OpennaturalfracturesintheCaneCreekClasticprovidetheprimarytarget.ThebestCaneCreekwellsareassociatedwithfracturesfoundalongreactivatedbasementfaults(1),onbroadstructuralflexures(2),andassociatedwithsalttectonics(3).AdditionalprospectiveintervalsincludetheotherclasticintervalswithintheParadoxFormationthatmayalsobefractured.

SW NE

saltwall

+14,000’

loading

saltweld

saltpillow

syndepositionalfaultsreactivatedasleftlateral

depositionalthinning

Tilting(basinformation)

buttress

SaltValley

ParadoxFm.

HonakerTrailFm.

CutlerFm.

NavajoSs.

DakotaSs.

LeadvilleLs.Devonian

CaneCreekClastic

GunnisonValley3D

1

1

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MancosFm.

Paradox Structural Cross Section

CourtesyofWesco.

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•  Clasticlayersarelaterallycontinuousacrosstheproductivefairway(greenshading)

•  Clastic21(CaneCreekClastic)hasbeenthemostprolificproducerhistorically

•  TheCaneCreekClasticiseasilycorrelatedfromCaneCreekUnitintoGunnisonValleyUnit

•  Clastics18&19havealsodemonstratedeconomicproduction

•  Otherclasticshavehadgoodshowsbuthavenotyetbeeneconomicallyexploited

Paradox Basin Fracture Networks

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•  Thecreationoffracturesafteroilgenerationhasstartediscriticaltothepreservationofopenfractures

•  Fracturescreatedpriortooilgenerationaretypicallycementedwithsaltorcalcite.Fractureformationtimingisthereforanimportantaspecttounderstand

•  BasementfaultsareinterpretedtohavebeenreactivatedduringtheLateCretaceous(Laramideorogeny).East-westcompressionresultedinleftlateralstrike-slipfaults.Alongrestrainingbendspopupandflowerstructureswereproduced

•  Seismicisabletodirectlyimagethebasementfaultsandresultingstructuresandthusinferwhereopenfracturesexist

•  Openfractureshavealsobeenidentifiedinareasofgentlesalttectonicswhichseismicalsoimages

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Open fractures are often partially healed with halite or calcite

Well: CCU 26-3

Can

e C

reek

Cla

stic

Cyc

le (#

21)

3D Seismic Summary

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3DSeismiciscriticaltothesuccessoftheplayasFidelitydemonstrated.

Seismicwillbeusedto:

•  Targetareasthatarelikelytohaveopennaturalfractures

•  Avoidstructurallycomplexandnon-fracturedareas

•  PlanandsteerhorizontalwellsinParadoxclastics

GunnisonValley3D:

•  Optimised40squaremilespositionedoverhighlyprospectiveCaneCreekClasticacreageposition

•  SurveydesignedtotieState16-42well(modernlogsforseismictie),Federal28-11(CaneCreekproducer)andtheSaltWashUnit22-24(Leadvillepenetration)

•  Operationnowcompletedsuccessfully

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WestFertilizer3D2010

Fertilizer3D2001

GunnisonValley3D2017

CaneCreekProductiveFairway

3D Seismic Summary: Acquisition

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•  Surveylaidoutusinghelicopter

•  DrillrigsflownintoareasinaccessibleforVibroseistrucks

•  Chargeslaid~40’deepanddetonatedinco-ordinationwithcentralcontrolandteamontheground

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Receivers VibroseisDynamite

3D Seismic Summary: Acquisition

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•  Vibroseistrucksworkinginteamof3,overmanageableground

•  Shotpointtimingpreciselycoordinatedbetweentrucksandcentralcontrol

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Receivers VibraseisDynamite

3D Seismic Summary: Acquisition

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•  6geophonesperrecordingstation

•  Recordingdataatalllocationsduringtheentireshoot

•  Multiplegeophonestoreducerandomnoise.E.g.wind&traffic

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Receivers VibroseisDynamite

QuickLookEvaluation

§ Fasttrackdata–dataprocessingstillongoing

§ Exceptionalqualitysub-saltimaging

§ Highfolddatadeliveringexcellentresolutionattheclastictargetintervals

§ Example:latestagefluvialchannelabandonedasthebasinisfloodedpriortotheParadoxFormationdeposition

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Gunnison Valley 3D – Data Quality

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Mudfilledfluvialchannel

ProductivestructuralgeometriespresentatCaneCreek

§ ConstrictionFolding§  Salttectonicfeaturesrelatedtolargerscaleoverallsaltmovement

§ Largescalestructuralflexures§  Compressionaltectonicfeatures

§ BasementFaults§  Likelyre-activatedbasementfaultsthatextendupfromDevonian/BasementsectionintothebasalParadoxFm.

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Gunnison Valley 3D – Target Geometries

Senanyake2013

VanGent2010

Fracturesalignedparalleltofoldaxialplane

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Preliminarydatareview

§ BasementfaultgeometriesanalogoustoCaneCreekfeaturesevidentontheGVU3D

§ Positiveearlyindications

14/02/18

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Gunnison Valley 3D – Quick Look

InterpretedSectionAmplitudeextraction@CaneCreeklevel

BasementFaults

BasementFaults

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Preliminarydatareview

§ ConstrictionfoldssimilartoCaneCreekevidentonGVU3D

§ Positiveearlyindications

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Gunnison Valley 3D – Quick Look

InterpretedSectionAmplitudeextraction@CaneCreeklevel

CaneCreek

CaneCreek

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ConstrictionFolds

ThrustFault

Acquisition

§ Safe,efficient3Dacquisitiondeliveredunderbudgetandaheadofschedule§ Initialdataqualityappearstobeexcellent–abilitytomaptheCaneCreekinternalandalsoshallower,prospectiveclasticintervals(e.g.–Clastic18)

§ Processingnearcompletionalsoaheadofschedule

TargetIdentification

§ ConstrictionFolding§  Presentacrossmuchofthe3Darea

§ BasementFaulting§  GVU3DislessstructurallycomplexwhencomparedtotheCaneCreekareabutsomebasementstructuresareclearlypresent

§ StructuralFlexures§  Notsoevidentonthisveryearlyquicklook

§ LeadvilleLimestonePlay§  Nostructuraltrapswithinthe3Darea–notprospectivewithinthe3Darea

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Gunnison Valley 3D – Summary

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Ryder Scott’s Paradox Resources

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15,876 19,139 23,008 19,320 26,005 32,999 41,300 33,395

EUR Oil/Condensate - MMBO EUR Gas – BCF

COSLow Best High MEAN Low Best High MEAN Range

RyderScott’sOriginalHydrocarboninPlaceVolumesintheParadoxFormationLeaseholdInterestsofRoseasof30thApril,2014:

RyderScott’sUnriskedProspective(Recoverable)HydrocarbonResourcesintheParadoxFormationLeaseholdInterestsofRoseasof30thApril,2014:

OOIP - MMBO OGIP – BCF

P90 P50 P10 MEAN P90 P50 P10 MEAN

452.27 966.37 1,994.50 1,115.29 874.43 1,888.46 3,913.55 2,187.46 .21 - .56

Ryder Scott Grand Main (incl. GVU) Estimated Resources – 15 Formations with Paradox

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Field Development

RegionalOilServicesHub•  GrandJunction(1.5hoursdrivealongInterstate70)

OilGathering:Road&Rail•  100%volumestruckedtorefinery–Western’sGallupRefinery

•  FourCornersareainNewMexico

•  RailspurpotentialclosetoKirkwood’sDeadHorsePointoperations

GasGathering:•  MultipleMajorcommercialpipelinesrunningclosetoRoseacreage

•  Fidelity (now Kirkwood) has existing gathering and plantinfrastructuretoRoseacreage

•  Kirkwoodgasplanthasplentyofexcesscapacity

•  PotentialforRosetosellvolumesthroughKirkwoodsystem

•  FieldtapintoWilliamsNorthwestcommercialpipeline

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Paradox Economics Price Sensitivity Price:US$Currentpricedeck&US$10m

NPV10:US$218mm

ROR:20%

Price:US$Currentpricedeck&$8mmwellcost

NPV10:US$365mm

ROR:32%

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•  617,000BOEUR•  288wellinventory•  75%WI•  Productionprofile,CapexandOpex,basedonexistingParadoxproducingwellsinthearea.

•  Initialandsubsequentwellcostakeyfocus.LeverageCaneCreekUnitspendingandlearnings.•  UnderstandandoptimisetheuseofManagedPressureDrilling(MPD)intheParadoxFm.•  Highquality3Dmaygreatlyimpactwelldesignandfinalcosts.

Key Event Work Programme

WORKCOMPLETED•  Begin3DseismicshootSept2017–COMPLETED

•  BeginseismicprocessingJan2018–STARTEDNOVEMBER2017

•  StartSeismicinterpretationFeb2018–INPROGRESS

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Rose Petroleum (US) LLC GVU SEISMIC & DRILLING PROJECTED ACTIVITY TIMELINE - August 2017 to September 2018Paradox Basin - Southern Gunnison Valley Unit

Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 20181 2 3 4 5 1 2 3 4 1 2 3 4 5 1 2 3 4 1 2 3 4 1 2 3 4 5 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 5 1 2 3 4 1 2 3 4 5 1 2 3 4 1 2 3 4

Permit Approvalcrew notice

SURVEY Shot hole drilling

Crew Prep - sweep test Recording & pick upPotential reclamation

Data ProcessingInterpretation

Submit Drill APDsApproved State APD to drillApproved Fed APD to drill

S o urc e L ine s R e c v rL ine s

Heli drill

NEXTSTEPS•  Seek financing options for drill programme (Industry partner/Industry

funding)Q12018

•  Submit firstAPDs forwell locations toBLMandStateofUT lateQ1–Q22018

•  10initiallocations–5StateAPDs&5FedAPDs•  PotentialtospudfirstwellinQ22018(StateLands)orQ32018(BLMlands)

6weeksaheadofschedule

Forward Plan •  GVUCaneCreekrepresentsahighvaluepotentialplay

•  ContinuetoprogressGVUareaevaluationandplanfordrillingandpermitting

•  Portfoliodevelopmentnowthenextstepinoverallcorporatedevelopment•  Identifylowactivity,non-coreandunfashionableassetswithupside

•  Acquireandre-developassetseitherforre-saleorholdaspositivecashflowasset

•  Lower48onshoreUSactsasprimaryfocusbutwilltakeadvantageofourabilitytobefastactingandentrepreneurialinapproachtootheropportunities

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Contact Us

RosePetroleumplc

MatthewIdiens

FirstFloorNewmarketHouseMarketStreetNewburyBerkshireRG145DP

UnitedKingdom

+44(0)2072254595

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