Connecting value between oil and gas and technology

Welcome

• Metcalfe Energy is looking to execute bitcoin mining projects in any region of the world with abundant access to gas

• The Metcalfe team is made up of experienced oil patch professionals and tech industry experts

• Metcalfe has developed opportunities in Mexico, Colombia and now Nigeria

What is Bitcoin

• Bitcoin is a Cryptocurrency traded on dedicated exchanges such as; Binance.com, Kraken.com, Coinbase.com, etc

• Bitcoin is secured through the public distributed ledger known as the blockchain

• The Blockchain is maintained by a network of computers around the globe that run the bitcoin algorithm to maintain the network

• The process of running this algorithm and being rewarded in return with bitcoin is called mining, the more processing power you employ the more bitcoin you are rewarded with

Source: Cambridge University

• The Bitcoin price rises in response to:• Money Printing / QE Infinity / Expanding national and

private debt• The $516 Trillion global financial derivatives market

becoming more unstable• Public demand for quality assurance and transparency

of information, governance and the supply economic goods and services

Initial Opportunity

• Metcalfe and Fundery Afrika have developed a commercial relationship with the aim of developing Metcalfe projects in Nigeria

5 Year EconomicsMetcalfe Flare Gas Utilization Gas-to-Bitcoin Considering Antminer S19-95T Di-Electric Fluid Cooling

Base Case

BTC Mining % of Total Power Production 50% 50% 50%

Bitcoin Price (US$/BTC) 100,000.00 33,000.00 10,000.00

Free Cash Flow IRR (US$ 5 year) 620.4% 192.7% 36.2%

Cash Flow NPV15 (US$ 5 year) 218,002,106 60,518,605 6,457,104 Payout Term (Months) 1 4 13

1st Year EBITDA (US$) 183,726,863 62,979,153 21,528,446

5 year Acc. Cashflow (US $) 340,759,784 99,277,791 16,380,988

Start Up Monthly Revenue (US $) 15,018,372 4,956,063 1,501,837 Purchase Option 0 0 0

Monthly OPEX (US $) 313,789 313,789 313,789

Hard Cost (US $) 17,605,108 17,605,108 17,605,108

Soft Cost (US $) 2,500,000 2,500,000 2,500,000

Total Project Cost (US $) 20,105,108 20,105,108 20,105,108 Reimbursable Costs 0 0 0

CAPEX (US $) (Deducting Reimbursable) 20,105,108 20,105,108 20,105,108

Salvage Value (US $) 16,084,086 16,084,086 16,084,086 Contract Term (years) 5 5 5 Tax Assumptions 30% 30% 30%

Economics visualized

$USD

How de we generate Revenue?

• Joining a Mining Pool costs between 1 and 2.5% of BTCs mined, butmakes revenue generation more predictable.

• BTCs converted into dollars/sterling and deposited quickly into a UK business bank account at spot or via a forward purchase contract via a large cryptocurrency exchange (i.e. Coinbase or Bitfinex) corporate account.

• Metcalfe Energy aims to create its own Mining Pool service when large enough to do so.

GANTT from project SanctionWeek 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52

Day 7 14 21 28 35 42 49 56 63 70 77 84 91 98 105 112 119 126 133 140 147 154 161 168 175 182 189 196 203 210 217 224 231 238 245 252 259 266 273 280 287 294 301 308 315 322 329 336 343 350 357 364

Contract Start

Contract Signature

Kickoff Meeting

Engineering

Basic Engineering

Approval

Detailed Engineering

Final Document Edition

Procurement & Manufacturing

Major Electrical Equipment

Process Equipment & Balance of Plant

Raw Materials

Transportation to Job Site

Installation

Civil Jobs

Piping & Mechanical Jobs

Electrical & Instrumentation Jobs

Commissioning

Startup & Functionality Test

Acceptance Test

Activity

Seed FundingPhase 1: Business Development, feasibility and Pre-FEED:

JOB TITLE MAN HOURS

UNIT RATE TOTAL COST

(USD/MH) (USD) Comments

1 Project Manager 384 180 69,120 16 Weeks x 3 days/week

2 Senior Consultant 1 384 150 57,600 16 Weeks x 3 days/week

3 Senior Consultant 2 384 150 57,600 16 Weeks x 3 days/week

4 Gas Process Engineer 288 100 28,800 2 Weeks x 3 days/week

5 Electrical Engineer 288 100 28,800 16 Weeks x 3 days/week

6 Civil Engineer 288 90 25,920 16 Weeks x 2 days/week

7 Equipment Specialist 288 120 34,560 16 Weeks x 2 days/week

8 Instrumentation and Control Engineer 288 90 25,920 16 Weeks x 2 days/week

9 Economical Evaluation Analyst 144 90 12,960 6 Weeks x 3 days/week

10 Environmental & Social impact Specialists 192 90 17,280 8 Weeks x 3 days/week

11 Scheduler 128 90 11,520 8 Weeks x 3 days/week

12 Cost Estimator 128 90 11,520 8 Weeks x 3 days/week

13 Real State Expert 128 90 11,520 8 Weeks x 3 days/week

14 Expert Legal Advisor (Contract, Government, etc.) 192 150 28,800 8 Weeks x 3 days/week

TOTAL 3,504 421,920

OTHER COSTS QTY USD/QTY USD

A Chromatographic Studies 5 1,300 6,500

B Flights 40 3,000 120,000

C Hotel Room-Nights 100 90 9,000

D Car Rental (days) 100 100 10,000

E Per diem expense 100 90 9,000

F Admin costs (project office) 1 170,000 170,000

G Permitting 1 100,000 100,000

H Marketing 1 100,000 100,000

TOTAL 524,500

Total personnel + other costs 946,420

Funding

• Metcalfe Energy is a UK LTD company registered in Wales and currently looking for seed funding for the company’s first project

• Metcalfe is looking for $1MMUSD to bring the initial projects through FEED engineering and procurement which will then lead to an investment grade project that will be funded with around a 50/50 debt equity split

• $1MMUSD seed funding is based on a company valuation of $10MMUSD

• Individual projects will have upwards of $20MMUSD CAPEX requirements

• Metcalfe would also like to investigate the option of funding through ICOs or STOs which have proven very lucrative in the past and look set to be an option during 2021

Why Metcalfe

• We are an end to end oil and gas to Bitcoin service delivery company• We specialise in securing high quality oil and gas deals for scales of 5MMSCFD

and upwards• Experience in Bitcoin since 2011• We build at substantially lower CAPEX and larger scale than our competition• Competition

• Upstream Data (1 MMSCFD maximum independents mainly in Alberta, Canada)

• Crusoe Energy (5 MMSCFD maximum in North Dakota, USA)• Layer1 (Exclusively solar and wind)

The big Picture

• Metcalfe Energy aims to be a global energy company targeting decentralized data processing market

• Metcalfe has worked up various project opportunities in Latin America through a business model that can be applied in any region of the world

• Power demands from data processing are expected to account for around 5% of global energy generation by 2030

The Metcalfe Team

John TomineyCo-Founder

John has been working in operations and commercial areas in oil and gas for over 15 years. Developing projects for Schlumberger, Technip FMC, Premier Oil and the British Government. John has established himself as a seasoned operator at senior executive level across the sector in Latin America.

Patrick MockridgeCo-Founder

Patrick has a unique set of skills intersecting businesses at all scales from start ups to large multinational corporations in the oil industry as a process engineer and technology as a founder and software developer. Patrick is a proven thought leader, multidisciplinary engineer and business strategist.

Antonio PrinceLatam Negotiations and Strategy specialist

35 years of experience in the oil, gas, geothermal, petrochemical, electricity and renewable industries. 25 years at Schlumberger in 13 countries with positions held in management.

Guillermo RomeroEngineering Advisor

With 38 years of experience in the definition of strategies and the development of projects of oil and natural gas production facilities. Guillermo is recognized as an international expert in fast track projects.

Jaime CuadrosColombia Geology & Engineering Advisor

Jaime has around 36 years of experience in oil and gas field development and operations, specifically with Ecopetrol. Jaime is recognized as an international expert in oil fields development and implement EOR and IOR.

Emeka Iheme Nigeria Business Director

Chemical Engineer with 8 years of diverse experience across the Oil & Gas value chain including Oilfield Services. Emeka is currently Deputy Secretary-General of the Nigeria Gas Association.

Dan MackayNon-Exec Director

Daniel began his career as a drilling engineer in 2007 working in various territories before taking over at NRG Well Management in late 2018 as Managing Director. In parallel with this, Daniel also holds Director roles with all three of the NRG Group of companies, and various Non-Exec roles in companies globally.

Contact us

• Website: https://metcalfe.energy• Patrick (CTO): patrick@metcalfe.energy• John (CEO): john@metcalfe.energy