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Disclaimer. Disclaimer. IMPORTANT NOTICE

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disclaimer
Disclaimer

Disclaimer

IMPORTANT NOTICE

 This presentation and any accompanying management discussion of this presentation (the "Presentation") are confidential and being given by Kea Petroleum Plc (the "Company"). This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 ("FSMA") and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience in matters relating to investments in the United Kingdom: (i) that the Company reasonably believes are of a kind described in either article 19(5) (investment professionals) or article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; or (ii) to whom it may otherwise be lawfully given, (all such persons together being referred to as "relevant persons"). This Presentation must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this Presentation relates is available only to relevant persons and will be engaged in only with relevant persons.

No offer or invitation or solicitation of any offer to acquire securities of the Company or any new company to be established at the Company\'s direction is being made at this time in any jurisdiction nor does this Presentation constitute or form a prospectus or part of any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA).

No reliance may be placed for any purpose whatsoever on the information or opinions contained in or given during this Presentation. The information and opinions contained in or given during this Presentation are provided as at the date hereof, are not necessarily complete and are subject to change without notice. No representation, warranty or undertaking is given by or on behalf of the Company or Royal Bank of Canada Europe Limited trading as ‘RBC Capital Markets’ ("RBC") or their respective directors, officers, shareholders, employees, agents and advisors as to the accuracy, completeness or reasonableness of the information or opinions contained in or given during this Presentation and no liability is accepted or incurred by any of them for or in respect of any such information or opinions, provided that nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently. RBC does not have any authority to make any representation or warranty on behalf of the Company or any other person connected with the Company.

The contents of this Presentation are confidential and must not be copied, published, reproduced, distributed or passed in whole or in part to others at any time by recipients and its contents are confidential. This Presentation is being provided to recipients on the basis that they keep confidential any information or opinions contained herein or otherwise made available, whether oral or in writing, in connection with the Company. In particular, this Presentation should not be distributed, published or reproduced in whole or in part or disclosed by recipients and, in particular, should not be distributed to United States residents, corporations or other entities, US Persons (as defined in Regulation S promulgated under the United States Securities Act of 1933 (as amended)), persons with addresses in the United States of America (or any of its territories or possessions), Canada, Japan, the Republic of Ireland, the Republic of South Africa or Australia, or to any corporation, partnership or other entity created or organised under the laws thereof, or in any other country outside the United Kingdom where such distribution may lead to a breach of any law or regulatory requirement.

This presentation may be provided to recipients in New Zealand, and if so is directed only at persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money within the meaning of section 3(2)(a)(ii) of the Securities Act 1978 (New Zealand), acting as principal and not on behalf of others, and persons to whom it is otherwise lawful to distribute it. It is not, and is not intended to contain or be associated with, any offer of securities to the public in New Zealand, and subscriptions will not be accepted except from those named investors to whom it is provided.

Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Statements, beliefs and opinions contained in this Presentation, particularly those regarding the possible or assumed future financial or other performance of the Company, industry growth or other trend projections are or may be forward-looking statements, beliefs or opinions and as such involve risks and uncertainties. Certain statements contained in this Presentation constitute forward-looking statements. When used in this document, words such as “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Such statements reflect the Company’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company’s actual results, performance or achievements to vary from those expressed or implied in this Presentation. Should one or more of these risks or uncertainties materialise, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in Presentation as intended, planned, anticipated, believed, estimated or expected. Accordingly, there can be no assurance that the projected results, projections or developments will be attained. No representation or warranty, express or implied, is given or made by the Company or any of its respective directors, employees or advisers or any other person as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, estimates or forecasts or the statements, beliefs and opinions expressed in this Presentation and nothing in this Presentation is or should be relied on as a promise or representation for the future.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company.

RBC, which is authorised and regulated in the UK by the Financial Services Authority, is acting in the provision of corporate finance business to the Company, within the meaning of the Financial Services Authority’s Conduct of Business Sourcebook. RBC’s responsibilities as the Company’s financial adviser are owed solely to the Company and not to any other person. RBC is acting exclusively for the Company and no one else in connection with this Presentation and will not regard any other person (whether or not a recipient of this document) as a client in relation to any matter, transaction or arrangement discussed or referred to in this Presentation and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the content of this Presentation or any matter, transaction or arrangement discussed or referred to in it.

No recipient of or attendee at this Presentation should deal in or attempt to deal in or otherwise engage in any behaviour which would or might constitute market abuse (as defined in section 118 of FSMA) in relation to any securities or other qualifying investments to which this Presentation relates. This Presentation contains inside information and accordingly recipients of or attendees at this Presentation will not be able to deal in any securities of the Company before the information is made public in accordance with the insider dealing provisions of Part V of the Criminal Justice Act 1993. No individual within the Company, its associates or RBC is, by virtue of making this Presentation, encouraging recipients of or attendees at this Presentation to deal in accordance with section 52(2)(a) of the Criminal Justice Act 1993

By agreeing to attend or receive this Presentation you: (i) represent and warrant that you are a relevant person; and (ii) agree to the foregoing (including, without limitation, that the liability of the Company, RBC and their respective directors, officers, employees, agents and advisors shall be limited in the manner described above). IF YOU ARE NOT A RELEVANT PERSON OR DO NOT AGREE WITH THE FOREGOING, PLEASE IDENTIFY YOURSELF IMMEDIATELY.

overview of kea petroleum plc
AIM IPO February 2010

Four exploration permits: three onshore and one offshore in the Taranaki Basin

Onshore: 100% interest in three petroleum exploration permits, totalling 990 sq km (244,510 acres)

Offshore: 100% interest in Taranaki exploration permit of 232.5 sq km (57,452 acres)

Present best estimate prospective resources1 in the Taranaki permit areas exceed 1.92 TCF gas & 126 mmbbl oil/condensate

Management team have considerable experience in this area and the geotechnical team were involved in a number of discoveries in the region

Unique joint venture arrangement with Methanex

Overview of Kea Petroleum plc

1. P50 Recoverable

taranaki basin a proven hydrocarbon province
Taranaki Basin is the main focus for hydrocarbon E&P in New Zealand

Home to Australia & New Zealand’s largest onshore oil field (McKee -55 MMbbl), two large onshore gas-condensate fields (Kapuni & Mangahewa), and a large nearshore gas-condensate field (Pohokura) adjacent to Kea acreage

Oil discoveries have been recently developed offshore with the Tui & Maari fields along with development of the Kupe & Pohokura gas-condensate fields

There are 18 onshore & 6 offshore fields producing from a number of stratigraphic levels

Total proven producing reserves are in excess of 1 billion barrels oil equivalent

Taranaki Basin: A Proven Hydrocarbon Province
taranaki basin
Taranaki Basin
  • Kea has four licences, with 9 prospects and P50 of 1.2 TCF of gas and 96 MMB of oil/condensate

Pohakura

Mangatoa

Mangahewa

Angus

McKee

Autawa

Tuihu East

Mauku

Tariki

Huinga

Ngaere/Waihapa

Tunnel

Cheal

Mercury

Copper Moki

Douglas

Puka

puka 1 pep 51153
Puka-1: PEP 51153

Oil strike April 2012 – Awaiting flow testing

Targeting Mount Messenger sands – shallow and deemed lower risk than Mauku-1 and Douglas-1

Significant number of similar discoveries in Taranaki, e.g.

Copper Moki discovery (NZEC)

Cheal field (TAG Oil) both within 5,000m of Puka

Combined market cap of NZEC and Tag Oil US$833m

Well costs – c. US$2.4mm including testing

Puka

douglas 1 pep 51153
Tikorangi fractured limestone target intersected with full fluid loss. Together with shows of oil and gas. Testing has commenced.

New seismic acquired in February funded jointly with Methanex assisted targeting of well

24 mmbbls of oil have been produced from the adjacent Waihapa/Ngaere field, from a fractured limestone reservoir; with individual wells producing at up to 10,000 bbls/d

Douglas drilled from Wingrove site which has full production facilities

Well costs – c. US$6mm including testing

Douglas-1: PEP 51153
slide11

Interpretation of KEA 53-12-01 PSDM

Waihapa-4

Douglas-1

Km SS

0

East

West

1

2

Murihiku

Tikorangi Lst

OWC

Murihiku

3

Tikorangi Lst

Kapuni

Kapuni

4

Taranaki Fault

5

No vertical exaggeration

slide12

PEP 51153 & 51155: Eastern margin Tikorangi Lmst sub-thrust prospects and leads

Hickman

Piko

Tuihu East

Kea controls same 50km of eastern margin on trend Tikorangi limestone play

Douglas

pep 52333 mercury offshore north taranaki
PEP 52333 Mercury – offshore North Taranaki

3D seismic programme in Q2/2012 now deferred until 2013 awaiting seismic vessell

Potential to discover up to 300 million barrels of oil

Oil shows in offset wells

7km offshore, and drillable from onshore by EWD well

Considered one of Company’s main assets

Seismic line

mercury fan seismic line dip direction
Mercury Fan seismic line (dip direction)

W

E

Herangi Unconformity

(Sw on Sl)

Prospect Mercury

Mid Altonian

(Pluto 1258m Sand)

Mercury Sandstone

(Otaian)

Mars Thrust

Top Murihiku Basement

(Jurassic)

methanex alliance agreement mauku deal
Methanex Alliance Agreement & Mauku Deal

Kea entered into a strategic alliance with Methanex during 2011

Farm-in and offtake agreement

Methanex Corporation (Canada) is the world\'s largest distributor, and a major manufacturer, of methanol – 15% world market share*

Methanex New Zealand Limited owns two methanol plants in the province of Taranaki which are working at reduced capacity due to lack of gas. These plants have a maximum potential demand for gas of 90bcf/annum

Motunui facility*

Strategic Alliance – Highlights

  • Methanex to co-fund drilling of Mauku-1, on-going discussions regarding other projects
  • Methanex to receive share of profits from commercial discoveries
  • Offtake gas price linked to world price of methanol
  • Condensate price linked to world oil price

Waitara facility*

*Source: Methanex CIBC World Markets presentation January 2010

mauku 1 pep 381204
Mauku-1: PEP 381204

Possible upside potential recoverable resource > 1 TCF of gas and 50 million barrels of condensate / oil

Drilling programme

Test Mangahewa sands

Deep drill to 3,400m in drill hole late Q4 2012 or early Q1 2013

Remote coastal location

Access to national pipeline system 25km south east of prospect. A 70km subsea pipeline direct to Methanex’s Motonui plant also feasible if upside discovery is made.

Site preparation – challenging location – 20km of public road and 4km of new road access to be prepared

Well costs – c. US$15mm before testing to be met 50/50 by Methanex

kea prospects gross resource potential
Kea Prospects: Gross Resource Potential

Source: MBA Petroleum Consultants as adapted by Kea inhouse staff

funding
Funding
  • Kea is fully funded for its 2012 drilling programme
  • Alliance with Methanex reduces drilling cost while retaining 100% ownership
listed companies tag oil nzec kea
Oil / gas Reserves within 10 km of permits are similar for all three companies

KEA & NZEC acreages are much more lightly drilled than TAG acreage

KEA has no holdings in the non producing East Coast Basin where both TAG and NZEC are active

Conclusions

KEA has 10 times more net prospective acreage in Taranaki than TAG, and twice that of NZEC

KEA has 1/7 the Market Cap of TAG and 1/5 that of NZEC

KEA has bigger prospects in Mauku and Douglas and Huinga than either TAG or NZEC

Investment in KEA has greater upside potential than either TAG or NZEC

Listed Companies TAG OIL, NZEC & KEA

All figures as at 22 May 2012

capitalisation and ownership summary
Capitalisation and Ownership Summary

*Thornaby Limited is a company wholly owned by the trustees of the IR Gowrie-Smith Settlement of which I R Gowrie-Smith is a beneficiary

** Ocarina Investments is a company wholly owned by D J Lees Family Settlement of which D J Lees is a beneficiary

summary
Summary

Exciting 2012 drilling programme already successful

Puka 1: Oil Strike awaiting flow testing

Douglas 1: Oil shows completion and testing

Farm-in and offtake agreed with Methanex

At a transformational point

slide22

Kea Petroleum

5-8 the Sanctuary

London, SW1P 3JS, United Kingdom

tel +44 (0) 207 340 9970

fax +44 (0) 207 222 6684

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