Baron Oil : Building an Asian Gas Champion

Company Presentation

Building an Asian Gas Champion

May 2024

www.baronoilplc.com

Important Notice & Disclaimer

The information contained in this document ("Presentation") has been prepared by Baron Oil plc (the "Company"). The Company is a UK company quoted on AIM, a market operated by London Stock Exchange plc. This Presentation has not been fully verified and is subject to material updating, revision and further verification and amendment without notice. This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 (as amended) ("FSMA") and therefore it is being provided for information purposes only.

While the information contained herein has been prepared in good faith, neither the Company nor any of its directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

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The technical information contained in the Presentation has been reviewed and approved by Jon Ford BSc, Fellow of the Geological Society, Technical Director of the Company. He has compiled, read and approved the technical disclosure in this Presentation and indicated where it does not comply with the Society of Petroleum Engineers' standard.

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Slide 1

Baron Oil: Introduction

• London AIM-listed E&P Company (BOIL.L)
• Focus on high value gas in SE Asia region
• • Asia Pacific is the key demand hub for global gas
  • Displaces coal and oil in electricity generation
  • Baron plans to change its name to reflect Asia focus
• Material asset in Chuditch field, offshore Timor-Leste
• • Timor Sea region well situated for APAC markets
  • Substantial discovered and low risk prospective gas resources in shallow water on prolific gas trend
  • Preparing to drill key Chuditch-2 appraisal well by early 2025
  • Farm-Upwith government partner completed, other farm-out and funding discussions ongoing

Principal

LNG flows

in Asia

Pacific

Domestic & relatively minor LNG flows not shown

Slide 2

Robust Long-Term Growth in Gas Demand Forecast for SE Asia

SE Asia gas production & demand, 2018-2050 (PJ)

SE Asia electricity generation by economy, 2018-2050 (TWh)

• Population and GDP growth trends expected to drive energy demand (including gas) through 2050
• GDP of 4 SE Asia economies expected to grow >3x by 2050 (Indonesia, Malaysia, Philippines & Vietnam)
• 186% increase expected in gas demand by 2050 in SE Asia, driven by climate ambitions and GDP growth
• Long term LNG price trends expected to reflect energy demand growth

Source: The Role of Natural Gas in Southeast Asia 2023, Asia Pacific Energy Research Centre (https://aperc.or.jp/)

Slide 3

Gas needed to displace coal in meeting Asian energy demand growth

New and existing coal-fired power plants
	Energy Demand and Air Quality in Beijing
	Demand (Bn m3 equiv.)

Unhealthy Days*

*(defined as an Air Quality index with PM 2.5 greater than 150 µg/m3 )

NE Asia	SE Asia
Households with air
		conditioning

565 million people

Source: https://www.carbonbrief.org/mapped-worlds-coal-power-plants/	Source: Shell LNG Outlook 2024	Slide 4
Source: Baron based on EIA, SE Asia Energy Outlook 2019

Proposed New Name Reflects Focus on SE Asia

New Name:	Sunda Energy plc* (SNDA.L)
Origin:	Geographical term for much of SE Asia
Strategy:	Capture and mature material gas assets
	with robust commercialisation options

Singapore

Baron office	Dili
Existing Asset	Chuditch

Competitive Advantages

• Robust gas market demand
• Strong government alignment
• Excellent networks and reputation
• Extensive regional knowledge
• Material anchor asset in Chuditch
• Established operating platform
• Clear opportunity pipeline

* Subject to shareholder approval at AGM on 21 June

Slide 5

Timor Sea: A Prolific Asia Pacific Gas Development Fairway

Timor Sea gas fields, key players and infrastructure	•	Bayu Undan (Santos):
	• Late life field; preparing for conversion to CCS facility
						•	Greater Sunrise (Woodside):
							• Ongoing negotiations between JV and governments
						•	Chuditch (Baron/SundaGas):
							• Now Timor-Leste 2nd largest field, appraisal planned
							• Similar water depth and reservoirs to Bayu Undan
						•	Evans Shoal (Eni):
							• Development plans being reviewed
						•	Barossa (Santos):
							• Under development, first gas expected H2 2025
						•	Abadi (INPEX):
							• Development plan approved; FID expected 2026
						•	Exploration:
							• ENI signed PSC for Block P, plan 3D and drilling

Slide 6

Timor-Leste Operating Environment: Unique Partnerships

Young, dynamic, democratic republic, with major development challenges

• Economy dependent on Bayu Undan revenues (now depleted) and Petroleum Fund
• Keen to see the development of new resources, including Sunrise and Chuditch
• Strong alignment with regulator (ANP) and JV Partner (TIMOR GAP)

Farm-Up Deal between SundaGas 1 and TIMOR GAP 2

80%

Payingcosts

Share

20% costs

Carried

Share

• TIMOR GAP initially had 25% carried interest
• Q1 2024 Farm-Up, assigned further 15%
• SundaGas retains 60% operating interest
• Farm-Updeal demonstrates:
• • government support and financial commitment
  • technical and commercial validation

1	SundaGas Banda Unipessoal Lda, 100%-owned subsidiary of Baron	Slide 7
2	Timor Gap Chuditch Unipessoal Lda, a subsidiary of state-owned TIMOR GAP E.P.

Chuditch PSC Technical Summary

• Chuditch field (SundaGas 60%)
• • shallow water gas field discovered by Shell in 1998
  • reprocessed 3D seismic images field for first time
  • Contingent Pmean discovered gas resource = 1,165 Bcf 1
  • preparing to drill and test Chuditch-2 by early 2025
  • evaluating gas development and export options
• Appraisal well objectives
• • significant updip step-out, 5.1 km from discovery well
  • predict 149m gas column (v. 30m at Chuditch-1)
  • validate gas resource estimates / production flow test ("DST")
• Additional Prospectivity of >2 Tcf

•	Chuditch NE:	Pmean Prospective = 863 Bcf 2, POSg = 34%
•	Chuditch SW:	Pmean Prospective = 855 Bcf 2, POSg = 40%
•	Quokka:	Pmean Prospective = 410 Bcf 2, POSg = 26%

1. CPR prepared by ERC Equipoise Pte. Ltd., Feb. 2023; SPE PRMS compliant standard
2. SundaGas management estimates

Note: resources are gross including off PSC area, not net attributable to PSC

Slide 8

Chuditch Appraisal Plan

• Plan to drill and test end 2024 / start 2025
• Appraisal 5.1 km from discovery, in 68m water
• 149m gas column expected (vs. 30m at Chuditch-1)
• Drill team assembled; site survey completed

Slide 9