H3 Energy Limited · ASX:H3E

H3 Energy — Whitebark Energy — Investor Presentation (October 2019)

18 slides from H3 Energy's investor presentation, October 2019

1. Slide 1: Growth through disciplined execution

   Growth through disciplined execution October 2019 Slide 1

2. Slide 2: Investment Highlights

   INVESTMENT HIGHLIGHTS 1 Successful execution of Wizard Lake Drilling Program  Rex-1 Discovery Dec 2018 – initial facilities and pipeline June 2019  Rex-2 stellar result of over 800 boe/d >50% oil (gross) in September 2019  Now targeting net >1,500 boe/d production (>70% oil) from Wizard Lake CY20

3. Slide 3: Corporate Overview

   CORPORATE OVERVIEW ABOUT WHITEBARK ENERGY SHARE PRICE PERFORMANCE 140 1.2  Whitebark is an ASX listed Company, focused on Rex-2 Result the development of Canadian oil and gas assets 120 1  Growing current net production 500 boe/d to a Rex-2 Spud targeted >1,500 boe/d in CY2020 100 0.8  Current ec

4. Slide 4: WBE: ASX's Expanding Oil and Gas Producer

   WBE : ASX’S EXPANDING OIL AND GAS PRODUCER Vision: To build a mid-tier oil & gas producer through drilling and acquisition Alberta, Canada Wizard Lake Oil Discovery - Jan 2019  Rex-1 and Rex-2 now producing  24+ additional drilling locations in the oil field*  Working Interest @ 40% of total fiel

5. Slide 5: Disciplined Strategy Execution

   DISCIPLINED STRATEGY EXECUTION Well-defined growth strategy Focus: Wizard Lake Development Alberta, Canada Phase 1: Completed* Reserves and Opportunistic Production  Rex-1 successfully drilled Purchases Growth  Flowing 300 bopd prior to end of clean up testing Good Quality Assets at Drilling vs ac

6. Slide 6: Wizard Lake Overview – Up to 11mmboe Field

   WIZARD LAKE OVERVIEW – UP TO 11MM BOE FIELD (PRE REX 2 DRILL)  Targeting Cretaceous Rex Sand − Data from Rex-1 and Rex-2 demonstrated excellent reservoir qualities (up to 21% porosity)  Passed over by previous producers in 1950-60’s targeting deeper Reef pools − Historic data provides strong well

7. Slide 7: Rex-2 – Peak Rate of 865 boe/d

   REX-2 – PEAK RATE OF 865 BOE/D - NATURAL FLOW Rex-2 drilled and fracced in August, tested in September 2019  Initial (constrained) peak production 865 boe/d* − 540 bbls/d oil − 2 mmscf/d gas  Elevated porosity levels of up to 21% recorded through the sand (Rex-1: 18%)  Toe Vertical Depth 1,572 me

8. Slide 8: Rex-2 Production Test Operations

   REX-2 PRODUCTION TEST OPERATIONS*  Well flowing under pump Day 1 - 2  First oil production Day 3  Pump was disengaged and well began to free flow  Peak rate of 865 boe/d. Decision made to choke back well due to noise levels being exceeded by Day 4 the flare. Oil and gas rates continue to increas

9. Slide 9: Wizard Lake – Rex Wells – Significant Operational Improvement

   WIZARD LAKE – REX WELLS – SIGNIFICANT OPERATIONAL IMPROVEMENT Rex-2 significantly outperformed Rex-1 Rex-1 Rex-2 Rex-3  Unexpectedly high gas of 2.1mmscf/d Depth 1,414m 1,572m 1570m  Rex-2’s peak production outperformed Rex-1 by 154% Length 1,237m 1,500m 1800m  Rex-2 potentially changes the expec

10. Slide 10: Accelerated Development Program

    ACCELERATED DEVELOPMENT PROGRAM  The initial production from Rex-2 significantly outperformed expectations, potentially redefining the production profile of upcoming development wells.  Potential Spud timeline: Rex-3 – Q4CY19 Rex-7 – Q2CY20 Rex-4 – Q1CY20 Rex-8 – Q3CY20 Rex-5 – Q1CY20 Rex-9 – Q3CY

11. Slide 11: Gas Pipeline and Facility Upgrades

    GAS PIPELINE AND FACILITY UPGRADES  Stage 1 of Wizard Lake facility installed for oil recoveries (permitted to flare ~1mmscfpd of gas)  Modular gas facility upgrades originally planned for post Rex-3  Rex-2 far exceeded gas expectations at >2mmscfpd, requiring production to be significantly const

12. Slide 12: Q4 Next Steps – Pipeline, Facilities and Rex-3

    Q4 NEXT STEPS – PIPELINE, FACILITIES AND REX–3 Infrastructure  ~3km pipeline to be built to connect to local gas network to sell Wizard gas.  Upgrade of modular facilities to ensure higher gas and oil production rates can be managed safely and efficiently. Rex-3  WBE Working Interest 50% after co

13. Slide 13: Investment Summary – Participate in a 2019 Growth Story

    INVESTMENT SUMMARY – PARTICIPATE IN A 2019 GROWTH STORY Transformational Period for WBE  Secured Wizard Lake opportunity  First two successful wells drilled on time and on budget  Results exceed expectations  Modular and scalable infrastructure  Speedy approvals, quick implementation ….and ther

14. Slide 14: Developing a Track Record of Successful Execution

    DEVELOPING A TRACK RECORD OF SUCCESSFUL EXECUTION Exploration  Drilled two horizontal wells at Wizard Lake during FY 2018/19* - On budget and on schedule  Rex-1 December 2018, Rex-2 August 2019, Rex-3 planning underway, targeting spud November CY2019  Expanded Wizard Lake by acquiring adjoining 6

15. Slide 15: Alberta, Canada – A Premier Address

    ALBERTA, CANADA – A PREMIER ADDRESS – 3RD IN WORLD RESERVES  100 rigs operating (3,500 wells/yr) + 1,250,000hp frac pumps  Supportive government and community  Attractive regulatory and fiscal regime  Highly experienced workforce  Low cost operating environment: − Drilling costs low, speedy app

16. Slide 16: Western Australia – Warro Gas Field

    WESTERN AUSTRALIA – WARRO GAS FIELD Perth Basin - Warro Gas Field (100% interest)  WA Government recently released Fracture Stimulation Implementation Plan – July 2019 − Marks the end of the ban on onshore fracture stimulation in WA − Companies may now submit applications to EPA for review  Four w

17. Slide 17: Disclaimer

    DISCLAIMER No representation or warranty, expressed or implied, is made by Whitebark Energy Ltd that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, Whitebark Energy, their officers, employees and advisers

18. Slide 18: Thank you

    Thank you David Messina Managing Director E: david.messina@whitebarkenergy.com Slide 18

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