UNLOCKING THE

HYDROCARBON
PROMISE OF MOROCCO.
PetroMaroc
Investor Presentation June 2014
PETROMAROCS VISION

2
TO BE THE LEADING
HYDROCARBON PRODUCER
IN MOROCCO.
PETROMAROCS MISSION

3
PETROMAROC APPLIES DISCIPLINED,
WELL PROVEN TECHNOLOGIES AND RISK
MANAGEMENT PRACTICES TO CREATE
LONG-TERM VALUE FROM NATURAL GAS
AND OIL FOR ITS SHAREHOLDERS AND
THE PEOPLE OF MOROCCO.
PetroMaroc leadership team
Dennis A. Sharp, Executive Chairman
D. Campbell Deacon, Non-Executive
Director
Yogeshwar Sharma, Non-Executive
Director
Thomas R. Vukovich, Non-Executive
Director
Gregory Boland, Non-Executive Director
Benjamin Yi, Non-Executive Director
Nicholas Brigstocke, Non-Executive
Director


Dennis Sharp, Interim Chief
Executive Officer
Martin Arch, Chief Financial Officer
Tom Feuchtwanger, VP Exploration
Neil Hamzaoui, VP Commercial
Development
4
DIRECTORS MANAGEMENT
PetroMaroc Corporate Snapshot
Market Information
Stock Exchange TSX-V
Trading Symbol (Longreach) LOI
PetroMaroc symbol (pending) PMA
Share Price (at June 6, 2014) C$0.31
Basic Shares Outstanding 81.1MM
Market Capitalization (Basic) C$25.1MM

Cash balance:
31 March 2014 US$ 2.8M (unaudited)




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Major Shareholders
1
Dundee Corporation: 15.1%
Blakeney LLP: 11.3%
West Face Capital: 10.6%


(1) As per Management Information Circular, at May 15, 2014
PetroMaroc Organization
6
PetroMaroc operational update; Summary and Conclusions
The Kechoula drilling campaign has discovered a significant natural gas
opportunity in the lower Liassic formation.
The Lower Liassic formation has the geological characteristics of a hybrid
(conventional and unconventional) natural gas reservoir.
North America is on the leading edge of using both conventional and
unconventional technologies to economically extract hydrocarbons from
similar looking reservoirs.
PetroMaroc has access to the experience and expertise required to extract
hydrocarbons from such reservoirs at very economic rates.
Development of this asset into a producing gas field will benefit not only our
shareholders but also introduce the Moroccan hydrocarbon sector to some of
the innovative technologies currently being used in North America.
7
PetroMarocs resource value-creation process
Identify the potential
Where do we choose to operate?
Capture the opportunity
Acquire exploration licenses.
Explore for drillable prospects
Obtain seismic, drill and test etc.
Appraise the discoveries
Understand the size and productive capacity of the
reservoir.
Develop the natural gas/oil
Achieve cost-effective production.
Optimize Production
Generate maximum returns for our shareholders and
Moroccans.

8
Concept


Play/Lead



Prospect/s



Field



Pool/s




Prospective
Resources





Contingent
Resources





Reserves

The Kingdom of Morocco

9
Identifying the potential Morocco

10
FAVOURABLE
ECONOMICS
PROVEN
PETROLEUM
SYSTEM
HUGE DEMAND
Price of gas
Royalty and taxation
Price of entry
Hydrocarbon Source
Migration
Reservoir rocks
Seals and traps

Energy deficit
Political stability
Development and industrialization
Gas Monetisation Opportunities
11
Moroccan Economic Landscape
Undersupplied Morocco imports 99% of oil, 91% of gas
Africas 2
nd
largest importer
Energy bill of US$10.7 billion in 2011, half of the trade deficit
Strong domestic market Energy demand +54% over last decade, on steady rise
Fiscal incentives 25% state participation
Gas royalty 5%, Oil 10%
10 year corporate tax holiday on discovery
Local Gas Market: opportunities and upside potential
Phosphate
Industry / OCP
Morocco is home to 85% (51 billion tons) of the worlds known phosphate reserve
African Development Bank loaned $250 million to OCP for industrial platform at Jorf Lasfar
Moroccan exports as share of world trade: 32% phosphate rock, 11% fertilizers
OCP plans to double production of rock and triple production of MAP / DAP / AP by 2020
Electricity Potential gas conversion into electricity
Tahaddart: gas intake capacity 49 mmcf/day
Ain Beni Mathar: gas intake capacity 34 mmcf/day Gas
80% of electricity primary energy source is thermic
Fundamental
economics
Competitive gas price
Spot condensate price
Trade Deficit and Energy Bill (US$b)
Source: ONHYM, OCP, ONE
Producing basins in Morocco and neighboring countries

12
The Kingdom of Morocco
Capital: Rabat. Official language: Arabic
Area: 172,414 sq mi (446,550 sq km)
Population: About 32 million
Chief products: Agriculture, Manufacturing, Mining phosphate rock, phosphoric acid
Political system: Morocco is a constitutional monarchy under a hereditary king. The
legislature has two houses the Chamber of Representatives, members elected directly; the
Consultative Chamber, members chosen by electoral college. The king appoints the prime
minister and cabinet.
Oil and natural gas:
5,057 bbl/day (2012 est.), world ranking: 99
Crude oil imports: 122,900 bbl/day (2010 est.)
Crude oil proved reserves:680,000 bbl (1 January 2013 est.)
Moroccos world ranking: 98
13
Capturing the Opportunity; Acquiring exploration licenses
14
Sidi Moktar: Drilled two wells
(100% gross interest 50% net interest)
Sidi Moussa: Farmed out to Genel.
Well planned for 4Q 2014
(2% gross interest 1.5% net interest)
FoumDraa: Farmed out to Cairn.
Dry hole
(3.3% gross interest 2.5% net interest)
Zag License: Expires May2015
(30% gross interest 22.5% net interest)
Tarfaya: Transferring interest to SLE
Explore for drillable prospects; seismic, drilling etc
15
The Kechoula prospect in the Sidi Moktar Exploration License
16
KOBA
KECHOULA
STRUCTURE
MESKALA
POOL
HYDROCARBON
SOURCE/KITCHEN
16
KOBA-1; Drilling results
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INCREASE IN GAS CONTENT
(in ppm)_
45M OF GROSS
LOWER LIASSIC
RESERVOIR
SAND.
WITH A
VERY
STRONG
INFLUX OF
GAS.
LITHOLOG
GAS CHROMATOGRAPH
SIGNIFICANT INFLOW OF
WATER AT 1873m
HIGH FORMATION
PRESSURE (6000psi)
REQUIRED THAT THE
MUD WEIGHT BE
INCREASED TO 2.3SG TO
CONTROL INFLOW
DUE TO THE DAMAGE OF THE
RESERVOIR AND WELLBORE BY THE
HEAVY DRILLING MUD, THE
EFFECTIVENESS OF WIRELINE LOGS
AND THE COLLECTION OF PRESSURE
AND FLUID SAMPLES WAS VERY
LIMITED.
17
Koba-1; a Discovery or an Occurrence?
Occurrence:
Gas inflow from chromatograph
Visual description of reservoir quality
Lithology from well cuttings
Clean sand from Gamma ray log
Mineralogy and petrography from core
Visual porosity estimation
Formation pressures from drilling data.
Discovery:
Quantitative data from wireline logs:
Effective porosity from neutron/density logs
Water/gas saturations from resistivity logs
Net and gross pay from logs
Quantitative data from cores:
Porosity and permeability
Wettability and electrical properties
Area from Geology/geophysics.
Quantitative data from tests:
Formation pressures
Gas composition
Size and deliverability.
18
Results of core analyses; rock descriptions from thin sections
19
Conventional reservoir:
High porosity and
permeability.
Unconventional reservoir:
Low porosity and
permeability
Non-Reservoir:
No porosity or permeability.

19
Core Analyses; Permeability vs Porosity
20
CURRENT
PRODUCTION
FROM
MESKALA.
High Quality
Medium Quality
Tight Gas
20
Classification of the Lower Liassic reservoir quality for Koba-1

21
Koba-1 demonstrated that the Kechoula structure has Lower Liassic
reservoir which is gas charged
22
KOBA-1 KAMAR
The Kechoula Structure in 3-D, showing the Koba and
Kamar drilling locations
23
KOBA KAMAR
KECHOULA
STRUCTURE
MESKALA
POOL
KAMAR-1; Geological prognosis and drilling design
24
Kamar-1:
Drilling Curve
25
Contract depth
Pressure increase

Planned Final total depth
LOWER
LIASSIC
TRIASSIC
?
?
Actual Final Total Depth
Kamar-1: Slow drilling

26
Hard and abrasive rocks
in the shallower section
damaged the PDC bits
which dramatically
reduced the rate of
penetration
Kamar-1: New gas bearing zone encountered
27
LITHOLOG
GAS
CHROMATOGRAPH
Kamar-1: Lower Liassic reservoir section & logs showing gas
pay
28
LITHOLOG
WIRELINE LOGS
Log analysis: Lower Liassic zone Kamar-1
29 29
GAS SAND
How Koba & Kamar lowered exploration risk of the Kechoula structure
30
KOBA-1 KAMAR
Koba & Kamar demonstrate that the entire Kechoula structure is gas filled
31
KECHOULA
STRUCTRE
MESKALA
KOBA
KAMAR
~ 10KM
Classification of the Lower Liassic reservoir quality for Koba-1

32
CONVENTIONAL
UNCONVENTIONAL
Kechoula structure: size of the prize
33 33
350-
500BCF
CONVENTIONAL
UNCONVENTIONAL
Multiple
TCFs
Koba and Kamar have been suspended
34
KAMAR KOBA-1
Our resource value-creation process. Where we are now?
Identify the potential
Where do we want to operate?
Capture the opportunity
Acquire exploration licenses.
Explore for drillable prospects
Obtain seismic, drill and test etc.
Appraise the discoveries
Understand the size and productive capacity of
the reservoir.
Develop the natural gas/oil
Achieve cost-effective production.
Optimize Production
Generate maximum returns for our
shareholders and Moroccans.
35
Concept


Play/Lead



Prospect/s



Field



Pool/s




Prospective
Resources






Contingent
Resources




Reserves

Understand the size and productive capacity of the reservoir
Appraise these natural gas finds with the most cost-effective
technologies, including advanced completion techniques, to determine
highest potential value
Testing program elements both wells in Q4 2014
Procure and deploy rig and completion equipment to complete prospective zones
Conduct drill-stem or production tests to determine flow, volume, pressure,
recovery, rock properties etc.
Evaluate test results and determine reserves potential and potential
deliverability with internationally recognized independent qualified
reserves evaluator.
36
Immediate funding required for the appraisal phase is $45 million
Proposed operations, timing and budget:
Testing and evaluating the existing wells and data (~$5 million, Q3/Q4
2014).
Acquire 3D seismic over the Kechoula structure (~$10 million, Q1 2015).
Drill 2-3 additional delineation and appraisal wells on the Kechoula
structure. (~$30 million, Q3/Q 42015).
37
Our resource value-creation process. Where we are now?
Identify the potential
Where do we want to operate?
Capture the opportunity
Acquire exploration licenses.
Explore for drillable prospects
Obtain seismic, drill and test etc.
Appraise the discoveries
Understand the size and productive capacity of
the reservoir.
Develop the natural gas/oil
Achieve cost-effective production.
Optimize Production
Generate maximum returns for our
shareholders and Moroccans.
38
Concept


Play/Lead



Prospect/s



Field



Pool/s




Prospective
Resources






Contingent
Resources




Reserves

Kechoula development will probably use conventional and
unconventional technologies
39
Existing Infrastructure and Opportunities
Existing infrastructure
Gas moved via 8 pipeline with spare
capacity to OCP phosphate mine spare
capacity, subject to technical feasibility
ONHYM moving condensate to
Mohammedia refinery on truck mounted
tanks
Condensate separation plants
Toukimt: capacity 2.8 mmcf/d
Meskala: capacity 6 mmcf/d
Nearby industrial ports

40
KO-1
KA-1
5km
Source: ONHYM, Ministry of Energy
PetroMaroc operational update; Summary and Conclusions
The Kechoula drilling campaign has discovered a significant natural gas
opportunity in the lower Liassic formation.
The Lower Liassic formation has the geological characteristics of a hybrid
(conventional and unconventional) natural gas reservoir.
North America is on the leading edge of using both conventional and
unconventional technologies to economically extract hydrocarbons from
similar looking reservoirs.
PetroMaroc has access to the experience and expertise required to extract
hydrocarbons from such reservoirs at very economic rates.
Development of this asset into a producing gas field will benefit not only our
shareholders but also introduce the Moroccan hydrocarbon sector to some of
the innovative technologies currently being used in North America.
41
Join PetroMaroc in its promising pursuit of unlocking Moroccos promise
May 16 (Reuters) - Moroccan authorities said on Friday gas drilling by Longreach
(PetroMaroc) had found encouraging signs in the Kamar-1 well, located at Sidi
Moktar, near the city of Essaouira.

The announcement by the Office of Hydrocarbons
and Mining (ONHYM) [that the Kamar well] was the
most positive result so far since Morocco started to award dozen of permits to
foreign oil companies in the past few years to develop its energy resources.

"The drilling has encountered signs of gas in two levels inside a Jurassic formation,"
ONHYM said in a statement carried by the state news agency MAP.

42
UNLOCKING THE
HYDROCARBON
PROMISE OF MOROCCO.
PetroMaroc
Investor Presentation June 2014