Burggraben Holding AG 01/02/2022

Production Model Bretana Field: 3P

Summary NAV: Upside Case (WACC 10%) Reserves (Net) Unrisked Chance of Risked Unrisked Unrisked Of total Risked Risked Of total Comment
3P Reserves with 19% RF for Core NAV WI Gas Liquids Total NAV Success NAV NAV NAV NAV NAV NAV NAV
01/02/2022 in % bcf Mbbl Mboe US$m in % US$m CADm p/share in % CADm p/share in % Burggraben analysis
Producing Assets: diluted diluted
Block 95 - Brentana, Peru 100.0% 0.0 39.8 39.8 1,020 100.0% 1,020 1,428 1.555 56.7% 1,428 1.555 101.4% 19% recovery factor; 579 MMbbl OOIP
Other 0 0.0% 0 0 0.000 0.0% 0 0.000 0.0%
_______ _______ _______ ________ ________ ________ ________ ________ ________ ________ ________ ________
Producing Assets 0.0 39.8 39.8 1,020 100.0% 1,020 1,428 1.555 56.7% 1,428 1.555 101.4%
Adjusted Cash (Net Debt): 31/12/2021 (22) (22) (31) (0.033) (1.2%) (31) (0.033) (2.2%) Assumes LT receivable of $30m paid by PP
NPV TLCF 0 0 0 0.000 0.0% 0 0.000 0.0% Included in Bretana; US$ 310 million
NPV G&A adjustments 0 0 0 0.000 0.0% 0 0.000 0.0% included in Bretana
_______ _______ _______ ________ ________ ________ ________ ________ ________ ________ ________ ________
Core NAV 0.0 39.8 39.8 998 100.0% 998 1,397 1.521 55.5% 1,397 1.521 99.2%
_______ _______ _______ ________ ________ ________ ________ ________ ________ ________ ________ ________

Development Assets:
none 0.0 0.0 0.0 0 0.0% 0 0 0.000 0.0% 0 0.000 0.0%
_______ _______ _______ ________ ________ ________ ________ ________ ________ ________ ________ ________
Risked development NAV 0.0 0.0 0.0 0 0.0% 0 0 0.000 0.0% 0 0.000 0.0%
_______ _______ _______ ________ ________ ________ ________ ________ ________ ________ ________ ________

Exploraton & Appraisal Assets:

Block 107 - Osheki 100.0% 534.0 534.0 801 1.0% 8 1,121 1.221 44.5% 11 0.012 0.8% $1.5/bbl of mean unrisked prosp. resource
Block 133 100.0% n/a n/a 0 0.0% 0 0 0.000 0.0% 0 0.000 0.0%
_______ _______ _______ ________ ________ ________ ________ ________ ________ ________ ________ ________
Appraisal NAV 0.0 534.0 534.0 801 1.0% 8 1,121 1.221 44.5% 11 0.012 0.8%
_______ _______ _______ ________ ________ ________ ________ ________ ________ ________ ________ ________
Total NAV 0.0 573.8 573.8 1,799 55.9% 1,006 2,519 2.743 100.0% 1,409 1.534 100.0%
_______ _______ _______ ________ ________ ________ ________ ________ ________ ________ ________ ________
Share Price CAD/share 0.590 0.590 01 February 2022
_______ _______
Upside in % 365% 160% 2.6
_______ _______

Input: Assumed: 01/02/22

USD/CAD exchange rate 1.40 1.269
Number of shares 918.4 816.2 million
Price Deck: Brent post 2021 80.0 89.7 $/bbl
Recovery Factor 19.0%

Page 1 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Summary
The model only values the Bretana field and does not assign value to the Blocks 107/133 (namely Osheki field which is in currently farmed out);
We assume 3P reserves of 80 Mmboe and plateau production around 34,000 bpd in 2021 (exit rate) from 18 producers & 3 water disposal wells;

Financial Summary 01/02/2022 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Market Valuation 31/12/18 31/12/19 31/12/20 31/12/21 01/02/22
Market cap US$ million TAL CN Equity 386.4 98.9 272.2 166.0 305.0 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3 434.3
Net Debt (Cash) US$ million (27.3)
__________ (27.3)
__________ 23.9
__________ (14.8)
__________ (3.3)
__________ (213.8)
__________ (397.3)
__________ (681.8)
__________ (938.3)
__________ (1,142.9)
__________ (1,315.0)
__________ (1,459.3)
__________ (1,580.0)
__________ (1,680.7)
__________ (1,764.8)
__________ (1,835.7)
__________ (1,895.8)
__________ (1,947.1)
__________ (1,990.9)
__________ (2,021.8)
__________ (2,048.1)
__________ (2,070.1)
__________
Enterprise Value US$ million 359.1 71.6 296.1 151.2 301.6 220.4 37.0 (247.5) (504.1) (708.7) (880.7) (1,025.1) (1,145.7) (1,246.5) (1,330.5) (1,401.4) (1,461.6) (1,512.8) (1,556.6) (1,587.5) (1,613.9) (1,635.8)

Share Price
Share Price CAD per share 0.5900 0.2350 0.5000 0.2500 0.4200 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900 0.5900
FX: USD/CAD 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000 1.4000
Share Price US$ per share 0.4214 0.1679 0.3571 0.1786 0.3000 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214 0.4214

Summary DCF Valuation: PV10

Upside in % 164.9% Price Deck: $ 68/bbl $ 64/bbl $ 43/bbl $ 67/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl $ 80/bbl

Market Valuation
Free Cash Flow Yield to share price in % -22.5% -30.4% 14.6% -9.5% 54.1% 46.9% 72.7% 65.2% 51.5% 42.9% 35.5% 29.2% 23.9% 19.5% 16.0% 13.1% 10.8% 8.8% 5.4% 4.2% 3.0%
Price / Book x 1.3x 2.0x 0.9x 0.9x 0.7x 0.5x 0.4x 0.3x 0.3x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x 0.2x
EV per flowing barrel US$ / bbl 149,530 72,115 26,720 24,983 12,293 1,560 (9,339) (24,058) (40,680) (60,804) (84,867) (114,417) (149,712) (192,199) (242,768) (305,406) (380,185) (470,493) (575,413) (705,599) (860,160)
EV per barrel of reserves US$ / bbl 0.7 2.7 1.4 2.8 2.2 0.4 (3.0) (6.8) (9.8) (13.2) (16.5) (19.5) (22.4) (25.1) (27.5) (29.7) (31.7) (33.4) (34.9) (36.1) (37.2)

Free Cash Flow Yield

Free Cash Flow per share US$ per share (0.04) (0.11) 0.03 (0.03) 0.23 0.20 0.31 0.27 0.22 0.18 0.15 0.12 0.10 0.08 0.07 0.06 0.05 0.04 0.02 0.02 0.01
Yield per share in % -22.5% -30.4% 14.6% -9.5% 54.1% 46.9% 72.7% 65.2% 51.5% 42.9% 35.5% 29.2% 23.9% 19.5% 16.0% 13.1% 10.8% 8.8% 5.4% 4.2% 3.0%

Leverage:
Net Debt US$ million (27.3) 23.9 (14.8) (3.3) (213.8) (397.3) (681.8) (938.3) (1,142.9) (1,315.0) (1,459.3) (1,580.0) (1,680.7) (1,764.8) (1,835.7) (1,895.8) (1,947.1) (1,990.9) (2,021.8) (2,048.1) (2,070.1)
Net Debt / EBITDAX x 9.9x 0.6x (0.5x) (0.0x) (0.7x) (1.0x) (1.5x) (2.7x) (4.0x) (5.4x) (7.3x) (9.5x) (12.4x) (15.9x) (20.1x) (25.2x) (31.5x) (39.3x) (50.5x) (63.1x) (81.8x)

Production: Mmboe Total 2P 77.16

Production per day - Original CPR forecast 2018 100% WI 600 4,600 11,200 14,600 13,200 9,600 6,000 4,300 3,800 3,600 3,500 3,300 3,200 3,000 2,800 2,800 2,800 2,800 2,800 2,800 2,800
Production per day - Burggraben forecast 100% WI 479 4,106 5,659 12,074 17,931 23,733 26,507 20,952 17,420 14,484 12,078 10,013 8,326 6,922 5,773 4,786 3,979 3,308 2,759 2,287 1,902
Change 757.3% 37.8% 113.4% 48.5% 32.4% 11.7% -21.0% -16.9% -16.9% -16.6% -17.1% -16.9% -16.9% -16.6% -17.1% -16.9% -16.9% -16.6% -17.1% -16.9%

2P Reserve (assumed; this serves as back-test)

Oil Reserves Mmboe 109.8 108.3 106.3 106.9 100.3 91.7 82.0 74.3 72.0 66.7 62.3 58.6 55.6 53.1 51.0 49.2 47.8 46.5 45.5 44.7 44.0
Gas Reserves MMcf 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________
Total Mmboe 109.8
________ 108.3
________ 106.3
________ 106.9
________ 100.3
________ 91.7
________ 82.0
________ 74.3
________ 72.0
________ 66.7
________ 62.3
________ 58.6
________ 55.6
________ 53.1
________ 51.0
________ 49.2
________ 47.8
________ 46.5
________ 45.5
________ 44.7
________ 44.0
________
Reserve Life Index years n/m
________ 72.3x
________ 51.5x
________ 24.2x
________ 15.3x
________ 10.6x
________ 8.5x
________ 9.7x
________ 11.3x
________ 12.6x
________ 14.1x
________ 16.0x
________ 18.3x
________ 21.0x
________ 24.2x
________ 28.2x
________ 32.9x
________ 38.5x
________ 45.2x
________ 53.5x
________ 63.4x
________

Unit Cost (Netback): in % Total

Oil Price Deck: Brent US$ / bbl 100.0% 64.0 68.0 64.0 43.2 67.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0
Discount for quality US$ / bbl -11.5%
__________ 4.9
__________ (7.8)
________ (7.4)
________ (5.0)
________ (7.7)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________
Realised Well Head Price US$ / bbl 107.6% 68.9 60.2 56.6 38.2 59.3 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8
minus royalty US$ / bbl -6.2% (4.3) (0.0) (3.5) (2.4) (3.7) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4) (4.4)
minus transportation tariffs US$ / bbl -17.3% (11.9) (5.5) (12.5) (13.0) (11.5) (12.5) (12.5) (12.5) (12.5) (12.5) (11.5) (11.5) (11.5) (11.5) (11.5) (11.5) (10.5) (10.5) (10.5) (10.5) (10.5) (10.5)
minus opex US$ / bbl -12.2%
__________ (8.4)
__________ (40.3)
________ (12.3)
________ (6.7)
________ (6.0)
________ (6.1)
________ (6.1)
________ (6.6)
________ (7.0)
________ (7.4)
________ (7.6)
________ (8.1)
________ (8.3)
________ (8.9)
________ (9.7)
________ (9.9)
________ (11.1)
________ (11.4)
________ (11.8)
________ (13.6)
________ (14.1)
________ (16.0)
________
Netback US$ / bbl 64.4% 44.3 14.4 28.3 16.1 38.1 47.9 47.8 47.4 47.0 46.5 47.3 46.8 46.6 46.0 45.2 45.0 44.8 44.5 44.2 42.3 41.8 39.9
minus cash taxes paid US$ / bbl 31.5%
__________ (12.1)
__________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ (3.1)
________ (13.3)
________ (14.7)
________ (15.3)
________ (15.6)
________ (16.0)
________ (15.9)
________ (15.9)
________ (15.7)
________ (15.5)
________ (15.4)
________ (15.4)
________ (15.3)
________ (15.2)
________ (13.2)
________ (12.1)
________ (10.7)
________
Operating Cash Flow US$ / bbl 31.5% 32.2 14.4 28.3 16.1 38.1 44.7 34.4 32.6 31.6 31.0 31.3 30.9 30.7 30.3 29.7 29.6 29.4 29.2 29.0 29.1 29.7 29.2
minus investments US$ / bbl -8.6%
__________ (5.9)
__________ (132.7)
________ (65.5)
________ (19.9)
________ (19.5)
________ (12.8)
________ (10.2)
________ (2.5)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ (0.3)
________ 0.0
________ 0.0
________
Free Cash Flow US$ / bbl 38.2%
__________ 26.3
__________ (118.4)
________ (37.1)
________ (3.8)
________ 18.6
________ 31.9
________ 24.2
________ 30.2
________ 31.3
________ 30.7
________ 31.0
________ 30.6
________ 30.4
________ 30.0
________ 29.4
________ 29.3
________ 29.1
________ 28.9
________ 28.7
________ 28.8
________ 29.7
________ 29.2
________

Page 2 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Income Statement
Income Statement US$ million 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Gross Oil Revenue 0.0 10.5 84.9 79.0 261.3 463.4 613.3 685.0 541.4 450.2 374.3 312.1 258.8 215.2 178.9 149.2 123.7 102.8 85.5 71.3 59.1 49.1
Royalties 0.0
__________ (0.5)
__________ (4.2)
__________ (3.9)
__________ (13.1)
__________ (23.2)
__________ (30.7)
__________ (34.2)
__________ (37.9)
__________ (31.5)
__________ (26.2)
__________ (21.8)
__________ (18.1)
__________ (15.1)
__________ (12.5)
__________ (10.4)
__________ (8.7)
__________ (7.2)
__________ (6.0)
__________ (5.0)
__________ (4.1)
__________ (3.4)
__________
Net Oil Revenues 0.0 10.0 80.6 75.0 248.2 440.2 582.7 650.7 503.5 418.7 348.1 290.3 240.7 200.1 166.4 138.7 115.0 95.6 79.5 66.3 55.0 45.7

Production Cost 0.0 (7.0) (18.4) (13.9) (26.6) (39.8) (53.2) (63.5) (53.3) (47.1) (40.4) (35.8) (30.3) (27.1) (24.5) (20.9) (19.4) (16.6) (14.2) (13.7) (11.8) (11.1)
Transportation tariffs 0.0 (1.0) (18.7) (26.9) (50.7) (81.8) (108.3) (120.9) (95.6) (79.5) (60.8) (50.7) (42.0) (34.9) (29.1) (24.2) (18.3) (15.2) (12.7) (10.6) (8.8) (7.3)
G&A and one-off transaction cost (2.7)
__________ (4.7)
__________ (6.0)
__________ (5.0)
__________ (4.5)
__________ (4.5)
__________ (4.5)
__________ (4.1)
__________ (3.7)
__________ (3.4)
__________ (3.1)
__________ (2.8)
__________ (2.5)
__________ (2.3)
__________ (2.1)
__________ (2.0)
__________ (2.0)
__________ (2.0)
__________ (2.0)
__________ (2.0)
__________ (2.0)
__________ (2.0)
__________
EBITDAX (2.7) (2.7) 37.5 29.3 166.5 314.1 416.7 462.2 350.9 288.7 243.8 201.0 165.8 135.8 110.7 91.6 75.3 61.8 50.6 40.0 32.4 25.3
Margin 0.0% -26.1% 44.1% 37.1% 63.7% 67.8% 67.9% 67.5% 64.8% 64.1% 65.1% 64.4% 64.1% 63.1% 61.9% 61.4% 60.9% 60.1% 59.2% 56.1% 54.9% 51.5%

Exploration expense 0.0

__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
EBITDA (2.7) (2.7) 37.5 29.3 166.5 314.1 416.7 462.2 350.9 288.7 243.8 201.0 165.8 135.8 110.7 91.6 75.3 61.8 50.6 40.0 32.4 25.3
Margin 0.0% -26.1% 44.1% 37.1% 63.7% 67.8% 67.9% 67.5% 64.8% 64.1% 65.1% 64.4% 64.1% 63.1% 61.9% 61.4% 60.9% 60.1% 59.2% 56.1% 54.9% 51.5%

Depreciation & Depletion 0.0 (1.4) (3.7) (6.0) (8.1) (11.0) (13.9) (15.7) (16.2) (16.2) (16.3) (16.3) (16.4) (16.4) (16.4) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5)
Amortisation of exploration 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Impairment 0.0 (0.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Decommissioning credit (charge) 0.0
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
EBIT (2.7) (4.2) 33.8 23.3 158.3 303.1 402.8 446.5 334.8 272.4 227.5 184.7 149.4 119.4 94.2 75.1 58.8 45.3 34.1 23.5 15.9 8.8
Margin 0.0% -39.7% 39.8% 29.4% 60.6% 65.4% 65.7% 65.2% 61.8% 60.5% 60.8% 59.2% 57.7% 55.5% 52.7% 50.3% 47.5% 44.0% 39.9% 32.9% 26.9% 17.8%

Cash Interest Expenses (incl. Overdraft) Relink E730+E1146 0.2 (0.4) 0.1 0.0 (10.1) (11.0) (10.0) (2.9) 4.0 5.2 6.1 6.9 7.6 8.1 8.6 9.0 9.3 9.6 9.8 10.0 10.1 10.3
Financial gains and losses 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Taxable Profit (2.5) (4.6) 33.8 23.3 148.3 292.2 392.8 443.5 338.8 277.6 233.6 191.6 157.0 127.5 102.8 84.1 68.1 54.9 43.9 33.5 26.0 19.0
Margin 0.0% -43.9% 39.8% 29.5% 56.7% 63.1% 64.1% 64.7% 62.6% 61.7% 62.4% 61.4% 60.7% 59.3% 57.5% 56.3% 55.0% 53.4% 51.4% 46.9% 44.1% 38.7%

Tax (charges) credit 0.0

__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (20.4)
__________ (115.6)
__________ (142.5)
__________ (117.1)
__________ (99.0)
__________ (84.5)
__________ (70.2)
__________ (58.2)
__________ (47.9)
__________ (39.2)
__________ (32.5)
__________ (26.9)
__________ (22.2)
__________ (18.3)
__________ (13.3)
__________ (10.1)
__________ (7.5)
__________
Net Profit (2.5)
__________ (4.6)
__________ 33.8
__________ 23.3
__________ 148.3
__________ 271.8
__________ 277.2
__________ 301.1
__________ 221.7
__________ 178.7
__________ 149.1
__________ 121.3
__________ 98.8
__________ 79.6
__________ 63.6
__________ 51.5
__________ 41.2
__________ 32.7
__________ 25.6
__________ 20.2
__________ 15.9
__________ 11.6
__________

Number of shares (fully diluted) in million 573

__________ 573
__________ 707
__________ 848
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________ 918
__________
EPS USD (0.004)
__________ (0.008)
__________ 0.048
__________ 0.027
__________ 0.161
__________ 0.296
__________ 0.302
__________ 0.328
__________ 0.241
__________ 0.195
__________ 0.162
__________ 0.132
__________ 0.108
__________ 0.087
__________ 0.069
__________ 0.056
__________ 0.045
__________ 0.036
__________ 0.028
__________ 0.022
__________ 0.017
__________ 0.013
__________

Page 3 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Balance Sheet
Assets US$ million Effective 2016 0 adj 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Current Assets:
Cash & Equivalent 0.0 48.7 27.3 0.0 14.8 103.3 313.8 497.3 681.8 938.3 1,142.9 1,315.0 1,459.3 1,580.0 1,680.7 1,764.8 1,835.7 1,895.8 1,947.1 1,990.9 2,021.8 2,048.1 2,070.1
Receivables (excl VAT) 0.0 0.4 1.9 31.4 15.1 89.5 88.9 117.6 131.4 103.8 86.3 71.8 59.9 49.6 41.3 34.3 28.6 23.7 19.7 16.4 13.7 11.3 9.4
Inventory 0.0 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3
Financial Assets: VAT and prepaid expenses 0.0
__________ 0.7
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________ 7.4
__________
Current Assets 0.0 50.1 36.6 39.0 37.6 200.4 410.4 622.5 820.8 1,049.8 1,236.9 1,394.4 1,526.8 1,637.2 1,729.6 1,806.7 1,871.9 1,927.2 1,974.4 2,014.9 2,043.1 2,067.1 2,087.1

Non-Current Assets:
PP&E 0.0 38.7 60.5 154.9 190.1 268.0 341.0 415.8 424.0 410.2 395.8 381.1 366.1 350.8 335.3 319.6 303.8 287.8 271.7 255.6 239.4 222.8 206.3
Intangible exploration & evaluation assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
VAT receivables 0.0 10.0 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9 2.9
Deferred Tax Assets 0.0 0.0 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8
Correction 0.0
__________ 0.0
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________ (2.2)
__________
Non-current assets 0.0
__________ 48.7
__________ 61.9
__________ 156.4
__________ 191.6
__________ 269.5
__________ 342.5
__________ 417.3
__________ 425.5
__________ 411.7
__________ 397.3
__________ 382.6
__________ 367.6
__________ 352.3
__________ 336.8
__________ 321.1
__________ 305.3
__________ 289.3
__________ 273.2
__________ 257.1
__________ 240.9
__________ 224.3
__________ 207.8
__________
Total Assets 0.0
__________ 98.7
__________ 98.6
__________ 195.4
__________ 229.2
__________ 469.9
__________ 752.9
__________ 1,039.8
__________ 1,246.4
__________ 1,461.5
__________ 1,634.2
__________ 1,777.0
__________ 1,894.4
__________ 1,989.5
__________ 2,066.4
__________ 2,127.8
__________ 2,177.2
__________ 2,216.5
__________ 2,247.7
__________ 2,272.0
__________ 2,284.0
__________ 2,291.4
__________ 2,294.9
__________

Liabilities & Equity US$ million YE Dec 0 adj 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Short Term Liabilities
Short Term Debt (Overdraft Facility) 0.0 0.0 0.0 23.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Payables 0.0 2.7 9.1 22.7 40.4 18.6 29.7 39.5 44.9 38.4 32.5 26.2 22.3 18.6 15.8 13.6 11.4 9.5 8.0 6.8 6.0 5.1 4.5
Provisions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Correction: 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Short term liabilities 0.0
__________ 2.7
__________ 9.1
__________ 46.6
__________ 40.4
__________ 18.6
__________ 29.7
__________ 39.5
__________ 44.9
__________ 38.4
__________ 32.5
__________ 26.2
__________ 22.3
__________ 18.6
__________ 15.8
__________ 13.6
__________ 11.4
__________ 9.5
__________ 8.0
__________ 6.8
__________ 6.0
__________ 5.1
__________ 4.5
__________
Long Term Liabilities
Long term debt 0.0 0.0 0.0 0.0 0.0 100.0 100.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Decommissioning Liability 0.0 14.0 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 3.6 (3.9) (11.4)
Deferred tax liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other long term provisions 0.0
__________ 2.4
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Long term liabilties 0.0
__________ 16.5
__________ 11.1
__________ 11.1
__________ 11.1
__________ 111.1
__________ 111.1
__________ 111.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 3.6
__________ (3.9)
__________ (11.4)
__________
Equity Capital
Shares Issued 0.0 84.8 84.8 110.2 126.8 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1 141.1
Share Premium & Merger reserve 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Share based payment reserve 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings 0.0 (5.2) (9.9) 24.0 47.2 195.5 467.3 744.5 1,045.6 1,267.3 1,445.9 1,595.0 1,716.3 1,815.1 1,894.8 1,958.4 2,010.0 2,051.2 2,083.8 2,109.4 2,129.6 2,145.5 2,157.1
Minorities 0.0
__________ 0.0
__________ 3.5
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________ 3.6
__________
Shareholder Equity 0.0
__________ 79.6
__________ 78.4
__________ 137.8
__________ 177.7
__________ 340.3
__________ 612.0
__________ 889.3
__________ 1,190.3
__________ 1,412.0
__________ 1,590.7
__________ 1,739.7
__________ 1,861.1
__________ 1,959.9
__________ 2,039.5
__________ 2,103.2
__________ 2,154.7
__________ 2,195.9
__________ 2,228.6
__________ 2,254.2
__________ 2,274.4
__________ 2,290.3
__________ 2,301.8
__________
Total Liabilities & Equity 0.0
__________ 98.7
__________ 98.6
__________ 195.4
__________ 229.2
__________ 469.9
__________ 752.9
__________ 1,039.8
__________ 1,246.4
__________ 1,461.5
__________ 1,634.2
__________ 1,777.0
__________ 1,894.4
__________ 1,989.5
__________ 2,066.4
__________ 2,127.8
__________ 2,177.2
__________ 2,216.5
__________ 2,247.7
__________ 2,272.0
__________ 2,284.0
__________ 2,291.4
__________ 2,294.9
__________
check 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

Net Debt (Cash)

Short Term Debt 0.0 0.0 0.0 23.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Long Term Debt 0.0 0.0 0.0 0.0 0.0 100.0 100.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
(Cash) 0.0
__________ (48.7)
__________ (27.3)
__________ 0.0
__________ (14.8)
__________ (103.3)
__________ (313.8)
__________ (497.3)
__________ (681.8)
__________ (938.3)
__________ (1,142.9)
__________ (1,315.0)
__________ (1,459.3)
__________ (1,580.0)
__________ (1,680.7)
__________ (1,764.8)
__________ (1,835.7)
__________ (1,895.8)
__________ (1,947.1)
__________ (1,990.9)
__________ (2,021.8)
__________ (2,048.1)
__________ (2,070.1)
__________
Net Debt / (Cash) 0.0
__________ (48.7)
__________ (27.3)
__________ 23.9
__________ (14.8)
__________ (3.3)
__________ (213.8)
__________ (397.3)
__________ (681.8)
__________ (938.3)
__________ (1,142.9)
__________ (1,315.0)
__________ (1,459.3)
__________ (1,580.0)
__________ (1,680.7)
__________ (1,764.8)
__________ (1,835.7)
__________ (1,895.8)
__________ (1,947.1)
__________ (1,990.9)
__________ (2,021.8)
__________ (2,048.1)
__________ (2,070.1)
__________

Page 4 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Cash Flow Statement
Cash Flow Statement US$ million Total 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Cash from operation:
Cash receipts from customers 5,311.8 (0.4) 9.0 55.4 95.2 187.0 464.0 584.6 671.2 569.0 467.7 388.9 324.1 269.0 223.5 185.8 154.9 128.6 106.8 88.8 74.0 61.4 51.1
Cash paid to suppliers and employees (1,971.4)
__________ (0.0)
__________ (6.8)
__________ (33.8)
__________ (32.0)
__________ (116.7)
__________ (138.1)
__________ (186.9)
__________ (217.3)
__________ (197.1)
__________ (167.4)
__________ (136.8)
__________ (115.1)
__________ (96.7)
__________ (82.1)
__________ (70.5)
__________ (59.8)
__________ (50.3)
__________ (42.5)
__________ (36.1)
__________ (32.0)
__________ (27.6)
__________ (24.4)
__________
Cash generated from operations 3,340.4 (0.4) 2.2 21.5 63.3 70.3 325.9 397.7 453.9 371.9 300.3 252.0 209.0 172.3 141.4 115.4 95.1 78.3 64.3 52.7 42.0 33.8 26.6
Interest paid (41.1) 0.0 (0.6) 0.0 0.0 (10.5) (12.0) (12.0) (6.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes paid (23.4) (932.2)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (20.4)
__________ (115.6)
__________ (142.5)
__________ (117.1)
__________ (99.0)
__________ (84.5)
__________ (70.2)
__________ (58.2)
__________ (47.9)
__________ (39.2)
__________ (32.5)
__________ (26.9)
__________ (22.2)
__________ (18.3)
__________ (13.3)
__________ (10.1)
__________ (7.5)
__________
Cash flow from operating activities 2,367.1
__________ (0.4)
__________ 1.5
__________ 21.5
__________ 63.3
__________ 59.8
__________ 293.5
__________ 270.1
__________ 305.5
__________ 254.8
__________ 201.3
__________ 167.5
__________ 138.8
__________ 114.2
__________ 93.5
__________ 76.2
__________ 62.6
__________ 51.4
__________ 42.1
__________ 34.4
__________ 28.7
__________ 23.7
__________ 19.2
__________

Cash from investments: Mgmt Guidance:

Purchase of PP&E (457.3) 0.0 (23.2) (98.1) (41.2) (86.1) (84.0) (88.6) (24.0) (2.3) (1.9) (1.6) (1.3) (1.1) (0.9) (0.8) (0.6) (0.5) (0.4) (0.4) (0.3) 0.0 0.0
Decommissioning payments (net, after refund) (90.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (7.5) (7.5) (7.5)
Proceeds from disposals 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest on cash balance 173.5
__________ 0.2
__________ 0.2
__________ 0.1
__________ 0.0
__________ 0.4
__________ 1.0
__________ 2.0
__________ 3.1
__________ 4.0
__________ 5.2
__________ 6.1
__________ 6.9
__________ 7.6
__________ 8.1
__________ 8.6
__________ 9.0
__________ 9.3
__________ 9.6
__________ 9.8
__________ 10.0
__________ 10.1
__________ 10.3
__________
Cash flow from investment activities (373.9)
__________ 0.2
__________ (23.0)
__________ (98.1)
__________ (41.2)
__________ (85.6)
__________ (83.0)
__________ (86.6)
__________ (20.9)
__________ 1.7
__________ 3.3
__________ 4.5
__________ 5.6
__________ 6.5
__________ 7.2
__________ 7.8
__________ 8.3
__________ 8.8
__________ 9.1
__________ 9.5
__________ 2.2
__________ 2.6
__________ 2.8
__________
Free Cash Flow 1,819.8
__________ (0.4)
__________ (21.7)
__________ (76.6)
__________ 22.1
__________ (26.3)
__________ 209.5
__________ 181.4
__________ 281.5
__________ 252.5
__________ 199.4
__________ 165.9
__________ 137.4
__________ 113.1
__________ 92.6
__________ 75.5
__________ 61.9
__________ 50.9
__________ 41.6
__________ 34.0
__________ 20.9
__________ 16.2
__________ 11.7
__________

Cash from financing:

Proceeds from borrowing 100.0 0.0 0.0 0.0 0.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Repayment of debt (100.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (100.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Proceeds from share issuance or convertible bond conversion 56.4 0.0 0.0 25.4 16.6 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash used for share repurchase 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Dividends paid 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Cash flow from investment activities 56.4
__________ 0.0
__________ 0.0
__________ 25.4
__________ 16.6
__________ 114.3
__________ 0.0
__________ 0.0
__________ (100.0)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Change in cash 2,049.6
__________ (0.2)
__________ (21.5)
__________ (51.2)
__________ 38.7
__________ 88.5
__________ 210.5
__________ 183.4
__________ 184.6
__________ 256.5
__________ 204.6
__________ 172.0
__________ 144.4
__________ 120.6
__________ 100.8
__________ 84.0
__________ 70.9
__________ 60.2
__________ 51.2
__________ 43.8
__________ 30.9
__________ 26.3
__________ 21.9
__________
Check 0.000 0.000 0.000 (0.000) (0.000) (0.000) (0.000) 0.000 0.000 0.000 (0.000) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (0.000) (0.000)

Page 5 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Valuation: Discounted Cash Flows
WACC: in % 0 adj 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
WACC:
Cost of debt 0.00% 0.00% 0.00% 0.00% 0.00% 21.00% 12.00% 12.00% 12.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cost of equity PV 10 analysis! 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Tax Rate (for tax shield purpose only) 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50% 31.50%

Debt 0.0 0.0 0.0 0.0 0.0 100.0 100.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity 0.0
__________ 79.6
__________ 78.4
__________ 137.8
__________ 177.7
__________ 340.3
__________ 612.0
__________ 889.3
__________ 1,190.3
__________ 1,412.0
__________ 1,590.7
__________ 1,739.7
__________ 1,861.1
__________ 1,959.9
__________ 2,039.5
__________ 2,103.2
__________ 2,154.7
__________ 2,195.9
__________ 2,228.6
__________ 2,254.2
__________ 2,274.4
__________ 2,290.3
__________ 2,301.8
__________
Capital 0.0
__________ 79.6
__________ 78.4
__________ 137.8
__________ 177.7
__________ 440.3
__________ 712.0
__________ 989.3
__________ 1,190.3
__________ 1,412.0
__________ 1,590.7
__________ 1,739.7
__________ 1,861.1
__________ 1,959.9
__________ 2,039.5
__________ 2,103.2
__________ 2,154.7
__________ 2,195.9
__________ 2,228.6
__________ 2,254.2
__________ 2,274.4
__________ 2,290.3
__________ 2,301.8
__________
WACC: 0.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 11.00%
__________ 9.75%
__________ 9.82%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________
WACC: PV 10 analysis 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________ 10.00%
__________

1 Free Cash Flows: Year 2017-2043 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19
Cash Flow Statement Period 2020-43 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Starting Period June 2020 0.00 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00
IRR Dates 30/06/19 30/06/20 30/06/21 30/06/22 30/06/23 30/06/24 30/06/25 30/06/26 30/06/27 30/06/28 30/06/29 30/06/30 30/06/31 30/06/32 30/06/33 30/06/34 30/06/35 30/06/36 30/06/37 30/06/38

Cash Flow from Operation 3,316.7 (0.4) 2.2 21.5 63.3 70.3 325.9 397.7 453.9 371.9 300.3 252.0 209.0 172.3 141.4 115.4 95.1 78.3 64.3 52.7 42.0 33.8 26.6
minus taxes paid (932.2) 0.0 0.0 0.0 0.0 0.0 (20.4) (115.6) (142.5) (117.1) (99.0) (84.5) (70.2) (58.2) (47.9) (39.2) (32.5) (26.9) (22.2) (18.3) (13.3) (10.1) (7.5)
minus capex related to oil & gas properties (336.0) 0.0 (23.2) (98.1) (41.2) (86.1) (84.0) (88.6) (24.0) (2.3) (1.9) (1.6) (1.3) (1.1) (0.9) (0.8) (0.6) (0.5) (0.4) (0.4) (0.3) 0.0 0.0
minus decommission payments (90.0)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (7.5)
__________ (7.5)
__________ (7.5)
__________
Unlevered Free Cash Flow (FCF) 1,958.6 (0.4) (21.0) (76.6) 22.1 (15.8) 221.5 193.4 287.5 252.5 199.4 165.9 137.4 113.1 92.6 75.5 61.9 50.9 41.6 34.0 20.9 16.2 11.7
Discount Factor 0.5208
__________ 1.0000
__________ 1.0000
__________ 1.0000
__________ 0.9091
__________ 0.8264
__________ 0.7513
__________ 0.6830
__________ 0.6209
__________ 0.5645
__________ 0.5132
__________ 0.4665
__________ 0.4241
__________ 0.3855
__________ 0.3505
__________ 0.3186
__________ 0.2897
__________ 0.2633
__________ 0.2394
__________ 0.2176
__________ 0.1978
__________ 0.1799
__________ 0.1635
__________
Discounted FCF 2019 - 2043 (with WACC) 1,020.0
__________ (0.4)
__________ (21.0)
__________ (76.6)
__________ 20.1
__________ (13.0)
__________ 166.4
__________ 132.1
__________ 178.5
__________ 142.5
__________ 102.3
__________ 77.4
__________ 58.3
__________ 43.6
__________ 32.5
__________ 24.0
__________ 17.9
__________ 13.4
__________ 10.0
__________ 7.4
__________ 4.1
__________ 2.9
__________ 1.9
__________

IRR 71.8%

A Free Cash Flows: Book Values as TV and WACC 31/12/2019

Present Value of unlevered FCF 2020-2043, PV10 1,020.0 Oil Price Deck: $60/bbl, WACC 10%
minus (net debt) / cash (23.9) as at 31 Dec 2019 pro-forma;
plus TV: Producing Assets 18.9 exit production in year 2043:
756 boepd ----> 25,000 $ / flowing barrel, which is low!
plus: Option Value Osheki Prospect 0.0 2C reserves of 534 Mmbbl; Exploration & Development Farmout ongoing
VAT credits 10.3
NPV decommissioning liability 0.0
__________ included in Capex
Shareholder Value (US$ million) 1,025
Number of shares outstanding (fully diluted, million) 918
__________
Value per share in US$ 1.12 US$
FX: USD CAD spot rate 1.4000
__________
Value per share in CAD 1.5629 CAD
Share Price in CAD 0.5900
__________ 01/02/2022
Upside in % 164.9%
__________ 2.65x
__________

Page 6 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Revenues
Bretana Field 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
1 Bretana Field FY
Oil & gas price 71.6
Average oil price (before hedging) $ / BBL 54.8 68.0 64.0 43.2 67.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0 80.0
Average take-away discount $ / BBL 11.5% -
________ (7.8)
________ (7.4)
________ (5.0)
________ (7.7)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________ (9.2)
________
Average realised oil well head price $ / BBL 54.8 60.2 56.6 38.2 59.3 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8 70.8

Average gas price: before hedging $ / Mcf - - - - - - - - - - - - - - - - - - - - - -

Average gas price $ / Mcf -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________ -
________
Average price $ / boe -
________ 60.2
________ 56.6
________ 38.2
________ 59.3
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________
Total Production volume boepd -
________ 479
________ 4,106
________ 5,659
________ 12,074
________ 17,931
________ 23,733
________ 26,507
________ 20,952
________ 17,420
________ 14,484
________ 12,078
________ 10,013
________ 8,326
________ 6,922
________ 5,773
________ 4,786
________ 3,979
________ 3,308
________ 2,759
________ 2,287
________ 1,902
________

Oil production volume:

Upside Case recovery rate in % 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0% 19.0%
Recovery rate assumed by Burggraben in % 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________ 19.0%
________
Enhanced Recovery Factor (see below) x 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________ 1.00x
________

Oil production volume: Source:

Plant Capacity bpd Mgmt 6,000 6,000 17,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
Check: is plant capacity > than assumed production per day yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes yes

Gross Production volume bpd Mgmt, CPR, BGH 479 4,106 5,659 12,074 17,931 23,733 26,507 20,952 17,420 14,484 12,078 10,013 8,326 6,922 5,773 4,786 3,979 3,308 2,759 2,287 1,902
Implied decline rate in % 757.3% 37.8% 113.4% 48.5% 32.4% 11.7% -21.0% -16.9% -16.9% -16.6% -17.1% -16.9% -16.9% -16.6% -17.1% -16.9% -16.9% -16.6% -17.1% -16.9%

Gross Production volume bpd 479 4,106 5,659 12,074 17,931 23,733 26,507 20,952 17,420 14,484 12,078 10,013 8,326 6,922 5,773 4,786 3,979 3,308 2,759 2,287 1,902
Enhanced Recovery Factor (see above) x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x 1.00x
Working Interest in % 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________ 100.0%
________
Net Production volume (WI share) bpd 479
________ 4,106
________ 5,659
________ 12,074
________ 17,931
________ 23,733
________ 26,507
________ 20,952
________ 17,420
________ 14,484
________ 12,078
________ 10,013
________ 8,326
________ 6,922
________ 5,773
________ 4,786
________ 3,979
________ 3,308
________ 2,759
________ 2,287
________ 1,902
________
No of production wells x according to capex schedule 1
________ 5
________ 7
________ ________7 ________7 ________7 ________7 ________7 ________7 ________7 ________7 ________7 ________7 7
________ 7
________ 7
________ 7
________ 7
________ 7
________ 7
________ 7
________
Net Production volume per production well bpd 479
________ 821
________ 808
________ 1,725
________ 2,562
________ 3,390
________ 3,787
________ 2,993
________ 2,489
________ 2,069
________ 1,725
________ 1,430
________ 1,189
________ 989
________ 825
________ 684
________ 568
________ 473
________ 394
________ 327
________ 272
________

Oil Reserves:
Original Oil in Place (OOIP) Mmboe Total Oil Produced 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________ 579.00
________
Reserves beginning of period (gross 106m) Mmboe 0.00 110.01 109.84 108.34 106.27 101.86 95.32 86.66 76.98 69.33 62.98 57.69 53.28 49.63 46.59 44.06 41.95 40.21 38.75 37.55 36.54 35.70
Addition: 3P reserves Mmboe 110.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Revision Mmboe 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Produced Mmboe 77.07 0.00
________ (0.17)
________ (1.50)
________ (2.07)
________ (4.41)
________ (6.54)
________ (8.66)
________ (9.68)
________ (7.65)
________ (6.36)
________ (5.29)
________ (4.41)
________ (3.65)
________ (3.04)
________ (2.53)
________ (2.11)
________ (1.75)
________ (1.45)
________ (1.21)
________ (1.01)
________ (0.83)
________ (0.69)
________
Reserves end of period boepd 110.01
________ 109.84
________ 108.34
________ 106.27
________ 101.86
________ 95.32
________ 86.66
________ 76.98
________ 69.33
________ 62.98
________ 57.69
________ 53.28
________ 49.63
________ 46.59
________ 44.06
________ 41.95
________ 40.21
________ 38.75
________ 37.55
________ 36.54
________ 35.70
________ 35.01
________

Gas production volume

Revenue
Gas revenues USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Oil revenues USD million 0.0
________ 10.5
________ 84.9
________ 79.0
________ 261.3
________ 463.4
________ 613.3
________ 685.0
________ 541.4
________ 450.2
________ 374.3
________ 312.1
________ 258.8
________ 215.2
________ 178.9
________ 149.2
________ 123.7
________ 102.8
________ 85.5
________ 71.3
________ 59.1
________ 49.1
________
Gross Revenues (before royalty) USD million 0.0
________ 10.5
________ 84.9
________ 79.0
________ 261.3
________ 463.4
________ 613.3
________ 685.0
________ 541.4
________ 450.2
________ 374.3
________ 312.1
________ 258.8
________ 215.2
________ 178.9
________ 149.2
________ 123.7
________ 102.8
________ 85.5
________ 71.3
________ 59.1
________ 49.1
________

Water Production
Water Production bpd 583 6,844 11,317 46,438 94,374 169,524 265,069 232,796 217,755 181,054 172,550 143,048 138,762 138,450 115,453 119,642 99,478 82,712 91,964 76,241 63,391
Days per year days 180
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________
Water production per annum million barrels 0.1
________ 2.5
________ 4.1
________ 17.0
________ 34.4
________ 61.9
________ 96.8
________ 85.0
________ 79.5
________ 66.1
________ 63.0
________ 52.2
________ 50.6
________ 50.5
________ 42.1
________ 43.7
________ 36.3
________ 30.2
________ 33.6
________ 27.8
________ 23.1
________

Field Information: Volumetric Quick Check:

Operator PetroTal 100% WI Surface: Other Data Calculation
Total Capex (US$ million) $18.3m to first oil Width 4 km Net pay thickness (feet) 32 BBl/acre-foot x porosity x oil saturation x recovery / FVF factor
Production Infrastructure barging, pipelines Length 12 km Porosity 23.0% 121 BBl/acre foot for field
Assumed production cost ($/boe) btw $8-21 / bbl Surface 48 km Water saturation 38.0%
First Production 01 June 2018 Shape red. 80.0% Resulting oil saturation 62.0% Net acre surface x net pay thickness x bbl/acre foot for field
Oil or Gas (quality) API 18.5 degrees, average porosity 23%, Surface net 38 km Recovery factor 12.0%
Recovery rate 12% base case 24% possible (3P reserves) Surface net 9,489 acres FVF formation factor 1.10 36,645,495 Recoverable oil in bbl
Plateau production guidance (boepd, as communicated) 14,000 boepd at 12% recovery factor Barrel per acre foot (bbl) 7,758
No of producing wells / number of water injection or infill 11
wells
wells 11 producing Source: Aug 18 presentation, page 4
Oil Water Contract 2,609 meters
Maximum vertical pay 39 meters
Net pay thickness 32 feet
Water Saturation 38%, i.e. 62% oil

Page 7 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Block 107 Effective 2016 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
2 Block 107
Production & Revenues Total 2018-2043 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
1-2 Total Revenues worldwide FX Rate
Oil revenues USD million 0.0 0.0 10.5 84.9 79.0 261.3 463.4 613.3 685.0 541.4 450.2 374.3 312.1 258.8 215.2 178.9 149.2 123.7 102.8 85.5 71.3 59.1 49.1
Gas revenues USD million 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________
Revenues before discontinued operations USD million 0.0 0.0 10.5 84.9 79.0 261.3 463.4 613.3 685.0 541.4 450.2 374.3 312.1 258.8 215.2 178.9 149.2 123.7 102.8 85.5 71.3 59.1 49.1
Sold operations USD million __________ 0.0
________ 0.0
________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Revenues USD million 5,315.2
__________ 0.0
________ 0.0
________ 10.5
________ 84.9
________ 79.0
________ 261.3
________ 463.4
________ 613.3
________ 685.0
________ 541.4
________ 450.2
________ 374.3
________ 312.1
________ 258.8
________ 215.2
________ 178.9
________ 149.2
________ 123.7
________ 102.8
________ 85.5
________ 71.3
________ 59.1
________ 49.1
________
Average realised price US$ per boe 68.9
__________ n/a
________ n/a
________ 39.0
________ 56.6
________ 38.2
________ 59.3
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________ 70.8
________

1-2 Total Production worldwide

Production per day boepd 0 0 740 4,106 5,659 12,074 17,931 23,733 26,507 20,952 17,420 14,484 12,078 10,013 8,326 6,922 5,773 4,786 3,979 3,308 2,759 2,287 1,902
Days per year __________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________ 365.0
________
Production per year Mmboe 77.2
__________ 0.0
________ 0.0
________ 0.3
________ 1.5
________ 2.1
________ 4.4
________ 6.5
________ 8.7
________ 9.7
________ 7.6
________ 6.4
________ 5.3
________ 4.4
________ 3.7
________ 3.0
________ 2.5
________ 2.1
________ 1.7
________ 1.5
________ 1.2
________ 1.0
________ 0.8
________ 0.7
________

1-2 Total Reserves (assumed)

Oil Reserves Mmboe 0.0 110.0 109.8 108.3 106.3 106.9 100.3 91.7 82.0 74.3 72.0 66.7 62.3 58.6 55.6 53.1 51.0 49.2 47.8 46.5 45.5 44.7 44.0
Gas Reserves MMcf 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________
Total Reserves (assumed) Mmboe 0.0
________ 110.0
________ 109.8
________ 108.3
________ 106.3
________ 106.9
________ 100.3
________ 91.7
________ 82.0
________ 74.3
________ 72.0
________ 66.7
________ 62.3
________ 58.6
________ 55.6
________ 53.1
________ 51.0
________ 49.2
________ 47.8
________ 46.5
________ 45.5
________ 44.7
________ 44.0
________
Addition of reserves year over year, if any (for PP&E book)
Mmboe ________ 110
________ 0
________ 0
________ 0
________ 1
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________ 0
________

Page 8 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Operating expenses
Opex of field, excluding transport and taxes such as royalties Total 2016 adj 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
1 Bretana Field
a Fixed Cost
Fixed cost US$ million 0.675 / month 4.050 8.100 4.000 5.000 6.500 6.500 6.500 6.500 6.500 6.500 5.909 5.372 4.884 4.440 4.036 3.669 3.336 3.032 2.757 2.506 2.278
Other US$ million __________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 1.0
________
Fixed Lifting Cost US$ million 132
__________ 4.1
________ 8.1
________ 4.0
________ 5.0
________ 6.5
________ 6.5
________ 6.5
________ 6.5
________ 6.5
________ 6.5
________ 5.9
________ 5.4
________ 4.9
________ 4.4
________ 4.0
________ 3.7
________ 3.3
________ 3.0
________ 2.8
________ 2.5
________ 3.3
________

b Variable Lifting Cost

Variable Lifting Cost US$ / bbl 8.000 5.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000 3.000
Barrels of oil produced MMbbl __________ 0.3
________ 1.5
________ 2.1
________ 4.4
________ 6.5
________ 8.7
________ 9.7
________ 7.6
________ 6.4
________ 5.3
________ 4.4
________ 3.7
________ 3.0
________ 2.5
________ 2.1
________ 1.7
________ 1.5
________ 1.2
________ 1.0
________ 0.8
________ 0.7
________
Fixed Lifting Cost US$ million 236
__________ 2.2
________ 7.5
________ 6.2
________ 13.2
________ 19.6
________ 26.0
________ 29.0
________ 22.9
________ 19.1
________ 15.9
________ 13.2
________ 11.0
________ 9.1
________ 7.6
________ 6.3
________ 5.2
________ 4.4
________ 3.6
________ 3.0
________ 2.5
________ 2.1
________
3.1
c Water Disposal Cost
Water Disposal Cost US$ / barrel 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180 0.180
Barrels of water produced MMbbl __________ 0.1
________ 2.5
________ 4.1
________ 17.0
________ 34.4
________ 61.9
________ 96.8
________ 85.0
________ 79.5
________ 66.1
________ 63.0
________ 52.2
________ 50.6
________ 50.5
________ 42.1
________ 43.7
________ 36.3
________ 30.2
________ 33.6
________ 27.8
________ 23.1
________
Water Disposal Cost US$ million 179
__________ 0.0
________ 0.4
________ 0.7
________ 3.1
________ 6.2
________ 11.1
________ 17.4
________ 15.3
________ 14.3
________ 11.9
________ 11.3
________ 9.4
________ 9.1
________ 9.1
________ 7.6
________ 7.9
________ 6.5
________ 5.4
________ 6.0
________ 5.0
________ 4.2
________

d Diluent Costs
Diluent Costs US$ / barrel 4% Diluent Requir. 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Barrels of water produced MMbbl __________ 0.3
________ 1.5
________ 2.1
________ 4.4
________ 6.5
________ 8.7
________ 9.7
________ 7.6
________ 6.4
________ 5.3
________ 4.4
________ 3.7
________ 3.0
________ 2.5
________ 2.1
________ 1.7
________ 1.5
________ 1.2
________ 1.0
________ 0.8
________ 0.7
________
Water Disposal Cost US$ million 77
__________ 0.3
________ 1.5
________ 2.1
________ 4.4
________ 6.5
________ 8.7
________ 9.7
________ 7.6
________ 6.4
________ 5.3
________ 4.4
________ 3.7
________ 3.0
________ 2.5
________ 2.1
________ 1.7
________ 1.5
________ 1.2
________ 1.0
________ 0.8
________ 0.7
________
a-d Field Lifting Cost US$ million 624
__________ 6.5
________ 17.5
________ 13.0
________ 25.7
________ 38.9
________ 52.3
________ 62.6
________ 52.4
________ 46.2
________ 39.5
________ 34.9
________ 29.4
________ 26.2
________ 23.6
________ 20.0
________ 18.5
________ 15.7
________ 13.3
________ 12.8
________ 10.9
________ 10.2
________
Lifting Cost Guidance US$ million 5.2 15.0 17.6
__________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________
Lifting Cost US$ / bbl 8.1
__________ 37.2
________ 11.7
________ 6.3
________ 5.8
________ 5.9
________ 6.0
________ 6.5
________ 6.8
________ 7.3
________ 7.5
________ 7.9
________ 8.0
________ 8.6
________ 9.4
________ 9.5
________ 10.6
________ 10.8
________ 11.0
________ 12.7
________ 13.0
________ 14.7
________

Community Fees: Training Fees: $50,000 during exploration

Training Fees: $80,000 for production up to 30k boepd
Training Fees US$ million 0.1 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Other US$ million __________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________ 0.5
________
Community Cost US$ million 23
__________ 0.6
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________ 0.9
________
Field Opex US$ million 647
__________ 7.0
________ 18.4
________ 13.9
________ 26.6
________ 39.8
________ 53.2
________ 63.5
________ 53.3
________ 47.1
________ 40.4
________ 35.8
________ 30.3
________ 27.1
________ 24.5
________ 20.9
________ 19.4
________ 16.6
________ 14.2
________ 13.7
________ 11.8
________ 11.1
________
Lifting Cost US$ / bbl 8.4
__________ 40.3
________ 12.3
________ 6.7
________ 6.0
________ 6.1
________ 6.1
________ 6.6
________ 7.0
________ 7.4
________ 7.6
________ 8.1
________ 8.3
________ 8.9
________ 9.7
________ 9.9
________ 11.1
________ 11.4
________ 11.8
________ 13.6
________ 14.1
________ 16.0
________
Guidance 5.2
b Royalty
Production volume sold per day boepd 479 4,106 5,659 12,074 17,931 23,733 26,507 20,952 17,420 14,484 12,078 10,013 8,326 6,922 5,773 4,786 3,979 3,308 2,759 2,287 1,902
Days in year days 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________ 365
________
Production volume per year Mbbl 175
________ 1,499
________ 2,065
________ 4,407
________ 6,545
________ 8,663
________ 9,675
________ 7,647
________ 6,358
________ 5,287
________ 4,409
________ 3,655
________ 3,039
________ 2,527
________ 2,107
________ 1,747
________ 1,452
________ 1,208
________ 1,007
________ 835
________ 694
________
Cumulative production volume Mbbl 77,065 175
________ 1,674
________ 3,739
________ 8,146
________ 14,691
________ 23,354
________ 33,029
________ 40,676
________ 47,034
________ 52,321
________ 56,730
________ 60,385
________ 63,424
________ 65,950
________ 68,057
________ 69,804
________ 71,256
________ 72,464
________ 73,471
________ 74,306
________ 75,000
________

Realised revenues US$ million 10.52 84.89 78.98 261.31 463.37 613.32 684.99 541.43 450.18 374.30 312.13 258.77 215.15 178.89 149.18 123.67 102.83 85.50 71.30 59.11 49.14
Royalty: 5% until 40 Mmboe, 7% thereafter in % __________ 5.0%
________ 5.0%
________ 5.0%
________ 5.0%
________ 5.0%
________ 5.0%
________ 5.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________ 7.0%
________
Royalty US$ million 328
__________ 0.5
________ 4.2
________ 3.9
________ 13.1
________ 23.2
________ 30.7
________ 34.2
________ 37.9
________ 31.5
________ 26.2
________ 21.8
________ 18.1
________ 15.1
________ 12.5
________ 10.4
________ 8.7
________ 7.2
________ 6.0
________ 5.0
________ 4.1
________ 3.4
________

c Transport
Barging US$ / bbl 5.5 5.5 5.5 5.0 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
Pipeline Tariff: subject to volume sold US$ / bbl 9.0 ________ 7.0
________ 8.0
________ 8.0
________ 9.0
________ 9.0
________ 9.0
________ 9.0
________ 9.0
________ 8.0
________ 8.0
________ 8.0
________ 8.0
________ 8.0
________ 8.0
________ 7.0
________ 7.0
________ 7.0
________ 7.0
________ 7.0
________ 7.0
________
Transport tariff per barrel US$ / bbl 5.5 12.5 13.0 11.5 12.5 12.5 12.5 12.5 12.5 11.5 11.5 11.5 11.5 11.5 11.5 10.5 10.5 10.5 10.5 10.5 10.5
Volume sold Mbbl __________ 175
________ 1,499
________ 2,065
________ 4,407
________ 6,545
________ 8,663
________ 9,675
________ 7,647
________ 6,358
________ 5,287
________ 4,409
________ 3,655
________ 3,039
________ 2,527
________ 2,107
________ 1,747
________ 1,452
________ 1,208
________ 1,007
________ 835
________ 694
________
Transport tariffs US$ million 920
__________ 1.0
________ 18.7
________ 26.9
________ 50.7
________ 81.8
________ 108.3
________ 120.9
________ 95.6
________ 79.5
________ 60.8
________ 50.7
________ 42.0
________ 34.9
________ 29.1
________ 24.2
________ 18.3
________ 15.2
________ 12.7
________ 10.6
________ 8.8
________ 7.3
________
a-c Operating expenses US$ million 1,895
__________ 8.5
________ 41.4
________ 44.7
________ 90.3
________ 144.8
________ 192.1
________ 218.7
________ 186.8
________ 158.1
________ 127.4
________ 108.3
________ 90.4
________ 77.1
________ 66.1
________ 55.6
________ 46.4
________ 39.0
________ 32.9
________ 29.3
________ 24.7
________ 21.8
________

Opex / boe Guidance ($/boe)

Opex per boe (field) USD / boe bw. $25-30/bbl n/a
________ n/a
________ 48.8
________ 27.6
________ 21.6
________ 20.5
________ 22.1
________ 22.2
________ 22.6
________ 24.4
________ 24.9
________ 24.1
________ 24.6
________ 24.7
________ 25.4
________ 26.2
________ 26.4
________ 26.6
________ 26.9
________ 27.2
________ 29.1
________ 29.5
________ 31.5
________

d Other Cost
General & Administative Expenses US$ million 0.9 3.1 4.5 4.0 4.5 4.5 4.5 4.1 3.7 3.4 3.1 2.8 2.5 2.3 2.1 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Stock overlift/underlift US$ million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Inventory movements US$ million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
License cost US$ million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Transaction Cost: AIM Listing; Rights issue US$ million 1.8 1.7 1.5 1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Correction to adjust for non-cash items US$ million 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________
Other operating cost US$ million 2.7
________ 4.7
________ 6.0
________ 5.0
________ 4.5
________ 4.5
________ 4.5
________ 4.1
________ 3.7
________ 3.4
________ 3.1
________ 2.8
________ 2.5
________ 2.3
________ 2.1
________ 2.0
________ 2.0
________ 2.0
________ 2.0
________ 2.0
________ 2.0
________ 2.0
________
e Exploration expense 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________ 0.0
________
a-e Total operating expenses US$ million 2.7
________ 13.3
________ 47.4
________ 49.7
________ 94.8
________ 149.3
________ 196.6
________ 222.8
________ 190.5
________ 161.5
________ 130.5
________ 111.1
________ 93.0
________ 79.4
________ 68.2
________ 57.6
________ 48.4
________ 41.0
________ 34.9
________ 31.3
________ 26.7
________ 23.8
________
Total Operating Expense USD / boe bw. $25-30/bbl 0.0
________ 75.9
________ 31.6
________ 24.1
________ 21.5
________ 22.8
________ 22.7
________ 23.0
________ 24.9
________ 25.4
________ 24.7
________ 25.2
________ 25.4
________ 26.1
________ 27.0
________ 27.3
________ 27.7
________ 28.2
________ 28.9
________ 31.1
________ 31.9
________ 34.4
________

Notes:

Page 9 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Debt & Financial result
a Reserved based lending facility Maturity 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Outstanding amount
Opening balance USD million 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Drawdown USD million 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Repayment USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Ending balance USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Average balance during period USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________

Interest expense
Libor (undefined, thus spot rate) in % 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Margin in % 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________
Interest expense rate in % 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________
Interest expense USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

b Loans Maturity 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Outstanding amount
Opening balance USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Drawdown USD million 0 0 0 0 0
Repayment USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Ending balance USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Average balance during period USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Interest expense
Libor (undefined, thus spot rate) in % 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Margin in % 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________
Interest expense rate in % 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________ 2.2500%
__________
Interest expense USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

c Trade credit Maturity 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Outstanding amount
Opening balance USD million 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Drawdown USD million 0 0 0 0 0
Repayment USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Ending balance USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Average balance during period USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________

Interest expense
Libor (undefined, thus spot rate) in % 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Margin in % 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________
Interest expense rate in % 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________ 3.5000%
__________
Interest expense USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Page 10 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
d High Yield Bond Maturity: Feb 24 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Outstanding amount
Opening balance USD million 0.0 0 0 0 0 0 100 100 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Drawdown USD million 0.0 0.0 0.0 0.0 0.0 100.0 0.0 0.0
Repayment USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ __________ __________ (100)
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Ending balance USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 100
__________ 100
__________ 100
__________ __________0 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Average balance during period USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 50
__________ 100
__________ 100
__________ 50
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________

Interest expense
Libor (undefined, thus spot rate) in % 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Margin in % __________ __________ __________ __________ __________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________
Interest expense rate in % 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 0.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________ 12.0000%
__________
Interest expense USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (6.0)
__________ (12.0)
__________ (12.0)
__________ (6.0)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

e Retail Bond: Maturity 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Outstanding amount
Opening balance USD million 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Drawdown USD million 0 0 0 0 0 0 0 0
Repayment / Repurchase USD million 0.0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Ending balance USD million 0.0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Average balance during period USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________

Interest expense
Libor (undefined, thus spot rate) in % 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Margin in % 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________
Interest expense rate in % 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________ 7.0000%
__________
Interest expense USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

f Convertible Bond: Maturity 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Outstanding amount
Opening balance USD million 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Drawdown USD million 0.0 0 0 0 0 0
Repayment USD million 0 0 0 0 0 0 0
Conversion (cash neutral) USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Ending balance USD million 0.0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Average balance during period USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________

Interest expense
Libor (undefined, thus spot rate) in % 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Margin in % 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________
Interest expense rate in % 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________ 2.5000%
__________
Interest expense USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

g Vendor Loan and Export Facility for Sea Lion Maturity 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Outstanding amount
Opening balance USD million 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Drawdown USD million 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Repayment USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Ending balance USD million 0.0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Average balance during period USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________

Interest expense
Libor (undefined, thus spot rate) in % 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Margin in % 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________
Interest expense rate in % 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________ 6.5000%
__________
Interest expense USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Page 11 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
a-l Total Debt Facilities 30 June 2016 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Outstanding amount
Opening balance USD million 0 0 0 0 0 0 100 100 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Drawdown USD million 0 0 0 0 0 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Repayment USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ (100)
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Ending balance USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 100
__________ 100
__________ 100
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Average balance during the year USD million 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 50
__________ 100
__________ 100
__________ 50
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Effective balance as at 30 June 2016 USD million __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________

Cash Expense on Financial Assets

Cost of debt in % 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 21.00%
__________ 12.00%
__________ 12.00%
__________ 12.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________ 0.00%
__________
Interest expense USD million 0 0 0 0 0 (6) (12) (12) (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Transaction Cost USD million 0 0 (0.6) 0 0 (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Discount at placing USD million 0
__________ 0
__________ __________ 0 0
__________ 0
__________ (3)
__________ __________0 __________0 __________0 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Cash Expenses USD million 0.0
__________ 0.0
__________ (0.6)
__________ 0.0
__________ 0.0
__________ (10.5)
__________ (12.0)
__________ (12.0)
__________ (6.0)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Non Cash Expenses / Gains on Financial Assets

Interest revenue, finance and other gains USD million 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other finance expense USD million 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
FX USD million 0.0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________
Non Cash Result USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

PP&E and depreciation charges

Investments, in US$ Total 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
a Facility:
Engineering US$ '000 2,262 0.0 0.0 462 300 300 300 300 300 300
Base Camp Maintenance and Construction US$ '000 8,567 0.0 0.0 1,067 2,500 1,000 1,000 1,000 1,000 1,000
Logistics US$ '000 8,366 0.0 0.0 2,116 2,500 750 750 750 750 750
Oil Production Facilities US$ '000 27,643 0.0 0.0 4,643 10,500 2,500 2,500 2,500 2,500 2,500
Water Treatment and Reinjection Facility US$ '000 62,297
____________ 0.0
__________ 0.0
__________ 4,797
__________ 20,000
__________ 7,500
__________ 7,500
__________ 7,500
__________ 7,500
__________ 7,500
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Total Facilities US$ '000 109,136 0 0 13,086 35,800 12,050 12,050 12,050 12,050 12,050 0 0 0 0 0 0 0 0 0 0 0 0 0 0

b Drilling: Total Wells 25.0 6 1 5 6 6 1

Dayrate of Saipem rig (all-in; excluding materials) US$ per day 29,000 29,000 27,000 27,000 27,000 27,000
Average days for one well days 1,677.0
____________ __________ __________ __________ 358
__________ 210
__________ 358
__________ 358
__________ 358
__________ 35
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Cost of drilling wells US$ '000 46,415 0 0 0 10,382 6,090 9,666 9,666 9,666 945 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Completion cost US$ '000 265,828 46,318 22,453 64,334 60,334 64,334 8,055
Mobilisation & Standby Fee US$ '000 8,316
____________ __________ __________ __________ 4,700
__________ 543
__________ 25
__________ 25
__________ 25
__________ 3,000
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Total drilling cost US$ '000 316,943
__________ __________ __________ __________ 61,400
__________ 28,543
__________ 74,000
__________ 70,000
__________ 74,000
__________ 9,000
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Producing Wells x 25.0
__________ __________ __________ __________ 5.0
__________ 2.0
__________ 6.0
__________ 4.0
__________ 5.0
__________ 3.0
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________

Drilling Platform Maintenance and Expansion US$ '000 2,620 0.0 0.0 2,020 500 100 0 0 0 0 0 0 0 0 0
Drilling: well intervention & development drilling US$ '000 316,943
____________ 0.0
__________ 0.0
__________ 0.0
__________ 61,400
__________ 28,543
__________ 74,000
__________ 70,000
__________ 74,000
__________ 9,000
__________ 0
__________ 0
__________ 0
__________ 0
__________ 0
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Total Drilling US$ '000 319,562 0 0 2,020 61,900 28,643 74,000 70,000 74,000 9,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0

c Others:
HSE, CSR, Insurance US$ '000 1,482 0.0 0.0 1,482
Other US$ '000 6,538 0.0 0.0 6,538
Reserves US$ '000 0.3 $/boepd
____________ 0.0
__________ 0.0
__________ 81
__________ 450
__________ 500
__________ 0
__________ 1,963
__________ 2,599
__________ 2,903
__________ 2,294
__________ 1,908
__________ 1,586
__________ 1,323
__________ 1,096
__________ 912
__________ 758
__________ 632
__________ 524
__________ 436
__________ 362
__________ 302
__________ __________ __________
Total Other US$ '000 28,649
____________ 0
__________ 0
__________ 8,102
__________ 450
__________ 500
__________ 0
__________ 1,963
__________ 2,599
__________ 2,903
__________ 2,294
__________ 1,908
__________ 1,586
__________ 1,323
__________ 1,096
__________ 912
__________ 758
__________ 632
__________ 524
__________ 436
__________ 362
__________ 302
__________ 0
__________ 0
__________
Development Investment US$ '000 457,347
____________ 0
__________ 0
__________ 23,207
__________ 98,150
__________ 41,193
__________ 86,050
__________ 84,013
__________ 88,649
__________ 23,953
__________ 2,294
__________ 1,908
__________ 1,586
__________ 1,323
__________ 1,096
__________ 912
__________ 758
__________ 632
__________ 524
__________ 436
__________ 362
__________ 302
__________ 0
__________ 0
__________

Exploration Investment US$ '000 0

____________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Grand Total (Full Year Guidance for 2017) US$ '000 457,347
____________ 0
__________ 0
__________ 23,207
__________ 98,150
__________ 41,193
__________ 86,050
__________ 84,013
__________ 88,649
__________ 23,953
__________ 2,294
__________ 1,908
__________ 1,586
__________ 1,323
__________ 1,096
__________ 912
__________ 758
__________ 632
__________ 524
__________ 436
__________ 362
__________ 302
__________ 0
__________ 0
__________
Capex per barrel of 2P reserve 4.2
____________

Page 12 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Oil & Gas Properties 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
a Oil & Gas Properties
Opening balance: Cost US$ million 0.0 0.0 0.0 38.7 61.9 160.0 201.2 287.3 371.3 459.9 483.9 486.2 488.1 489.7 491.0 492.1 493.0 493.8 494.4 494.9 495.4 495.7 496.0 496.0
Investment (including abandonment) US$ million 0.0 0.0 0.0 23.2 98.1 41.2 86.1 84.0 88.6 24.0 2.3 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.4 0.4 0.3 0.0 0.0
Non-Cash Addition US$ million 0.0 0.0 38.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Disposals US$ million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Ending Balance Cost: before depreciation charge US$ million 0.0
__________ 0.0
__________ 38.7
__________ 61.9
__________ 160.0
__________ 201.2
__________ 287.3
__________ 371.3
__________ 459.9
__________ 483.9
__________ 486.2
__________ 488.1
__________ 489.7
__________ 491.0
__________ 492.1
__________ 493.0
__________ 493.8
__________ 494.4
__________ 494.9
__________ 495.4
__________ 495.7
__________ 496.0
__________ 496.0
__________ 496.0
__________
Average Investment before depreciation charge US$ million 0.0
__________ 0.0
__________ 19.3
__________ 50.3
__________ 111.0
__________ 180.6
__________ 244.3
__________ 329.3
__________ 415.6
__________ 471.9
__________ 485.0
__________ 487.1
__________ 488.9
__________ 490.3
__________ 491.6
__________ 492.6
__________ 493.4
__________ 494.1
__________ 494.7
__________ 495.1
__________ 495.5
__________ 495.9
__________ 496.0
__________ 496.0
__________

Amortisation & Depreciation

Depletion in years years 0.0
__________ 0.0
__________ 0.0
__________ 36.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________ 30.0
__________
Depreciation charge pa US$ million 0.0 0.0 0.0 (1.4) (3.7) (6.0) (8.1) (11.0) (13.9) (15.7) (16.2) (16.2) (16.3) (16.3) (16.4) (16.4) (16.4) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5)
Impairment charge pa US$ million 0.0
__________ 0.0
__________ 0.0
__________ (0.0)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Depreciation & Impairment charge for the year US$ million 0.0 0.0 0.0 (1.4) (3.7) (6.0) (8.1) (11.0) (13.9) (15.7) (16.2) (16.2) (16.3) (16.3) (16.4) (16.4) (16.4) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5)
Opening balance US$ million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (1.4)
__________ (5.1)
__________ (11.2)
__________ (19.3)
__________ (30.3)
__________ (44.1)
__________ (59.9)
__________ (76.0)
__________ (92.3)
__________ (108.6)
__________ (124.9)
__________ (141.3)
__________ (157.7)
__________ (174.2)
__________ (190.6)
__________ (207.1)
__________ (223.6)
__________ (240.1)
__________ (256.7)
__________ (273.2)
__________
Ending Balance: Depreciation & Amortisation US$ million 0.0
__________ 0.0
__________ 0.0
__________ (1.4)
__________ (5.1)
__________ (11.2)
__________ (19.3)
__________ (30.3)
__________ (44.1)
__________ (59.9)
__________ (76.0)
__________ (92.3)
__________ (108.6)
__________ (124.9)
__________ (141.3)
__________ (157.7)
__________ (174.2)
__________ (190.6)
__________ (207.1)
__________ (223.6)
__________ (240.1)
__________ (256.7)
__________ (273.2)
__________ (289.7)
__________
Net Book Value US$ million 0.0
__________ 0.0
__________ 38.7
__________ 60.5
__________ 154.9
__________ 190.1
__________ 268.0
__________ 341.0
__________ 415.8
__________ 424.0
__________ 410.2
__________ 395.8
__________ 381.1
__________ 366.1
__________ 350.8
__________ 335.3
__________ 319.6
__________ 303.8
__________ 287.8
__________ 271.7
__________ 255.6
__________ 239.4
__________ 222.8
__________ 206.3
__________

Office, Furniture and fittings USD million 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
b Office, Furniture and fittings
Opening balance: Cost USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Investment USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-cash additions USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Disposals USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Ending Balance Cost: before depreciation charge USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Average Investment before depreciation charge USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Amortisation & Depreciation

Depletion in years years 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________ 6.0
__________
Depreciation charge pa USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Impairment charge pa USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Depreciation & Impairment charge for the year USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Opening balance USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Ending Balance: Depreciation & Amortisation USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Net Book Value USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Page 13 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Property, Plant & Equipment (PP&E) USD million 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
a-b Total PP&E
Opening balance: Cost USD million 0.0 0.0 0.0 38.7 61.9 160.0 201.2 287.3 371.3 459.9 483.9 486.2 488.1 489.7 491.0 492.1 493.0 493.8 494.4 494.9 495.4 495.7 496.0 496.0
Investment: USD million 0.0 0.0 0.0 23.2 98.1 41.2 86.1 84.0 88.6 24.0 2.3 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.4 0.4 0.3 0.0 0.0
Non-cash additions: other USD million 0.0 0.0 38.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Disposals USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Ending Balance Cost: before depreciation charge USD million 0.0
__________ 0.0
__________ 38.7
__________ 61.9
__________ 160.0
__________ 201.2
__________ 287.3
__________ 371.3
__________ 459.9
__________ 483.9
__________ 486.2
__________ 488.1
__________ 489.7
__________ 491.0
__________ 492.1
__________ 493.0
__________ 493.8
__________ 494.4
__________ 494.9
__________ 495.4
__________ 495.7
__________ 496.0
__________ 496.0
__________ 496.0
__________
Average Investment before depreciation charge USD million 0.0
__________ 0.0
__________ 19.3
__________ 50.3
__________ 111.0
__________ 180.6
__________ 244.3
__________ 329.3
__________ 415.6
__________ 471.9
__________ 485.0
__________ 487.1
__________ 488.9
__________ 490.3
__________ 491.6
__________ 492.6
__________ 493.4
__________ 494.1
__________ 494.7
__________ 495.1
__________ 495.5
__________ 495.9
__________ 496.0
__________ 496.0
__________

Amortisation & Depreciation

Depletion in years years __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________
Depreciation charge pa USD million 0.0 0.0 0.0 (1.4) (3.7) (6.0) (8.1) (11.0) (13.9) (15.7) (16.2) (16.2) (16.3) (16.3) (16.4) (16.4) (16.4) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5)
Impairment charge pa USD million 0.0
__________ 0.0
__________ 0.0
__________ (0.0)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Depreciation & Impairment charge for the year USD million 0.0 0.0 0.0 (1.4) (3.7) (6.0) (8.1) (11.0) (13.9) (15.7) (16.2) (16.2) (16.3) (16.3) (16.4) (16.4) (16.4) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5) (16.5)
Opening balance USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (1.4)
__________ (5.1)
__________ (11.2)
__________ (19.3)
__________ (30.3)
__________ (44.1)
__________ (59.9)
__________ (76.0)
__________ (92.3)
__________ (108.6)
__________ (124.9)
__________ (141.3)
__________ (157.7)
__________ (174.2)
__________ (190.6)
__________ (207.1)
__________ (223.6)
__________ (240.1)
__________ (256.7)
__________ (273.2)
__________
Ending Balance: Depreciation & Amortisation USD million 0.0
__________ 0.0
__________ 0.0
__________ (1.4)
__________ (5.1)
__________ (11.2)
__________ (19.3)
__________ (30.3)
__________ (44.1)
__________ (59.9)
__________ (76.0)
__________ (92.3)
__________ (108.6)
__________ (124.9)
__________ (141.3)
__________ (157.7)
__________ (174.2)
__________ (190.6)
__________ (207.1)
__________ (223.6)
__________ (240.1)
__________ (256.7)
__________ (273.2)
__________ (289.7)
__________
Net Book Value USD million 0.0
__________ 0.0
__________ 38.7
__________ 60.5
__________ 154.9
__________ 190.1
__________ 268.0
__________ 341.0
__________ 415.8
__________ 424.0
__________ 410.2
__________ 395.8
__________ 381.1
__________ 366.1
__________ 350.8
__________ 335.3
__________ 319.6
__________ 303.8
__________ 287.8
__________ 271.7
__________ 255.6
__________ 239.4
__________ 222.8
__________ 206.3
__________

Intangible exploration and evaluation assets USD million 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
c Exploration
Opening balance: Cost USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Investment: USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Non-cash additions and revisions (corresponding to PP&E USD
book)million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Disposals USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Ending Balance Cost: before depreciation charge USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Average Investment before depreciation charge USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Amortisation & Depreciation

Depletion in years years 0.0
__________ 0.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________ 25.0
__________
Depreciation charge pa USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Impairment charge pa USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Depreciation & Impairment charge for the year USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Opening balance USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Ending Balance: Depreciation & Amortisation USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Net Book Value USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Page 14 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Decommissioning Liability
Decommissioning capex up until 2017 Y/E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Abandonment payments USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.5 7.5 7.5
Other payments related to decommissioning USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Payments USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 7.5
__________ 7.5
__________ 7.5
__________

Decommissioning Costs USD million 2015 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Decommissioning Cost: liability expected to be incurred up to 2038
Opening balance: Cost USD million q2 2018 0.0 14.0 14.0 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 11.1 3.6 (3.9)
Payments USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (7.5) (7.5) (7.5)
New provisions & charges USD million 10.0% 0.0 0.0 (3.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Acquisitions USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Disposals USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Exchange Rate differences USD million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Unwinding of discount on provision USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Ending Balance USD million 0.0
__________ 14.0
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 11.1
__________ 3.6
__________ (3.9)
__________ (11.4)
__________

New provisions
Opening balance: Cost USD million 0.0 0.0 38.7 61.9 160.0 201.2 287.3 371.3 459.9 483.9 486.2 488.1 489.7 491.0 492.1 493.0 493.8 494.4 494.9 495.4 495.7 496.0 496.0
Investment (including abandonment) USD million 0.0 0.0 23.2 98.1 41.2 86.1 84.0 88.6 24.0 2.3 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.4 0.4 0.3 0.0 0.0
Disposals USD million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Ending Balance Cost: before depreciation charge USD million 0.0
__________ 0.0
__________ 61.9
__________ 160.0
__________ 201.2
__________ 287.3
__________ 371.3
__________ 459.9
__________ 483.9
__________ 486.2
__________ 488.1
__________ 489.7
__________ 491.0
__________ 492.1
__________ 493.0
__________ 493.8
__________ 494.4
__________ 494.9
__________ 495.4
__________ 495.7
__________ 496.0
__________ 496.0
__________ 496.0
__________
Change in Book Value USD million 0.0
__________ 0.0
__________ 23.2
__________ 98.1
__________ 41.2
__________ 86.1
__________ 84.0
__________ 88.6
__________ 24.0
__________ 2.3
__________ 1.9
__________ 1.6
__________ 1.3
__________ 1.1
__________ 0.9
__________ 0.8
__________ 0.6
__________ 0.5
__________ 0.4
__________ 0.4
__________ 0.3
__________ 0.0
__________ 0.0
__________

New Provisions & Charges 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 15 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Receivables, Payables
Trade Receivables Effective 2016 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Closing Balance:
Sales made during the year US$ million 0.0 0.0 10.5 84.9 79.0 261.3 463.4 613.3 685.0 541.4 450.2 374.3 312.1 258.8 215.2 178.9 149.2 123.7 102.8 85.5 71.3 59.1 49.1
Receivable days at year end days 65 65 65 135 70 125 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70 70
Number of days in a year days 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________
Closing receivables at year end US$ million 0.0 0.4 1.9 31.4 15.1 89.5 88.9 117.6 131.4 103.8 86.3 71.8 59.9 49.6 41.3 34.3 28.6 23.7 19.7 16.4 13.7 11.3 9.4

Trade Receivables:
Opening balance US$ million 0.0 0.0 0.4 1.9 31.4 15.1 89.5 88.9 117.6 131.4 103.8 86.3 71.8 59.9 49.6 41.3 34.3 28.6 23.7 19.7 16.4 13.7 11.3
Sales made US$ million 0.0 0.0 10.5 84.9 79.0 261.3 463.4 613.3 685.0 541.4 450.2 374.3 312.1 258.8 215.2 178.9 149.2 123.7 102.8 85.5 71.3 59.1 49.1
Payments received US$ million 0.0
__________ 0.4
__________ (9.0)
__________ (55.4)
__________ (95.2)
__________ (187.0)
__________ (464.0)
__________ (584.6)
__________ (671.2)
__________ (569.0)
__________ (467.7)
__________ (388.9)
__________ (324.1)
__________ (269.0)
__________ (223.5)
__________ (185.8)
__________ (154.9)
__________ (128.6)
__________ (106.8)
__________ (88.8)
__________ (74.0)
__________ (61.4)
__________ (51.1)
__________
Closing balance US$ million 0.0
__________ 0.4
__________ 1.9
__________ 31.4
__________ 15.1
__________ 89.5
__________ 88.9
__________ 117.6
__________ 131.4
__________ 103.8
__________ 86.3
__________ 71.8
__________ 59.9
__________ 49.6
__________ 41.3
__________ 34.3
__________ 28.6
__________ 23.7
__________ 19.7
__________ 16.4
__________ 13.7
__________ 11.3
__________ 9.4
__________

Trade Payables Effective 2016 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Closing Balance:
Operating expenses US$ million 0.0 0.0 8.5 41.4 44.7 90.3 144.8 192.1 218.7 186.8 158.1 127.4 108.3 90.4 77.1 66.1 55.6 46.4 39.0 32.9 29.3 24.7 21.8
Payable days at year end days 60 60 389 200 330 75 75 75 75 75 75 75 75 75 75 75 75 75 75 75 75 75 75
Number of days in a year days 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________ 365
__________
Closing payables at year end US$ million 0.0 2.7 9.1 22.7 40.4 18.6 29.7 39.5 44.9 38.4 32.5 26.2 22.3 18.6 15.8 13.6 11.4 9.5 8.0 6.8 6.0 5.1 4.5

Trade Payables:
Opening balance US$ million 0.0 0.0 2.7 9.1 22.7 40.4 18.6 29.7 39.5 44.9 38.4 32.5 26.2 22.3 18.6 15.8 13.6 11.4 9.5 8.0 6.8 6.0 5.1
Purchases made US$ million 0.0 0.0 8.5 41.4 44.7 90.3 144.8 192.1 218.7 186.8 158.1 127.4 108.3 90.4 77.1 66.1 55.6 46.4 39.0 32.9 29.3 24.7 21.8
Payments made US$ million 0.0
__________ 2.7
__________ (2.1)
__________ (27.8)
__________ (27.0)
__________ (112.2)
__________ (133.6)
__________ (182.4)
__________ (213.2)
__________ (193.3)
__________ (164.0)
__________ (133.7)
__________ (112.3)
__________ (94.1)
__________ (79.8)
__________ (68.4)
__________ (57.8)
__________ (48.3)
__________ (40.5)
__________ (34.1)
__________ (30.0)
__________ (25.6)
__________ (22.4)
__________
Closing balance US$ million 0.0
__________ 2.7
__________ 9.1
__________ 22.7
__________ 40.4
__________ 18.6
__________ 29.7
__________ 39.5
__________ 44.9
__________ 38.4
__________ 32.5
__________ 26.2
__________ 22.3
__________ 18.6
__________ 15.8
__________ 13.6
__________ 11.4
__________ 9.5
__________ 8.0
__________ 6.8
__________ 6.0
__________ 5.1
__________ 4.5
__________

No information provided on inventory

Page 16 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Taxation: Corporate Income Taxes
1 Taxes charged & paid in Peru Source 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Oil & Gas Taxation
Corporation Tax Rate in % company filings 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5% 29.5%
Supplementary Charge in % company filings 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Petroleum Revenue Tax in % 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________ 0.0%
__________
a Tax Rate in % 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________

Income Tax
Revenues US$ million 0.0 0.0 10.5 84.9 79.0 261.3 463.4 613.3 685.0 541.4 450.2 374.3 312.1 258.8 215.2 178.9 149.2 123.7 102.8 85.5 71.3 59.1 49.1
Opex expenses (excluding depreciation!) US$ million 0.0 0.0 (8.0) (37.2) (40.8) (77.3) (121.6) (161.5) (184.5) (148.9) (126.6) (101.2) (86.5) (72.3) (62.0) (53.6) (45.2) (37.8) (31.8) (26.9) (24.3) (20.5) (18.4)
minus allowance capital US$ million 0.0
__________ 0.0
__________ (13.9)
__________ (64.5)
__________ (50.5)
__________ (71.8)
__________ (79.1)
__________ (84.8)
__________ (48.3)
__________ (20.7)
__________ (9.4)
__________ (4.7)
__________ (2.7)
__________ (1.7)
__________ (1.2)
__________ (1.0)
__________ (0.8)
__________ (0.6)
__________ (0.5)
__________ (0.4)
__________ (4.8)
__________ (6.4)
__________ (7.1)
__________
Profit / (Loss) before loss offset US$ million 0.0 0.0 (11.4) (16.7) (12.3) 112.2 262.6 367.0 452.2 371.9 314.1 268.3 223.0 184.7 151.9 124.3 103.2 85.3 70.5 58.2 42.1 32.1 23.7

Tax losses made in the year and carried forward US$ million 0.0 0.0 11.4 16.7 12.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Tax losses offset in the year US$ million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (112.2)
__________ (197.9)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Profit / (Loss) after loss offset US$ million 0.0 0.0 0.0 0.0 0.0 0.0 64.8 367.0 452.2 371.9 314.1 268.3 223.0 184.7 151.9 124.3 103.2 85.3 70.5 58.2 42.1 32.1 23.7

Tax Charge in % 31.5%

__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________ 31.5%
__________
b Income Tax Charge US$ million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (20.4)
__________ (115.6)
__________ (142.5)
__________ (117.1)
__________ (99.0)
__________ (84.5)
__________ (70.2)
__________ (58.2)
__________ (47.9)
__________ (39.2)
__________ (32.5)
__________ (26.9)
__________ (22.2)
__________ (18.3)
__________ (13.3)
__________ (10.1)
__________ (7.5)
__________

Tax Losses Incurred, Offset & Carried Forward Source 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
c Tax Losses Carried Forward (Note: often off balance sheet)
Opening balance: losses brought forward US$ million 303.0 303.0 305.5 310.1 310.1 310.1 197.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Tax losses incurred during year US$ million 0.0 2.5 4.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Losses offset during year US$ million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (112.2)
__________ (197.9)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Closing balance: tax losses carried forward US$ million 303.0
__________ 305.5
__________ 310.1
__________ 310.1
__________ 310.1
__________ 197.9
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________

Capital Allowances: Source 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Group Capital Investment
Group Cost of additions during year: Oil & Gas, Fixed, Exploration
US$ million 0.0 0.0 23.2 98.1 41.2 86.1 84.0 88.6 24.0 2.3 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.4 0.4 0.3 0.0 0.0
Group Decommissioning cost US$ million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.5 7.5 7.5
Group Proceeds from disposals US$ million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Group Balance of Written Down Allowance Value US$ million 0.0 0.0 23.2 98.1 41.2 86.1 84.0 88.6 24.0 2.3 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.4 0.4 7.8 7.5 7.5

Adjustments for Peru subsidiaries capital allowance

Cost of additions during year: Oil & Gas, Fixed, Explorationin % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Decommissioning cost in % 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Proceeds from disposals in % 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________ 100.0%
__________
Balance eligible for WDA's in % 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Capital Investment of Peru subsidiary

Cost of additions during year: Oil & Gas, Fixed, ExplorationUS$ million 0.0 0.0 23.2 98.1 41.2 86.1 84.0 88.6 24.0 2.3 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.4 0.4 0.3 0.0 0.0
Decommissioning cost US$ million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.5 7.5 7.5
Proceeds from disposals US$ million 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Balance eligible for WDA's US$ million 0.0 0.0 23.2 98.1 41.2 86.1 84.0 88.6 24.0 2.3 1.9 1.6 1.3 1.1 0.9 0.8 0.6 0.5 0.4 0.4 7.8 7.5 7.5

Capital Allowances
Opening Balance: Tax Written Down Allowance (WDA) US$ million check 0.0 0.0 0.0 9.3 43.0 33.7 47.9 52.8 56.6 32.2 13.8 6.3 3.1 1.8 1.2 0.8 0.6 0.5 0.4 0.3 0.3 3.2 4.3
Addition: Balance eligible for WDA's during year US$ million 0.0
__________ 0.0
__________ 23.2
__________ 98.1
__________ 41.2
__________ 86.1
__________ 84.0
__________ 88.6
__________ 24.0
__________ 2.3
__________ 1.9
__________ 1.6
__________ 1.3
__________ 1.1
__________ 0.9
__________ 0.8
__________ 0.6
__________ 0.5
__________ 0.4
__________ 0.4
__________ 7.8
__________ 7.5
__________ 7.5
__________
Closing Balance: Written Down Allowance US$ million 0.0 0.0 23.2 107.4 84.2 119.7 131.9 141.4 80.5 34.5 15.7 7.9 4.5 2.9 2.1 1.6 1.3 1.0 0.8 0.7 8.1 10.7 11.8

Capital allowances for oil and gas companies in % check 60.0%

__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________ 60.0%
__________
d Written Down Allowance US$ million 0.0
__________ 0.0
__________ (13.9)
__________ (64.5)
__________ (50.5)
__________ (71.8)
__________ (79.1)
__________ (84.8)
__________ (48.3)
__________ (20.7)
__________ (9.4)
__________ (4.7)
__________ (2.7)
__________ (1.7)
__________ (1.2)
__________ (1.0)
__________ (0.8)
__________ (0.6)
__________ (0.5)
__________ (0.4)
__________ (4.8)
__________ (6.4)
__________ (7.1)
__________
Tax WDA carried forward US$ million 0.0
__________ 0.0
__________ 9.3
__________ 43.0
__________ 33.7
__________ 47.9
__________ 52.8
__________ 56.6
__________ 32.2
__________ 13.8
__________ 6.3
__________ 3.1
__________ 1.8
__________ 1.2
__________ 0.8
__________ 0.6
__________ 0.5
__________ 0.4
__________ 0.3
__________ 0.3
__________ 3.2
__________ 4.3
__________ 4.7
__________

1-4 Taxes charged & paid Total 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Income Tax
Income Taxes Peru US$ million __________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (20.4)
__________ (115.6)
__________ (142.5)
__________ (117.1)
__________ (99.0)
__________ (84.5)
__________ (70.2)
__________ (58.2)
__________ (47.9)
__________ (39.2)
__________ (32.5)
__________ (26.9)
__________ (22.2)
__________ (18.3)
__________ (13.3)
__________ (10.1)
__________ (7.5)
__________
Total Income Tax Charges US$ million (827.0)
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ (20.4)
__________ (115.6)
__________ (142.5)
__________ (117.1)
__________ (99.0)
__________ (84.5)
__________ (70.2)
__________ (58.2)
__________ (47.9)
__________ (39.2)
__________ (32.5)
__________ (26.9)
__________ (22.2)
__________ (18.3)
__________ (13.3)
__________ (10.1)
__________ (7.5)
__________

Page 17 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Shareholdings
Shareholding YE Dec 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Issued Capital
Opening balance US$ million 0.000 84.793 84.793 84.793 110.193 126.826 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146
Addition US$ million in US$, not CAD..! 0.000 0.000 0.000 25.400 16.633 14.320 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Reduction US$ million 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________
Closing balance US$ million 0.000 84.793 84.793 110.193 126.826 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146 141.146

Share Premium & Merger Reserve & Capital Reserve & Available for sale reserves
Opening balance US$ million 0.000 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004
Addition US$ million 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Reduction US$ million 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________
Closing balance US$ million 0.000 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004 0.004

FX Translation & ESOP

Opening balance US$ million 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Addition: Conv. Price: 0.7471; FX rate: 0.8143322 US$ million 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Reduction US$ million 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________
Closing balance US$ million 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

Retained Earnings (including other reserves)

Opening balance US$ million 0.000 (2.754) (5.237) (9.857) 23.972 47.236 195.526 467.294 744.525 1,045.595 1,267.260 1,445.916 1,595.003 1,716.343 1,815.137 1,894.772 1,958.415 2,009.954 2,051.154 2,083.823 2,109.424 2,129.616 2,145.539
Profit (loss) for the year US$ million 0.000 (2.483) (4.620) 33.829 23.264 148.290 271.767 277.232 301.070 221.665 178.656 149.087 121.340 98.794 79.635 63.643 51.539 41.200 32.669 25.600 20.192 15.923 11.565
Dividends paid US$ million 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________
Closing balance US$ million 0.000 (5.237) (9.857) 23.972 47.236 195.526 467.294 744.525 1,045.595 1,267.260 1,445.916 1,595.003 1,716.343 1,815.137 1,894.772 1,958.415 2,009.954 2,051.154 2,083.823 2,109.424 2,129.616 2,145.539 2,157.104

Number of shares
Issue Price of new shares: May/June 2019 US$ / share £0.15 / share 0.1905 0.2200

Opening balance million 0.000 573.276 573.276 573.276 706.609 847.813 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415 918.415
Addition: from rights issue million 0.000 0.000 0.000 133.333 141.204 70.602 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Addition: from ESOP million 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Addition: from other instruments (convertibles, warrants)million 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Reduction million 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________ 0.000
________
Closing balance (fully diluted) million 0.000
________ 573.276
________ 573.276
________ 706.609
________ 847.813
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________ 918.415
________
Dilution from rights issue 0.0% 23.3% 20.0% 8.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Page 18 of 19
Burggraben Holding AG "Value Investing"

Production Model Bretana Field: 19% recovery rate, 579 Mmbbl OOIP; 3P reserves of 110mbll; produced 77mbbl for NAV
Cash
Cash balance Source: US$ million 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E 2036E 2037E 2038E
Cash balance
Opening balance (including VAT receivables) Q2 2018 0.0 48.9 48.7 27.3 (23.9) 14.8 103.3 313.8 497.3 681.8 938.3 1,142.9 1,315.0 1,459.3 1,580.0 1,680.7 1,764.8 1,835.7 1,895.8 1,947.1 1,990.9 2,021.8 2,048.1

Sales payments received 0.0 (0.4) 9.0 55.4 95.2 187.0 464.0 584.6 671.2 569.0 467.7 388.9 324.1 269.0 223.5 185.8 154.9 128.6 106.8 88.8 74.0 61.4 51.1
Payments made 0.0 2.7 (2.1) (27.8) (27.0) (112.2) (133.6) (182.4) (213.2) (193.3) (164.0) (133.7) (112.3) (94.1) (79.8) (68.4) (57.8) (48.3) (40.5) (34.1) (30.0) (25.6) (22.4)
G&A and other 0.0 (2.7) (4.7) (6.0) (5.0) (4.5) (4.5) (4.5) (4.1) (3.7) (3.4) (3.1) (2.8) (2.5) (2.3) (2.1) (2.0) (2.0) (2.0) (2.0) (2.0) (2.0) (2.0)
Exploration expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest payments 0.0 0.0 (0.6) 0.0 0.0 (10.5) (12.0) (12.0) (6.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes paid 0.0 0.0 0.0 0.0 0.0 0.0 (20.4) (115.6) (142.5) (117.1) (99.0) (84.5) (70.2) (58.2) (47.9) (39.2) (32.5) (26.9) (22.2) (18.3) (13.3) (10.1) (7.5)

Debt drawdowns 0.0 0.0 0.0 0.0 0.0 100.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Debt repayments (including FX movement) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (100.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Investments 0.0 0.0 (23.2) (98.1) (41.2) (86.1) (84.0) (88.6) (24.0) (2.3) (1.9) (1.6) (1.3) (1.1) (0.9) (0.8) (0.6) (0.5) (0.4) (0.4) (0.3) 0.0 0.0
Decommissioning payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (7.5) (7.5) (7.5)
Disposals 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Shares and share premium issued 0.0 0.0 0.0 25.4 16.6 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Shares repurchased or reduced 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ordinary dividends paid 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest on cash balance 0.0
__________ 0.2
__________ 0.2
__________ 0.1
__________ 0.0
__________ 0.4
__________ 1.0
__________ 2.0
__________ 3.1
__________ 4.0
__________ 5.2
__________ 6.1
__________ 6.9
__________ 7.6
__________ 8.1
__________ 8.6
__________ 9.0
__________ 9.3
__________ 9.6
__________ 9.8
__________ 10.0
__________ 10.1
__________ 10.3
__________
Closing Balance 0.0
__________ 48.7
__________ 27.3
__________ (23.9)
__________ 14.8
__________ 103.3
__________ 313.8
__________ 497.3
__________ 681.8
__________ 938.3
__________ 1,142.9
__________ 1,315.0
__________ 1,459.3
__________ 1,580.0
__________ 1,680.7
__________ 1,764.8
__________ 1,835.7
__________ 1,895.8
__________ 1,947.1
__________ 1,990.9
__________ 2,021.8
__________ 2,048.1
__________ 2,070.1
__________
__________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________ __________

Cash balance: time weighted average for interest calculation

Opening balance 100% 0.0 48.9 48.7 27.3 (23.9) 14.8 103.3 313.8 497.3 681.8 938.3 1,142.9 1,315.0 1,459.3 1,580.0 1,680.7 1,764.8 1,835.7 1,895.8 1,947.1 1,990.9 2,021.8 2,048.1

Sales payments received 50% 0.0 (0.2) 4.5 27.7 47.6 93.5 232.0 292.3 335.6 284.5 233.8 194.4 162.0 134.5 111.8 92.9 77.4 64.3 53.4 44.4 37.0 30.7 25.5
Payments made 50% 0.0 1.3 (1.1) (13.9) (13.5) (56.1) (66.8) (91.2) (106.6) (96.7) (82.0) (66.9) (56.1) (47.1) (39.9) (34.2) (28.9) (24.2) (20.3) (17.1) (15.0) (12.8) (11.2)
G&A and other 100% 0.0 (2.7) (4.7) (6.0) (5.0) (4.5) (4.5) (4.5) (4.1) (3.7) (3.4) (3.1) (2.8) (2.5) (2.3) (2.1) (2.0) (2.0) (2.0) (2.0) (2.0) (2.0) (2.0)
Exploration expenses 50% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Interest payments 50% 0.0 0.0 (0.3) 0.0 0.0 (5.3) (6.0) (6.0) (3.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Taxes paid 50% 0.0 0.0 0.0 0.0 0.0 0.0 (10.2) (57.8) (71.2) (58.6) (49.5) (42.3) (35.1) (29.1) (23.9) (19.6) (16.3) (13.4) (11.1) (9.2) (6.6) (5.1) (3.7)

Debt drawdowns 75% 0.0 0.0 0.0 0.0 0.0 75.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Debt repayments 25% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (25.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Investments 50% 0.0 0.0 (11.6) (49.1) (20.6) (43.0) (42.0) (44.3) (12.0) (1.1) (1.0) (0.8) (0.7) (0.5) (0.5) (0.4) (0.3) (0.3) (0.2) (0.2) (0.2) 0.0 0.0
Decommissioning payments 75% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (5.6) (5.6) (5.6)
Disposals 0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Shares and share premium issued 100% 0.0 0.0 0.0 25.4 16.6 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Shares repurchased or reduced 100% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Ordinary dividends paid 0% 0.0

__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________ 0.0
__________
Average cash balance 0.0
__________ 47.3
__________ 35.5
__________ 11.4
__________ 1.3
__________ 88.7
__________ 205.8
__________ 402.3
__________ 611.0
__________ 806.2
__________ 1,036.3
__________ 1,224.4
__________ 1,382.3
__________ 1,514.6
__________ 1,625.1
__________ 1,717.4
__________ 1,794.7
__________ 1,860.1
__________ 1,915.7
__________ 1,963.1
__________ 1,998.5
__________ 2,027.0
__________ 2,051.1
__________

Interest rate on cash deposits in % 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500% 0.500%
Interest rate on overdraft in % 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________ 6.000%
__________
Interest on cash 0.000
__________ 0.237
__________ 0.178
__________ 0.057
__________ 0.006
__________ 0.444
__________ 1.029
__________ 2.011
__________ 3.055
__________ 4.031
__________ 5.182
__________ 6.122
__________ 6.911
__________ 7.573
__________ 8.126
__________ 8.587
__________ 8.974
__________ 9.301
__________ 9.578
__________ 9.815
__________ 9.992
__________ 10.135
__________ 10.255
__________

Page 19 of 19