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Georgia Oil and Gas Limited

GOG Licenses in Georgia & Their HC Potentials Tbilisi April 2018

Confidential

[ 2 ] Confidential

CONTENTS

Executive Summary. GOG Company Introduction & Assets Overview 3

Geology & Tectonics of Georgia & GOG’s Blocks 15

Source Rocks, Hydrocarbon Generation Histories & Reservoirs in GOG’s Blocks & Kura Basin 31

Trap Types & Hydrocarbon Potential in GOG’s Blocks 54

Existing Fields Analogs 56

– Samgori Field 56

– Patardzeuli Field 57

– Norio Field 58

– Ninotsminda Field 59

GOG Blocks’ Prospects Leads 60

– Block VIII 60

– Block XIF 71

– Block XIG 74

– Block XIM 78

– Block XIN 85

GOG’s Forward Exploration Program 90

[ 3 ] Confidential

Executive Summary

GOG Company Introduction &

Assets Overview

Niko Tevzadze Chairman of board

[ 4 ] Confidential

■ Gained independence from SU in April 1991; WTO member since June 2000.

■ Parliamentary democracy

■ Signed the association agreement with EU in 2014

Key Statistics

LT Foreign Credit Rating

S&P/Fitch: BB-, Moody’s: Ba3

GDP Per Capita US$ 3,854

Inflation Rate 1.8%

GDP Growth Rate 2.7%

Unemployment Rate 11.8% (2016 est.)

Population 3.7 million

Land Area 69,700 km2

Major Industries Tourism, Agriculture, Wine,

Energy, Machine Tools, Mining, Chemicals.

Nearby oil and gas pipelines (operated by BP)

1) AIOC Early Oil Pipeline (830km), runs from Caspian Sea in Azerbaijan (Baku Port), to the Black Sea (Supsa Port),

2) Baku-Tbilisi-Ceyhan (BTC) Oil Pipeline (1,760km) runs from the Caspian Sea to the Mediterranean Sea.

3) Trans-Anatolian Gas Pipeline TANAP that will supply gas to Central Europe

Republic of Georgia - Overview

[ 5 ] Confidential

Georgia Oil & Gas Industry Highlights

Excellent potential for Conventional Oil and Gas and Shale Oil and Gas resource plays

• Well known geology (similar hydrocarbon plays as in North Caucasus and Caspian Region)

• Under-explored and under-developed with no discoveries since 1974

‒ Very limited use of modern technologies (3D seismic, directional drilling, horizontal drilling and stimulation)

• 80’s peak production of 70,000 BOPD just from the Samgori field (Middle Eocene), with total cummulative production up to date of 203 MMBBls of oil (still producing)

‒ High potential Conventional Oil and Gas plays (Miocene, Middle Eocene, Lower Eocene, Cretaceous, Jurassic)

• Shale Oil and Gas Potential are proven by regional source rocks (Maikop, Upper Eocene and Jurassic)

‒ Currently wells are producing Conventional Oil with little gas from fields discovered during SU era, but no exploration has been carried out to produce Shale Oil or Gas

Positive petroleum legislation & regulations

• Stable, simple, transparent & investor friendly Production Sharing Contracts

• No taxes on oil export

‒ At the moment oil is selling at a $10 discount to Brent at railroad terminal

‒ Imported gas price at the border of Georgia is $150 for 1000m3 (retail in Georgia is $230 per 1000 m3)

In 2017 Schlumberger acquired license blocks in Georgia, which can develop service infrastructure in country (what was missing for the last 25 years)

[ 6 ] Confidential

Possibility of discovery of two biggest oil and gas fields in Georgia

2018-2022 work program (180 US$ million) can prove 2P reserves in two resource plays of Blocks XIM & XIN with 1.372 US$ billion NPV@15%:

– Norio Deep prospect with 250 MMbbl prospective resource of light oil with 882 US$ million NPV@15% and 77% IRR

o Annual oil consumption of Georgia is up to 9 MMbbl

– Trani lead with 51 Bm3 prospective resources of wet gas with 490 US$ million NPV@15% and 67% IRR

o Annual gas consumption of Georgia is 2.2 Bm3

STAGE 1 (20 US$ million)

• 2018 work program (4.5 US$ million) can increase chance of success of the projects

– up to 20% for Block XIM

– up to 15% for Block XIN

• 2019 3D seismic work program (20 US$ million) can increase chance of success of the projects

– Blocks XIM up to 35%

– Block XIN up to 30%

STAGE 2 (150 US$ million)

• Bringing industry majors for farm-in:

– 2020-2021 three wells drilling program (75 US$ million) to prove 2P reserves of Block XIM

– 2022 three wells drilling program (75 US$ million) to prove 2P reserves for Block XIN

Discoveries of Norio and Trani fields might meet demand for a 25-year oil and gas consumption in Georgian Republic

Государство принимает участие

[ 7 ] Confidential

History of Oil & Gas Industry of Georgia

• Georgian Oil did not own the oil; it was funded for capital programs (mainly drilling) from the Ministry of Oil and Gas of Soviet Union; which declined after 1986

• Limited knowledge & technology – it wasn’t possible to explore for fracture permeability and to increase number of commercial fields

• Sharp drop of production (because of waterization of fractured reservoir), reduction of financing after 1986 and political changes in Georgia created at least a 10 year gap (1986-1996) in exploration programs

Over 1.2 billion USD have been spent since 1994 without any exploration success or increase of production

• Due to low oil price in 1990s first investor Companies were running projects with limited funds (limited seismic, limited studies) and performing risky E&P drillings

• In 2005-2015 new investors got more divided license blocks and performed more seismic programs within their blocks and very limited drilling

• In 2017 Schlumberger acquired one production and two exploration blocks in Georgia, which can develop service infrastructure in country

• Within tens of investors through the last 20 years period only two of them had background of being E&P companies

State Oil company “Georgian Oil” (one license owner)

Private investors (dividing Georgia into big number of small license blocks)

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bopd

Year

Coming of new investors by new tendering

First investments at average oil price $25

Exploration for gas was very limited in Georgia due to selling challenges until 2005

15 commercial and non-commercial oil fields were identified in Georgia and 95% of production relates to Middle Eocene fractured reservoir of Samgori fields (Patardzeuli, South Dome, Ninotsminda, Teleti)

203 MMbbls oil have been produced in total

Reduction of investments

Exploration for geological plays similar

to North Caucasus

M. Eocene Fractured reservoir oil

Financial Gap

[ 8 ] Confidential

History of Oil & Gas Industry of Georgia

VIII XIG

Baku-Supsa oil pipeline

BP Operated Baku-Tbilisi-Ceyhan

oil&gas pipeline

License owners

Schlumberger XIB, IX, X

Georgia Oil & Gas Ltd. Satskhenisi, Martkopi, N.Satskhenisi, VIII, XIF, XIM, XIN, XIG

Block Energy Norio, Satskhenisi

CanArgo XIC, XID, XIE, XIII

Frontera Resources XII

Vectra Resources VIIB

Elenilto Group LLC XIH

VM Group (Chinese) V, VIA, VIB

Stratigraphy Oil, MMbbl

Associated gas, MMm3

Free gas, MMm3

Middle Eocene 188.8 2634.6 539.2

Pliocene 9.78 2.86 13

Middle Miocene 1.87 1.10 –

Upper Eocene 1.20 12.56 –

Lower Eocene – – 33.34

Upper Miocene (Sarmat) 1.14 0.87 –

Oligocene-Lower Miocene (Maikop) 0.55 3.40 –

Upper Cretaceous 0.17 – –

Upper Jurassic 0.01 – –

Paleocene 0.00 – –

Total 203.5 2655.4 585.5

Total production from Georgian fields • Before 1974 (discovery of Samgori field) exploration was going for Middle Miocene and Cretaceous formations at shallow depths.

• Since 1974 main exploration targets have been Middle Eocene, Upper Cretaceous and consequently for Upper/Lower Eocene, Upper Miocene and Oligocene at maximum depths of 3,500-4,000 m.

• Very little exploration was done for deep Middle and Lower Eocene, Cretaceous and Jurassic (since 1990 only three 4500-5000 wells were drilled).

– oil production – gas production

[ 9 ] Confidential

GOG’s Team and Management

Mr Niko Tevzadze MSc

Chairman & President Over 30 years of technical, operational and senior management experience throughout Georgia, Russia, Kazakhstan,

Tajikistan. (1986 – 1990) Georgian Oil (state owned company) - Chief of Operations, (1991 – 1993) Georgia British Oil

(Operating Company) JKX Oil & Gas Plc, (1996 – 2005), CanArgo Energy Corp - Chief of Operations.

Mr Vakhtang Sakvarelidze

Director, CFO Over 30 years experience in Georgia with a wide range of upstream oil companies. Previous positions include, CFO at

Georgian Oil, CFO CanArgo Georgia and now CFO at Georgia Oil and Gas Limited.

Ms Mariam Bedoshvili

Director Over 25 years of Corporate Governance and organizational experience in the Georgian Oil and Gas Industry.

Dr. Mehmet Arif Yukler

Chief Advisor for Exploration Over 40 years experience in the international oil & gas industry, and has advised companies and government entities

of all size from small caps to super-majors, as well as state regulatory authorities on the management of resources and

exploration areas. Has worked in and studied all the known hydrocarbon bearing basins of the world. Dr. Yukler has

been involved in petroleum operations in more than 35 countries. Credited with more than 80 oil and gas finds.

Mr Guram Maisuradze

Operations Manager Over 15 years operational experience in Georgia, UK/North Sea, Republic Of Yemen, Egypt, Ivory Coast, Ghana,

Equatorial Guinea, Azerbaijan and Ukraine. Prior to joining GOG Guram worked in the UK for Qserv in engineering

support for their international operations and prior to that for CanArgo as an engineering coordinator.

Mr Artem Sanishvili

Chief Geophysicist 42 years of experience in oil and gas around the globe, working with companies such as BHP, Schlumberger and China

National Petroleum Corporation. Held a position for over 20 years at the Georgian Oil Department rising to head of

geological department. Worked in JKX, CanArgo, Frontera, Ramco and GOG as a database manager.

Mr Alexander Janiashvili MSc

Chief geologist Over 12 years experience within oil and gas. Has held a number of senior technical positions within Russia and Georgia

and is highly experienced in the fields of geological modelling, estimation of reserves, petrophysical modelling and

reservoir evaluation.

[ 10 ] Confidential

GOG Licenses

VIII XIG

Baku-Supsa oil pipeline

BP Operated Baku-Tbilisi-Ceyhan

oil&gas pipeline

• Block VIII – the border between Blocks VIII, IX, XIM, XIC and XIG goes over overlap zone between Kura Foreland basin and Lesser Caucasus, which extends up to 45 km along the border (based on seismic and gravity data) with similar geological plays in Jurassic, Cretaceous, Middle Eocene and Upper Eocene.

• Block XIF and XIG have similar geological plays for Upper, Middle and Lower Eocene, and Cretaceous as in the neighboring Block XIB.

• Block XIM has similar geological plays for Middle Eocene, Upper Eocene and Maikopian formations as in CanArgo Block XIC and Schlumberger Block XIB.

• Block XIN has no seismic data, but it is still considered to have Middle Miocene, Maikopian, Upper & Middle Eocene and Cretaceous potential next to Schlumberger Blocks XI and X.

GOG blocks Area, km2

Norio, Satskhenisi, Martkopi, North Satskhenisi

75

XIA * 700

XIM 350

XIN 290

VIII 4800

XIG 300

XIF 37

TOTAL 6552

* Block XIA was returned back to State in August 2017

The joint study is initiated by SAOG and GOG to explore conventional plays of Cretaceous, Middle/Lower Eocene and Jurassic and source rock play of Jurassic, Upper Eocene and Maikop.

License owners

Schlumberger XIB, IX, X

Georgia Oil & Gas Ltd. Norio, Satskhenisi, Martkopi, N.Satskhenisi, VIII, XIF

Tethys Petroleum Ltd. (49%) XIM, XIN

Skyland Petroleum Ltd. (20%) XIG

CanArgo XIC

[ 11 ] Confidential

GOG is the Operator and Contractor Party for 9 PSCs and has 4 Farm-out Partners

– blocks with remaining MWPs

– blocks with fulfilled MWPs

GOG exploration license blocks are valid until 2037-2038 (+ 5 years) under 5 Production Sharing Agreements (PSCs) conditional to fulfillment of Minimum Work Programs (MWP)

f a r m - o u t p a r t n e r s

49% 51%

51%

49%

50% 49% 20%

90%

10%

80%

NORIO PRODUCTION

STAGE

MARTKOPI EXPLORATION STAGE

VIII EXPLORATION STAGE

SATSKHENISI PRODUCTION STAGE

38% 62%

NORTH

SATSKHENISI EXPLORATION STAGE

CanArgo Norio Ltd.

50%

95%

95% XIF

APPRAISAL STAGE

5%

– GOG Ltd. is a BVI registered company created in 2010

– GOG acquired first licenses in April 2011 (Norio, Satskhenisi, Martkopi) from its shareholder company NOC (Norio Oil Company)

[ 12 ] Confidential

PSA Commercial Terms Flowchart

Oil and Gas Revenue

Cost Recovery

(Cost Oil)

R<1 (Cum. Entitlement Revenue /

Cum. Expense)

Profit Oil

Investor State

<=50%

>50%

50% 50%

Yes No

Profit Oil

Investor

35-40%

State

60-65%

• Commercial Discovery bonus - 5 000 000 USD • State Back in Option – 20-25% • Regulation fee – 2 USD per bbl

Note: As per PSA terms –Investors Profit tax and mineral usage tax liability is assumed and paid by the State out from the State share of Profit Oil. The state share of Profit Oil includes all taxes, levies and duties to be payable by the Contractor.

51% 49%

Frontera

Cost Recovery

Government

Pro

fit Oil 60-65% 40-35%

GOG

Cost Recovery

Government

Pro

fit Oil

• $17.6 million available for cost recovery

• $ 5.5 million Block's purchase amount

• Profit Oil:

– For VIII & XIG Block’s R≥1 -35%

– For Martkopi, XIM & XIN Block R≥1 -40%

• Exploration phase through 2032-2033

• Development held through 2042-2043

[ 13 ] Confidential

Exploration Work Done by GOG for Foreland Conventional and Shale Oil Plays in Central Georgia

Block VIII

Block XIV

Block XIA

Block XIG

Block XIM

Block XIN

X

XII

Gas potential

GOG has already carried out the following programs in its blocks:

• 655 km 2D seismic survey (ongoing)

• 3,300 km2 land gravity survey (63,000 km2 satellite)

• Geochemical studies for Maikopian, Upper Eocene and Jurassic source rocks (ongoing)

• 1 exploration well drilled in Block XIG

• Number of workovers (at least 25 wells) (shale oil)

• 2 wells with multistage frac drilled through Iskander Energy farm-out in Satskhenisi field

• 2 wells drilled in Norio field (shale oil)

• Created drilling equipment infrastructure to reduce exploration costs

Rioni Foreland

Basin

Norio

field

A T F T B SE

A

DMBLACK SEA

‒ oil fields‒ oil and gas fields‒ gas fields

Legend

Satellite gravity map

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bopd History of daily oil production in Georgia

70,000 bopd was reached from Samgori field Middle

Eocene in 1980s

History of daily oil production in Georgia from M.Eocene

(shale oil)

North Caucasus oil plays geologically are similar to Lesser Caucasus and Kura

Foreland Basin plays

[ 14 ] Confidential

VIII

XIV

XIA XIG

XIM

XIN

IX

Contingent & Prospective Resources in Block VIII

– East Kavtiskhevi prospect – 36.9 MMbbl contingent resources with potential of extension of E.Kavtiskhevi structure to the West (partially Schlumberger Block IX) and increasing resource number up to 100 MMBOE

Depth of prospects varies 3500-5500 m

South Akhalkalaki

South Borjomi

E.Kavtiskhevi

– South Akhalkalaki lead – 131 Bm3 gas prospective resources

– South Borjomi lead – 214 Bm3 gas prospective resources

[ 15 ] Confidential

900 km2 Tertiary age source rocks could generate recoverable 400 Bm3 of gas and 200 MMbbl of oil

Samgori-Patardzeuli-Ninotsminda fields

200 MMbbl produced

Formations are uplifting from East to West

Oil & Gas generation calculation for Norio area Density of Rock Avg. TOC Effective Area

of Oil Generation

Effective Area

of Gas Generation

Gross Source Rock

Thickness

Effective Source

Rock Thickness

% Type II

Kerogen

% Type III

Kerogen

Conversion of

Kerogen to Oil

Conversion of

Kerogen to Gas )

Recoverable

Amount of Oil

Recoverable

Amount of Gas

g/cm**3/1m thickness weight % km2 km2m m % % from Basin Modeling from Basin Modeling bbls m**3

Norio Kitchen 115,785,450 209,472,312,440

Maikop 2.40 1.75 250 100 1050 350 90 10 0.288 0.63 50,207,850 53,182,089,687

U.Eocene 2.40 2 250 225 2500 400 90 10 0.288 0.63 65,577,600 156,290,222,753

In Norio area 250 km2 (of these 900 km2) source rocks could generate recoverable 209 Bm3 of gas and 115 MMbbl of oil

Possible Jurassic source kitchen

VIII

XIA

XIM

XIN

XIB

IX

XIV

X

XII

[ 16 ] Confidential

Combining of Blocks XIV, VIII and IX can create up to 1400 km2 exploration acreage in two potential plays for Tertiary and Jurassic source rocks

VIII

XIA

XIM

XIN

XIC

XIB

IX

XIV

X

XII

Combining of Schlumberger Block VIII and IX can create partnership with Schlumberger

[ 17 ] Confidential

Block VIII Hydrocarbon Potential (4,800 km2), Cross-section A-A

A

A

B

B

C

C

A-A

Well defined anticlines in SW part of Block VIII were formed in L. Miocene to Pleistocene. Young structures may be identifed from surface features.

Gas Migration Condensate Migration

Borjomi #3 55 API in Turonian 670 to 1,080 m South Borjomi lead

[ 18 ] Confidential

Block VIII Hydrocarbon Potential, Cross-Section C-C

A

A

B

B

C

C

Cross-section C-C

Tertiary SRs provide light oil along strike slip faults

South Akhalkalaki lead

[ 19 ] Confidential

Block VIII Cretaceous Prospect in E.Kavtiskhevi

Lines 81406 + 15805 + 97-005

N

VIII IX E.K-2

[ 20 ] Confidential

Geological Cross-section for Cretaceous Conventional Play of East Kavtiskhevi

E.Kavtiskhevi-2

OIL

OIL TD 3400 m

New Well

New well is in 1.8 km from existing well E.K-2, which produced oil

OIL

OIL

TD 4090 m

TD 3400 m

Sarmat + M.Miocene

K1 volc.

K2 volc.

Jurassic

HC migration 34.8 API 23.8 API

38.1 API

E.K-2 well oil is Maikop Oil based on Presence of Oleanane. These oils migrated short dictance based on asphaltene Content.

Scale

E.Kavtiskhevi South Akhalkalaki

[ 21 ] Confidential

E.Kavtiskhevi Prospect Lower Cretaceous Volcanoclastics – Main Target

E.Kavtiskhevi-2

P50 OWC: 17.7 km2

Has been flowing 10-15 m3 of oil from open hole

27.3 MMbbl resources estimated in Lower Cretaceous prospect

[ 22 ] Confidential

E.Kavtiskhevi Prospect Upper Cretaceous Volcanoclastics – Secondary Target

E.Kavtiskhevi-2

P50 OWC: 10.5 km2

Has been flowing 1-3 m3 of pure oil from for 1 month

9.6 MMbbl resources estimated in Upper Cretaceous prospect

[ 23 ] Confidential

South Borjomi Leads Determined by Gustavson Associates (2013)

Prospective Rec. Res. = 103 Bm3

Prospective Rec. Res. = 111 Bm3

Lower Cretaceous, Jurassic

Lower Cretaceous, Jurassic

[ 24 ] Confidential

South Akhalkalaki Jurassic Gas Prospects in NE Part of Block VIII

77 km2

14802 14806

Line 5

D-14

D-19

Jurassic kitchen

Block VIII

Block IX

Prospective resources 131 Bm3

[ 25 ] Confidential

Seismic Lines 05 + D-19

S N

Line 14806 D-19 Line 14802

0 5km

Scale 0 5km

0 5km

[ 26 ] Confidential

South Akhalkalaki Gas Prospect and East Kavtiskhevi Oil Prospect

S N Line-05 D-19

0 5 km

Scale

200 km2 3D seismic survey (OPTIONAL)

60 km Block XIN 2D seismic lines

2018-2019 work program summary • 280 km Magnetotelluric (MT) lines • 530 km2 (+1600 km2 optional) gravity survey, • 110 km 2D seismic survey, • 200 km2 3D seismic survey (optional)

X

XIC

XIN

XIB

IX

VIII

1600 km2 Gravity survey (OPTIONAL)

280 km MT lines

30 km Block VIII 2D seismic lines

100 km2

20 km Block XIM 2D seismic line

XIM

[ 28 ] Confidential

VIII

XIA

XIM

XIN

XIC

XIB

IX

XIV

[ 29 ] Confidential

Block VIII

Block XIA Block XIG

Block XIM

Block IX

Block XIN

Oil&Gas shows in U.Eocene

Oil & Gas show in

L.Eocene

Block XIB

XIF

Oil shows in U.Eocene, Maikop and Cretaceous

Well Kav-23

Well Kav-23 oil spill

Well TLT 05GU gas flare from 200m depth Middle Eocene

Oil&Gas production in Up.

and M. Eocene

Samgori Oil fields producing from

Middle, Upper and Lower Eocene

XIC

Oil&Gas production in

Norio-Satskhenisi Maikopian

[ 30 ] Confidential

[ 31 ] Confidential

2018 work program for Blocks, VIII, IX & XIV ($ 7m)

For Northern part (up to $4m)

• 350 km Magnetotelluric (MT) lines • 530 km2 gravity survey, • 100 km 2D seismic survey, • Processing and interpretation of up to 500 km

2D seismic together with MT & Gravity data and Basin modelling

For South part ($ 3m)

• 350 km Magnetotelluric (MT) lines • 2800 km2 gravity survey, • 100 km 2D seismic survey,

[ 32 ] Confidential

2018 program capital costs $ 14m will allow to do basin modeling for Tertiary source kitchen and prove Kavtiskhevi and Norio structures with 20-30% probability

For Northern part (up to $4m)

• 350 km Magnetotelluric (MT) lines • 530 km2 gravity survey, • 100 km 2D seismic survey, • Processing and interpretation of up to 500 km

2D seismic together with MT & Gravity data and Basin modelling

For South part ($ 3.5m)

• 350 km Magnetotelluric (MT) lines • 2800 km2 gravity survey, • 100 km 2D seismic survey,

Block XIG ($ 1m)

• 300 km Magnetotelluric (MT) lines • Processing and interpretation of up

to 250 km 2D seismic together with MT & Gravity data

Block XIM & XIN ($ 4.5m)

• 500 km Magnetotelluric (MT) lines • 100 km 2D seismic survey, • Processing and interpretation of up

to 500 km 2D seismic together with MT & Gravity data

11g da VIII south 10%

[ 33 ] Confidential

Geological cross-section through Blocks XIG, XIM, XIN, VIII & IX

Secondary

décollement at

the base of Eocene sequen

ce

JKX97-001

Block XI m Block XI g Block XI c Block XI D + XIII Block IX

Middle Maikop

U.Maikop

Maikop Source rock

M.Eocene reservoir

Paleocene + L.Eocene Cretaceous

NOR72

VKT14 DDL01 VKT05

NOR38 LLB-01

Oligocene

1000

0

-1000

-2000

-3000

-4000

-5000

-6000

-7000

-8000

Blocks XIM-XIN Deep Norio structure

U.Eocene Source rock

OIL TD 3400 m

OIL

Sarmat + M.Miocene

K1 volc.

K2 volc. Jurassic

OIL

North of Block VIII E.Kavtiskhevi structure with contingent resources

Blocks XIG Teleti prospect

Georgia XIA line 11 Georgia-XIG-1404

• Thin-skinned structures (fault-bend faults) related to a detachment level within the Lower Cretaceous strata, vergent to the north.

• This main décollement may involve some Jurassic strata too. However, no Jurassic strata outcrop in surface in this area (Lesser Caucasus). In consequence, we consider that Jurassic strata are mainly located in the deepest part of the section.

• Possible reactivation of faults involved in former extensive periods.

• In the Kura Basin (Syncline), there is a south-vergent thrust structure, with basal Middle Miocene détachment.

• Here, main structures are less uplifted than in the western section.

Unconformity and possible pinchouts

[ 34 ] Confidential

All analyses show that oils are Tertiary oils from Uplistsikhe Gori to Vedzebi and from Vedzebi to Samgori

[ 35 ] Confidential

GOG’s Forward Looking Exploration Program

4-stage exploration program:

1) Combined study of existing data in GOG blocks (XIG, XIM, XIN, VIII) and adjoining blocks (XIB, XIC, IX)

2) Run Airborne gravity survey and 2D seismic surveys to clearly identify the leads and prospects based on results of Stage 1

3) Run 3D seismic surveys based on results of Stage 2

4) Design and execute drilling programs

VIII

XIV

XIA

XII

XIM

XIN

XIC

XIB

IX

XIG

GOG is looking for partners who may assist us to unearth the huge hydrocarbon potential in Georgia

[ 36 ] Confidential

Geology & Tectonics of Georgia &

GOG’s Blocks

Dr. M. Arif Yukler

[ 37 ] Confidential

Conventional Prospective Resources within GOG Blocks and Neighbors

Prospects

Leads

VIII

XIV

XIA XIG

XII

XIM

XIN

XIC

XIB

IX

– Oil fields

Total oil resources – 1,018 MMbbl Total gas resources – 549 Bm3

1

9

8

6

7

11

12

13

5

3

2 4

Block Prospect Formation Prospective resources

VIII 1. East Kavtiskhevi K1, K2 36.9 MMbbl

XIM, XIC 2. Norio deep M.Eocene 222.4 MMbbl

XIM, XIC 3. Norio U.Eocene 114.3 MMbbl

XIM, XIC 4. Norio Oligocene 209.7 MMbbl

XIM 5. Samgori-Varketili Oligocene 158.5 MMbbl

XIG 6. Teleti Paleocene, K2 105 Bm3

Total oil in prospects 741.8 MMbbl

Total gas in prospects 105 Bm3

Block Lead Formation Prospective resources

XIG, XIB 7. Tabori-Varketili Paleocene, K2 60 Bm3

VIII 8. South Borjomi K1, Jurassic 214 Bm3

VIII 9. South Akhalkalaki Jurassic 131 Bm3

XIM 10. Mtskheta K1 39 Bm3

XIN 11. Saguramo M.Eocene 69.8 MMbbl

XIN 12. Trani M.Miocene 108.7 MMbbl

XIN 13. Ertso Cretaceous 97.5 MMbbl

Total oil in leads 276 MMbbl

Total gas in leads 444 Bm3

10

Depth of prospects varies 3500-5500 m

Additional 3rd party reports available for blocks XIA, XIM, XIN, XIG, VIII, XIC, XID and XIE

7

5 – Prospects and leads with Maikop and U.Eocene source rock

– Prospects and leads with Jurassic source rock

– Gas field

Shale oil & Shale gas resource studies are ongoing

[ 38 ] Confidential

Oil & Gas Prospective Reserves/Resources of GOG’s Blocks & Neighbours

Third Party Reserve Reports (Gas), Conventional Recoverable Pros. No reserve reports exist for gas

CONVENTIONAL GAS EXPLORATION EFFICIENCY = 0.01%

Jurassic Kitchen Tertiary Kitchen (Maikop + U. Eocene)

Tertiary Kitchen Prospective Conventional Oil 16.10 Bbbls (4.83 Bbbls rec.) Prospective Conventional Gas 7.05 Tm3 (4.23 Tm3 rec.) Recoverable Prospective Shale Oil 7.11Bbbls Recoverable Prospective Shale Gas 1.31 Tm3

Third Party Reserve Reports (Oil), Conventional Recoverable Pros. Block XII – 118 MMbbls (NSAI) Samgori & Patarzauri & South Dome – 223.8 MMbbls Ninotsminda – 8.3 MMbbls (P1+P2)

CONVENTIONAL OIL EXPLORATION EFFICIENCY = 7%

Jurassic Kitchen Prospective Conventional Oil 769.5 MMbbls (230.9 MMbbls rec.) Prospective Conventional Gas 3.44 Tm3 (2.41 Tm3 rec.) Recoverable Prospective Shale Oil 1.09 Bbbls Recoverable Prospective Shale Gas 1.27 Tm3

Western Kitchen is under study

Land

[ 39 ] Confidential

Stratigraphic Chart

[ 40 ] Confidential

Regional Tectonic Elements from Black Sea to the Caspian Sea

from Adamia et al, 2011

Block VIII

[ 41 ] Confidential

Georgia from Gondwana to Eastern Europe

from Adamia et al, 2011

Great Caucasus Transcaucasian Micro-continent

[ 42 ] Confidential

Tectonic Evolution of GOG Blocks from E. Jurassic to L. Bathonian

From D. Vakhania et al, 2009

E. Jur – Aal.

L. Aal. – E. Baj.

Baj. – Bath.

[ 43 ] Confidential

Jurassic Deposition Environment

from M. Bochud, 2011

[ 44 ] Confidential

m

During the late Bathonian Blocks VIa and VIb were uplifted cutting the connection to the sea except along narrow channels to the west and north-west. Coals and organic matter rich shales were deposited in marshy and lagoonal environment.

TYPE III

TYPE II

W E

U. Bathonian Deposition Environment

[ 45 ] Confidential

From Barrier & Vrielynck, 2008

E. Cretaceous Deposition Environment

[ 46 ] Confidential


Cretaceous Deposition Environment

[ 47 ] Confidential


Tertiary Deposition Environment

[ 48 ] Confidential

Pre-Jurassic Basement Faults of Georgia Based on Refractive Seismic Data

Dzruli

Khrami

Loki

[ 49 ] Confidential

Pre-Jurassic Basement Faults & Satellite Gravity Map

[ 50 ] Confidential

Jurassic Basement Topography of South Caspian

Green et al, 2009

Jurassic Basement Topography

Faulted on both sides

Similar basement movements occur İn Georgia that control sedimentation Since the Early Jurassic

[ 51 ] Confidential

Regional Topographic Map & Tectonic Zones of Georgia

Uplift system of Greater Caucasus anticlinorium

Folded system of Greater Caucasus

Rioni intermontain depression

Imereti folded Intermontain zone

Kartli - W. Kura depression

Adjara Trialeti folded sytem of Lesser Caucasus

South Georgia folded zone of Lesser Caucasus A

B

A B

[ 52 ] Confidential

Greater Caucasus and Adjara-Trialet Orogenic Systems

Folds

Strike-Slip Faults

From M. Nemcok, 2005

[ 53 ] Confidential

Colliding Thrust Systems near Mtskheta

From M. Nemcok, 2005

[ 54 ] Confidential

Colliding Thrust Systems near Mtskheta

Maykop

Lesser Caucasus

(Trialeti Zone) thrust system Greater Caucasus thrust system

N S Collusion

[ 55 ] Confidential

Achara-Trialeti Thrust Belt (GOG Exploration Area)

Achara-Trialeti Belt and the Kura Fold-Thrust Belt are found between the opposing orogens of the Greater and Lesser Caucasus orogenic systems.

Present tectonics are seen as a continuation of Neogene shortening of the Kura Basin resulting from northward motion of the Arabian plate relative to the stable Eurasian Plate.

[ 56 ] Confidential

Georgia Oil & Gas Prospectivity Map

Proven prospective

Proven prospective Prospective Possibly prospective Limited prospectivity

Basement at or close to surface

[ 57 ] Confidential

Tectonic Framework from the Arabian to Scythian Platform

Kocyigit et al., 2001

Block VIII

Block VIII experienced first folding as the result of the compression from the south and later faulting

[ 58 ] Confidential

Vertical Movements as the Result of Compression, L. Miocene to Recent

From Mosar et al., 2010

[ 59 ] Confidential

Source Rocks, Hydrocarbon Generation

Histories & Reservoirs in GOG’s Blocks &

Kura Basin

[ 60 ] Confidential

Source Rocks of Caspian Region

-U. Frasnian bitum. carb. -Visean bitum.

carb. -Serpukhovian

algal ls -Bashkirian algal

ls -Muscovian algal

bitum. ls -U. Triass. and L. Jur. coally and algal

shales

L.-M. Jur,

Oxf.-Kimm.

Alb.-Apt

bitum. sh

Bath.-Bajoc.

Alb.-Apt.

U. Eocene

Maikop

Maikop U. Eocene

Miocene U. Cret. Toarcian, (Georgia)

[ 61 ] Confidential

Heat Flow Distribution in Kura Basin

Heat flow increase away from the G. Caucasus indicate active water flow

KURA BASIN

[ 62 ] Confidential

Effects of Late Water Circulation in Dagestan Area

Maykop oils with minor changes in depositional environment

Lack of maturity trend between 3,000 to 6,000 m indicate active water circulation.

[ 63 ] Confidential

Main Source Rocks of Georgia and GOG Blocks

Comprised of mainly marine OM, Type II, with TOC values of 0.5- 2.8% (1.75% was used for modeling)

Comprised of mostly marine organic matter, Type II, with terrestrial input with TOC values of 0.5-11% (1.75% was used for modeling)

Comprised of marine OM, Type II, with TOC values of 1.3-10.0% (2% was used for modeling)

TOC = 0.5 – 1.0%, Type II

[ 64 ] Confidential

Toarcian Source Rock Distribution

Toarcian source rock TOC value ranges from 0.5 to 2.8% and comprised mainly of Type II kerogen. Currently in immature to over mature HC generation phase based on burial depths. One of the main HC sources in Block VIA, VIB and VIII.

Frm Papava, 1976

[ 65 ] Confidential

Jurassic Potential of Georgia

Good Proven Potential Low Accumulation

Potential

High Potential to be Explored

Low Potential Based on Generation

Papava, 1991

[ 66 ] Confidential

Jurassic Potential & Satellite Gravity Map

[ 67 ] Confidential

Isopach Map of Maikop Source Rock

Tethys Oil Company, 2013

[ 68 ] Confidential

Maikop Source Rock Distribution in Central and Eastern Georgia

There are 2 major kitchens where oil and gas have been generated in Maikop source rocks. TOC of Maykop ranges from 0.2 to 11 % Type II kerogen with abundant terrestrial OM to the south and north. At present Maikop is in early oil generation to late gas generation phase.

[ 69 ] Confidential

Hydrocarbon Generation vs Depth

Shah Deniz (Azerbaijan)

Chiraq (Azerbaijan)

Goturtepe (Turkmenistan)

West Kura (Georgia)

[ 70 ] Confidential

Hydrocarbon Generation History of Maikop Source Rock

Shah Deniz (Azerbaijan)

Chiraq (Azerbaijan)

Goturtepe (Turkmenistan)

West Kura (Georgia)

+

Near Top Near Base

[ 71 ] Confidential

Shah Deniz Structure Map

Reservoir Pres. = 14000 psi (952 atm)

AIOC, 2013

[ 72 ] Confidential

Shah Deniz Gas Transportation

With Phase II completion production will be 16 Bm**3, 6 Bm**3 to Turkey and 10 Bm**3 to Europe. Phase I produced ci. 50,000 bbls of condensate per day. Discovery date: 1999, Production Start: 2006, Reserves: 1.2 Tm**3, Water Depths: 50-600 m.

AIOC, 2013

[ 73 ] Confidential

Oil Densities of Producing Oil Fields (Tertiary Oils)

20

24-34 27-35

30-40 27 23-38

30 39

38-42

30-55

35-47

35-40

Fields 4. Norio 5. Satskhenisi 6. Samgori-Patarzeuli-Ninotsminda 7. Samgori South Dome 8. Teleti 9. West Rustavi 10. Mtsarekhevi 11. Baida 12. Taribani 13. Mirzaani 14. Patara Shiraki 15. Nazarlebi 16. Rustavi 17. Samgori 18. Ninotsminda 19. Akhalkalaki

24-34 API Gravity

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

197

0

197

2

197

4

197

6

197

8

198

0

198

2

198

4

198

6

198

8

199

0

199

2

199

4

199

6

199

8

200

0

200

2

200

4

200

6

200

8

201

0

201

2

201

4

201

6

bopd History of daily oil production in Georgia


Eocene in 1980s

39

19

37

[ 74 ] Confidential

Geochemical Characterization of Oil Samples


[ 75 ] Confidential

Present Hydrocarbon Generation Phases in Toarcian Source Rock

Toarcian Oil Seeps 20-27 API

Toarcian Gas with Condensate in Borjomi #3. 51.55 API

Maikop? Gas

Maikop? Gas

Maikop/ Toarcian Gas

[ 76 ] Confidential

Hydrocarbon Generation History of Toarcian Source Rock

Oil generated and expelled in Aptian

Oil generated and expelled in Barremian

Active wet gas generation & expulsion with condensate

Dry gas Gen. Migr.

Western part of Block VIII is more gas prospective due to late wet gas generation and expulsion

[ 77 ] Confidential

Gas Composition & Gas Production of K-1 Well

[ 78 ] Confidential

Gas Composition of K-1 Well & Vented Gases from the Coal Mine

K-1 well missed the coal due to normal faulting and produced gas for about 30 years from the underlying Upper Bajocian volcano-clastics. The presence of C3H8 and C4H10 indicates conventional gas contribution from the Lower Jurassic (Toarcian) source rock.

[ 79 ] Confidential

Toarcian Light Oil Production in Okumi Field

OKUMI FIELD

40 – 50 API from Toarcian source rock

[ 80 ] Confidential

Main Reservoir Rocks of GOG Blocks

Aalenian ss Albian ls fractured Middle Eocene volcano- Clastics fractured

Maikop ss coarse to fine grained

Campanian- Maastrichtian ls fractured

Upper Eocene sands and silts

[ 81 ] Confidential

Main Seals of GOG Blocks

Lower Eocene shales Maikop shales Albian/Aptian shales Aalenian shales U.Eocene shales Paleocene shales

[ 82 ] Confidential

Trap Types & Hydrocarbon Potential in

GOG’s Blocks

[ 83 ] Confidential

Hydrocarbon Trap Types in Georgia

Anticline (to be explored for M.Eocene deep Norio structure and for M.Miocene in Block XIN)

Fault Trap (to be explored in Block VIII, XIM Mtskheta lead and Norio U.Eocene)

Unconformity Trap (Mtsarekhevi Field, Block XII)

Sandstone Pinchout (to be explored for Uplistsikhe Maikop sandstones)

Thrust Fault Trap (to be explored in Norio and XIN)


[ 84 ] Confidential

Samgori Field, Discovered in 1974

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

197

0

197

2

197

4

197

6

197

8

198

0

198

2

198

4

198

6

198

8

199

0

199

2

199

4

199

6

199

8

200

0

200

2

200

4

200

6

200

8

201

0

201

2

201

4

201

6bopd History of daily oil production in Georgia


Eocene in 1980s

Samgori-Patardzeuli Together - M. Eoc. = 22.5 MMt - U. Eoc. = 46.6 Kt - M. Eoc. = 2.1 Bm3

- U. Eoc. = 1.2 MMm3

39 API 38 - 42 API Asph. 0.03 – 1.5

[ 85 ] Confidential

Patardzeuli Field, Discovered in 1974

Asph. 0.7 – 5.77 39 API

Samgori-Patardzeuli Together - M. Eoc. = 22,5 MMt - U. Eoc. = 46.6 Kt - M. Eoc. = 2.1 Bm3

- U. Eoc. = 1.2 MMm3

[ 86 ] Confidential

Norio shallow Field (M.Miocene), Discovered in 1939

30 API

Hole lost

Norio - Oli.-L.Mio = 10.5 kt - M. Mio. = 256.0 kt - U. Mio. = 5.3 kt

1.86 MMbbls of oil has been produced

Asph. 0.3%

Deep M.Eocene prospect. Analog to Samgori field

?

[ 87 ] Confidential

Ninotsminda Field, Discovered in 1979

34 API

Asph. 1.2%

Ninotsminda - Paleocene = 0.04 kt - M. Eoc. = 1.58 MMt - U. Eoc. = 71.6 Kt - U. Mio. = 2.3 Kt

Analog to Manavi discovery

[ 88 ] Confidential

Block VIII

[ 89 ] Confidential

Block XIF

[ 90 ] Confidential

Block XIF (37.7 km2) Hydrocarbon Potential, West Rustavi Field Cross-sections

35 API

[ 91 ] Confidential

W. Rustavi Field Structure Map and Recoverable Reserves

30

L.Eocene

U.Cretaceous

[ 92 ] Confidential

Block XIG

[ 93 ] Confidential

Hydrocarbon Potential of Block XIG, Gustavson Associates, 2014

Schlumberger gas well for Lower Eocene

(plan first half of 2018)

Recoverable Resources by Irakli Tavdumadze 1. Teleti prospect - U. Cretaceous = 57.8 Bm3

- Paleocene = 47.3 Bm3

2 Tabori-Varketili lead - U. Cretaceous = 36.6 Bm3


Existing oil fields

Gas field

0 5km

[ 94 ] Confidential

Block XIG (300 km2) Hydrocarbon Potential, Teleti Structure

Recoverable Resources Irakli Tavdumadze - U. Cretaceous = 57.8 Bm3


Hole lost, but abundant gas shows during drilling

[ 95 ] Confidential

Block XIG Hydrocarbon Potential, Teleti Structure

Well #11 tested C1 at 200K m3

per day.

Potential Gas Accumulation

[ 96 ] Confidential

Block XIM and Possible Participation in Blocks XIC & XIB

[ 97 ] Confidential

Excellent depth and temperature

for maturity

NOR38 DDL1

VKT03 VKT02 VKT06 VKT05

U.Maikop

M.Maikop

U.Eocene

M. Eocene

L. Eocene

Cretaceous

Source rock

Chokrak

Sarmat

Source rock

NOR72

Oil in well NOR38 proves existence of oil

kitchen in U.Eocene

Oil in well NOR72

Oligocene

Oil field in Satskhenisi Maikop

Oil field in Norio Chokrak

Norio

frac

frac

frac

Proposed well

XIM XIB

600

-3200

-4200

0

-1000

Oligocene

Mature Oligocene and U.Eocene source rocks on the surface

Continuation of Samgori -5000

Gas show in Cretaceous

Oil in well NTM78

Oligocene

S N

Block XIM (350 km2) Hydrocarbon Potential, Ormoiani Syncline & Norio

0 1 2km Scale

[ 98 ] Confidential

Norio XIM

NOR72 XIB S N

VKT14

MKP3

MKP2

MKP1

Upper Eocene

Middle Eocene

1 2 3 4 5

Chokrak

GOG Line 15 CanArgo Line L3007

M.Eocene deep Norio prospect

Block IXM Shale Oil Potential of Ormoiani Syncline & Norio-Satskhenisi

Rod Christensen, 2012, Report on Shale Oil Resources ORMOIANI In Maikop - Thickness = 2,000 m, Area 350 km**2 TOC = 5%, HI = 300 mgHC/g TOC - Oil in Place Resources = 110.3 Bbbls Recoverable Oil Res. = 4.4 Bbbls In U. Eocene - Thickness = 1,900 m Area = 350 km**2 - TOC = 2%, HI = 211 mg HC/g TOC - Oil in Place Resources = 12.5 Bbbls Recoverable Oil Res. = 0.5 Bbbls

NORIO-SATSKHENISI In Maikop - Thickness = 1,500 m, Area 75 km**2 TOC = 5%, HI = 300 mgHC/g TOC - Oil in Place Resources = 17.7 Bbbls Recoverable Oil Res. = 708 MMbbls In U. Eocene - Thickness = 2,100 m Area = 75 km**2 - TOC = 2%, HI = 211 mg HC/g TOC - Oil in Place Resources = 5.6 Bbbls Recoverable Oil Res. = 224 MMbbls

300 m Maikop Sandstones outcrop in Uplistsikhe area

About 100 m thick Maikop sandstones

E

XIM

VIII

– –

– – – –

– –

– – – – –

–

–

–

W

0 2km

Scale

XIN

IX

XIC

[ 99 ] Confidential

Norio Deep M.Eocene Prospect

MNorio(NSAI)(Prospective Resources)

Kavtiskhevi-Khandaki-Mamkoda(Prospective Resources)

Line 3007DGC 0002

Prospective resources 222 MMbbls (NSAI)

Line 3007

GOG is considering participation in development of the prospect with CanArgo

0 5km Scale

0 1km Scale

[ 100 ] Confidential

Norio Upper Eocene Prospect

Structural map on top of Upper Eocene

Norio((Prospective Resources)

Line 3005

NOR38Line 3005

Prospective resources 114.3 MMbbls

0 5km Scale

0 1km Scale


Norio Oligocene prospect

Mamkoda(Prospective Resources)

Norio(Prospective Resources_NSAI)

Structural map on top of Oligocene

Samgori-Varketili(Prospective Resources)

NTM78

GOG is considering participation in development of the prospect with Schlumberger in Block XIB

Prospective resources 209.7 MMbbl

0 5km Scale

0 5km Scale


Mtskheta Lower Cretaceous Lead

50 km2

Prospective resources 39 Bm3

S N

Oligocene

U.Eocene

Maikop

K2

K1

J

S N Line-11 JKX 97-001

JKX

97

-00

1

0 5 km

Scale

0 5 km

Scale


Block XIN


Block XIN (290 km2) Hydrocarbon Potential

Only available data for Block XIN is land gravity survey and number of shallow (300 m) wells, which gives understanding of surface geology

Potential M.Miocene

target

Potential Cretaceous

target

XIN XIN

XIN

Norio oil field in M.Miocene

(in 10 km)

Saguramo M.Eocene target Coninuation of Norio deep M.Eocene (National park)

Scale

XIM XIM

XIM

Norio Norio

Norio

XIC XIC

XIC


Block XIN Structural Interpretations

Ninotsminda - Tetri Tsklebi cross-section

Play I Play II

Cross-section A-B Play I – Ramp anticline play (L.

Sarmatian - Chokrakian)

Play II – Ramp anticline play

(Cretaceous, M. Eocene)

Shale oil play for Upper Eocene and

Maikopian

Geological cross-section A-B (model 2a)

Analog Cretaceous structure in Manavi discovery (in 25 km from XIN)

There is a chance to have Gas field in this block too, because it sits on deep Maikop and U.Eocene kitchen


Block XIN (290 km2) Oil Potential, Saguramo (M. Miocene), Trani (M.Miocene) and Ertso (Cretaceous) Leads

Ertso 16 × 2 km Cretaceous Ertso (97.5 MMbbls)

Trani 10 × 3 km M.Miocene lead (108.7 MMbbls)

Saguramo 10 × 2.5 km M.Eocene lead (69.8 MMbbls)


XII

XIa

Georgian research Group

Frontera

Questerre

1. Robertson Research International Llandudno Czuynedd, United Kingdom – Western Georgia, South-East Georgia –Kavtiskhevi area and Kartli basin) (A. Robinson et al., 1996).

2. Frontera East Georgia Ltd – Hydrocarbon Geochemical Analysis - XII License Block (2005).

3. Questerre Energy (Preliminary Lab. Work for Identification of Kerogen Type within XIa License Block and Norio-Satskhenisi Area During 2011).

4. Georgian Research Group – South-east Georgia (Samgori, Patardzeuli, Martkopi, Manavi Area). Report: I. Tavdumadze et al., 2012.

5. Rod Christensen - Shale Oil Potential: Georgia Oil and Gas Limited, 2012

6. M. Arif Yukler – Hydrocarbon Potential of Block VIII, 2014

7. Gustavson and Associates – Independent Resource report for Blocks VIII and XIG, 2014

8. Gustavson and Associates – Independent Resource report for Blocks XIA, XIM, and XIN, 2013

Robertson

Rod Christensen

Studies Available Around GOG Licenses


GOG Forward Exploration Program


Forward Exploration Planning, Study Stage

STUDY STAGE Geophysics - Seismic reprocessing and reinterpretation - Gravity analysis - Seismic acquisition planning - Additional gravity acquisition planning Engineering - Determine reservoir characteristics - Recompute charges and production potential of the proposed prospects and leads - Determine IPs for all trap types - Determine decline rates for all trap types - Prepare well designs (vertical, deviated and horizontal) - Prepare AFEs for all well designs - Prepare surface facility designs - OPEX and CAPEX calculations - Full economics of operations

Quantitative Basin Evaluation - Complete basin modeling of the kitchens - Determine timing of generation and migration of HCs - Determine the most suitable traps, reservoirs and seals - Develop tectonic models over the kitchens - Determine reservoir temperatures and pressures Data Base Reorganization - Cataloging of all data sets - Increase speed to access data in an Arc GIS system

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