Tangram Energy

Energy Rediscovered

Assets

North Sea Oil & Gas Assets

Tangram has acquired a number of licences in the UK’s 32nd Offshore Licensing Round. The company is presently working on 4 assets and has built a dedicated team with access to a pool of expert advice to further each of these projects according to the terms agreed with the North Sea Transition Authority.

Thunderball P2517

Contingent Resources (BCF)	1C	2C	3C
Thunderball Discovery	98	154	327
Prospective Resources (BCF)	1U	2U	3U
Prospect Q	19	28	40

License	TANGRAM ENERGY LTD
Licence Number	P2517
Tangram Energy Ltd	100% Equity
License Round	32 Round
Quadrant Number	14
Block Number	26
Block Reference	14/26b
Calculated (actual) square kilometres	120.37
Location	Offshore

Thunderball Licence P2517 is located in the centre of Moray Firth near the Halibut Horst and sits within the Lower Cretaceous and Upper Jurassic fairways
3D seismic data re-processing & interpretation completed
After rigorous technical analysis, it has been determined that Thunderball is fit for commercial development
Given the current macro-economic conditions with sustained high energy prices, Thunderball can begin production as early as 2024 and may be able to produce up to 60 MMscf/dCONTACT
The proximity to infrastructure allows an economically viable tieback to Buzzard or Bloe Holm FPSO
This is a low risk and low capex investment with upsides from both additional Gas and Oil opportunities

Charlie-Mimas P2584

Contingent Resources (BCF)	1C	2C	3C
Mimas Area	28	69	126
Mimas Area	144	238	368
Charlie Area	150	243	367
Alpha Area	464	729	1341

License	TANGRAM ENERGY LTD
Licence Number	P2584
Tangram Energy Ltd	100% Equity
License Round	32 Round
Quadrant Number	48
Block Number	9
Block Reference	48/9
Calculated (actual) square kilometres	244.76
Location	Offshore

The P2584 licence work programme has been completed for Initial term Phase A including PSDM seismic reprocessing
Significant potential in the multiple prospects, GIIP more than 1 Tcf
Unproduced Mimas volumes remaining
3D seismic data re-processing & interpretation completed
Commercialisation is attractive given the current macro-economic conditions with sustained high energy prices, and the proximity to infrastructure allows an economically viable tie-back to Clipper infrastructure
Farm out Tangram’s interest to drill a commitment well in 2024-2026.

Eldon P2585

Contingent Resources (BCF)	1C	2C	3C
Eldon West	190	271	360
Prospective Resources (BCF)	1U	2U	3U
Eldon South	133	189	252
Eldon South-Was	149	212	284

License	TANGRAM ENERGY LTD
Licence Number	P2585
Tangram Energy Ltd	100% Equity
License Round	32 Round
Quadrant Number	48
Block Number	13
Block Reference	48/13C
Calculated (actual) square kilometres	122.95
Location	Offshore

The P2585 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing
Wells 48/13b-3 and 28/13b-8 seeing up to 4% gas peaks in the Leman Sandstone
Compartmentalization observed in the Eldon region due to identification of several De Keysers which could lead to multiple prospects
3D seismic data re-processing & interpretation completed
Significant potential in the Eldon discovery, GIIP more than 250 Bcf
Commercialisation is attractive given the current macro-economic conditions with sustained high energy prices, and the proximity to infrastructure allows an economically viable tie-back to Clipper South infrastructure
Farm out Tangram’s interest to drill a commitment well in 2024-2026

Thunderball P2517

Contingent Resources (BCF)	1C	2C	3C
Thunderball Discovery	98	154	327
Prospective Resources (BCF)	1U	2U	3U
Prospect Q	19	28	40

License	TANGRAM ENERGY LTD
Licence Number	P2517
Tangram Energy Ltd	100% Equity
License Round	32 Round
Quadrant Number	14
Block Number	26
Block Reference	14/26b
Calculated (actual) square kilometres	120.37
Location	Offshore

Thunderball Licence P2517 is located in the centre of Moray Firth near the Halibut Horst and sits within the Lower Cretaceous and Upper Jurassic fairways
3D seismic data re-processing & interpretation completed
After rigorous technical analysis, it has been determined that Thunderball is fit for commercial development
Given the current macro-economic conditions with sustained high energy prices, Thunderball can begin production as early as 2024 and may be able to produce up to 60 MMscf/dCONTACT
The proximity to infrastructure allows an economically viable tieback to Buzzard or Bloe Holm FPSO
This is a low risk and low capex investment with upsides from both additional Gas and Oil opportunities

Charlie-Mimas P2584

Contingent Resources (BCF)	1C	2C	3C
Mimas Area	28	69	126
Mimas Area	144	238	368
Charlie Area	150	243	367
Alpha Area	464	729	1341

License	TANGRAM ENERGY LTD
Licence Number	P2584
Tangram Energy Ltd	100% Equity
License Round	32 Round
Quadrant Number	48
Block Number	9
Block Reference	48/9
Calculated (actual) square kilometres	244.76
Location	Offshore

The P2584 licence work programme has been completed for Initial term Phase A including PSDM seismic reprocessing
Significant potential in the multiple prospects, GIIP more than 1 Tcf
Unproduced Mimas volumes remaining
3D seismic data re-processing & interpretation completed
Commercialisation is attractive given the current macro-economic conditions with sustained high energy prices, and the proximity to infrastructure allows an economically viable tie-back to Clipper infrastructure
Farm out Tangram’s interest to drill a commitment well in 2024-2026.

Eldon P2585

Contingent Resources (BCF)	1C	2C	3C
Eldon West	190	271	360
Prospective Resources (BCF)	1U	2U	3U
Eldon South	133	189	252
Eldon South-Was	149	212	284

License	TANGRAM ENERGY LTD
Licence Number	P2585
Tangram Energy Ltd	100% Equity
License Round	32 Round
Quadrant Number	48
Block Number	13
Block Reference	48/13C
Calculated (actual) square kilometres	122.95
Location	Offshore

The P2585 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing
Wells 48/13b-3 and 28/13b-8 seeing up to 4% gas peaks in the Leman Sandstone
Compartmentalization observed in the Eldon region due to identification of several De Keysers which could lead to multiple prospects
3D seismic data re-processing & interpretation completed
Significant potential in the Eldon discovery, GIIP more than 250 Bcf
Commercialisation is attractive given the current macro-economic conditions with sustained high energy prices, and the proximity to infrastructure allows an economically viable tie-back to Clipper South infrastructure
Farm out Tangram’s interest to drill a commitment well in 2024-2026

Thunderball P2517

Thunderball is located in the Moray Firth Area in the Upper Jurassic Burns Sandstone. It was first discovered in 1997 with the 14/26b-05 well.

Eldon P2585

The P2585 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing

Cirrus P2512

The P2512 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing

Charlie-Mimas P2584

The P2584 licence work programme has been completed for Initial term Phase A including PSDM seismic reprocessing

Thunderball P2517

Thunderball is located in the Moray Firth Area in the Upper Jurassic Burns Sandstone. It was first discovered in 1997 with the 14/26b-05 well.

Cirrus P2512

The P2512 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing

Charlie-Mimas P2584

The P2584 licence work programme has been completed for Initial term Phase A including PSDM seismic reprocessing

Eldon P2585

The P2585 licence work programme has been completed for Initial term Phase A including PSTM seismic reprocessing

Strategy

Company

Tangram Energy is a fast emerging player in the UK North Sea that focuses on developing mature fields and undeveloped discoveries

Overview

In recent years, various macro-economic factors have transformed the competitive landscape in the UK Oil & Gas industry and Tangram believes that a remarkably differentiated strategy is required to be a successful energy company. Tangram aims to utilise technology and innovative approaches to maximize hydrocarbon recoveries in fields that have previously been overlooked or under-invested in. In addition, Tangram is evaluating acquisition targets for production assets that provide synergy and support to its strategy in the North Sea.

Value Creation

Tangram participated in 32^nd UKCS licensing rounds and was awarded several licenses 2017-18 that contain undeveloped discoveries. Team Tangram re-analyses these blocks through new sets of available data, software tools and overlays its perspective to create a viable development plan generating significant economic value. Work program carried out by the team on its awarded licenses has resulted in a significant uplift in the economic viability of the license blocks and Tangram is highly confident in its ability to take them to the next stage of the development plan.

Philosophy

The re-use and life-extension of existing infrastructure, and effective utilization of previous economic and environmental consumption is a better sustainable approach to oil and gas exploration and production than the imposition of new greenfield burdens. It not only makes good economic sense but is also kinder to the environment. Tangram therefore drives a culture of innovation, effectiveness and conscientious behaviour to effect its philosophy. Decisions are made through a collective process which overlays existing data, infrastructure and other assets that are looked through a new lens and refined by further technical analysis to deliver the broader corporate strategy.