Columbus Energy Resources : Corporate and Operational Update - 27th April 2020

www.columbus-erp.com

Corporate and Operational Update

Oil discoveries in both the Lower and Middle Cruse

April 2020

Highlights

Saffron

• Oil discoveries in both the Lower Cruse and Middle Cruse
• 2363 ft of Gross sands with six reservoir intervals of interest with a 47% Net/Gross
• Confirmation of thepre-drill reserve estimates and structure in Lower Cruse as identified on seismic (11.5 mmbbl recoverable)
• Production testing individual zones; presently on zone 2
• Oil processed on location. First 340 bbls oil from Middle Cruse sold through existing infrastructure
• Signed terms for a full carry of the second Saffron Lower Cruse appraisal & development well
• Subject to oil price andCOVID-19, drilling to start Q3 2020
• Preparing two individual development plans for the Middle and Lower Cruse discoveries

Oil from the Lower

Cruse - circa 40° API

SWP exploration potential confirmed

General

• Suriname 2020 work program and budget approved
• Goudron IPSC renewal expected Q2 2020
• Expect continuous CO2 injection in Trinity Inniss field in Q2 2020
• Focus on efficient production from existing fields

Continue to improve our assets

COVID - 19

• Minimise exposure of our staff to the virus whilst maintaining our production base
• Inevitable delays in Testing and Completion activities
• Limited access to Service Providers
• Dealing with the Industry uncertainties
• • Preserve cash and cut costs
  • Prepare for in field crude storage
  • Minimise capital expenditure

Actively managing the business

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Saffron Exploration Well Results

So far

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Saffron - 1 Well Highlights

Gross/Nett sands

Discovered Oil

Reservoir	Start MD	End MD	Gross	Net Sand	NTG
interval	Interval
1	527	716	189	135	71%
2	1255	1545	290	260	90%
3	1744	2213	470	136	29%
4	2393	3492	1099	364	33%
5	3759	3978	219	129	59%
6	4234	4330	96	78	81%
Combined			2363	1102	47%

Proof of South West Peninsula

• Lower Cruse intervals 5 & 6, 40 API light crude
• Middle Cruse intervals 2, 20 API medium crude
• Remaining intervals to be tested 1, 3, and 4

Continue to improve our assets

Next steps

• Subject toCOVID-19, continue testing interval 2 establishing optimum rate oil vs water, then move to zone 3 for testing
• Following production tests, recomplete the well as the first Saffron development well
• Prepare to drill theSaffron-2 lower cruse Appraisal/Development well

Signed carry terms for Saffron-2

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Lower Cruse Discovery

The Good

The Bad & The Ugly

• Well reached TD - 4634 feet
• High quality, light oil (circa 40° API)
• 316 feet of quality sands in two distinct packages (interval 5 & 6)
• Confirmation of the structures seen on seismic (11.5mmbbl recoverable target is intact)
• Good depth control, confirmation of multiple sand packages
• Very high reservoir pressures with gradients between 0.7 and 0.9 psi/ft

Discovery in Lower Cruse

• Difficult drilling - mobile shales require high mud weights and time consuming conditioning.
• Cost overruns due to lengthened drill time, high drilling fluid weight formulations and volumes.
• Hole conditions below 3500 ft meant setting a smaller liner (from 7" to 5 ½") and did not allow cementing - leading to compromised production tests
• Limited volumes recovered to surface due to compromised completions.

Difficult drilling conditions

Mitigation

• High quality oil found in both set of initial perforation:4236'-4244' and 3760'-3768
• Multiple opportunities for further perforations
• "Open" suspension of the Lower Cruse allows flow when the well is on permanent production
• Drilling hasde-risked the geology of the Lower Cruse
• Minimal water encountered
• Follow on drilling will be substantially easier

Next steps

• Progress with Saffron 2 - expect to drill appraisal/development well Q3 2020
• Saffron 2 to be drilled from the same location - using same rig and drilling crew

De-risked appraisal drilling

Appraisal well expected Q3 2020

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Middle Cruse Discovery

The Good

The Bad & The Ugly

• New discovery in the Middle Cruse - multiple oil bearing reservoirs in a separate fault block
• Well is producing at high rate approx. 500 bpd @ 90 to 95% water cut from interval 2
• First sale completed using existing infrastructure
• Reservoir over pressured 0.6 psi/ft
• At least 2 additional intervals available

• Lower quality mobile oil (circa 19° API)
• High water cut

Discovery in Middle Cruse	High water cut

Mitigation

• Large perforation (217 feet) minimised sand ingress
• Developing water isolation options and water re- injection facilities for MC field development
• Follow on appraisal/development substantially easier and more targeted to oil producing zones

Next steps

• Identify water zones and isolate to improve oil production rates
• Perforate interval 3 at 2000'
• Prepare Full Development Plan for Ministry approval
• Secure Rigs for Development Drilling

De-risked development wells

Maximize oil production

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Saffron-1 - Drilling Summary

Upper and Middle Cruse

• From surface to 3759 feet
• Reservoir consistent with neighbouring wells however Saffron has higher Net Sand
• Penetrated new Middle Cruse sand packages
• First oil shows at 475'
• Shows continued in cuttings and over shakers

Lower Cruse

• Begins at 3760 feet
• Depth confirmed by Biostratigraphy
• Contains sand packages inline with the prognosed Net to Gross ratio
• Oil shows within cuttings analysis
• Very high reservoir pressures
• Shale layers providing vertical isolation of reservoir sands
• Challenging drilling conditions
• Reached a TD of 4634 feet

Well cost

• Drilling cost circa US$2.0m

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Saffron - Logging Ops Summary

Upper and Middle Cruse

•Open hole Quad Combo log 474'-1978'

•Results show well developed sand packages correlatable to offset wells

•Logging corroborates shows which were encountered during drilling

•Cased Hole logging (PNX) on reaching TD between 280'-TD

•Results align with open hole logs in upper sands

•Petrophysical analysis shows good hydrocarbon saturation in multiple Middle Cruse sands

Lower Cruse

•Open hole Platform Express logging attempted in 8 ½" hole section

•Successfully logged to 2545' before tool hung up

•Ran Pulsed Neutron (PNX) cased hole logging between 280'-TD

•Petrophysical analysis identified good quality sands within the lower cruse and the presence of hydrocarbons

•Cased hole logging provides a baseline to refer to in the future to identify changes in reservoir fluid

Thorough logging evaluation undertaken for the Saffron Well

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Saffron - validation of pre-drill estimates

Test-1

• Lower Cruse
• Interval -4236'-4244'
• Tested - light oil flowed to surface
• Relevant factors: mobile shales, pressure, sand ingress, casing and cementing.

Test-2

• Lower Cruse
• Interval -3760-3768'
• Tested - light oil flowed to surface
• Relevant factors: mobile shales, pressure, sand ingress, casing and cementing.

Test-3

• Middle Cruse
• Interval -1320-1537'
• Testing and production ongoing
• Relevant factors: water cut.

Drilling validated the potential of the South West Peninsula

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Saffron - Prospect Summary

LOCATION A

INLINE: 2151

XLINE: 2010

Drilling confirms the Seismic mapping and interpretation

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Saffron - Development(s)

	Development philosphy		Lower Cruse
•	The exploration results justify two stand-alone		•Up to 5000 ft deep wells drilled from locations
	spread across the reservoir
	developments
		•Drilled vertical to reduce down time managing
•	Lower Cruse -light crude with high gas/oil ratio
	high pressure shales
	and unconsolidated (beach) sands
		•Potential requirement for oil/gas separators and
•	Middle Cruse - medium/heavy crude prone to
	gas handling
	water production in interbedded sands
		•Large bore reservoir completions allowing space
•	Aim to achieve value uplift for premium crude in
	for sand control solutions
	sales contracts
		•Alternatively plan for sand tolerant pumping
			systems
			Middle Cruse
			•4 to 6 well clusters drilled from one location
			•Modestly deviated wells (300) with sufficient
			separation optimised for drainage
			•Each cluster may have a water injection well for
			water disposal and pressure maintenance
			•Tank storage allowing high volume oil water
			separation

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Lower Cruse field development

Economics

• Unlevered IRR 351%
• NPV10 $90.3 million*

• Based on 11.5mmbbl recoverable development (US$45 flat)). Company estimates

Quick to production

•Pace of development is in Company's control

•Expected net funding requirement for fast- track full development - circa $3m

•Sources of funding could include cashflows from operations, equity, debt, forward sales, farmout, working capital facilities (or a mixture)

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Middle Cruse field development

Economics single well

• Well cost approx. $500k
• Net cashflow delivered per well $520k, 85% over first 6 years

•	Payback 1.7 years	•	Medium quality crude
•	Unlevered IRR 35%
•	17° -20° API

• NPV10 $350k
• • Based on 48,000 barrels recovery per well
  • $45 per barrel flat
  • Potential to recover 3mmbbl from ~60 wells

Company estimates

Field Development Plan

•Pace of development is in Company's control - may

be linked to Lower Cruse Development Plan

•Optimal plan being developed as more testing data becomes available

•Sources of funding could include cashflows from operations, equity, debt, forward sales, farmout, working capital facilities (or a mixture)

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Suriname

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Weg Naar Zee WP&B

Subsurface activities

• The Petrel Project has been loaded
• QC of seismic, well log, petrophysical data has commenced
• The STOOIP review is due for completion in 1H2020
• Reservoir studies will concentrate on EWT design
• Exploration Prospectivity outside the Central WNZ area will be defined
• Development studies will commence and be tuned with EWT results

Extended Well Testing

•The question over re-entry of existing abandoned wells will be resolved

•Main objective is to establish oil productivity and long-term sustainable oil rates

•The EWT is included as a Contingent item due to timing uncertainty

•NIMOS confirmed the validity of the existing Environmental Social Impact Assessment

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Corporate Update

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Operational and Corporate

Managing the business

Managing the business

• US$2.56m cash (as at 31 March 2020), including US$780k in restricted cash
• Managing our own costs:
• • Executive Management - no cash payments for 3 months. Extension of Executive Share Scheme.
  • Temporary reduction in the total number of employees by circa 15%.
  • Temporary reduction of compensation paid to employees (circa 40%).

Managing our own costs

• Managing the business efficiently:
• • Lind payment for April 2020 in shares (not cash) - consistent with that right under the Facility Agreement. Board will consider future repayments on a month by month basis.
  • Use of Contractor Shares.

Managing our business efficiently

Asset Optimisation

• Restriction on capital expenditure to essential items
• Owning our own workover rigs - reduces third party costs
• Prepared for effects ofCovid-19 on employees and supply chain

Next steps

• Monitor effect ofCovid-19 on operations and oil markets
• Manage cash flows assuming extended period of low oil prices
• Look for opportunities arising from distressed markets

Continue with disciplined operations

Stay in control of our future

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Corporate Update

Executive Management Salary Shares

• As announced on 15 April 2020, Executive Management have agreed to take 100% of their Executive Managements fees in shares (the "All Shares Executive Salary Scheme"). This will apply from 1 April 2020, for a minimum of 3 months, with the intention of reverting to the previously disclosed Executive Salary Scheme as soon as practicable given market conditions and the Company's cash position.
• The number of Remuneration Shares to be issued under the All Shares Executive Salary Scheme is calculated by reference to the
  Company's shares Volume Weighted Average Price ("VWAP") during the month in which the cash salary would have been earned, as calculated by the Company's broker.
• Management have no intention of selling Remuneration Shares in the near term.

Contractor Shares

• The Company continues to employ the Contractor Shares scheme to settle fees otherwise due to various contractors. The Company intends to continue to use the Contractor Shares Scheme in a prudent manner, balancing cash management with equity dilution.
• As announced on 15 April 2020, the Company intends to issue of 9,500,000 Contractor during April 2020 (equal to approximately 1.1% of the Company's current issued share capital).

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Timeline

Well/EWT/CO2 results

2019			2020
Asset
Q4	Q1	Q2		Q3	Q4

SWP

Weg Naar Zee

Saffron well

Saffron testing

Saffron production - Middle Cruse

Saffron 2 drilling - Lower Cruse

SWP follow on opportunities

G&G studies/EWT planning

Extended Well Test(s)

Inniss-Trinity

Development planning

CO2 Pilot - Injectivity Test

Goudron

CO2 Pilot - Full Pilot

IPSC Extension

South Erin

Development well (optional)

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Summary

South American focused E&P with balanced portfolio

Production, appraisal and exploration assets

Production base (onshore Trinidad)

Five onshore producing fields allowing operational flexibility

Active cost control during period of low oil prices

Near term value creation through:

Saffron production, appraisal & development

Weg Naar Zee appraisal and development (Suriname)

Long term value creation:

Enhanced Oil Recovery CO2 and water injection

Follow on exploration, appraisal and development on SWP

Management aligned with shareholders

Executive Salary Scheme - £1.4m invested from May 2017 to March 2020

Investment pace at Company's discretion - can fast track growth opportunities or slow in low oil price SWP production, appraisal and development

Weg Naar Zee appraisal and development

Company is in control of the timing of future appraisal/development activities

Multiple growth opportunities

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www.columbus-erp.com

Appendices

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Multiple catalysts for growth

Clear steps to value creation

South Erin development drilling

Drill ready prospect - NPV10 US$1.6m 3 target horizons

Rapid cashflow potential

SW Peninsula appraisal & development

Saffron Lower Cruse - appraisal drilling planned Q2-Q3 2020

Saffron Middle Cruse - producing

Multiple follow on prospects

Excellent commercial terms

Weg Naar Zee - Suriname

24mmbbl STOIIP

Extended Well Tests H2 2020

Access to infrastructure allows early, low cost development

Production Base

5 fields - onshore Trinidad Focus on profitable barrels

EOR programme - water and CO2 injection Rig ownership providing operational flexibility

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Roadmap - 2017 to 2022

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Forward Looking Statements and Qualified Person's Statement

Certain statements in this presentation are "forward looking statements" which are not based on historical facts but rather on the management's expectations regarding the Company's future growth. These expectations include the results of operations,

performance, future capital, other expenditures (amount, nature and sources of funding thereof), competitive advantages, planned exploration and development drilling activity including the results of such drilling activity, business prospects and opportunities. Such statements reflect management's current beliefs and assumptions and are based on information currently available.

Forward looking statements involve significant known risks, unknown risks and uncertainties. A number of factors could cause the actual results to differ materially from the results denoted in these statements, including risks associated with vulnerability to general economic market and business conditions, competition, environmental and other regulatory changes, the results of exploration, development drilling and related activities, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company.

Although these statements are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that the actual results will be consistent with these forward looking statements.

Qualified Person's statement

The information contained in this document has been reviewed and approved by Stewart Ahmed, Chief Technical Officer (Trinidad), for Columbus Energy Resources plc. Mr Ahmed has a BSc in Mining and Petroleum Engineering and is a member of the Society of Petroleum Engineers. Mr Ahmed has over 33 years of relevant experience in the oil industry.

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