#1ترکم Buru Energy Investor Presentation November 2023#22 Disclaimer This document has been prepared by Buru Energy Limited ABN 71 130 651 437 ("Buru") and has been authorised for release to the ASX by the Non-Executive Chairman. This presentation contains certain statements which may constitute "forward-looking statements". It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve and resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delays or advancements, approvals and cost estimates. All of Buru's operations and activities are subject to joint venture, regulatory and other approvals and their timing and order may also be affected by weather, availability of equipment and materials and land access arrangements, including native title arrangements. Although Buru believes that the expectations raised in this presentation are reasonable there can be no certainty that the events or operations described in this presentation will occur in the timeframe or order presented or at all. There are numerous uncertainties inherent in estimating reserves and resources, and in projecting future production, development expenditures, operating expenses and cash flows. Oil and gas reserve engineering and resource assessment must be recognised as a subjective process of estimating subsurface accumulations of oil and gas that cannot be measured in an exact way. All contingent resources and prospective resources presented in this report are pursuant to the Company's ASX releases of 26 April 2022 and 23 January 2023, respectively. The estimates of contingent and prospective resources included in this Presentation have been prepared in accordance with the definitions and guidelines set forth in the SPE PRMS. Buru is not aware of any new information or data that materially affects the information included in this presentation and all material assumptions and technical parameters underpinning the estimates in this presentation continue to apply and have not materially changed. The probabilistic method was used to prepare the estimates of the contingent and prospective resources. No representation or warranty, expressed or implied, is made by Buru or any other person that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Buru, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence if any information in this presentation or any error or omission there from. Neither Buru nor any other person accepts any responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information. All references to $ are in Australian currency, unless stated otherwise. Investor Presentation | November 2023 Buru Energy#3Key Stats 3 BURU ENERGY OVERVIEW Committed to delivering material growth as an integrated energy business Who we are Founded in 2008, we are an ASX listed diversified energy company focused on exploration and production of hydrocarbon and alternative energy resources in Australia. Buru has been the most active onshore oil and gas WA explorer since its formation and is the only E&P company in the Canning Basin with contemporary production history. >> Shares on issue ~596 million -->> Market Cap ~$80 million -->> Share Price $0.135 >> Cash at 31 Oct'23 ~$13 million, with no debt What we do We explore for and develop hydrocarbon resources in the onshore Canning Basin of Western Australia whilst participating in the new energy economy through our subsidiary companies: GeoVault (Carbon Capture and Storage (CCS)), 2H Resources (natural hydrogen and helium exploration), and Battmin (battery minerals exploration). Our goal Deliver material benefits to our shareholders, the Traditional Owners and communities of the areas where we operate. Investor Presentation | November 2023 Buru Energy#44 BURU ASSETS Strategic operated acreage position to support exploration, development, energy transition and expansion opportunities Onshore Canning Basin, WA Adelaide Superbasin, SA are Broome Buru 100% EP Buru 60% Rey 40% P Buru 100% Ungan PL SPADE Yulleroo Buru 100% PL Backreef Aree Derby EP 29 Dis 50 km PELA 705 Adelaide Super basin Gawler Craton Port Bonython Whysila Port Pir PELA 707 PELA 711 Ramsay 1 Kilometers Adelaide O 706 Curnamonal Province PELA 710 PELA 763 Legend Known Hydrogen Occurences 2H Gas Storage Exploration Licence Applications (GSELA) 2H Petroleum Exploration Licence Application (PELA) Gold Hydrogen PEL Operating Area Granted/Pending* Permits Buru Ownership Strategy ~22,000 km²# 12 (7 EPs, 5 PLs) # 60-100% Establish an energy hub in the Northwest of WA as part of the Rafael gas development. ■ Appraise, develop and commercialise the Rafael 1 gas and condensate discovery via a two phased project. ☐ Progress prospect and lead maturation and exploration drilling to provide backfill and growth. Leverage Carbon Capture and Storage potential in the basin to support Rafael and third party generated emissions reduction. # Pre- late 2023 permit renewal and relinquishment/withdrawals ☐ ☐ ~30,000 km² 9* 100% Natural hydrogen and helium exploration and development. Establish acreage positions in geologically prospective areas. Further develop exploration techniques to effectively and efficiently explore for naturally occurring hydrogen and helium. Work with infrastructure providers for development and commercialisation strategies. Investor Presentation | November 2023 Buru Energy#5PURSUING THE FIRST CONVENTIONAL GAS DEVELOPMENT IN THE KIMBERLEY With full ownership of the Rafael discovery, focus is on commercialising the resource and securing a development partner A mostly underexplored sedimentary basin, 9 times the size of the Perth Basin, has delivered its first significant conventional wet gas discovery. Rafael-1 is a high potential, high quality, liquids rich discovery with a gas column of 165m (proven) up to 630m (based on pressure data). 1 A potential world scale conventional resource Resource independently assessed by ERCE to hold between 59 bcf and over 1 TCF of gas and up to 20.5 MMstb of condensate (probabilistic)]. Buru deterministic resource assessment provides improved level of confidence in resource volumes to underpin project development options. 2 Feasibility studies confirm several project options ■Third party studies confirm several feasible project options, with a 2-phase development providing highest value. ■Rafael is stand-alone commercial at current 1C resources Progressing to next stage of engineering. Canning Basin CCS is a key enabler for development. 3 Disciplined execution to deliver value ■ 3D seismic survey recently completed with initial results by year end. Appraisal well planning and Long Lead Item procurement for 2024 drilling progressing. Development partner selection progressing to deliver a regionally significant project. 1 Refer to the ASX release of 26 April 2022 for full definitions and disclosures. Buru is not aware of any new information or data that materially affects this assessment and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. 10 5 Investor Presentation | November 2023 Buru Energy#66 RAFAEL 1 - A SIGNIFICANT CONVENTIONAL GAS AND CONDENSATE DISCOVERY The Eureka moment for Buru, the Kimberley and the Western Australian resource industry Rafael 1 well was drilled in 2021 on a large structure with gas encountered in three zones. Rafael geology is a proved Canning Basin play type with conventional reservoir in Ungani Dolomite equivalents and a new play type in Upper Laurel dolomites. Encouraging initial flow rates of 7.5 mmcfd from a restricted zone with excellent quality gas <2% CO2 and ~40 bbls/mmscf condensate (light oil). Wide range of resources as expected at early stage of evaluation: ▪ 1C of 59 Bscf and 1.2 MMstb condensate is the gas & condensate seen in the well, ■ 3C of 1.024 TCF and 20.5 MMstb condensate is the inferred gas & condensate in the structural closure and backed up by pressure data, ▪ 2C of 260 Bscf and 5.3 MMstb condensate is a probabilistic calculation with no physical basis. 1 Refer to the ASX release of 26 April 2022 for full definitions and disclosures. Buru is not aware of any new information or data that materially affects this assessment and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Rafael 1 drilling 4Q 2021 Rafael 1 flow test - 1Q 2022 Investor Presentation | November 2023 Buru Energy#77 KILOMETRES THE SIZE OF THE PRIZE Recently completed 3D seismic survey will provide confirmation of structure size and confirm potential gas column extent Waitsia (Perth Basin) Rafael (Canning Basin- Independent ERCE assessment) Synecia 1 Waitsia 1 Waitsia 2 350m Gas column height 165m (proven) to greater than 600m (mapped closure) 830 bcf (2P) 50 km² Recoverable gas Area (blue outline) 59 bcf -1,024 bcf (1C-3C) 50 km² Gas Columns (same scale) Gas-water contact +350m Rafael 1 Structural closure (on 2D) 1C (59 bcf) 3C (1,024 bcf) -700m Structural closure (on 2D) Pressure data indicates possible column >900m Investor Presentation | November 2023 Buru Energy#88 RAFAEL FIELD APPRAISAL PROGRAM Rafael 1 Test Flow testing demonstrated excellent quality gas with less than 2% inerts (CO2) and rich condensate with no pressure depletion or reservoir boundaries observed. Rafael 3D seismic survey acquisition completed Will provide confirmation of the size of the structure and improve understanding of the trapping mechanism and potential column height. Processing deliverables: - Fast track interpretation – late Nov'23 - Final processing - End Feb'24 3D seismic is essential for optimal placement of the wells to reduce geological and drilling risk. Up to 2 Appraisal wells In planning phase for 2024 drilling to address the main subsurface uncertainties (hydrocarbon column height and net/gross distribution). Long Lead Item procurement to safeguard drilling in 2024. Rafael 1 recompletion and test 2022 flow test restricted to part of one zone because of well configuration. Test two additional zones and retest initial zone with confidence of increased flow rates. Test program planned to include perforation of additional intervals currently behind casing where gas flows were encountered while drilling, and the Prospective Resource zone in the Upper Laurel with interpreted rich gas condensate or volatile oil pay. Completed - Well test with flow from restricted zones 3D seismic Commercialisation options Resource re-evaluation Commercialisation pre- FEED Appraisal drilling Rafael 1 workover Test all zones open Resource confirmation Commercialisation Feed 1 1C 2C 3C Investor Presentation | November 2023 Buru Energy#99 FEASIBILITY STUDIES CONFIRM SEVERAL PROJECT OPTIONS TO MONETISE RAFAEL Concept work to date confirms credible phased development with CCS as an enabler Subsurface Realisation Low < 40 bcf Mid 400 bcf High ≥ 800 bcf PHASE 1 Small-scale LNG for local + Ammonia or consumption Condensate PHASE 2 Methanol or LNG for Export (FLNG/NWS) Condensate Condensate Condensate Investor Presentation | November 2023 Buru Energy#1010 Objective PHASE 1 RAFAEL DEVELOPMENT Domestic hybrid LNG and renewables for power generation with condensate export Develop a small footprint, scalable LNG supply stream, complemented by 50% renewable energy supply via solar and battery storage, to meet the long term energy needs of Kimberley. Resource Low Case First Production: Project Life: 2027 Key Project Parameters No. of wells: Gas flowrate: 20 years 1-2 (Rafael appraisal wells completed as producers) 8-16 mmscf/d Product streams: LNG (0.05 0.1 MTPA) Condensate (225-450 bopd) " Indicative basis ☐ of design ◉ Gas gathering system & liquids separation close to wellsite, Pipelines for gas and condensate to Central Processing Facility (CPF) at Energy Hub, Small scale, containerized LNG facility at Energy Hub, LNG trucking to Broome and regional communities, condensate trucking to Broome, and 50% renewable power generation (photovoltaic and battery storage) at each site. Market Domestic power for Broome, Derby, Camballin/Looma, Fitzroy Crossing and Halls Creek, with demand creation opportunities for other industrial gas customers. Condensate for SE Asian refineries. PHASE 1 Domestic LNG for power generation with condensate export condensate trucking LNG trucking mini LNG plant power station (LNG) Broome condensate storage power for remote communities hybrid power generation with firmed solar Derby LNG trucking underground gas & liquid pipelines energy hub CO2 capture & underground storage condensate export coarse liquid separation Rafael gas & condensate field BROOME PERTH Buru Energy Investor Presentation | November 2023 Buru Energy#11PHASE 2 RAFAEL DEVELOPMENT Building on Phase 1 to deliver a large-scale project with Carbon Capture & Storage (CCS) PHASE 2 1 Domestic LNG for power generation with: condensate export 2 Small to large capacity methanol or ammonia production for export Ammonia or Methanol methanol or ammonia plant condensate trucking mini LNG plant power for remote communities Derby LNG trucking underground gas & liquid pipelines: energy hub CO2 capture & underground storage Liquified Natural Gas for Export hybrid power generation with firmed solar BROOME LNG export FUNG facility coarse liquid separation PERTH BROOME Rafael gas & condensate field power for remote comm inities subsea pipeline Derby underground gas pipeline LNG trucking PERTH mini LNG plant for domestic power generation LNG trucking underground gos & liquid pipelines energy hub CO2 capture & underground storage hybrid power generation with firmed solar coarse liquid separation Rafael gas & condensate field PHASE 2b 1 Domestic LNG for power generation with condensate export LNG export via localised small scale FLNG (-1.6MTPA) methanol or ammonia trucking Broome power station (LNG) condensate & methanol or ammonia storage condensate & methanol or ammonia export Buru Energy Broome underground condensate pipeline power station (LNG) condensate storage condensate export Buru Energy First Production: Project Life: No. of wells: Gas flow rate: Product streams: Relative impact of CCS on low reservoir CO2 Rafael development: 11 2029 20 years 5-10 55-110 mmscf/d LNG for domgas power (0.03 MTPA) ■ Methanol or Ammonia (0.5 - 1.0 MTPA) ■ Condensate (2,200 - 4,400 bopd) 2029 10 years Up to 12 280 mmscf/d ☐ LNG for domgas power (0.03 MTPA) LNG for export (~1.6 MTPA) ■ Condensate (5,100 bopd) Investor Presentation | November 2023 Buru Energy#1212 PHASED EXECUTION STRATEGY MITIGATES SUBSURFACE UNCERTAINTY Deliver early cashflows on known resource, and significant upside on appraisal success Activity VALUE CREATION 3D Seismic Resource maturation JV Partner Selection Appraisal Drilling Commercialisation Studies TEN Concept Screening Phase 1 Kimberley hybrid power Phase 2 Clean Ammonia/Methanol/LNG VALUE REALISATION Phase 1 Kimberley hybrid power Phase 2 Clean Ammonia/Methanol/LNG 2023 2024 2025 2026 Fast track results available Acquire & Interpret Resource Update Convert Contingent Resources to Reserves Shortlist, Negotiate and Execute LLI Procm't Drilling & Completion Petrofac CONCEPT STUDIES GHD FID TECHNICAL / COMMERCIAL DEF'N FEED NOW 2027 2028 2029 Appraisal / Development Drilling - FID CONCEPT SELECTION DEF'N FEED Production ENGINEERING, PROCUREMENT & CONSTRUCTION (24 MONTHS) Operate Production ENGINEERING, PROCUREMENT & CONSTRUCTION (38 MONTHS) Timeline is indicative and is subject to capital availability, future discussions with potential asset partners, offtake arrangements, land access and regulatory approvals. Investor Presentation | November 2023 Buru Energy#1313 DISCIPLINED EXECUTION TO DELIVER VALUE Shortlist Development Complete Partners Critical long lead items to 3D Seismic interp. Appointed Appointed GHD for protect 2024 appraisal Near Term Objectives Create and maintain value ahead of Development Partner selection Drive certainty of outcome for development by managing risks and reducing subsurface and development uncertainty Set up development for value realisation stage Confirmed phased Completed Miro Capital pre-FEED for next engineering stage of Partner Selection 3D Seismic process Regained survey full ownership WA Govt. of Ungani exempts Oilfield Canning Basin from onshore gas export development strategy $5m deal with MRL for Carnarvon asset ban (Rafael Phase 1) Acquired Commenced Origin's Rafael interests development studies Government FLNG feasibility approves study for 'high' DOL# resource outcome 2023 JV partner Selection - Achieved - Near Term Objectives #Declaration of Location Investor Presentation | November 2023 Buru Energy#1414 RAFAEL PARTNER SELECTION PROCESS COMMENCED: COMPELLING VALUE PROPOSITION A discovered gas resource with a clear pathway to a clean energy development at scale enabled by material Carbon Capture and Storage ("CCS”) potential 1 Rafael Gas Discovery Commercialisation 2 Pathway 3 Clean Energy Province 4 Resource Potential 5 Proven Project Delivery Rafael gas-condensate field has been independently assessed with up to 1 Tcf gas and 20 MMbbl condensate recoverable Rafael appraisal program ongoing, with 3D seismic survey acquisition recently completed, and further drilling and well testing planned for H2 2024 Development concept studies have been completed for full range of Rafael contingent resources ■ Phase 1 development for local gas and power supply for early cashflow, with Phase 2 export development of either clean ammonia or CNG/LNG Pathways to commercialisation supported by local large scale CO2 storage projects (CCS) facilitated by Buru's GeoVault subsidiary ■ The identified CCS potential of Buru's Canning Basin permits together with Rafael gas has the potential to create a new world scale CCS and clean energy province Buru's permits include extensive prospective exploration acreage across the Canning Basin's proven and producing petroleum system Mapped prospects and leads provide potential backfill for Rafael with unrisked mean Prospective Resources of > 2.0 Tcf ■ Buru has a strong track record with native title holders and has commenced negotiations to secure indigenous land use agreements for a Rafael development Attractive opportunities for strategic partnerships Investor Presentation | November 2023 Buru Energy#1515 RAFAEL PARTNER SELECTION PROCESS TARGETING STRATEGIC ENERGY PLAYERS Buru's acreage is uniquely suited to develop a new world class clean energy province PHASE 2 1 Domestic LNG for power generation with condensate export 2 Small to large capacity methanol or ammonia production for export methanol or ammonia trucking methanol or ammonia plant power for remote communities hybrid power generation with firmed solar BROOME Derby CCS Potential LNG trucking underground gos & liquid pipelines energy hub CO2 capture condensate trucking mini LNG plant & underground storage power station (LNG) Broome condensate & methanol or ammonia storage coarse liquid separation PERTH Rafael gas & condensate field Browse Basing Gas Developments Buru has identified significant CCS potential within its acreage as defined by Buru's Geovault subsidiary Independent verification of injection volume potential suggests a world class CCS scale Net Zero Enabler Clean Energy Export Buru's CCS provides pathway for the Rafael gas development to be net zero The combination of defined gas resources with defined CCS potential will facilitate the Phase 2 clean energy upside ■ Mid case deterministic gas resource estimated to be sufficient for Imtpa of clean ammonia export facility The proximity of Buru's acreage to the coast enables a pathway to large scale CO2 importing and the creation of material carbon storage revenues Broome condensate & methanol or ammonia export NWS Gas Developments CCS Import Investor Presentation | November 2023 Buru Energy#1616 SIGNIFICANT UPSIDE EXPOSURE VIA NEW ENERGY BUSINESS 2H Resources is a 100% subsidiary of Buru Energy and is leading explorer for natural hydrogen and helium. Natural hydrogen is produced from underground accumulations in the earth and has the potential to supply low cost and very low carbon intensity hydrogen. 2H Resources has seven Petroleum Exploration Licence (PEL) and two Gas Storage Exploration Licence (GSEL) applications in South Australia covering some 30,000 sq kms. Confidence in the prospectivity of 2H Resources' South Australian natural hydrogen and helium exploration portfolio enhanced with recent positive drilling results in adjacent area with similar geological characteristics. Buru has also applied for six Special Prospecting Authorities with an Acreage Option (SPA-AO's) in the Perth Basin and the Goldfields area in Western Australia. These areas are highly prospective for helium and associated gases. 2H Resources has established industry leading partnerships for the exploration and commercialisation of natural hydrogen. Gawler Craton Port Bonython Whyalla Adelaide Super basin PELA 705 GSELA 765 Port Pirie PELA 711 PELA 708 GSELA 764 PELA 707 PELA 706 Ramsay 1 Legend Adelaide O 13730 0 50 100 Kilometers 13622 139-10 Curnamona Province PELA 710 PELA 763 Known Hydrogen Occurences 2H Gas Storage Exploration Licence Applications (GSELA) 2H Petroleum Exploration Licence Application (PELA) Gold Hydrogen PEL 14050 2H Resources' South Australian PEL/GSEL application areas Investor Presentation | November 2023 Buru Energy#1717 EXPERIENCED BOARD AND MANAGEMENT TEAM Deep industry experience and proven track record to deliver strategy Mr Eric Streitberg Non-Executive Chair Geology, geophysics, commercial Ms Joanne Kendrick Independent Non-Executive Director Technical, engineering Mr Thomas Nador CEO Strategy, resource development, commercial Mr Paul Bird CFO and Company Secretary Finance, governance Mr Malcolm King Independent Non-Executive Director Commercial, exploration, operations Dr Kris Waddington COO Operations, stakeholder engagement Mr Robert Willes Independent Non-Executive Director Finance, commercial, M&A bp Mobil OXY Woodside Energy ARCO PTTEP ΟΥ OMV Gulf ло AMPOL Mr Mark Devereux GM Subsurface and Technical Integration Exploration, technical, regulatory compliance FLUOR ARC adelphi Inter Oil beach Senex dp DISCOVERY PETROLEUM N.L. Nido METGASCO ARC ENERGY Petroleum Limited Investor Presentation | November 2023 Buru Energy#1818 SUMMARY INVESTMENT DRIVERS 1 2 3 4 5 6 Buru continues to deliver on its strategy to realise significant value from its Rafael discovery through focus on rigorous execution and capital management. 3D seismic acquisition is completed, with early insights available in November 2023. Appraisal well planning is progressing, with Long Lead commitments required to maintain schedule. Development studies completed and confirmed technical, commercial, and economic feasibility for a wide range of resource outcomes. Buru is executing a phased development to deliver early cashflows, and now focused on Native Title negotiations, concept studies and appraisal activities. Rafael Development Partner Selection process kicked off. This process will provide a formal platform to attract a wide range of potential partners and create an environment for competition and deal making. An early investor in natural hydrogen and helium exploration which provides significant value upside for investors at headstock level, until 2H Resources subsidiary becomes independently investible in due course. A clear 'ask' from our shareholders. Buru requires capital to maintain momentum and deliver the plan and be in the best possible financial health to attract the most value accretive deals over the coming 6 months. Investor Presentation | November 2023 Buru Energy#19Buru Energy Buru Energy Limited Level 2, 16 Ord Street West Perth Western Australia 6005 PO Box 1903 West Perth WA 6872 Phone: 1800 337 330 Email: [email protected]