Cuba Gulf of Mexico Oil Exploration Opportunity

Cuba - Gulf of Mexico, an Oil Rich Region • • • • • Prospectivity and Market Gulf of Mexico - one of the world's great petroleum mega provinces Under-explored south-eastern margin of the Gulf of Mexico Limited application of modern exploration techniques due to 50+ year US embargo Currently producing ~45,000 barrels of oil and 3 million cubic metres of gas per day Infrastructure in place Strong focus on increasing domestic production Few western companies operating in oil industry TSX-listed Sherritt producing oil adjacent to Block 9 ~14,000 barrels oil and ~3MCM gas per day at low operating cost of US$8/bbl in Q3 2017* Cuba Significant Undiscovered Potential Gulf of Mexico North Cube Platform Margin Carbonate AU 130 Km Escarpment SHELF North Cuba Foreland Basin AU FLORIDA CUBA Atlantic Ocean BAHAMA PLATFORM YUCATAN PLATFORM North Cuba Fold and Thrust Bet AU Yucatan Basin Gulf of Mexico Cuba US Geological Survey (2004): "Total undiscovered technically recoverable reserves in North Cuba Basin of 4.6 billion barrels of crude oil, 9.8Tcf of natural gas and 900 million barrels of natural gas liquids" Oil Terminal Modern drilling rig in Cuba 5 *Sherritt International Corporation Third Quarter 2017 Report

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