Evercore Investment Banking Pitch Book

Preliminary Financial Analysis Ultra-Deep Assets - Overview of Geological Risk Factors Petroleum System Element Source Material & Maturation Reservoir Trap & Seal Timing & Migration Reservoir Presence Reservoir Quality EVERCORE PARTNERS What it means Was there sufficient organic material available and was there sufficient thermal maturation of this material to create hydrocarbons in sufficient quantities to be expelled? Are there lateral and vertical seals to prevent hydrocarbons from migrating away from or out of the reservoir? Did petroleum migrate before Trap and Seal formed? Was Trap or Seal later deformed causing it to fail? Are there rocks of sufficient porosity to store commercial amounts of hydrocarbon? If present, can the reservoir produce, and at commercial rates? What is reservoir permeability and what is the degree of heterogeneity in the reservoir? Comments Related to MMR Ultra Deep Portfolio The basin has significant source rocks which were thermally mature with significant hydrocarbon expulsion Existing wells show presence of hydrocarbons from the Miocene to the Lower Cretaceous Based on available data, this risk is not viewed to be significant Confidential Prospect inventory targets largely 4-way anticlinal primary structures clearly evident on seismic Significant seal capacity demonstrated in shales and salts by existing well control Proof on concept has lowered risk significantly, but risk is not eliminated Primary anticlinal structures created in compressional system before migration reduce risk of timing failure Confirmed for discoveries by wells drilled thus far discovered sands and carbonates in the Frio, Vicksburg, Jackson, Yegua, Sparta, Wilcox, Tuscaloosa and Lower Cretaceous Carbonate formations All five wells drilled to date have found what appears to be reservoir rock from LWD and wireline logs These potential pay zones are also present in and correlate to major onshore, deepwater GOM and international locations This is the most significant area of uncertainty until a long term flow test is completed This is a significant source of dependant risk 22 MOMORAN

View entire presentation