CROWN ENERGY AB (publ) Company Presentation 2013 - Redeye

CROWN ENERGY AB (publ)
Company Presentation 2013

PRESENTATION
Redeye, 20 March 2013
• Ulrik Jansson, CEO

PRESENTATION
• Introduction to Crown Energy
• Strategy
• Project portfolio
• Portfolio valuation
Table of Contents
• Summary and Crown Energy Investment Rationale

INTRODUCTION
Crown Energy Overview
• Crown Energy is an oil & gas exploration company; portfolio creation
started in 2009
• Dedicated and very experienced team with extensive industry
knowledge. Head office in Stockholm and technical office in London
• Asset Strategy – early stage E&P, focus on high resource potential
and under-explored areas; manageable logistics; investment friendly
environment and good fiscal terms
• Crown has invested in three high quality assets ranging from
development to appraisal and exploration projects to comprise a
balanced starting portfolio

STRUCTURE
Corporate Structure
ORGANISATION
LEGAL STRUCTURE
Alan
Simonian,
Chairman of
the Board
Ulrik Jansson,
CEO and
Board
Member
Andrew
Harriman.
Board
Member
Crown Energy AB
(publ)
Peter
Mikkelsen,
Exploration
Manager
Andreas
Forssell, CFO
and Vice
President
David Tobias,
Exploration
Thombo
Petroleum Ltd
David Jones,
Legal Councel
and Company
Secretary
Nick Johnson,
Exploration
Amicoh
Resources Ltd
Russ Guyatt,
Reservoir
Engineer
100%
Thombo
Petroleum Ltd
(holds 75% of licence Block 2B)
100%
Crown Energy
Ventures
Corporation, BVI
(holds 5% of licence Block P)
100%
Amicoh
Resources Ltd
(holds 100% of licence Block 3108 ”Manja”)

MANAGEMENT
Crown Energy Management Team
• Ulrik Jansson – CEO, Director
Founder and CEO of PA Resources AB, which achieved a $1.5 billion market cap with producing and
exploration assets focussed on West Africa, Tunisia and NW Europe
• Andreas Forssell – CFO, deputy CEO, Vice President
CEO of Tomsk Refining AB, a Swedish downstream company operating in Russia. Prior to that Mr
Forssell held management positions in various industries and worked as corporate advisor and project
manager in corporate finance/M&A deals.
• Alan Simonian – Chairman
Founder Director of Simco Petroleum (Management) Ltd, which specializes in a wide variety of technical
and commercial consultancy services to the upstream oil and gas sector with a focus on Africa.
• Peter Mikkelsen –Exploration Manager
Non-exec director of Rift Oil and Kea Petroleum and former technical adviser to Scotsdale and PA
Resources. An associate of Simco for 12 years with a focus on African exploration
• David Jones - Legal Counsel and Company Secretary
Barrister with over thirty years experience in providing legal counsel to oil and gas industry.
• Russ Guyatt – Reservoir Engineer
An independent consultant, with operating expertise onshore Africa.
• Andrew Harriman - Director
London and Lagos based entrepreneur with extensive interests in upstream support services industry.
• David Tobias – Geologist and Exploration
Has over 30 years of experience from various positions within the oil and gas industry.
• Nick Johnson – Geologist and Exploration
Has over 30 years of experience from various positions within the oil and gas industry.

STRATEGY
Value Creation in the E&P Sector With
Balanced Risk Portfolio
Exploration Appraisal Development Production
Madagascar - Manja
South Africa – Block 2B
Eq Guinea – Block P
Relative Value Add
Capital Required
Risk profile

STRATEGY
Crown Asset Strategy
• Early stage E&P
• Focus on areas which still have high resources potential and are not
over-mature in exploration terms
• Locations must be logistically feasible for Crown to manage
• Investment environments which are small company friendly and not
over-regulated, or with onerous fiscal terms

170
mmya
114
mmya
RIFT BASINS
Tectonic summary and comparison
90
mmya
70
mmya
30
mmya
0
mmya
Morondava
Basin (Manja)
Orange River
Basin (Block 2B)
East Africa Rift
(Lake Albert)
In the early Jurassic (170 mmya) all areas were located on internal rifts in the Gondwanaland
continent. By the early Cretaceous (114 mmya) Madagascar had pulled away and the Orange
Basin had just begun to. Both were subsequently flooded by open marine sediments on top of the
rifts. Lake Albert is currently the site of an active rift, which may eventually become a new ocean.

East Africa (2013)
Oil & Gas prone basins
Yemen (Marib/Masila Basins): 6 bill bo
South Sudan (Muglad Basin): 2 bill bo
(Melut Basin): 5 bill bo
Madagascar (Morondava Basin): 30 bill bo (STOIIP
– heavy oil)
Uganda (Albertine Basin): 2 bill bo
Kenya (Lokichar Basin): 1 bill bo (?)
Ethiopia (Ogaden Basin): 3 TCF
Kenya (offshore Lamu:

East Africa (where next?)
3
4
2
5
1
The following basins are geological
continuations or analogies to the new oil
and gas plays or have been in political
Force Majeure
From north to south:
6
1. Somaliland (Nogal – Dharoor)
2. Ethiopia (Ogaden)
3. South Sudan (Jonglei)
8
7
4. Kenya/Ethiopia (South Omo, etc)
5. Somalian (onshore + offshore)
6. Kenya (onshore Lamu/Anza)
9
10
7. Kenya (offshore Lamu)
8. DRC/Burundi/Tanz (Lake Tanganyika)
9. Malawi/Tanz (Lake Malawi)
10. Madagascar (Majunga)
12
11
11. Madagascar (Morondava)
12. Mozambique (offshore Zambezi)

PROJECTS
Project Portfolio
SOUTH AFRICA (Block 2B):
§ Contains the AJ-1 oil discovery
§ Total mid-case prospective
unrisked resources of 451 mmbo in
10 mapped prospects and leads
(NSAI CPR report)
§ Only oil-prone basin south of
Angola
§ Seismic start January 2013
MADAGASCAR (Manja Block 3108):
§ North Manja exploration prospect,
mid case prospective unrisked
resources of 678 mmboe
§ Largest undrilled structure onshore
Madagascar
EQUATORIAL GUINEA (Block P):
§ Contains the Venus Oilfield
§ 18 mmbo ready-to-develop
§ 142 mmbo exploration
§ Exceptional quality reservoir
Equatorial
Guinea
South Africa
Madagascar

PROJECTS,
SOUTH AFRICA
South Africa Block 2B, offshore Orange River Basin
• Thombo Petroleum Ltd 34,5%*
• Crown Energy 40,5%*
• Afren Plc, working interest 25,0%
• Block Area: 5,448.5 km 2
* Deal published and subject regulatory approval and consideration during first half year 2013
• Exploration Right formal awarded Apr 2011, maximum 9 year
period)
• 1st period (3 years) acquire a minimum of 500 km2 of new 3D
seismic over AJ Graben
• 2nd period (2 years) negotiable – likely to require drilling one well
• A further two extension periods (each of 2 years duration) are
allowed, subject to agreeing appropriate work programmes for
each period
• Farm-out signed by Thombo with Afren plc in Feb-11
• Afren has a 25% working interest for paying 100% of the
seismic acquisition and US$750,000 cash for back costs
• Afren’s working interest increases to 50% and operatorship
transferred to Afren upon election to drill up to two wells, in
which Crowns equity stake dilutes to 27%
• Outlook - The partners near term work programme involves the
acquisition of 686 km2 of new 3D seismic in Q1 2013, ahead
of expected exploration drilling in 2014.
• PetroSA has the right to come in at the development stage for
a paying 10% equity. It has the further right to purchase an
additional 10% interest on commercial terms. Both interests will
come from Thombo and Crown equity.

PROJECTS,
SOUTH AFRICA
Geological Section, Block 2B
Adapted from E.A.Jungslager, Soekor, 1999

PROJECTS,
SOUTH AFRICA
Albertine Graben Uganda (Rifted Basin Analogy)
• 24 out of 25 wells have found hydrocarbons
• 13 fields discovered
• Proven reserves of >700 mmbo
• Upside potential estimated > 2 billion bo
• Largest fields to date:
– Buffalo-Giraffe 300 MMbbl
– Kingfisher 200 MMbbl
– Ngassa discovery (300-600 mmbo potential)

PROJECTS,
SOUTH AFRICA
Block 2B Prospects & Leads Location

PROJECTS,
SOUTH AFRICA
Block 2B Main Lacustrine Sand Play - AJ Graben
Sea-floor
A-J1
Top Cenomanian
Rift u/c
Graben boundary fault roll-overs
(Tullow Albertine Graben play)
Main sandstone pinch-out play
(oil trap, passive margin)
Lacustrine Beds
(reservoir + source rock)
Downdip wet sandstone
(with oil shows in A-J1)
Intra-graben pinch-out play
(A-J1 accumulation)
Basement
Possibly deeper lacustrine beds

PROJECTS,
SOUTH AFRICA
Prospective Resources Summary
(CPR of total licence by NSAI, June 2012)
PROSPECT RESERVOIR PROSPECTIVE RESOURCE ESTIMATE
UNRISKED RISK (COS) RISKED
OR LEAD GROSS UNRISKED (mmbo) THOMBO NET BEST NET BEST
MINIMUM BEST MAXIMUM WI* ESTIMATE ESTIMATE
Prospects:
AJ-1 (discovery) E. Cret 5,4 7,6 10,7 75% 5,7 0,55 3,1
Humpback E. Cret 41,2 66,7 105,3 75% 50,0 0,19 9,5
Bryde E. Cret 25,7 41,8 66,9 75% 31,4 0,19 6,0
Minke E. Cret 30,8 51,2 82,1 75% 38,4 0,14 5,4
Pre-Lacustrine E. Cret 34,5 54,3 84,6 75% 40,7 0,15 6,1
Bottlenose Frac Base 6,4 10,9 18,5 75% 8,2 0,06 0,5
Dusky Frac Base 3,2 5,1 8,3 75% 3,8 0,06 0,2
Sub-Total: 147 238 376 178 31
Leads:
N Graben 1 E. Cret 48,4 69,8 100,8 75% 52,4 0,1 5,2
N Graben 2 E. Cret 40,7 59,5 86,3 75% 44,6 0,1 4,5
N Graben 3 E. Cret 58,4 83,6 119,5 75% 62,7 0,1 6,3
Sub-Total: 148 213 307 160 16
Overall Total: 295 451 683 338 47
*WI is current Thombo equity, but does not reflect Afren's right to earn a further 25% by carrying
Thombo for up to two wells and PetroSA's right to come in for 10% at the development stage.
Prospects and leads used for portfolio valuation
Best cases used for net and risked columns

Worldwide Comparison of Fiscal Terms
Govt share of net income:
Revised February 2009
Madagascar would fit here
SOUTH AFRICA’S TERMS:
• Tax/Royalty regime
• Royalty is based on profits:
– Minimum 0.5%
– Maximum 5.0%
• Corporation Tax of 29%
• Capex uplifted 100% for exploration (i.e. 200%
expensed) and 50% for production (i.e. 150%
expensed) and expensed immediately for tax
purposes
• Opex expensed immediately for tax purposes
• State participation (PetroSA) at 10% carried
through exploration
• ‘Black Economic Empowerment’ equity at 10%
granted on commercial terms, by default to
PetroSA

PROJECTS,
MADAGASCAR
Amicoh Madagascar, Manja (3108) Block
Permit area 7,180 km² (after 35% relinquishment)
20

PROJECTS,
MADAGASCAR
Seismic Summary
Manja Licence Lead Summary map
“Isalo” Intra-Karoo sequence TWT Grid
Betsimba
NW 62 km 2
Sub-Kazo
74 km 2
Kaz
West o-1
Kirin
dy-1
N Manja
270 km 2
Manja-1
Betsim
ba-1
Betsimba
NE 65 km 2
Area “4”
44 km 2
Area “1”
18 km 2
KEY:
Isalo Structure
Sikily
-1
Sikily
20-30
km 2
Jurassic
Structure
Existing
Seismic Line*
*colours indicate
different
vintages
Note: The greater overall
closure (maximum) of
North Manja and sub-
Kazo combined >500
km 2 “mega-prospect”
upside

S-N Geosection over North Manja Prospect
PROJECTS,
MADAGASCAR
Senonian (105-70
mmya) Marine Drift
Aptian (120-105
mmya) u/c: major
folding and
peneplaning event
Ambatolava-1
Karoo
(>250-200
mmya)
Isalo 1
reservoir
~220 mmya)
Note: Manja-1
was drilled in
1955 without any
seismic and did
not reach base
Mid Jurassic

PROJECTS,
MADAGASCAR
Probabilistic Reserves Estimates (MC)
PROSPECT
RESERVOIR
RESERVES
OIL CASE (mmbo)
GAS CASE (bcf)
MINIMUM MID MAXIMUM MINIMUM MID MAXIMUM
Ambatolava Isalo 97 350 1 271 859 2 897 10 117
Sifaka Isalo 129 660 3 421 583 2 911 14 633
Sub-Kazo Isalo 15 61 257 126 494 1 971
Overall Total: 241 1 071 4 949 1 568 6 302 26 721
• Oil and gas cases run as alternative scenarios.
• Prospects could also be mix of the two.
• Associated gas volumes not shown for Oil case.
RISK ANALYSIS:! Reservoir" Structure" Seal" Source" Timing" Total"
" " " " " " " "
Ambatolava" " 60%" 90%" 60%" 70%" 70%" 16%!
Sifaka" " 50%" 100%" 40%" 70%" 50%" 7%!
Sub-Kazo" " 50%" 70%" 60%" 70%" 70%" 10%!

PROJECTS,
EQUATORIAL
GUINEA
Equatorial Guinea, Block P, Location: Rio Muni Basin
Crown Energy 5%
Vaalco Energy 31%
GE Petrol 57%
Atlas Petroleum 7%
18 mmbo P2 discovery – Venus field
142 mmbo prospective resources
Block Area (PDA): 250 km 2
Exploration Right:
Formal award
signature date 3
April 2003 ( in
PSC) (ratified 17-
Apr-2003)
BLOCK
P
Current position: PSC Amendment
agreed extending
initial exploration
period to late 2012
Proposed programme: submit plan of
development for
Venus Field
All work commitments completed

PROJECTS,
EQUATORIAL
GUINEA
Block P, Development
Venus (Green Sand) Field ~ 18mmbo (mid case). Discovered by P-2 (oil
to base sand); appraised by P-2 ST (found OWC) and P-3 (water leg)
• Oct 2012: submission of POD
to government (MMIE)
• Nov-12 to Jan-13: MMIE
approval process
• 2013: Explore the prsopects
surrounding Venus Field
• Drill and complete 3 wells (2
producers, 1 injector)
• Jan to Apr 2014: Sub-sea
works
• Mid 2014: FPSO float-out
• Late 2014: First Oil

TOTAL
Crown Portfolio Valuation (risked reserves CPR method)
Crown&Energy&Portfolio
Value&analysis&by&prospect
COUNTRY BLOCK
Eq&Guinea P&Block&(P50)
Eq&Guinea P&Block&(expl.)
South&Africa Block&2B*
Madagascar Manja&3108*
TOTAL:
Exploration&valuations&assume&$90/bo&flat&at&NPV&10
100%&
RESOURCES&
(mmboe)
CROWN&
EQUITY*
CROWN&NET&
RESOURCES&
(mmboe)
UNDEVEL&
RESOURCES&
VALUE&
($/BOE)
NET&
RESOURCES&
VALUE&TO&
CROWN&
($mm)
RISK
EMV&calculation:&(NPV*COS)?(1?COS)*Dry&Hole&Cost
CROWN&RISKED&
NET&RESOURCES&
(mmboe)
NET&RISKED&
RESOURCES&
VALUE&TO&
CROWN&($mm)
UNCARRIED&
DRILLING&
COSTS&NET&TO& NET&RISKED&
CROWN*& EMV&
($mm) ($mm)
18 5% 0,9 $10,0 &&&&&&&&&&&&&&&&& 9 100% 0,9 9 0 9
142 5% 7,1 $10,0 &&&&&&&&&&&&&&& 71 7% 0,5 5 0 5
435 22% 96 $16,0 &&&&&&&&&&& 1&531 14% 13 216 46 176
1&071 50% 536 $8,0 &&&&&&&&&&& 4&284 10% 54 432 40 396
1&524 632 5&824 68 657 86 587
*Notes:&&
&&&&&&&&&&&&&&Crown&Equity:&&on&South&Africa&it&is&assumed&that&Afren&will&exercise&their&option&to&increase&their&equity&to&50%
&&&&&&&&&&&&&&and&that&PetroSA&will&enter&at&the&development&stage&for&10%.
&&&&&&&&&&&&&&On&Madagascar,&it&is&assumed&that&a&farmYin&partner&will&take&50%&of&Crown's&present&100%&equity.
&&&&&&&&&&&&&&Block&2B:&&only&the&top&8&prospects&and&leads&have&been&considered
&&&&&&&&&&&&&&Manja:&&only&the&top&3&(Isalo)&prospects&and&have&been&considered
&&&&&&&&&&&&&&Uncarried&drilling&costs:&&on&Block&2B,&Crown&is&carried&for&the&first&2&wells&by&Afren&and&pays&its&22%&share&of&the&other&6&wells&($17.5&mm&net/well)

Crown Energy Financing Going Forward
• Published on Friday 15 th February the acquisition of a 40,5% equity stake in Block 2B
in South Africa for apprx 48 million SEK
• Financing for the acquisition is planned for by issuing fully secured convertible loans
of total apprx 65 million SEK. Conversion price 10 SEK per share, 3 year loan period,
and with a 10% interest p.a. In case the preferential issue is oversubscribed, there is
an overallotment option for a directed issue of convertible bonds for a maximum of
additional SEK 10 million
– (50% is secured under subscription agreements by main owner and seller of the project and the rest is
underwritten by a consortium of external investors)
• Current shareholder structure
THE SHARE

Tigris Oil – Iraq – Salah Aldeen Region
TIGRIS OIL
• Crown Energy holds a six year option to acquire 100% of Tigris Oil, a company with a
PSA in Salah Aldeen Region in Iraq, next to Kurdistan
• Key Commercial Terms:
– Interest Production Sharing Agreement
– Contractor 60%
– Regional Government 40%
• Exploration Period
– Initial term of 10 years divided in 2 sub periods:
– First Sub Period: 7 years
– Second Sub Period: 3 years
• Development Period
– Commercial Discoveries of (a) Crude Oil, (b) Associated Natural Gas and (c) Non Gas entitles to a
Development Period with a term of:
– 20 years with an automatic right to a 5 year extension

Tigris Oil – Iraq – Salah Aldeen Region
TIGRIS OIL
• Salah Aldeen Region
• Facts:
• Population: Approximately 1,1 million
people
• Area: Approximately 24 000 km
• Capital city: Tikrit
• Largest city: Samarra
• Language: Arabic
• Currency: Iraqi Dinar
Salah Aldeen
Region
• Oil in the region
• 4bn barrels of oil in place in the Hamrin
field
• Probability of billion barrel discoveries
is very high
• Region is heavily underexplored
• May hold over 20bn barrels
• No current production

SUMMARY
Crown Energy Summary
• Limited downside – the farm out interest in South Africa Block 2B underpins
current market cap
• Significant upside potential
– Madagascar onshore – both oil and
gas potential, drilling underway
– South Africa – fully carried 3D seismic
and drilling costs to a value of up to 80 MUSD
– Equatorial Guinea – proven reserves
Prospective Resources (gross, unrisked)
All mapped prospects and leads (oil)
MAX: 5,896 mmbo
MID: 1,682 mmbo
MIN: 592 mmbo
• Experienced and skilled management
• Africa is still underexplored and therefore offers great opportunities for
exploration

Disclaimer
• This document (the “Document”) has been prepared in connection with a proposed private fund raising initiative for Crown Energy AB (publ).
• This Document itself does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in Crown nor
shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with any contract.
• No reliance may be placed for any purpose whatsoever on the information contained in this Document or on its completeness and no representation or warranty, express or implied,
is given by each of the Directors or any other person as to the accuracy of the information or opinions contained in this Document and no liability is accepted with respect to such
information or opinions.
• The distribution of this Document in certain jurisdictions may be restricted by law and therefore persons into whose possession this Document comes should inform themselves about
and observe any such restrictions. Any such distribution could result in a violation of the law of such jurisdiction.
• This Document should not be redistributed by recipients or distributed to persons with addresses in the United States or Canada. Any such distribution could result in violations of US
or Canadian law.
• This Document is for distribution in the United Kingdom only to persons who are approved persons or exempted persons within the meaning of the Financial Services and Markets
Act 2000, or any Order made there under and, if permitted by applicable law, for distribution outside the United Kingdom to professionals or institutions whose ordinary business
involves them engaging in investment activities. It is not intended to be distributed or passed on, directly or indirectly, to any other class or persons. This Document and its contents
are confidential and is being supplied to you solely for your information and may not be reproduced, further distributed to any other person or published, in whole or in part, for any
purpose.
• The Recipient is hereby notified by the Company of his obligation to comply with the provisions of the Criminal Justice Act 1993 in relation to the information contained in this
Document and any other information referred to in the Presentation in which this Document was provided. The Recipient of this Document is hereby further notified that misuse of
some or all of the information included in this Document or referred to in the presentation in which this Document was provided may constitute behaviour amounting to market abuse
under section 118 Financial Services and Markets Act 2000 and any such information is made available to the Recipient in confidence and no behaviour by such Recipient amounting
to market abuse in relation to any qualifying investment or relevant product should be based on such information (as “behaviour”, “market abuse”, qualifying investment” and
“relevant product” are defined in the Code of Market Conduct published by the Financial Services Authority).
FORWARD-LOOKING STATEMENTS
• This Document contains forward-looking statements. These statements relate to, among other things, analyses and other information that are based on forecasts of future results and
estimates of amounts not yet determinable. These statements also relate to the Company’s future prospects, developments and business strategies.
• Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “envisage”, “estimate”, “expect”, “intend”, “may”, “plan”, “will” or the
negative of those, variations or comparable expressions, including references to assumptions.
• The forward-looking statements in this Document are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from
those expressed or implied by those statements.
• Given the risks and uncertainties associated with a company of this nature, potential investors should not place reliance on forward-looking statements
• These forward-looking statements speak only as at the date of this Document. The Company does not undertake any obligation to update forward-looking statements or risk factors
other than as required by any relevant regulations, whether as a result of new information, future events or otherwise.