Blue Energy : Corporate Presentation

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CORPORATE PRESENTATION

26 July 2022

Legals

Disclaimer

onlyNot an offer or invitation

This Presentation does not constitute an offer of any securities in BLU, in any jurisdiction, nor an invitation to apply for such securities, in any jurisdiction, and will not form part of any contract for the acquisition of BLU shares. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law.

Restrictions

This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. The New Shares have not been, and will not be, registered under the US Securities Act of 1933 (the "US Securities Act") and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non-compliance could contravene applicable securities laws. Please refer to the section of this document headed "International Offer Restrictions" for more information.

N t financial product advice

This presentation does not provide investment advice or financial product advice. You should obtain professional advice and carry out your own independent investigations and assessment of the information in this presentation (including any assumptions) before acting. Before making an investment decision to acquire shares in the Company, you should consider the appropriateness of available information, including the Company's other periodic and continuous disclosure

useannounc ments lodged with ASX, having regard to your own investment objectives, financial position and particular needs, and seek professional advice from your accountant, tax adviser, stockbroker, lawyer, or other professional adviser.

No r pr sentation or warranties

The Company makes no representation and gives no warranties (express or implied) in relation to any information, opinions and conclusions contained in this presentation. The truth, accuracy or completeness of any information provided by the Company in this presentation is not assured or warranted and no responsibility or liability is accepted by the Company, its related bodies corporate or its directors, officers and advisors for any reliance placed on such information. To the fullest extent permitted by law, none of the Company and its related bodies corporate, or their respective directors, employees, agents or advisers, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwi e arising in connection with it, including without limitation, any liability from fault or negligence on the part of the Company, its related bodies corporate or any of their respective directors, employees, agents or advisers. BLU accepts no 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.

Past and future performance

Past performance of the Company, including share price performance, should not be relied upon as an indicator of future performance.

This presentation also contains certain statements which may constitute "forward-looking statements." Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes", and similar expressions that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Such statements are only expectations or beliefs and are subject to inherent risks and uncertainties which could cause actual values, results or performance to differ materially from those expressed or implied in this presentation. No representation or warranty, express or implied is made by BLU that any forward-looking statement contained in this presentation will occur, be achieved or prove to be correct. You are cautioned against relying upon any forward-looking statement.

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Investment Risk

An investment in shares in BLU (including New Shares) is subject to investment and other known and unknown risks, some of which are beyond the control of BLU. Shareholders and prospective investors should have regard to the risks outlined in this presentation, including the "Key Risks" section of this presentation, when making their investment decision.

Market a d industry data

This presentation contains information relating to the industries, segments and markets in which the Company operates ("Industry Data"). Unless otherwise stated, this information has been prepared by the Company using both publicly available data and its own internally generated data. The Company's internally generated data is based on estimates and assumptions that the directors and management of the Company believe are reasonable. In addition to the Industry Data, the presentation contains third party market data, estimates and projections. There is no assurance regarding the accuracy of such information and the third party information, and the Industry Data, has not been independently verified by the Company.

Financial data

All dollar values are in Australian dollars ("$" or "A$" or "AUD") unless stated otherwise.

Acknowledgement and agreement

By accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this "Disclaimer" section of this presentation and in the ''International Offer Restrictions" section of this presentation

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Legals

Disclaimer continued

onlyEligibility

Determination of eligibility of investors for the purposes of the Placement is determined by reference to a number of matters, including legal requirements, logistical and registry constraints and the discretion of BLU and the Joint Lead Managers. BLU, the Joint Lead Managers and their respective related bodies corporate, directors, officers and advisers, disclaim any duty or liability (including for negligence) in respect of that determination and the exercise or otherwise of that discretion, to the maximum extent permitted by law. For the avoidance of doubt, the Placement is not underwritten.

The Joi t Lead Managers may rely on information provided by or on behalf of institutional investors in connection with managing and conducting the Placement without having independently verified that information and the Joint Lead Managers do

n t assume responsibility for the accuracy or completeness of that information. The Joint Lead Managers may have interests in the securities of the Company, including by providing corporate advisory services to the Company. Further, the Joint Lead Managers may act as market maker or buy or sell those securities or associated derivatives as principal or agent. The Joint Lead Managers may receive fees for acting in their capacity as joint lead managers.

Competent Person Statement & Listing Rule 5.42 Disclosure

useThe stimates of Reserves and Contingent Resources noted throughout this ASX Announcement have been provided by Mr John Hattner of Netherland, Sewell and Associates Inc (NSAI) and were originally reported in the Company's market announcements of 25 January 2012, 26 February 2013, 19 March 2013, 8 December 2015, 28 February 2019, 22 January 2022 and 14 July 2022. NSAI independently regularly reviews the Company's Reserves and Contingent Resources. Mr Hattner is a full-time employee of NSAI, has over 30 years of industry experience and 20 years of experience in reserve estimation, is a licensed geologist and a member of the Society of Petroleum Engineers (SPE), and has consented to the use of the information presented herein. The estimates in the reports by Mr Hattner have been prepared in accordance with the definitions and guidelines set forth in the 2018 Petroleum and Resource Management System (PRMS) approved by the SPE, utilising a deterministic methodology. Blue Energy confirms that it is not aware of any new information or data that materially affects the information included in any of the announcements relating to ATP 813, 814 or 854 referred to in this report and that all of the material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed.

++ Listing Rule 5.28.2: The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an ersonalassociated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

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CORPORATE OVERVIEW

Metrics

Cash (30/06/2022)	$6.85 million
Debt	Nil
Shares on Issue before offer	1,528,214,889
Market Cap (21/07/22)	~$119 million

Board

Executive Chairman:	John Ellice-Flint
Managing Director:	John Phillips
Deputy Chair (non exec):	Rod Cameron
Audit Chair (non exec):	Mark Hayward

Share Price

Reserves and Resources

	1P/1C	2P/2C	3P/3C
Reserves (PJ)*	0	78	335
Resources (PJ)*	314	1,418	4,504

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DIRECTORS WITH DEEP EXPERIENCE

John Ellice-Flint BSc (Hons) Harvard, AMP

Executive Chairman

• Geologist by training
• 50 years global oil and gas industry experience operations, exploration, production and commercial
• Senior exec in Unocal
• CEO Santos

Rod Cameron BAdmin (Hons), MBA, MFM, FAICD, FCPA

Deputy Chairman

Non-Executive Director

• 35 years energy and resources experience in financial and executive roles
• Management positions at NAB, Rio Telstra Atlantic Richfield

John Phillips Bsc (Hons), GAICD

Managing Director

• Geologist by training
• 38 Years oil and gas experience in operations, exploration, development and management
• Technical and management roles at Delhi, Exxon, Conoco, Novus, Magellan and Sunshine Gas

Mark Hayward BBus(ACC), MAICD, FCA

Chair of Risk and Audit Committee

Non-Executive Director

• Chartered Accountant by training
• 30 years with EY with domestic and international audit partner roles in energy and resources sector

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