February 2018

Sebuku
Key facts
Onstream Offshore
Location Timetable
Sector, Basin: Kalimantan, Pasir - Asem Asem Discovery Date: Ruby Jan 1975
Block: Sebuku, Area: 2,345 km2 Issue Date: Sebuku Sep 1997
Water Depth: 60 - 63m FID: Ruby Jun 2011
Production Started: Ruby Oct 2013
Peak Gas Production (88 mmcfd): Ruby 2015
Final Expiry: Sebuku Sep 2027
Operator Participants %
Mubadala Investment Company Mubadala Investment Company 70.00
INPEX Corporation 15.00
Total 15.00
Primary Reservoir(s):
Neogene\Miocene\Aquitanian\Berai
Recoverable Reserves (p+p) Hydrocarbon Quality
245 bcf Sales Gas C1 (%) 98
Remaining Reserves at 01/01/2018 CO2 (%) 1.2
130 bcf Sales Gas Calorific Value (btu/scf) 1,080
Gross Thickness (m) 95
Porosity (%) 19
Contract Financial Summary
Production Sharing Contract Capital costs (2018 terms) US$645M
Capital costs per boe (2018 terms) US$14.98/boe
Operating costs (2018 terms) US$195M
Operating costs per boe (2018 terms) US$4.54/boe
Remaining PV (10.0% nominal) US$363M
Remaining PV per boe (10.0% nominal) US$15.91/boe
Rate of return 12.4%
Source: Wood Mackenzie

Summary and key issues

Summary

The Sebuku PSC lies in the southern Makassar Straits, halfway between the islands of Sulawesi and Kalimantan. It contains
two discoveries, the Ruby gas field and the small Pangkat oil deposit.
Sebuku

The plan of development for the Ruby field was approved in July 2008. It incorporates two bridge-linked offshore platforms,
and an initial four development wells. A 312-kilometre pipeline transports the gas to a new onshore receiving terminal and then
delivers it into the Total-operated Senipah processing facilities, south of the Bontang LNG plant. From there, gas is sold for use
in the local PT Pupuk Kalimantan Timur (Kaltim) fertiliser plants.

A 10-year domestic gas sales agreement was signed in June 2011, following which the FID was immediately made. The field
was brought onstream in October 2013.

Key issues

• Sebuku is currently contracted to supply 80 mmcfd. The Ruby facilities have a production capacity of 115 mmcfd,
providing the scope for the commercialisation of additional gas volumes or to comply with higher short-term demands
from the existing buyer.

• In 2015, state utility PGN's upstream subsidiary Saka Energi made the Barokah (SIS-A1) gas discovery in the
neighbouring South Sesulu PSC. Development of the discovery could utilise the Ruby pipeline infrastructure to access
the Bontang area market. Mubadala also operates the neighboring West Sebuku acreage which is in the early stages
of exploration.

• The South Kalimantan and West Sulawesi provincial governments have expressed their interest to take a 10% stake in
the Sebuku PSC. In July 2015, both governments signed a memorandum of understanding. It is understood that the
two provincial governments are required to form a business entity to farm-in formally into the PSC.

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Sebuku

Location maps
Index Map

100°0'E 120°0'E 140°0'E

CHINA

VIE
M YA N M A R
LAOS

THAILAND MANILA

CAMB
PHILIPPINES
10°0'N

10°0'N
MAL
MAL

SGP

INDONESIA

TIM
10°0'S

10°0'S

AUSTRALIA

km
Source: Wood Mackenzie, ESRI ocean basemap
0 1,000 2,000

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Sebuku

Detail Map

118°0'E
3°0'S

3°0'S
West Sebuku
Mubadala Inv

RUBY
Sebuku
Mubadala Inv

Pangkat
4°0'S

4°0'S

km
Source: Wood Mackenzie, ESRI ocean base map
0 30 60

Participation
The Sebuku PSC lies in an area that has been held by a variety of different operators (including Gulf Indonesia, Elf and Unocal)
under different PSC names (including the Muara Teweh and Offshore SE Kalimantan PSCs).

The Sebuku block was awarded to Gulf Indonesia (a subsidiary of Gulf Canada Resources) in September 1997. In July
2001, Conoco acquired Gulf Canada Resources, and thereby also a 72% holding in Gulf Indonesia Resources. In June 2002,
the board of Gulf Indonesia approved Conoco's proposed purchase of all shares not already owned, which was subsequently
completed in July 2002.

In August 2002, Conoco and Phillips merged their global operations to form ConocoPhillips.

Asset report - 26 Feb 2018 Page 4 of 15

Sebuku

ConocoPhillips made a final relinquishment presentation to BPMIGAS on the Sebuku block in October 2002, and shortly after
Pearl Energy announced it had acquired the block for an undisclosed sum.

In December 2003, Canadian-listed Fuel-X farmed-in for a 50% interest in the acreage. Under the terms of the transaction, Fuel-
X was responsible for 100% of the drilling costs of three exploration/appraisal wells in the Sebuku PSC contract area, up to a
maximum aggregate amount of US$12 million. In July 2007, following financial struggles, Fuel-X exited the block in return for a
fixed payment at first production from the Ruby field.

Aabar Petroleum completed the compulsory acquisition of Pearl Energy in July 2006 and Pearl Energy became a fully owned
subsidiary of Aabar.

In May 2008, Mubadala Development Company bought Pearl from Aabar, for around US$800 million. Pearl Energy became a
100%-owned subsidiary of Mubadala Petroleum, which is a unit of Mubadala Development.

In September 2010, INPEX and Total both farmed in to the block for a 15% stake each, leaving Mubadala with the remaining
70%.

The South Kalimantan and West Sulawesi provincial governments have expressed their interest to take 10% stake in the
Sebuku PSC. In July 2015, both governments signed an MoU of cooperation.

The period where the PSC partners were obliged to offer up to 10% participating interest to regional government owned
companies and the national oil company has expired, but the joint venture partners have expressed their willingness to
accommodate the provincial governments. The two provincial governments are required to form a business entity to farm-in
formally into the PSC.

Participation

Company (%)
Mubadala Investment Company 70.00*
INPEX Corporation 15.00
Total 15.00
Total 100.00
Source: Wood Mackenzie
* Operator

Geology
The Sebuku block contains a variety of different geological plays given its location at the meeting point between the Paternoster
Platform and the South Makassar Basin. The most productive reservoir discovered to date in both areas is the Berai limestone
carbonate. Lacustrine and fluvio-deltaic shales of the Lower Tanjung Formation are the predominant source rocks.

Asset report - 26 Feb 2018 Page 5 of 15

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Well data
Notable discoveries and recent exploration wells

Well Name Operator Spudded TMD(m) Result Discovery Comment

Field
Type Complete WD(m)
d
Makassar Gulf 31 Oct 2,754 + Gas Ruby Flowed 9.2 mmcfd of gas.
Straits-1 Indonesia 1974
Exploration 02 Jan 60
1975

Pangkat-1 Gulf 29 Dec 2,806 * Oil Pangkat Tested 100 b/d of oil from DST1 and
Indonesia 2000 124 BWPD from DST2.
Exploration 21 Feb 63
2001

Makassar Pearl Energy 07 Feb 1,676 Gas The targeted Upper Berai Limestone
Straits-2 2006 was found to have a gross thickness
Appraisal 04 Mar 62 of 140 feet. However, reservoir
2006 quality was less well developed than
that found in the discovery well.
Approximately 10 feet of gas-bearing
reservoir was intersected.

Berlian-1A Pearl Energy 22 Mar 1,280 Dry Hole Problems encountered at the original
(Sebuku) 2006 Berlian-1 well forced a partial re-drill,
Exploration 04 Apr 179 which subsequently failed to reach
2006 the 1,646 metre target depth.

Makassar Pearl Energy 03 Apr 1,636 Gas The well encountered 97 metres of
Straits-4 2007 gross gas pay and 85 metres of net
Appraisal 03 May 62 gas pay. A combined flow rate of 39
2007 mmcfd was achieved through a 1-
inch choke.

Makassar Pearl Energy 05 May 1,753 Gas Well encountered 37 metres of net
Straits-3 2007 gas pay. The well tested 39.2 mmcfd
Appraisal 29 May 52 of gas through a 96/64 inch choke.
2007

NW Ruby-1 Mubadala 21 Apr 1,313 Dry Hole

Development Co 2010
Appraisal 15 May 138
2010

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Sebuku

Sebuku Mubadala 01 Jan

Mubadala 1 Investment 2020
Company
Exploration

Source: Wood Mackenzie

* Technical Discovery
+ Commercial Discovery

Exploration
To date, 11 exploration/appraisal wells have been drilled in the area encompassing the current Sebuku PSC, of which six were
drilled before the creation of the current block. It has also been mapped through seismic data, the latest of which was a 290
km2 3D seismic survey in 2006.

The first success was enjoyed by Gulf Indonesia, which announced the Makassar Straits-1 gas discovery in December 1975.
The well encountered a Miocene carbonate reservoir of over 300 feet thickness, primarily in Upper Berai Limestone. It flowed
gas on test at 9.2 mmcfd. The discovery was subsequently renamed Ruby.

In February 2001, the Pangkat-1 well recovered sub-commercial amounts of oil from fractured volcanic basement rocks.

In 2006, appraisal of the Ruby field began in earnest with the drilling of the Makassar Straits-2 well, 2.6 km to the northwest of
the Makassar Straits-1 discovery. The target Upper Berai Limestone was found to have a reduced gross thickness of 140 feet,
and reservoir quality was less well developed. Only 10 feet of gas-bearing reservoir quality rock was encountered.

Pearl Energy then drilled the Berlian-1A exploration well, approximately 30 kilometres northwest of Makassar Straits-1. Despite
targeting the same carbonate reefal reservoir, the well was dry.

A year later, and following a seismic survey, Pearl returned to drill the Makassar Straits-4 appraisal well. It was drilled to a total
depth of 5,367 feet and encountered 318 feet of gross gas pay and 279 feet of net gas pay in a single reservoir pay zone. Two
drill stem tests flowed at a combined rate of 39 mmcfd.

This was followed by the Makassar Straits-3 well, which was drilled to a total depth of 5,000 feet and encountered 122.5 feet of
net gas pay over a gross interval of 260 feet. The well tested a constrained 39.2 mmcfd through a 96/64 inch choke.

After a three-year interval, Mubadala returned in March 2010 to drill the NW Ruby-1 wildcat, to test a satellite prospect on the
Ruby field. It was unsuccessful.

In March 2013 Mubadala was awarded an exploration block for the acreage surrounding the Sebuku PSC, the West Sebuku
block.

Reserves and resources

Following the four wells that have been drilled on Ruby, it has been established that the field has good reservoir characteristics,
with an average net to gross pay of 88%, an average porosity of 19%, a methane content of over 97% and less than 0.5%
carbon dioxide. The gas is extremely dry, with minimal condensate. We have assumed the gas has an average calorific
content of 1,080 btu/scf.

Reserve estimates for the field have varied between approximately 250 and 350 bcf following each new appraisal well. The
reserves shown below reflect current contracted volumes. Additional reserves could be recovered if additional gas sales
agreements are signed.

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Sebuku

It is understood that minor amounts of condensate have been intermittently produced from the processing facility. We have not
modelled this due to its size.

Commercial Recoverable Reserves (p+p)

(Remaining Reserves at 01/01/2018)

Init Rem
Gas Gas
(bcf) (bcf)
Ruby 245 130
Source: Wood Mackenzie

Production
The Ruby field begin production in October 2013. We have assumed an average production of 75 mmcfd for 10 years to fulfil
the GSA with Pupuk Kaltim.

Production (2013-2021)

2013 2014 2015 2016 2017 2018 2019 2020 2021

Ruby 19 65 88 72 73 70 70 70 65
Source: Wood Mackenzie
Please refer to our Upstream Data Tool (UDT) for life of field production data.

Production Profile

Development
The Ruby field has been developed via a two-platform production complex. This consists of a six-slot wellhead platform, bridge-
linked to a small gas processing platform that also houses living facilities.

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Sebuku

Wells

• Four wells were batch-drilled in 2013 for the initial production.

• Depending on reservoir performance, another well is expected in 2020.

• The wells are estimated to cost around US$20 million/well.

Facilities

The field facilities consist of two steel jacket platforms standing on water depths of 60 metres:

• A six-slot tripod wellhead platform.

• A four-legged processing and living quarters platform.

• Processing capacity is 115mmcfd.

• Two compressors are housed on the platforms to maintain plateau production.

• A 14-inch 312-kilometre pipeline links the platforms to a newly constructed receiving terminal, which acts as pig
receiver and slug catcher.

Contracts

• Platforms construction: Meindo Elang Indah.

• Platforms transportation and installation: Saipem.

• Generators and compressors: Indoturbine.

• Pipeline fabrication was split between Bakrie, and Fedsin Rekayasa.

• Pipeline installation: Meindo Elang Indah and Nippon Steel.

• Pipeline coating: Bradero Shaw and Indal Steel.

Installation of the pipeline and construction of the onshore facilities were finished by the end of 2012, and the installation of the
offshore platforms was completed by June 2013, with hook-up and commissioning completed in time for first gas by the end of
October 2013.

Infrastructure
Gas from the Ruby facilities is transported via the 14-inch 312-kilometre gas pipeline to the PERTAMINA-operated Senipah
terminal, south of the Bontang LNG plant. From there it enters the East Kalimantan gas infrastructure, and onwards into the
Pupuk Kaltim plant.

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Costs
Exploration Costs

A number of exploration and appraisal wells have been drilled on the Sebuku PSC, with the most recent being the NW Ruby-1
well drilled in 2010 at a cost of approximately US$10 million (nominal terms). We estimate the total exploratory sunk cost pool
on the PSC had reached US$100 million (nominal terms).

Capital Costs

We estimate the initial first phase of the Ruby gas project required an investment of US$570 million (nominal terms). This
includes US$80 million for four development wells, US$285 million for the construction and installation of the two platforms and
associated processing equipment, and US$205 million on the construction and installation of all pipelines and the small
receiving terminal. Facility repairs in 2016 were assumed to cost US$5 million (nominal terms).

We have also modelled later field costs including an additional development well, plus US$46 million (real terms) in
abandonment provisions, spread until the end of field life.

Capital Costs 2011 to Post-2019 (US$ million)

2011 2012 2013 2014 2015 2016 2017 2018 2019 Post-
2019
Product. Facilities 24 85 125 - - 5 - 3 - -
Process. Equip. - 20 30 - - - - 3 - -
Dev. Drilling - - 80 - - - - - - 20
Pipeline - 60 120 - - - - - - -
Terminal - - 25 - - - - - - -
Abandon. Costs - - 1 1 2 6 6 6 6 18
Total 24 165 381 1 2 11 6 12 6 38
Source: Wood Mackenzie
Nominal to 2018 and real (in 2018 terms) thereafter.
Please refer to our Upstream Data Tool (UDT) for life of field capital expenditure data.

Operating Cost

Operating Costs 2017 to 2021 (US$ million)

2017 2018 2019 2020 2021

Operating costs 18 19 19 19 19
Source: Wood Mackenzie
Nominal to 2018 and real (in 2018 terms) thereafter.

Sales contracts
In January 2010, an initial agreement was signed by an upstream consortium led by Pearl Oil (Mubadala), Total and INPEX with
PT Pupuk Kaltim, for approximately 80 mmcfd of gas for 10 years. The final GSA was signed in June 2011. The Ruby gas is
used for fertiliser plant operations at the Kaltim V plant.

We have assumed that gas from the Ruby field is sold to the Kaltim V at a price of US$6.70/mmbtu (US$7.24/mcf).

Asset report - 26 Feb 2018 Page 10 of 15

Sebuku

Annual Gas Prices

2017 2018 2019 2020 2021

Price per Mcf (US$) 7.24 7.24 7.24 7.24 7.24
Source: Wood Mackenzie

Fiscal and regulatory

The Sebuku PSC is a Post-1992 Conventional contract with the following key terms.

• FTP is applied at a rate of 20%, shared between the contractor and the government.

• The post-tax profit gas split is 65:35 in the government's favour, and 80:20 for oil.

• A tax rate of 44% applies.

• DMO will be applied at 8.9% after a 60-month holiday.

• DMO reimbursement is set at 15% of the oil export price.

• Investment credit is given at a rate of 15.78% on tangible oil capital expenditure.

Economic assumptions
A cash flow has been prepared for the Sebuku PSC, using the following economic assumptions. It has been run on a stand-
alone basis using Wood Mackenzie's Global Economic Model (GEM). It does not reflect corporate synergies. These are
included in company valuations which can be produced in GEM and also in Wood Mackenzie's Upstream Data Tool (UDT).

Cash Flow

The following cash flow is in nominal terms.

Discount rate and date

Wood Mackenzie's discount rate is 10% nominal. The discount date is 1 January 2018.

Inflation rate

Wood Mackenzie's inflation rate is 1.9% in 2018 and our long term assumption of 2.0% remains unchanged from 2019 onward.

Oil price

Wood Mackenzie's Q3 Brent oil price assumption (nominal terms) is US$73.00/bbl in 2018, US$71.00/bbl in 2019, US$66.00/bbl
in 2020, US$65.00/bbl in 2021 and US$70.36/bbl in 2022 inflated at 2% per annum thereafter. This equates to a long-term Brent
price assumption of US$65/bbl (real, 2018 terms) from 2022 onward.

Gas Price

For annual gas prices, please refer to the Sales Contracts section.

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Global Economic Model (GEM) file

The corresponding GEM file name is Sebuku PSC.

Economic analysis
Cash flow

Year Production Gross Op Capital FTP Gov. Cost Profit Gov. DMO Tax Total
Share Share Field

Liquids Gas Revenue Costs Costs FTP Oil Oil Profit Oil Cash
flow

000b/d mmcfd US$M US$M US$M US$M US$M US$M US$M US$M US$M US$M US$M

2009 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2010 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2011 0.0 0.0 0.0 0.0 24.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -24.0

2012 0.0 0.0 0.0 0.0 165.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -165.0

2013 0.0 18.7 49.4 7.0 381.0 9.9 3.7 39.5 0.0 0.0 0.0 0.0 -342.3

2014 0.0 64.6 170.7 18.6 1.0 34.2 12.8 136.6 0.0 0.0 0.0 0.0 138.4

2015 0.0 87.7 231.8 19.8 2.0 46.4 17.4 174.2 11.3 4.2 0.0 28.0 160.4

2016 0.0 71.5 189.0 18.0 11.0 37.8 14.2 61.3 89.9 33.7 0.0 35.1 77.0

2017 0.0 72.5 191.6 18.0 6.0 38.3 14.4 57.6 95.7 35.9 0.0 36.9 80.5

2018 0.0 70.0 185.0 19.1 12.0 37.0 13.9 56.0 92.0 34.5 0.0 35.5 70.0

2019 0.0 70.0 185.0 19.5 6.1 37.0 13.9 53.4 94.6 35.5 0.0 36.2 73.8

2020 0.0 70.0 185.0 19.9 27.1 37.0 13.9 148.0 0.0 0.0 0.0 0.0 124.2

2021 0.0 65.0 171.8 19.7 5.3 34.4 12.9 137.4 0.0 0.0 0.0 8.1 125.8

2022 0.0 50.0 132.1 19.1 4.3 26.4 9.9 50.7 55.0 20.6 0.0 34.0 44.2

2023 0.0 30.0 79.3 18.3 3.3 15.9 6.0 30.6 32.8 12.3 0.0 13.4 26.0

Totals: 0.0 244.6 1,770.5 197.0 648.1 354.1 132.8 945.2 471.3 176.7 0.0 227.0 388.9

PVs Total PV 1,765.7 189.7 977.9 353.2 132.4 969.3 443.3 166.3 0.0 215.6 83.8

Rem PV 738.5 88.2 46.6 147.7 55.4 365.8 225.0 84.4 0.0 101.0 362.9

Source: Wood Mackenzie

Discounted at 10.0% from 01/01/2018

Asset report - 26 Feb 2018 Page 12 of 15

Sebuku

Discount Total PV Remaining PV Remaining PV/boe Total Total Remaining Remaining P/I Capex Opex
Rate Post-Tax Pre-Tax Post-Tax Pre-Tax Post-Tax Pre-Tax Gov. Take Gov. Take Gov. Take Gov. Take Ratio Boe Boe
% US$M US$M US$M US$M US$ US$ US$M % US$M % US$ US$

0.0 388.9 925.4 464.0 764.3 20.35 33.52 536.5 58.0 300.4 39.3 1.6 15.06 4.58
5.0 243.8 765.3 408.2 675.5 17.90 29.62 521.6 68.2 267.3 39.6 1.3 18.51 4.44
7.0 181.9 699.8 389.0 645.0 17.06 28.28 517.8 74.0 256.0 39.7 1.2 20.09 4.42
8.0 150.0 666.4 379.9 630.6 16.66 27.65 516.4 77.5 250.7 39.8 1.2 20.94 4.41
9.0 117.3 632.6 371.2 616.9 16.28 27.05 515.2 81.5 245.6 39.8 1.1 21.81 4.41
10.0 83.8 598.1 362.9 603.6 15.91 26.47 514.3 86.0 240.8 39.9 1.1 22.72 4.41
11.0 49.5 563.1 354.8 590.9 15.56 25.91 513.6 91.2 236.1 40.0 1.1 23.66 4.41
12.0 14.2 527.3 347.0 578.7 15.22 25.37 513.2 97.3 231.6 40.0 1.0 24.64 4.42
15.0 -97.7 415.4 325.4 544.7 14.27 23.88 513.1 123.5 219.2 40.3 0.9 27.81 4.45
25.0 -551.9 -27.3 267.9 454.6 11.75 19.93 524.6 0.0 186.7 41.1 0.7 41.09 4.73

Source: Wood Mackenzie

Discount Date Jan-2018

Remaining Liquid Reserves (mmbbl) 0.0
Remaining Gas Reserves (bcf) 129.6
Total Remaining Reserves (mmboe) 22.8
Total Reserves (mmboe) 43.0
Project IRR (post tax) 12.39%
Company IRR (post tax) 12.39%
Pre-tax IRR 24.46%
Payback Period (years) 8.1
Reserve life at current production (years) 5.1
Gas Breakeven Price at 10% (US$/mcf) 1.38

Source: Wood Mackenzie

Split of Revenues

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Sebuku

Cumulative Net Cash Flow - Undiscounted

Cumulative Net Cash Flow - Discounted at 10% from 01/01/2018

Remaining Revenue Distribution (Discounted at 10% from 01/01/2018)

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Sebuku

Remaining PV Price Sensitivities

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