Bengal Energy : Read our latest Investor Presentation – 2022.05.06 Investor Presentation (pdf)

BENGAL ENERGY OIL AND GAS EXOLORATION IN THE COOPER BASIN

EQUITY RAISING PRESENTATION

31 March 2022

INVESTMENT OPPORTUNITY PRESENTATION

OIL AND GAS EXPLORATION IN THE COOPER BASIN

May 2022

Certain information regarding Bengal Energy Ltd ("Bengal" or the "Company") set forth in this document contains forward-looking statements or financial outlooks (collectively, "forward-looking statements") under applicable securities law. The use of any of the words "plan", "expect", "project", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events or conditions "may" or "will"occur are typically intended to identify forward-looking statements. Forward-looking statements are not based on historical facts, but rather on Bengal's internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, regulatory hurdles, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions, not guarantees, and actual events or results may differ materially. In particular, forward-looking statements included in this document include, but are not limited to, statements with respect to: Bengal's corporate strategy, growth strategy and future work programs; the Company's near term growth prospectus; the Company's June 2021 to March 2022 capital expenditures budget; expectations regarding the results of Bengal's near term growth plan, including that all projects are expected to add additional recoverable oil and gas on success; the Company's mid to long-term growth plan; the Company's expected drilling plans, including those of its farm-in partners; the anticipated results of the Company's water flood programs and the expansion thereof; anticipated well costs; the potential for substantial upside beyond the Company's independent reserves report; the drilling, completion, performance of future wells; performance of current wells; estimates of resources and recoverable reserves; demand for oil and natural gas in Australia and globally; results of operations; future production, current production; production decline rates; future production capacity; future acquisitions and exploration opportunities; future netbacks, operating and transportation costs; and oil and gas prices. In addition, statements relating to "reserves" or "resources" are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described can be profitably produced in the future. With respect to forward-looking statements contained in this document, Bengal has made assumptions regarding: current and future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; access to capital to fund the Company's exploration programs; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; royalty rates; future operating and transportation costs; and other matters. Although the forward-looking statements contained in this document are based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause actual results to vary, including but not limited to risks associated with: the impact of general economic conditions in Canada, Australia and globally; industry conditions, including changes in laws and regulations, including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Australia; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; imprecision in reserve and resource estimates; the production and growth potential of Ben- gal's assets; production, transportation and marketing constraints; failure to obtain required approvals of regulatory authorities, in Canada, and Australia; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil and natural gas; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and natural gas industry; ability to access sufficient capital from internal and external sources; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Bengal's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the

SEDAR website (www.sedar.com).

Reserves Estimates: Other than the reserves estimates disclosed on slides 5,11 and 13 the recovery, reserves and resources estimates provided herein are internal estimates only. The reserve estimates disclosed on slides 5,11 and 13 were prepared by GLJ Petroleum Consultants Ltd. dated June 17, 2020 with an effective date of March 31, 2020 in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and using GLJ Petroleum Consultants Ltd.'s forecast prices at March 31, 2020. There is no guarantee that the estimated reserves or resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

Analogous Information: Certain noted drilling, completion, production, reserve and resource data provided in this document may constitute "analogous information" under applicable securities legislation, such as reserve and resource estimates or the reserves and resources present on the Company's lands, and nearby lands, total production and production-rates from wells drilled by the Company or other industry participants located in geographical proximity to lands held by the Company. This information is derived from publicly available information sources (as at the date of this document) that the Company believes are predominantly independent in nature. The Company believes this information is relevant as it helps to define the reservoir characteristics in which the Company may have an interest. The Company is unable to confirm that the analogous information was pre- pared by a qualified reserves evaluator or auditor or in accordance with the Canadian Oil and Gas Evaluation Handbook and therefore, the reader is cautioned that the data relied upon by the Company may be in error, may not be analogous to the Company's land holdings and/or may not be representative of actual results of wells anticipated to be drilled or completed by the Company in the future.

Third Party Information: Certain other information contained in this presentation has been prepared by third-party sources, which information has not been independently audited or verified by the Company. No representation or warranty, express or implied, is made by the Company as to the accuracy or completeness of the information contained in this document.

Netbacks: Netback is a term that is not defined under International Financial Reporting Standards and is used by Bengal as a supplemental measure in evaluating Bengal's financial position and performance. Bengal calculates netbacks as revenues minus royalties and transportation and operation costs.

Net Present Value (NPV): Estimates of the net present value of the future net revenue from Bengal's reserves do not represent the fair market value of Bengal's reserves and are based on information for the Company's booked locations in respect of which reserves have been assigned as well as analogous public information. The estimates of reserves and future net revenue from individual properties or wells may not reflect the same confidence level as estimates of reserves and future net revenue for all properties and wells, due to the effects of aggregation.

This presentation is provided for informational purposes only as of June 18, 2021 is not complete, and may not contain certain material information about Bengal, including important disclosures and risk factors associated with an investment in Bengal. This presentation does not take into account the particular investment objectives or financial circum- stances of any specific person who may receive it and does not constitute an offer to sell or a solicitation of an offer to buy any security in Canada, the United States or any other jurisdiction. The contents of this presentation have not been approved or disapproved by any securities commission or regulatory authority in Canada, the United States or any other jurisdiction, and Bengal expressly disclaims any duty on Bengal to make disclosure or any filings with any securities commission or regulatory authority, beyond that imposed by applicable laws.

AGENDA

• 1 COMPANY HIGHLIGHTS

• 2 SUSTAINABLE DEVELOPMENT

• 3 CORPORATE SNAPSHOT

• 4 VISION FOR GROWTH

• 5 INVESTMENT SUMMARY

COMPANY HIGHLIGHTS

Bengal Energy has a long-term portfolio of exploration upside and all projects have near term revenue potential.

MATERIAL RESOURCE UPSIDE

Approx 20 mmboe of Best-Case Resources

ATTRACTIVE ECONOMICS

New development economics at or above 50% IRR

INNOVATIVE

EMERGING TECHNOLOGIES

Australia's first gas fired crypto mining project, Early Oil Production System

BENGAL ENERGY INVESTMENT OPPORTUNITY PRESENTATION

CAPITALISE ON COMMODITY

PRICES

Profitable at long term sustainable prices

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