R3 254 MMbbl heavy oil field carried to first oil by Ping Petroleum, targeting 22,000 bopd via polymer flood with Captain field analogue. · FDP Preparation

Pilot Field

R3 Fixed Supply · 20,000 tokens

P2244 · Blocks 21/27, 21/28 · Operator: Ping Petroleum (81.25% WI)

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Fair Value

$24.67

P10: $11.2 · P90: $42.15

Breakeven Oil

$58/bbl

At $75 base case

Discount Rate

20%

20% built-up RADR

Peak Production

22,208 bopd

Year 2033

2P Reserves

78.819 MMbbl

Sproule CPR (Apr 2021)

Recovery Factor

47.4%

Polymer flood EOR

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Carry Mechanics — Critical Value Driver

Ping carries Orcadian through first oil (zero capex). During repayment of ~$1.6bn capex, Orcadian receives only 10% of gross revenue (vs 18.75% WI). 80/20 split: Ping takes 80%, Orcadian 20% less TGS ORRI & opex. Estimated 7 years to full repayment. Post-carry distributions jump ~3× as Orcadian reverts to full 18.75% WI.

Pilot Production Profile — Gross Field Rate

Annual average bopd · Carry phase (amber) vs Post-carry (teal)

Source: Sproule CPR April 2021 + Management Pilot Subsurface

Distribution per Token — R3 Yield Profile

$/token/year across 16-year field life · Carry inflection at 2037

Source: Albion DCF Model v2.0

Revenue Waterfall — Peak Year 2033 (During Carry)

How $114m gross revenue flows to R3 token distributions

Source: Albion DCF Model v2.0

R3 Sensitivity Analysis

Fair value impact by input variable

Source: Albion DCF Model v2.0

Token Economics — Revenue Waterfall (During Carry)

How gross revenue cascades to R3 token distributions · Steady-state carry period

Source: Albion DCF Model v2.0

Token Economics — Revenue Waterfall (Post-Carry)

Post-carry: Orcadian reverts to 18.75% WI — distributions jump ~2×

Source: Albion DCF Model v2.0

STOIIP — 5 Independent Estimates

Range of Stock Tank Oil Initially In Place estimates · Core area vs Total field

Source: Venture 2017, EnQuest 2020, Sproule CPR 2021, Axis 2022, Management 2025

Carry Timeline — Revenue Interest Phases

Orcadian receives 10% RI during carry repayment, then 18.75% WI post-carry

Source: Ping Petroleum carry agreement · Albion DCF Model v2.0

STOIIP Estimates Comparison

Source	STOIIP (MMbbl)	Note
Axis Geoscience 2022	254	Full field including peripheral — Mid Case
Sproule CPR (Reserves area)	205	Main 181 + South 24 MMbbl — basis for reserves
Sproule CPR (+ Peripheral)	244	Reserves 205 + Peripheral contingent 39 MMbbl
Sproule CPR P50	91	P50 (partial area)
Sproule CPR P10	112	High case

Recovery Factor Comparison

Method	RF	Recovery	Source
Waterflood only	8-12%	20-30 MMbbl	EnQuest 2012
Polymer flood 1P (Sproule)	30%	61.5 MMbbl	Sproule CPR
Polymer flood 2P (Sproule)	40%	82.0 MMbbl	Sproule CPR
Polymer flood 3P (Sproule)	55%	112.8 MMbbl	Sproule CPR
Polymer flood (lab)	76.7%	~70 (lab core) MMbbl	KemSweep lab test

Annual Cash Flows

Year	Phase	Gross bopd	Gross Rev $m	ORC Rev $m	Opex $m	Tax $m	Post-tax $m	$/token
2030	Carry	6,292	32.3	3.23	1.7	1.15	0.38	$0.43
2031	Carry	17,715	90.9	9.00	4.8	3.15	1.05	$1.18
2032	Carry	17,485	89.7	8.88	4.7	3.14	1.05	$1.18
2033	Carry	22,208	114.0	11.29	6.0	3.97	1.32	$1.49
2034	Carry	20,926	107.4	10.63	5.6	3.77	1.26	$1.42
2035	Carry	20,528	105.4	10.44	5.5	3.71	1.24	$1.39
2036	Carry	19,520	100.2	9.92	5.3	3.47	1.16	$1.30
2037	Post-carry	19,441	99.8	18.52	5.3	9.92	3.31	$3.72
2038	Post-carry	19,110	98.1	18.21	5.2	9.76	3.25	$3.66
2039	Post-carry	19,168	98.4	18.27	5.2	9.80	3.27	$3.67
2040	Post-carry	16,297	83.7	15.54	4.4	8.36	2.79	$3.13
2041	Post-carry	12,469	64.0	11.88	3.4	6.36	2.12	$2.39
2042	Post-carry	8,922	45.8	8.50	2.4	4.58	1.53	$1.72
2043	Post-carry	6,562	33.7	6.26	1.8	3.35	1.12	$1.25
2044	Post-carry	5,099	26.2	4.86	1.4	2.60	0.87	$0.97
2045	Post-carry	2,109	10.8	2.01	0.6	1.06	0.35	$0.40
Total Undiscounted								$29.30
Discounted Fair Value (20% RADR)								$24.67

Reservoir Properties

API Gravity

15.8°

Viscosity

409 cP

Depth

2650 ft

Temperature

88°F

Permeability

4,000 mD

Porosity

35%

Net Pay

60 ft

Polymer

KemSweep NLP-5001

Fiscal Regime

Ring Fence CT

30%

Supplementary Charge

10%

Energy Profits Levy

35%

Total Marginal Rate

75%

EPL Sunset

2030 (assumed extended)

Heavy Oil Discount

10% to Brent

Base Oil Price

$75/bbl

Realised Price

$67.5/bbl

Sproule CPR — OIIP Breakdown (April 2021)

Area	OIIP (MMbbl)	Acres	Net Pay (ft)	Porosity	Classification
Pilot Main	181	1,420	54	34%	Reserves
Pilot South	24	300	37	31%	Reserves
Reserves subtotal	205	1,720	—	—	—
Pilot Peripheral	39	778	24	33%	Contingent (Dev Unclarified)

Source: Sproule B.V. CPR, effective April 1, 2021. Axis Geoscience (2022) full-field STOIIP of 254 MMbbl includes additional prospective areas.

Sproule NPV — 2P Reserves (Pre-EPL, 40% tax)

Based on Brent $55 long-term + 2%/yr escalation, $1.35/£. These values are at the ADMISSION tax regime (40%). Current EPL regime (75%) would materially reduce after-tax values.

Metric	0%	5%	8%	10%	15%	20%
2P Before Tax ($M)	1,638	1,045	791	654	393	218
2P After Tax ($M)	1,121	705	524	425	236	107
2P Tax ($M)	518	340	268	229	158	111

Well Penetrations — Pilot & Adjacent

Well	Field	Zone	IP (bopd)	Year	Status
21/27a-5x	Pilot Main	Tay	1,850	1998	Abandoned
21/28a-8z	Dandy	Tay	1,080	1998	Abandoned
21/28a-6	Crinan	Tay	1,016	1987	Abandoned
21/27-2	Pilot Main	Tay	115	1990	Abandoned
21/27a-5z	Pilot Main	Tay	—	1998	Abandoned
21/27a-6	Pilot Main	Tay	—	1998	Abandoned
21/27-3	Pilot Main	Tay	—	2007	Abandoned
21/27-4	Pilot Main	Tay	—	1989	Abandoned
21/27-1A	Pilot South	Tay	—	1990	Abandoned
21/27b-7	Blakeney	Tay	—	2010	Abandoned
28/3-1B	Elke	Tay	—	2000	Abandoned
28/2-1	Narwhal	Tay	—	1993	Abandoned
28/2a-2	Narwhal	Tay	—	2007	Dry

All wells abandoned. No current production from any Orcadian licence. Source: Sproule CPR Table 1.