NewsFlash

On 15 June 2022, Eskom published on their tender board a request for information (“RFI”) for the supply of gas to their Komati power station.  The RFI provides as follows:

Eskom is currently in the development phase of repowering Komati PS by converting it from coal-fired to gas-fired power station as an alternative. Gas repowering will expand Eskom’s clean energy portfolio at the Power Station. The focus is given towards the business needs and the energy mix to support Eskom’s long-term goal on the grid supply. A technical solution is required to determine the gas price and enable the conclusion of a feasibility study on the opportunity for gas-to-power at Komati Power Station.

Briefly, this involves the supply, delivery and transport of natural gas to Komati Power Station, in Middelburg, Mpumalanga, South Africa, including the design and construction of gas storage facilities, if required, and related infrastructure near the respective power plant.  Indicative gas prices must cater for peaking load factor (5%-16%) for an open cycle operation (500 MW) and mid merit load factor (48%) for a combined cycle operation (750 MW). The indicative gas supply start date is May 2025.  Interestingly, Eskom is also requesting a gas price in ZAR.

(Herewith link https://tenderbulletin.eskom.co.za/Tenders/Docs?TENDERID=60725 to download RFI)

For Bastion, and other onshore gas exploration companies, this presents an exciting opportunity and justifies our belief that gas must be part of the energy mix for a just energy transition particularly with the proximity to other power stations in the area.  One of the Bastion TCP areas lies approximately 45km from the Komati power station.  As Bastion and Bulwark continue to de-risk these onshore gas opportunities, we look forward to partnering with like-minded companies, development finance institutions and industry as joint venture partners, financiers, contractors and gas off-takers.

For more information please contact the undersigned at barrisford@bastionoil.com or info@bulwarkoil.co.za

Barrisford Petersen
Founder and Managing Director
Bastion Oil and Gas South Africa (Pty) Ltd
Bulwark Oil And Gas Sa (Pty) Ltd
Rockit Energy (Pty) Ltd

LEGAL DISCLAIMER

DISTRIBUTION OF THIS DOCUMENT MAY BE RESTRICTED BY LAW. ACCORDINGLY, THIS DOCUMENT MAY NOT BE DISTRIBUTED IN ANY JURISDICTION EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS APPLICABLE TO SUCH JURISDICTION. IN PARTICULAR, YOU MAY NOT DISTRIBUTE, FORWARD, REPRODUCE, TRANSMIT OR OTHERWISE MAKE AVAILABLE THIS DOCUMENT OR DISCLOSE ANY INFORMATION CONTAINED IN IT OR CONVEYED DURING ANY ACCOMPANYING ORAL PRESENTATION (THE “INFORMATION”), IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE REQUIRED BY THE COMPANY TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NEITHER BASTION OIL AND GAS SOUTH AFRICA (PTY) LTD (INCLUDING ITS AFFILIATE BULWARK OIL AND GAS SA) (“COMPANY”) NOR ITS DIRECTORS, OFFICERS, EMPLOYEES, RESPECTIVE AFFILIATES, AGENTS OR ADVISERS ACCEPT ANY LIABILITY TO ANY PERSON IN RELATION TO THE DISTRIBUTION OR POSSESSION OF THIS DOCUMENT IN OR FROM ANY JURISDICTION.

The Document and the Information have been prepared by or on behalf of and is the sole property of the Company. The Information is being provided to you is not a complete record. The Information does not purport to be full or complete and does not constitute investment advice. No representation or warranty, express or implied, is given by or on behalf of the Company, its affiliates, agents or advisers or any other person as to, and no reliance may be placed for any purposes whatsoever on, the adequacy, accuracy, completeness, fairness or reasonableness of the Information. None of the information has been independently verified by the Company, its affiliates, agents or advisers or any other person, and no liability or responsibility whatsoever is accepted by any of them for any loss howsoever arising, directly or indirectly, from any use of the Information or otherwise arising in connection therewith. The Company, its affiliates, agents and advisers do not undertake and are not under any duty to update this Document or to correct any inaccuracies in the Information which may become apparent or to provide you with any additional information.

The sole purpose of this Document is to provide background information to assist you in obtaining a general understanding of the business of the Company. This Document does not constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, securities of the Company in any jurisdiction. It is not intended to provide the basis of any investment decision, financing or any other evaluation and is not to be considered as a recommendation by the Company, its affiliates, agents or advisers that any recipient of this Document purchase or subscribe for any securities in the Company. Each recipient of this Document contemplating any investment in the Company is required to make and will be deemed to have made its own independent investigation and appraisal of the business, results of operations, financial condition, liquidity, performance and prospects of the Company and the merits and risks of an investment in the securities of the Company. The delivery of this Document at any time does not imply that the information in it is correct as of any time after its date, or that there has been no change in the business, results of operations, financial condition, liquidity, performance and prospects of the Company since that date and no obligations is accepted to update any such information after the date of the Document. No person affiliated with the Company, their directors, officers, employees, respective affiliates, agents or advisers has been authorised to give any information or to make any representation not contained in this Document and, if given or made, such information or representation must not be relied upon. This Document may contain forward-looking statements, including, but not limited to, statements as to the Company’s business, results of operations, financial condition, liquidity, performance and prospects and trends and developments in the markets in which the Company operates. Forward-looking statements include all statements other than statements of historical fact and in some cases may be identified by terms such as “targets”, “believes”, “expects”, “anticipates”, “estimates”, “aims”, “intends”, “will”, “may”, “would”, “could” or, in each case, their negative or comparable terms. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Several factors, which may be beyond the control of the Company, its affiliates, agents and advisers, could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements in this Document reflect the Company’s view with respect to future events as at the date hereof and are subject to known and unknown risks, uncertainties and assumptions relating to the Company’s operations, results of operations, financial condition, growth, strategy, liquidity and the markets in which the Company operates. No assurances can be given that the forward-looking statements in this Document will be realised. Forward-looking statements are not guarantees of future performance. The Company, its affiliates, agents and advisers undertake no obligation and do not intend to update any forward-looking statements in this Document to reflect events or circumstances after the date of this Document.

We are pleased to advise that Bulwark Oil and Gas SA (Pty) Ltd (“Bulwark”), an affiliate of Bastion Oil and Gas South Africa (Pty) Ltd (“Bastion”), has been granted seven technical cooperation permits (“TCP”). TCP209, TCP210, TCP211, TCP213, TCP214, TCP215 and TCP217 are detailed on the attached maps above and below. The combined TCP areas measure approximately 26 610 km².  The current Bastion TCP areas measure approximately 3 295 km². We would like to thank the Petroleum Agency for the speed and professionalism with which these applications were dealt with.

Link to the map:
https://www.petroleumagencysa.com/images/pdfs/Hubmap0522.pdf

It is our belief that these TCP areas hold onshore gas potential which together with renewables is the future of South Africa’s just energy transition.  The significant future of gas in South Africa was echoed at the Enlit Africa conference held this week in Cape Town.

In a recent article that appeared in News24 the following was said:

Andre de Ruyter, Eskom’s CEO stated that South Africa’s power system as an island. The country does not have the luxury of tapping into alternative energies from its neighbours in the way that Germany relies on France for nuclear or Norway for hydropower when its wind turbines are not generating power.  We need dispatchable power to make up for the variability we inevitably see from renewable energy. Renewable energy only works when the wind blows or the sun shines. Eskom’s modelling shows that there cannot be a stable system without accessing a resource like coal. Eskom will be a significant user of coal for an extended period, even beyond 2035, after 22GW of power stations are decommissioned. But gas is less polluting than coal and can provide a secure supply.

 Thabang Audat, chief director of energy planning at the Department of Mineral Resources and Energy (DMRE), shared views that South Africa is seeking gas from the Southern African Development Community region and indigenous gas. Other options are to expand the current Rompco pipeline. There are also expectations that Total Energies exploration block 11B/12B or the Brulpadda find off the east coast, will start yielding gas by 2027, said Audat.  The DMRE is finalising the request for proposals to procure 3 000MW of gas-to-power by October this year. We believe the programme will stimulate gas demand in South Africa.  The department is also finalising a Gas Master Plan, which will outline where gas demand will come from and the supply infrastructure required. This plan is expected to be finalised by March 2023. It requires Cabinet approval.

Bastion is in the final stages of preparing its proposed work programme and budget for its exploration right applications which will be submitted this month to the Petroleum Agency.

As Bastion and Bulwark continue to de-risk these onshore gas opportunities, we look forward to partnering with like-minded companies, development finance institutions and industry as joint venture partners, financiers, contractors and gas off-takers.

For more information please contact the undersigned at barrisford@bastionoil.com or info@bulwarkoil.co.za

Barrisford Petersen
Founder and Managing Director
Bastion Oil and Gas South Africa (Pty) Ltd
Bulwark Oil And Gas Sa (Pty) Ltd
Rockit Energy (Pty) Ltd

LEGAL DISCLAIMER

DISTRIBUTION OF THIS DOCUMENT MAY BE RESTRICTED BY LAW. ACCORDINGLY, THIS DOCUMENT MAY NOT BE DISTRIBUTED IN ANY JURISDICTION EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS APPLICABLE TO SUCH JURISDICTION. IN PARTICULAR, YOU MAY NOT DISTRIBUTE, FORWARD, REPRODUCE, TRANSMIT OR OTHERWISE MAKE AVAILABLE THIS DOCUMENT OR DISCLOSE ANY INFORMATION CONTAINED IN IT OR CONVEYED DURING ANY ACCOMPANYING ORAL PRESENTATION (THE “INFORMATION”), IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE REQUIRED BY THE COMPANY TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NEITHER BASTION OIL AND GAS SOUTH AFRICA (PTY) LTD (INCLUDING ITS AFFILIATE BULWARK OIL AND GAS SA) (“COMPANY”) NOR ITS DIRECTORS, OFFICERS, EMPLOYEES, RESPECTIVE AFFILIATES, AGENTS OR ADVISERS ACCEPT ANY LIABILITY TO ANY PERSON IN RELATION TO THE DISTRIBUTION OR POSSESSION OF THIS DOCUMENT IN OR FROM ANY JURISDICTION.

The Document and the Information have been prepared by or on behalf of and is the sole property of the Company. The Information is being provided to you is not a complete record. The Information does not purport to be full or complete and does not constitute investment advice. No representation or warranty, express or implied, is given by or on behalf of the Company, its affiliates, agents or advisers or any other person as to, and no reliance may be placed for any purposes whatsoever on, the adequacy, accuracy, completeness, fairness or reasonableness of the Information. None of the information has been independently verified by the Company, its affiliates, agents or advisers or any other person, and no liability or responsibility whatsoever is accepted by any of them for any loss howsoever arising, directly or indirectly, from any use of the Information or otherwise arising in connection therewith. The Company, its affiliates, agents and advisers do not undertake and are not under any duty to update this Document or to correct any inaccuracies in the Information which may become apparent or to provide you with any additional information.

The sole purpose of this Document is to provide background information to assist you in obtaining a general understanding of the business of the Company. This Document does not constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, securities of the Company in any jurisdiction. It is not intended to provide the basis of any investment decision, financing or any other evaluation and is not to be considered as a recommendation by the Company, its affiliates, agents or advisers that any recipient of this Document purchase or subscribe for any securities in the Company. Each recipient of this Document contemplating any investment in the Company is required to make and will be deemed to have made its own independent investigation and appraisal of the business, results of operations, financial condition, liquidity, performance and prospects of the Company and the merits and risks of an investment in the securities of the Company. The delivery of this Document at any time does not imply that the information in it is correct as of any time after its date, or that there has been no change in the business, results of operations, financial condition, liquidity, performance and prospects of the Company since that date and no obligations is accepted to update any such information after the date of the Document. No person affiliated with the Company, their directors, officers, employees, respective affiliates, agents or advisers has been authorised to give any information or to make any representation not contained in this Document and, if given or made, such information or representation must not be relied upon. This Document may contain forward-looking statements, including, but not limited to, statements as to the Company’s business, results of operations, financial condition, liquidity, performance and prospects and trends and developments in the markets in which the Company operates. Forward-looking statements include all statements other than statements of historical fact and in some cases may be identified by terms such as “targets”, “believes”, “expects”, “anticipates”, “estimates”, “aims”, “intends”, “will”, “may”, “would”, “could” or, in each case, their negative or comparable terms. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Several factors, which may be beyond the control of the Company, its affiliates, agents and advisers, could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements in this Document reflect the Company’s view with respect to future events as at the date hereof and are subject to known and unknown risks, uncertainties and assumptions relating to the Company’s operations, results of operations, financial condition, growth, strategy, liquidity and the markets in which the Company operates. No assurances can be given that the forward-looking statements in this Document will be realised. Forward-looking statements are not guarantees of future performance. The Company, its affiliates, agents and advisers undertake no obligation and do not intend to update any forward-looking statements in this Document to reflect events or circumstances after the date of this Document.

Bastion Oil and Gas South Africa (Pty) Ltd (“Bastion”) is a South African empowered company committed to finding a solution to South Africa’s energy deficit by exploring for and producing indigenous onshore gas.  This indigenous gas can be used for power generation in combination with renewables. Bastion holds three technical cooperation permits (“TCP”) over areas that measure approximately 3 295 km² and has exclusivity to apply for exploration rights over these areas.

Bastion’s peers within South Africa, Renergen Ltd (JSE and ASX listed) and Kinetiko Limited (ASX listed), have now unequivocally proven that commercial quantities of South African indigenous gas are readily available and this gas must form part of South Africa’s just energy transition.

In March of this year, the South African government through the state-owned Central Energy Fund (“CEF”) concluded a conditional non-binding term sheet that could see CEF acquire 10% of Renergen’s subsidiary, Tetra 4 and 100% holder of the Virginia onshore gas production right, for ZAR1 billion (US$ 64,4 million).  This action is in line with government’s published gas master plan that envisions converting six of Eskom’s older coal power plants to run on gas, converting trucks and taxis to run off gas instead of diesel and building thousands of kilometers of new gas pipelines.

In April of this year, the South African government through another state-owned entity, Industrial Development Corporation of South Africa, concluded a transaction to acquire a 45% interest in Kinetiko’s Amersfoort onshore gas exploration right in return for providing ZAR70 million (US$4.8 million) of finance. This transaction, together with the Renergen transaction, indicates a clear intent by the South African government to advance the interests of onshore gas exploration and development.

Bastion recently furnished the Petroleum Agency (South African licensing authority) with its second quarterly reports in respect of the TCPs.  Bastion’s focus remains confirming its understanding of the regional onshore geology and the identification of suitable drilling targets. Having acquired all the existing data, which includes coal borehole data from the Council of Geoscience as well as borehole data from the Petroleum Agency, Bastion is also evaluating published regional magnetic survey data.  Bastion’s preliminary evaluation of the magnetic data has yielded positive results that align with the geology of Kinetiko, Bastion’s neighbour. Bastion is also investigating the use of the multi-spectral Sentinel satellite data and its ability to detect methane plumes to use as an exploration tool.  Although the use of this technique has not been proved yet, it is hoped that it can deliver positive results in terms of improved well site selection.

Bastion’s exploration right applications are near completion and will be lodged within the next few months as Bastion develops an accelerated exploration work program which will include the drilling of ten wells in targeted areas.  Bastion continues to have positive meetings with potential investors and hopes to close financing prior to the lodgment of its exploration rights applications.

Recent correspondence from the Petroleum Agency confirms that the seven Bulwark Oil and Gas RSA (Pty) Ltd. (“Bulwark”) TCP applications, over areas measure approximately 26 610 km², have passed the initial and secondary stages of assessment and have been progressed further in the system for final decision-making.  A further announcement will be made once approvals have been received.

Another Bastion affiliate company, Rockit Energy (Pty) Ltd. (“Rockit”), has now been established.  On the 5^th May 2022, Rockit applied for two technical cooperation permits in the Eastern Cape having identified within these application areas, measuring approximately 9658 km², onshore gas potential.  The basis for this application is the existence of three community water boreholes that produced gas. Further study is underway to understand the petroleum system of the Karoo Supergroup in the Eastern Cape.

For more information please contact the undersigned at barrisford@bastionoil.com or info@bulwarkoil.co.za.  We look forward to partnering with like-minded companies as joint venture partners, contractors and gas off-takers.

Barrisford Petersen
Founder and Managing Director
BASTION OIL AND GAS SOUTH AFRICA (PTY) LTD
BULWARK OIL AND GAS SA (PTY) LTD
ROCKIT ENERGY (PTY) LTD

LEGAL DISCLAIMER

DISTRIBUTION OF THIS DOCUMENT MAY BE RESTRICTED BY LAW. ACCORDINGLY, THIS DOCUMENT MAY NOT BE DISTRIBUTED IN ANY JURISDICTION EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS APPLICABLE TO SUCH JURISDICTION. IN PARTICULAR, YOU MAY NOT DISTRIBUTE, FORWARD, REPRODUCE, TRANSMIT OR OTHERWISE MAKE AVAILABLE THIS DOCUMENT OR DISCLOSE ANY INFORMATION CONTAINED IN IT OR CONVEYED DURING ANY ACCOMPANYING ORAL PRESENTATION (THE “INFORMATION”), IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE REQUIRED BY THE COMPANY TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NEITHER BASTION OIL AND GAS SOUTH AFRICA (PTY) LTD (INCLUDING ITS AFFILIATE BULWARK OIL AND GAS SA) (“COMPANY”) NOR ITS DIRECTORS, OFFICERS, EMPLOYEES, RESPECTIVE AFFILIATES, AGENTS OR ADVISERS ACCEPT ANY LIABILITY TO ANY PERSON IN RELATION TO THE DISTRIBUTION OR POSSESSION OF THIS DOCUMENT IN OR FROM ANY JURISDICTION.

The Document and the Information have been prepared by or on behalf of and is the sole property of the Company. The Information is being provided to you is not a complete record. The Information does not purport to be full or complete and does not constitute investment advice. No representation or warranty, express or implied, is given by or on behalf of the Company, its affiliates, agents or advisers or any other person as to, and no reliance may be placed for any purposes whatsoever on, the adequacy, accuracy, completeness, fairness or reasonableness of the Information. None of the information has been independently verified by the Company, its affiliates, agents or advisers or any other person, and no liability or responsibility whatsoever is accepted by any of them for any loss howsoever arising, directly or indirectly, from any use of the Information or otherwise arising in connection therewith. The Company, its affiliates, agents and advisers do not undertake and are not under any duty to update this Document or to correct any inaccuracies in the Information which may become apparent or to provide you with any additional information.

The sole purpose of this Document is to provide background information to assist you in obtaining a general understanding of the business of the Company. This Document does not constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, securities of the Company in any jurisdiction. It is not intended to provide the basis of any investment decision, financing or any other evaluation and is not to be considered as a recommendation by the Company, its affiliates, agents or advisers that any recipient of this Document purchase or subscribe for any securities in the Company. Each recipient of this Document contemplating any investment in the Company is required to make and will be deemed to have made its own independent investigation and appraisal of the business, results of operations, financial condition, liquidity, performance and prospects of the Company and the merits and risks of an investment in the securities of the Company. The delivery of this Document at any time does not imply that the information in it is correct as of any time after its date, or that there has been no change in the business, results of operations, financial condition, liquidity, performance and prospects of the Company since that date and no obligations is accepted to update any such information after the date of the Document. No person affiliated with the Company, their directors, officers, employees, respective affiliates, agents or advisers has been authorised to give any information or to make any representation not contained in this Document and, if given or made, such information or representation must not be relied upon. This Document may contain forward-looking statements, including, but not limited to, statements as to the Company’s business, results of operations, financial condition, liquidity, performance and prospects and trends and developments in the markets in which the Company operates. Forward-looking statements include all statements other than statements of historical fact and in some cases may be identified by terms such as “targets”, “believes”, “expects”, “anticipates”, “estimates”, “aims”, “intends”, “will”, “may”, “would”, “could” or, in each case, their negative or comparable terms. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Several factors, which may be beyond the control of the Company, its affiliates, agents and advisers, could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements in this Document reflect the Company’s view with respect to future events as at the date hereof and are subject to known and unknown risks, uncertainties and assumptions relating to the Company’s operations, results of operations, financial condition, growth, strategy, liquidity and the markets in which the Company operates. No assurances can be given that the forward-looking statements in this Document will be realised. Forward-looking statements are not guarantees of future performance. The Company, its affiliates, agents and advisers undertake no obligation and do not intend to update any forward-looking statements in this Document to reflect events or circumstances after the date of this Document.

On 16th September 2021, Bulwark Oil and Gas SA (Pty) Ltd (“Bulwark”), an affiliate of Bastion Oil and Gas South Africa (Pty) Ltd (“Bastion”), applied for eight gas technical co-operation permits (“TCPs”). It is our belief that the Bulwark application areas, in addition to the Bastion TCP areas, have the potential to produce domestic gas in sufficient commercial quantities to significantly contribute to the alleviation of South Africa’s energy crisis and rising fuel costs.

Seven of the applications were accepted by the Petroleum Agency for processing. These areas are depicted on the map above in blue. These TCP areas will be subjected to a thorough screening for their gas exploration potential, to rank the areas in terms of available geological data.

We are confident that the Bulwark applications will be granted shortly. These areas have now been depicted on the February 2022 Petroleum Agency oil and gas hub map. An extract from the map is set out below.

Link to the map:
https://www.petroleumagencysa.com/images/pdfs/Hubmap0522.pdf

The Bastion TCP areas measure approximately 3 295 km² and Bulwark application areas measure approximately 26 610 km². This gives Bulwark and Bastion access to the largest potential onshore indigenous gas bearing acreage in the Republic of South Africa with Bastion’s western area, TCP 192 situated southwest of the Evander gas field, having known helium potential.

 We are encouraged by the recent ASX announcements made by our neighbour, Kinetiko Energy Limited (Afro Energy (Pty) Ltd, their RSA subsidiary) regarding their new investment partner, the Industrial Development Corporation of South Africa. We look forward to Kinetiko’s results as they progress their gas production drilling campaign. Kinetiko’s announcement of positive aeromagnetic survey results in their areas adjacent to the Bastion and Bulwark areas, together with the recent transaction announced respectively by Ivanhoe Mines (TSX listed) and Renergen Ltd (JSE and ASX listed) and the term sheet concluded by Renergen and the Central Energy Fund support our view regarding the abundance and commercial viability of South Africa’s onshore indigenous gas.

Bastion is satisfied, from recent regional magnetic data technical analysis work performed, that the geology across the Bastion TCP areas is consistent with the geological success achieved by Kinetiko and Renergen respectively. We are acutely aware of South Africa’s demand for energy supply and security. To that end both Bastion and Bulwark will accelerate its work programme firm in the belief that indigenous gas developed together with renewables is South Africa’s future power solution.

Harmonising the imperatives of planet, people, prosperity, peace and partnership in alignment with section 24 of the SA Constitution and the United Nations’ sustainable development goals, we will at the earliest opportunity consult with interested and affected parties within Bastion and Bulwark areas. This process defines how we will engage and partner in achieving both environmental and developmental objectives that Bastion and Bulwark must ultimately commit to through social compacts.

Bastion remains focused on fundraising and anticipates lodging its exploration right applications in the second quarter 2022. We look forward to partnering with like-minded companies as joint venture partners, contractors and gas off-takers.

For more information, please contact the undersigned at barrisford@bastionoil.com or info@bulwarkoil.co.za

Barrisford Petersen
Founder and Managing Director
BASTION OIL AND GAS SOUTH AFRICA (PTY) LTD
BULWARK OIL AND GAS SA (PTY) LTD

LEGAL DISCLAIMER

DISTRIBUTION OF THIS DOCUMENT MAY BE RESTRICTED BY LAW. ACCORDINGLY, THIS DOCUMENT MAY NOT BE DISTRIBUTED IN ANY JURISDICTION EXCEPT IN ACCORDANCE WITH THE LEGAL REQUIREMENTS APPLICABLE TO SUCH JURISDICTION. IN PARTICULAR, YOU MAY NOT DISTRIBUTE, FORWARD, REPRODUCE, TRANSMIT OR OTHERWISE MAKE AVAILABLE THIS DOCUMENT OR DISCLOSE ANY INFORMATION CONTAINED IN IT OR CONVEYED DURING ANY ACCOMPANYING ORAL PRESENTATION (THE “INFORMATION”), IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL. FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE REQUIRED BY THE COMPANY TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NEITHER BASTION OIL AND GAS SOUTH AFRICA (PTY) LTD (INCLUDING ITS AFFILIATE BULWARK OIL AND GAS SA) (“COMPANY”) NOR ITS DIRECTORS, OFFICERS, EMPLOYEES, RESPECTIVE AFFILIATES, AGENTS OR ADVISERS ACCEPT ANY LIABILITY TO ANY PERSON IN RELATION TO THE DISTRIBUTION OR POSSESSION OF THIS DOCUMENT IN OR FROM ANY JURISDICTION.

The Document and the Information have been prepared by or on behalf of and is the sole property of the Company. The Information is being provided to you is not a complete record. The Information does not purport to be full or complete and does not constitute investment advice. No representation or warranty, express or implied, is given by or on behalf of the Company, its affiliates, agents or advisers or any other person as to, and no reliance may be placed for any purposes whatsoever on, the adequacy, accuracy, completeness, fairness or reasonableness of the Information. None of the information has been independently verified by the Company, its affiliates, agents or advisers or any other person, and no liability or responsibility whatsoever is accepted by any of them for any loss howsoever arising, directly or indirectly, from any use of the Information or otherwise arising in connection therewith. The Company, its affiliates, agents and advisers do not undertake and are not under any duty to update this Document or to correct any inaccuracies in the Information which may become apparent or to provide you with any additional information.

The sole purpose of this Document is to provide background information to assist you in obtaining a general understanding of the business of the Company. This Document does not constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, securities of the Company in any jurisdiction. It is not intended to provide the basis of any investment decision, financing or any other evaluation and is not to be considered as a recommendation by the Company, its affiliates, agents or advisers that any recipient of this Document purchase or subscribe for any securities in the Company. Each recipient of this Document contemplating any investment in the Company is required to make and will be deemed to have made its own independent investigation and appraisal of the business, results of operations, financial condition, liquidity, performance and prospects of the Company and the merits and risks of an investment in the securities of the Company. The delivery of this Document at any time does not imply that the information in it is correct as of any time after its date, or that there has been no change in the business, results of operations, financial condition, liquidity, performance and prospects of the Company since that date and no obligations is accepted to update any such information after the date of the Document. No person affiliated with the Company, their directors, officers, employees, respective affiliates, agents or advisers has been authorised to give any information or to make any representation not contained in this Document and, if given or made, such information or representation must not be relied upon. This Document may contain forward-looking statements, including, but not limited to, statements as to the Company’s business, results of operations, financial condition, liquidity, performance and prospects and trends and developments in the markets in which the Company operates. Forward-looking statements include all statements other than statements of historical fact and in some cases may be identified by terms such as “targets”, “believes”, “expects”, “anticipates”, “estimates”, “aims”, “intends”, “will”, “may”, “would”, “could” or, in each case, their negative or comparable terms. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Several factors, which may be beyond the control of the Company, its affiliates, agents and advisers, could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements in this Document reflect the Company’s view with respect to future events as at the date hereof and are subject to known and unknown risks, uncertainties and assumptions relating to the Company’s operations, results of operations, financial condition, growth, strategy, liquidity and the markets in which the Company operates. No assurances can be given that the forward-looking statements in this Document will be realised. Forward-looking statements are not guarantees of future performance. The Company, its affiliates, agents and advisers undertake no obligation and do not intend to update any forward-looking statements in this Document to reflect events or circumstances after the date of this Document.