CORPORATE PRESENTATION July 2015

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Corporate Presentation – July 2015

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AFRICAN-ASIAN PORTFOLIO

Corporate Presentation – July 2015

Slide 3

STRATEGY Positioned to thrive in uncertain times

VALUE CREATION THROUGH EXPLORATION

FOCUS ON ROCE THROUGH CAPITAL ALLOCATION AND COST MANAGEMENT

ACTIVE PORTFOLIO AND RISK MANAGEMENT

Corporate Presentation – July 2015

Slide 4

OPHIR DOES NOT THINK LIKE A TRADITIONAL, FULL CYCLE E&P Ophir is BIG E and little p

CASH

EXPLORATION

• Exploration is focus for creation of shareholder value • Unique position to deliver high graded portfolio due to strong balance sheet and minimal well commitments

DEVELOPMENT

RETURN TO SHAREHOLDERS

PRODUCTION

• Self-funded development activity

• Production is a financing stream for E&A activity

• Minimal existing capital will be deployed to developments

• Reserves replacement and production growth are not key metrics • Assets must break even at low oil price

A SELF-SUSTAINING EXPLORER DELIVERING SUPERIOR RETURNS TO SHAREHOLDERS

Corporate Presentation – July 2015

Slide 5

TOP OF CYCLE

EXPLORATION – A UNIQUE OPPORTUNITY STAGE 1: ENTRY

STAGE 2: SEISMIC

STAGE 3: DRILLING

High Signature Bonus Seismic Multiple Wells

High costs

High cost Mainly commitment Wells

PROGRESS

BOTTOM OF CYCLE

DROP

Small/No Signature Bonus Seismic inherited

Rig costs down c. 30% Only drill top ranked prospects

Costs down c. 50%

DROP

DROP

PROGRESS DROP

ALL THREE COST COMPONENTS DROPPED IN PRICE - RISK OF ROCKS IS UNCHANGED

Corporate Presentation – July 2015

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HIGH GRADED EXPLORATION PORTFOLIO Minimal commitments, low cost entry

2014

2015

FINAL WELLS IN IPO PORTFOLIO

MATURING PLAYS FOR HIGH GRADING

5 PLAYS

12 PLAYS

2 Established 3 New tests

Aru Trough (oil) EG (oil) G4/50 (oil) Gabon pre-salt (oil) Gabon post-salt (oil) Gabon conjugate margin (oil) Kenya (oil/gas) Kerendan (gas) Makassar Straights (oil/gas) Myanmar (gas) Seychelles (oil) Western Birds Head (oil)

• 8 commitment wells in 2014 • c.$500 MM in commitments to build IPO portfolio

• • • •

Corporate Presentation – July 2015

CAPITAL DISCIPLINE

ONLY PROGRESS TOP RANKED PROSPECTS

WALK AWAY FROM PROSPECTS THAT WON’T WORK

2016/17 DRILLING ON HIGH GRADED PLAYS • Discipline to only drill preferred prospects

• Must be clear path to commercialisation

Doubled exploration footprint 1 deepwater well commitment $100 MM of committed E&A spend 2015-2017 $50 MM to build new portfolio

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SELF FUNDING DEVELOPMENT ASSETS No fresh capital deployed to development

• Not all barrels are equal • We explore for high quality barrels that generate cash in a low price environment • Project equity is a source of capital SELF FUND

TOTAL VOLUME 2C: 1152 MMboe

TANZANIA W.I. 20%

EQUATORIAL GUINEA W.I. 80%

First gas 2022

First gas 2020

2P RESERVES

KERENDAN

First gas 2016

W.I. 75%

2nd phase of dev.

BUALUANG

On production

W.I. 100%

PRODUCTION

3rd phase of dev.

CASH FOR E&A SELF FUND

Corporate Presentation – July 2015

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DIVERSIFIED ASSET PORTFOLIO Providing value and basis for significant production growth Tanzania LNG

Cash Flow Composition by Asset 100% 90% 80% 70% 60% 50% 40%

Fortuna FLNG

30% 20% 10% 0% 2015

2016

2014

2015

Bualuang Expansion

Kerendan

10-12 Salamander mboepd acquired ‘15

- Sinpuhorn

Total production in 2020 above 35 mboepd

2017 - Buluang

2018

2019

- Kerendan

- Block R

2020

Material resource base offering significant and predictable cash flow • Current production from assets on- and offshore Thailand • Near-term production onshore Indonesia – first gas in 2016 • Further expansion of Kerendan and Bualuang

2016

2017

2018

2019

Additional volumes if current equity in Fortuna FLNG is retained Corporate Presentation – July 2015

2020

• Medium-term production from Equatorial Guinea FLNG – production start estimated for 2019 • World class pre-development stage asset in Tanzania with proven commerciality Slide 9

CAPEX AND COSTS Low levels of commitment spend, strong balance sheet, high degree of flexibility • 2015 capex 53% down on 2014 - 2015 capex forecast $250-300 MM

• E&A capex down c. 60% on 2014

2015 CAPEX – E&P Vs P&D Pre-Development

35%

Development

25%

E&A

40%

• $250 MM of cost savings - Capex revisions - G&A reductions: closing 5 offices - Acquisition synergies

• High degree of financial flexibility - Only $35 MM of commitment spend in 2015 - Total E&A commitment spending of $100 MM through end 2017; c. 9% of YE 2014 cash - $150 MM carrying cost to FID for LNG projects

2015 CAPEX - Discretionary vs Commitment Discretionary

85%

Commitment

15%

• Fully funded for 3 years on current plan - Flexibility to scale back capex if required - Combination of cash, debt and cashflow

Corporate Presentation – July 2015

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DEVELOPMENTS

LNG OVERVIEW Four key things required to make an LNG project work

EQUATORIAL GUINEA

TANZANIA

1

RESOURCES

• 3.4 TCF • 2.2 Mtpa project

• 15 TCF • 3 trains of LNG

2

FISCAL TERMS

• Agreed

• Agreed

3

JV PARTNER ALIGNMENT

• Ophir & GEPetrel

• Project team working well • All companies well respected

4

LAND / MIDSTREAM

• Chartering agreement to be finalised

• Land identified but yet to be formally awarded

MILESTONES

Bringing in Upstream partner

Award of Land

BUYERS Corporate Presentation – July 2015

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FLNG IS RIGHT SOLUTION IN EG, UPSTREAM COMPONENT WITHIN OPHIR’S ABILITY TO OPERATE Why FLNG appropriate solution • Biogenic gas, 99.7% methane – clean and simple

• Benign meta-oceanic conditions

Why Ophir can be the Upstream operator • Operator’s role in Upstream development relatively straightforward - Drill, complete and tie-back to vessel

• $1.5bn of Midstream capex turned into opex • c. $0.8bn of Upstream capex to first gas

• Self fund once farmed out - Only progress to FID if equity has been reduced

Corporate Presentation – July 2015

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FLNG VALUE CHAIN (PRICES INDICATIVE) UPSTREAM PSC

NETBACK

MIDSTREAM

SHIPPERS

LNG BUYERS

CASH Paid for Liquefaction Tariff by Contractor (Ophir/GEPetrol) & Government to FLNG operator

CASH Paid by LNG Buyer to OPHIR/SONAGAS for LNG Cargo at FOB Price

Delivered LNG Cargo price

FOB

$8.5/MMbtu

DES

$10.00/MMbtu

$ CASHFLOW

$5.0/MMbtu $3.5/mmbtu

LNG Buyer pays for Shipping

$1.5/mmbtu

Government

LNG (GAS) FLOW Royalty 7%-17% Cost Recovery (Ophir/GEPetrol) MMIE Profit Share Ophir Profit Share

Netback Price used in PSC for calculating and valuing Royalty, Cost Recovery and Profit Gas

Income Tax paid by Ophir GEPetrol Profit Share

Corporate Presentation – July 2015

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LOW BREAKEVEN COSTS FOR LNG PROJECTS Breakeven cost stack of projects yet to take FID 16

12

100

80

10 8

60

6

40

4

Additional demand (mmtpa)

Delivered price $/MMbtu

14

120

EG costs reduction of c.$1/MMbtu following Golar appointment not reflected here

20

2 0

0

FOB Break Even $/mmbtu

Shipping to Toyko Bay $/mmbtu

Cumulative mmtpa

Additional demand required by 2025

1 Data

taken from IHS Waterborne – General assumption that upstream requires 15% and Liquefaction 12% US Liquefaction based on $4/mmbtu HH and a tolling fee of between $3.00-4.00/mmbtu

Corporate Presentation – July 2015

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EXPLORATION

THAILAND – NEAR-FIELD EXPLORATION DRILLING Step out from Bualuang oil field • • • •

G4/50 surrounds production licence Blanket 3D over licence 18 locations have approved EIAs 2 wells in 2H 2015

Ophir reviewing prospect inventory • Locations to be approved mid year • 2 wells to be drilled in Q4 • Follow up drilling dependent on initial results

B8/38-2 Deep NW2

Bua Nin Duen Chai West Soy Siam Rak

Low cost drilling • Less than $10 MM per well • Offset 50% of cost against Bualuang production tax

Corporate Presentation – July 2015

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GABON – HIGH-GRADING EXPLORATION PROSPECTS Building on learnings from 2014 • Saw all elements of hydrocarbon system • Update geological model • Apply learnings to interpretation of new 3D data

New oil play emerging • Awarded Nkouere and Nkawa blocks outboard of previous acreage • Conjugate margin play • Analogous to Bara discovery, offshore Brazil

3D seismic survey shot in 4Q 2014 • • • •

Shot over 10,000 sq km 3D survey No drilling commitment Seismic interpretation and prospect hi-grading in 2015 Possible drilling in 2016

Looking for prospects between 250 – 500 MMbo

Corporate Presentation – July 2015

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MYANMAR – LEADING DEEPWATER EXPLORATION 95% operated interest in Block AD-03 • • • •

Located in Rakhine Basin On trend with 9 Tcf Shwe gas field Pipeline to China (current price c.$9/mcf) No drilling commitment

3D seismic survey commenced March 2015 • Committed to shoot 2,500 sq km • 3D prices down by 65% • Shooting a 10,000 sq km survey

First mover advantage • Only company capturing seismic in current weather window • 6-12 months ahead of other companies in terms of work programme

Preliminary mapping on existing 2D indicates prospects of up to 40 Tcf

Corporate Presentation – July 2015

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SUMMARY AND OUTLOOK •

Development assets self funding

•

Cost and capex reduction of $250 MM in 2015/16

•

YE ‘15 cash expected to be $700 MM - $750 MM

•

Fully funded until end 2017 on current work programme

•

Unique opportunity to access high quality portfolio with minimal commitments

•

Disciplined approach to capital allocation – focus on ROCE

•

Sustain a world class exploration track record

FORTUNE FAVOURS THE BRAVE! Corporate Presentation – July 2015

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Level 4 123 Victoria Street London SW1E 6DE UNITED KINGDOM

Tel: +44 (0)29 7811 2400 Fax: +44 (0)20 7811 2421

For further information contact:

Geoff Callow Head of IR and Corporate Communications [email protected]

EQUATORIAL GUINEA Six commercial gas discoveries have been made within Block R Appraisal Area (green):

Oreja Marina

• 2002 Exxon: Estrella de Mar

Tonel

• 2008 Ophir: Fortuna, Lykos • 2012 Ophir: Tonel, Viscata

Estrella De Mar

• 2014 Ophir: Silenus East

Silenus East Undrilled Silenus Hub prospects

Exploration Area (red): • Possible 7TCF (Unrisked and high risk)

Fortuna Complex

Lykos Viscata

Recoverable Resources (TCF):

1C

2C

3C

Ophir Discovery

2.4

2.7

3.2

Ophir Discovery + Risked Silenus Hub

3.0

3.4

4.1

Corporate Presentation – July 2015

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BLOCK R – SCHEMATIC CROSS SECTION

Silenus

Corporate Presentation – July 2015

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BALANCE SHEET Fully funded for next 3 years, high degree of financial flexibility

$1,400

$1,200

~ $150m

$250m-$300m

$1,000

$800

$600

$970m

Only $35m

$400

$700m - $750m of cash YE 2015

of E&A commitment spend

$200

$0 Cash YE'14

Corporate Presentation – July 2015

OCF

Capex

Other

Cash YE 2015

Slide 24