0

Africa Oil Week November 2014

THIS DOCUMENT IS CONFIDENTIAL

This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (the “Company”) and its subsidiaries for selected recipients. It comprises the written

materials for a presentation to investors and/or industry professionals concerning the Company’s business activities. By attending this presentation and/or accepting a copy of this

document, you agree to be bound by the following conditions and will be taken to have represented, warranted and undertaken that you have agreed to the following conditions. This

presentation is strictly confidential and may not be copied, published, distributed or transmitted. If you do not accept these conditions, you should immediately destroy, delete or return

this document.

The document is being supplied to you solely for your information and for use at the Company’s presentation to investors and/or industry professionals concerning the Company’s

business activities. It is not an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment

whatsoever. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the

Company in any jurisdiction nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment

decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. This presentation is for informational purposes only and may not be used

for any other purposes.

The distribution of this presentation in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this presentation comes

should inform themselves about and observe such restrictions. Any failure to comply with these restrictions may constitute a violation of securities laws of any such jurisdictions.

This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including, without limitation,

statements with respect to the Company’s business, financial condition, results of operations, plans, objectives and estimates, including, among others, resource estimates. These

statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the Directors’ beliefs and expectations and involve a

number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or

forecasts will come to pass or that any forecast results will be achieved. There are a number of known and unknown risks, uncertainties and other factors that could cause actual

results, performance and developments of the Company or industry results to differ materially from those expressed or implied by such forward looking statements, therefore, undue

reliance should not be placed on forward looking statements. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statements

speak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking

statements in this presentation, whether as a result of new information or future events. No statement in this presentation is intended to be a profit forecast or should be interpreted to

mean that future earnings per share of the Company will necessarily match or exceed its historical published earnings per share. As a result, you are cautioned not to place any undue

reliance on such forward-looking statements.

Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, no

representation or warranty, express or implied, is made and no reliance should be placed, on the fairness, accuracy, correctness, completeness or reliability of that data, and such data

involves risks and uncertainties and is subject to change based on various factors.

No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness. The Company and its members, directors, officers

and employees are under no obligation to update or keep current information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly

announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject

to change without notice, whether as a result of new information or future events. No representation or warranty, express or implied, is given by the Company or any of its subsidiaries

undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy, correctness, completeness or reliability of the information or opinions contained in this

presentation, nor have they independently verified such information, and any reliance you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability

whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection

therewith is accepted by any such person in relation to such information.

Disclaimer

1

Leading Deepwater Portfolio

2

Somaliland • SL12/SL9 - 25%

Seychelles • PEC-5B/1,2&3 - 75%

Equatorial Guinea • Block R - 80%

Gabon • Mbeli - 40%

• Ntsina - 40%

• Manga - 70%

• Gnondo - 70% • Nkouere - 100% • Nkawa - 100%

Kenya • L9 - 90%

Myanmar • AD-03 - 95%

Tanzania • Blocks 1,3&4 - 20%

• Block 7 - 80% • East Pande - 70%

Indonesia • West Papua IV - 50%

• Aru - 60%

• N. Makassar Strait - 30%

• Obi - 42% • Kofiau - 100% • Halmahera-Kofiau - 80% • (N.Ganal - ENI 18.5%)

Key Highlights

3

• 2C Contingent Resource of 830mmboe (post Tanzanian farm-down)

− 17.1 TCF (gross) discovered in Tanzania Blocks 1, 3 and 4

− 3.4 TCF (gross) discovered in Equatorial Guinea Block R

• Successful sale of 20% of Tanzania Blocks 1, 3 and 4 to Pavilion Energy for c.US$1.3bn(1)

• EG FLNG project progressing

− Further exploration and appraisal drilling underway

− Midstream solution being finalised

• High-impact drilling programme undertaken, key wells up and coming

− Tende (Tanzania)

• New licence acquisitions expanding the portfolio and refilling the exploration hopper

− Seychelles, Myanmar and Indonesia

• Net working capital end of June – c.US$1.3bn

• Share buyback underway up to US$100mn

1. US$38mn contingent and will be received on FID

Strategic focus

4

Focus on Africa

Currently Future

Focus on E&A

Focus on Deepwater Basins

• Africa will remain core to the portfolio • But looking at new opportunities elsewhere, primarily

Asia (Myanmar licence first acquisition) • Key is geology rather than geography

• E&A will continue to be the company’s primary focus • Not averse to holding producing assets to help provide

cashflow sustainability

• Offshore, deepwater basins are expected to be the ongoing primary source of portfolio upside

• Offer significant running room, well understood by our technical team

• Strong in-house deepwater drilling capabilities

Focus on Capital Efficiency

• No change to strategy • Pre-drill farm-outs sought to minimise capital at risk • Monetisation of success at the optimum time to

maximise returns

Ophir Business Model

5

Focused on maximising Returns on Investment

Gas and/or Oil/Liquids

Somaliland

Gabon Pre-salt and

Ogooué Delta

AGC

EG Gas 3D seismic

1st Discovery

Appraisal FID

First Production

Va

lue

Exploration and appraisal:

High-risk high-reward, rapid value accretion in the exploration and appraisal phase

Pre-drill farm-out opportunities to manage risk

Tanzania Blocks 1,3,4

Tanzania E Pande, Block 7

Kenya

Ophir’s primary E&A Focus

Gabon Deeper Water

2014 Drilling Activity

Into Further Exploration and Appraisal

Returns to Shareholders

Monetise and Recycle Cashflow

Cashflow from Production

EG Liquids

Oil/Liquids Gas

Car

ried

Inte

rest

s

Seychelles Myanmar

Indonesia

Country Block Name Well Name Ophir

WI

Pmean CoS 2014 2015

(MMBOE) (%) Q1 Q2 Q3 Q4 H1

Gross Net

Gabon Ntsina Padouck Deep x

Tanzania Block 1 Taachui

Gabon Gnondo Affanga Deep x Gabon Mbeli Okala x

Tanzania Block 1 Taachui DST 20%

Tanzania Block 1 Mzia-3 DST 20%

EG Block R Tonel North 80% - Tanzania Block 4 Kamba/Pweza N 20%

EG Block R

Silenus East Gas

and Oil 80% (gas)

EG Block R Fortuna-2 and

DST 80%

Tanzania East Pande Tende 70% 379 265 15% Tanzania Block 7 Mkuki-1 80% 365 255 13%

2014 Drilling Programme(1)

1. Programme is subject to change (prospect, order and timing)

6

Oil / liquids

Gas

• West Africa – Vantage Titanium Explorer

• East Africa – Deepsea Metro I

Rigs Contracted Play opening well

Ophir in Equatorial Guinea

Summary

8

• Ophir in EG

• Block R Overview and Resource summary

• Fortuna FLNG project progress and forward plan

• Why Floating

• Development Benchmarking

• Ophir further ambitions in EG

Equatorial Guinea: Ophir Today

9

• Ophir Energy holds an 80% interest in Block R. Partner GEPetrol 20%

• Located in Distal Niger Delta in water depths from 1,300m-1,950m

• 8 Technical discoveries, 6 by Ophir

• 4 Ophir Appraisal wells (Fortuna East, West, 2 & Tonel North-1)

• Discovered+ Risked 2C: 3.4TCF

• Up to 7TCF of additional unrisked prospective resource, 2TCF of which are low risk prospective resources

• Sufficient discovered and prospective resource to support an FLNG train

Block R Regional Setting

10

Alternate

sediment input Fortuna sediment

input

• Block R lies at the frontal toe-thrust zone and frontal deformation zone between the main Niger Delta and NW-SW trending Cameroon volcanic line

• Stratigraphy is dominated by three lithostratigraphic units which form the daichronos Tertiary seaward prograding delta

Block R Schematic Cross Section

11

Block R : Seven Commercial Gas Discoveries

Oreja Marina

Estrella De Mar

Lykos

Fortuna Complex

Tonel

Viscata

Silenus East

Seven commercial gas discoveries have been made within Block R

• 2002 Exxon: Oreja Marina (not currently in FLNG project) & Estrella de Mar

• 2008 Ophir: (Bythos dry), Fortuna, Lykos

• 2012 Ophir: Tonel, Viscata

• 2014 Ophir : Silenus East, (Tonel North)

• A further 7TCF prospectivity still to be explored

12

Fortuna-2 DST – 21 October 2014

DST conducted safely: Zero Lost Time Incident

• Sustained flow rate of 60MMscfd with drawdown <20psi

• Expected flow rate at FLNG facility operating conditions 180MMscfd via 5” tubing

• Reduced development well requirements in pre-FEED/FEED

• Subsurface de-risking complete for Miocene turbidite play

13

Fortuna FLNG Project

Fortuna Overview

15

• Development: 3.0 Mtpa FLNG @ 440MMscfd

• FID 2016 First Gas 2019

• CAPEX: Upstream: c.US$3.0 FLNG Vessel c.US$3.25

• Initial phase Fortuna (blue) up to 7 production wells

• Subsequent phases discovered resources Tonel (green), Viscata (purple) and remaining (red) from Thrust Belt Gas (TBG)

• 13 additional development wells over 15 years

• Combination of 12” dual and 16” single flowlines

• Additional notional development well locations (~1.2TCF unrisked) to be matured

• Fortuna DST results will reduce well count

Midstream – Proposed Layout

• Length: 357m, breadth: 60m

• New-build hull Turret moored

• Vessel classification as Floating Offshore LNG Liquefaction Terminal

• LNG storage capacity 230,000m3

• Side by side off-loading

Safety in design drives layout

16

Govern

ment

Agre

em

ents

2015 2016

PSC Gas

terms Host Government Agreement

Upst

ream

Award

Farm-down

LN

G M

ark

eti

ng

Initial Market

approach LNG SPA Heads

of Terms

Pro

ject

Fin

ancin

g

Arrange Debt Financing

FID FEED Contract

Fully Termed LNG SPA

2014

Gas Terms

Resource certification

Farm-down

2017-19

Development

First

Gas

Mid

stre

am

Charter Agmt

Heads of Terms

FDP

Charter Agreement

EG Block R: Timeline & Milestones (5 Yr Plan)

17

Why FLNG for Block R

18

FLNG is gaining momentum

• Four under construction – Prelude, PFLNG1, PFLNG2, Pacific Rubiales

• Six in FEED, 17 prospects being studied

• Presence is going global – SE Asia, USA, Africa, South America

• Existing technology, but installed in a different place

• Construction is in a state-of-the-art shipyard with every available facility and resource

• NOT in a hostile, remote location at the end of a several thousand mile-long logistical chain

Benign metocean conditions:

Gas is 99.7% Methane, no inerts, no sulphur, no water – better than pipeline quality

• Minimal pre-treatment

• Simple process, less equipment, no exotic materials

• Routine subsea infrastructure

• No technical innovation, everything tried and tested

• Reliable, efficient, high uptime

Equatorial Guinea - Benchmarking EG FLNG Globally EG FLNG is highly cost competitive and will come on-stream before majority of East Africa/North American volumes

Overview LNG Prices (Japan) Required for NPV10 Breakeven ($/mcf)

Supply / Demand Curve (mmtpa)

150

250

350

450

2008 2010 2012 2014 2016 2018 2020

(mm

tpa)

Speculative Possible Under Construction Existing Demand

EG FLNG

onstream

• EG FLNG is cost competitive on a global scale

- Lower DES break-even price than the majority of constructed and planned Pacific & Atlantic volumes

• Project will commence production in 2019

- Well placed to take advantage of ongoing LNG market tightness prior to planned East African and North American volumes coming on-stream

--

2

4

6

8

10

12

14

16

GLN

G

QC

LN

G

PET

RO

NA

S FLN

G 1

Wheats

tone L

NG

Aust

ralia P

aci

fic L

NG

Gorg

on

Plu

to

Bro

wse

Yam

al LN

G

Pre

lude F

LNG

Kit

imat

LNG

Sab

ine P

ass

Ph 2

Sab

ine P

ass

Ph 1

LN

G C

anad

a

Sakhali

n 2

Tanzania

LN

G

Moza

mbiq

ue L

NG

DS

LN

G

Vla

div

ost

ok L

NG

Levi

ath

an F

LN

G

Ango

la L

NG

Ichth

ys

PN

G L

NG

EG

FLN

G

Tangguh P

hase

2

Abadi

MLN

G T

rain

9

Snohvi

t

NLN

G S

even P

lus

Dam

iett

a

Ken

ai

ELN

G 1

ELN

G 2

Peru

LN

G

Bra

ss L

NG

NPV

10 B

reakeve

n P

rice ($/m

cf)

Shipping Costs

Ophir Project FOB

Pacific FOB

Atlantic FOB

19

Summary

20

• Financially viable FLNG project: ‘Fortuna Project’

• Potential to be first FLNG in West Africa: First Gas 2019

• Agreed Fiscal Gas Terms with Equatorial Government

• Resources of 3.4TCF de-risked through successful DST

• Metocean favourable for simple development

• Gas composition (99+% Methane) favourable for simple processing

• Midstream Partner selected

• Upside exploration through licence extension from 1st Jan 2015

• Industry ‘leading edge’ Project

• Future replication for stranded scalable gas

• New partnerships with Industry leading companies for Ophir Energy

22

Contact:

Investor Relations

Ophir Energy plc

Tel: +44 (0)20 7811 2400

Email: investor.relations@ophir-energy.com