Set to thrivePharos Energy

Interim results2020

26 August 2020

Pharos Energy – 2020 Interim results 26 August 2020 / 2DisclaimerNothing in this presentation or in any accompanying management discussion of this presentationconstitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in anyinvestment activity, whether in the United Kingdom or in any other jurisdiction; (ii) anyrecommendation or advice in respect of the ordinary shares (the Shares) in Pharos Energy plc orthe group of companies of which it is the ultimate holding company (together the Group); or (iii)any offer for the sale, purchase or subscription of any Shares.

The Shares are not registered under the US Securities Act of 1933 (as amended) (the USSecurities Act) and may not be offered, sold or transferred except pursuant to an exemption from,or in a transaction not subject to, the registration requirements of the US Securities Act and incompliance with any other applicable state securities laws.

This presentation contains certain forward-looking statements that are subject to risk factors anduncertainties associated with the oil and gas exploration and production business generally andspecifically with the business, operations and financial position of the Group. These forward-lookingstatements can be identified by the use of forward-looking terminology, including the terms"believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or"should“, “could” or, in each case, their negative or other variations or comparable terminology, orby discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts.

There are a number of factors that could cause actual results or developments to differ materiallyfrom those expressed or implied by these forward-looking statements and forecasts. For a detailedanalysis of the factors that may affect our business, financial performance, or results of operations,we urge you to look at the Principal Risk and Mitigations section in our Annual Report andAccounts.

The Group undertakes no obligation to revise any such forward-looking statements to reflect anychanges in the Group’s expectations or any change in circumstances, events or the Group’s plansand strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements. Forward-looking statements are not guarantees or representations of futureperformance. Similarly, past share performance cannot be relied on as a guide to futureperformance. Even if the Group’s results of operations, financial and market conditions, and thedevelopment of the industry in which the Group operates, are consistent with the forward-lookingstatements contained in the presentation, those results, conditions or developments may not beindicative of results, conditions or developments in subsequent periods.

No representation or warranty, express or implied, is or will be made in relation to the accuracy orcompleteness of the information in this presentation and no responsibility or liability is or will beaccepted by Pharos Energy plc or any of its respective subsidiaries, affiliates and associatedcompanies (or by any of their respective officers, employees or agents) in relation to it. All writtenand oral forward-looking statements attributable to the Group or to persons acting on the Group'sbehalf are expressly qualified in their entirety by the cautionary statements above and by all othercautionary statements and disclaimers contained elsewhere in the presentation.

By attending this presentation and/or accepting a copy of it, you agree to be bound by the foregoinglimitations and conditions and, in particular, will be taken to have represented, warranted andundertaken that you have read and agree to comply with the contents of this notice including,without limitation, the obligation to keep this presentation and its contents confidential.

Ed StoryPresident and Chief Executive Officer

Introduction

IntroductionPharos Energy – 2020 Interim results 26 August 2020 / 4

Safeguarding people and assets

• Safety is the highest priority

• Committed to operating safely and responsibly

• JOC’s in Egypt and Vietnam implemented Health & Safety procedures across our operations

• Business continuity and operations have not been affected

Survived impact of oil price crash

Opportunities andoptionality

COVID-19 Oil price Opportunities

• Focus on capital discipline andfinancial stability - part of the Company’s DNA

• Intense focus on cash cost savings

• Operational flexibility in Egypt work programmes allowed for quick reaction to oil price crash

• Portfolio of opportunities and optionality

• Egypt: Onshore, low-cost development drilling and exploration opportunities

• Vietnamo TGT: 6 firm infill wellso Blocks 125 & 126

exploration potential• Israel: low-cost option for

material gas

Complementary portfolio

Our Assets

• Group production 12,093 boepd netin line with guidance o Egypt 1H production

5,979 bopdo Vietnam 1H production

6,114 boepd net• Initial two-year extension granted

on TGT/ CNV licences• 2020 Production Guidance

remains unchanged o Egypt 5,000-6,000 bopdo Vietnam 5,500-6,500

boepd net

A sustainable businessJann BrownManaging Director and Chief Financial Officer

Pharos Energy – 2020 Interim results 26 August 2020 / 6Operating a sustainable business

• Despite COVID-19, operations have continued without disruption in Egypt & Vietnam

• Business continuity plans remain effective across our locations

Social investment initiatives

* All data correct as at 1H 2020

Carbon Disclosure ProjectContinued participation in 2020

Task Force on Climate-related Financial Disclosures Work to ensure we are prepared to report in line with the TCFD guidelines has begun and is progressing

Governance changes• Chair and 2 NEDs appointed• Independent Board

Vietnam• Offshore operations - robust health & safety

measures in place

Egypt• Onshore operations - robust health & safety

measures in place

Vietnam• Continued support to HLHVJOC

Charitable Donation Programme

• Projects in the first half include charitable donations of medicines and food to local families and hospital.

Egypt• Petrosilah donated face masks, face shields,

and protection suits to the El Fayum General Hospital

Business continuity

Jann BrownManaging Director and Chief Financial Officer

Finance

Pharos Energy – 2020 Interim results 26 August 2020 / 81H 2020 Financial summary(1)

(1) All numbers are to 0 decimal place(2) Including the benefit of our 1H hedges of $21m (1H 2019: loss of $0.9m)

Cash Capex

1H 2019: $22m

$32m

$80m(2)

1H 2019: $92m

$11.1/ bbl

1H 2019: $9.4/bbl

Revenue

Cash Opex Balance Sheet

Vietnam $310mEgypt $62mNet Liabilities ($123m)Total BS $249m

FY 2019 Total BS $510m

12,093 boepd

1H 2019: 12,541 boepd

Production

4% 13%

Net Debt

$36m

1H 2019: $34m

7%

49%27%

Cash from Operations

$56m

1H 2019 : 55m

Hedging gains

$21m

1H 2019: loss $0.9m

1%

Pharos Energy – 2020 Interim results 26 August 2020 / 9Financial OutlookVietnam Corporate

Group expenditure reduction for the year

25%

G&A cost reduction for the year

c.35%

Remuneration reduction

25% For Chair, NEDs and Executive DirectorsNo bonuses will be paid for the year

2020 dividend payments withdrawn

Egypt

(1) Life of field, fully capex loaded, NPV 11 | (2) Life of field, fully capex loaded, NPV 13 | (3) Commitments have been deferred

Operating cost FY estimate

c.$12/boe

Pharos Energy – 2020 Interim results 26 August 2020 / 10Cash sources and uses

2020 Capex – c.85% incurred in 1H

$41.0 $31.9

$26.1$2.9 $0.8

$58.5$37.8

0

20

40

60

80

100

120

Cash Balance at31 Dec 2019

Operating CF InvestingActivites - Capex

(incl.abandonment)

Repayment ofborrowings

Interest onborrowings

Other Cash Balance at30 June 2020

$m

Sources $100m

• Generation of sustainable returns• Balancing investment for longer term with immediate cash

flow generation• Balancing shorter payback/higher Capital Productivity Index

EGYPT$21m

Capex Spend (including

abandonment)

$37m

TGT$13m

125 & 126 $2m

CNV$1m

El Fayum • Production Wells CNV • No drilling activity• Abandonment funding

TGT • TGT-15X • Abandonment fundingBlocks 125 & 126• Operational Office / G&G

Pharos Energy – 2020 Interim results 26 August 2020 / 11Debt capacity & Hedging

• Facility Agreement $125m, plus a further $125m on an uncommitted “accordion” basis over Vietnam assets

• Half-yearly redetermination of the RBL producing assets in Vietnam now complete

• Payment of $3.8m made in January 2020 and a further $31.7m(1) made in accordance with the June redetermination

• Borrowing Base at $64.5m

Reserve Based Lending Facility (RBL)Hedging• Delivered c.$21m of cash flow in 1H 2020 • c.60% of Group’s forecast production in 2H 2020 hedged at $47.1/bbl• c.35% of the Group’s forecast production until September 2021 is

hedged at an average price of $44.8/bbl• Building a level of protection

Production forecast hedged for 2020

• Initial two-year extension of licence term on TGT /CNV

opens discussions with banks on extending tenor of RBL

• Longer term Debt capacity for Egypt

o longer tenor RBL has potential to include Egypt

o terms with NBE over Egypt being finalised

77%

60%

1H 2020 2H 2020

$61.3/bbl $47.1/bbl

(1) of which $9.4m paid in July 2020

Asset overviewMike WattsManaging Director

Pharos Energy – 2020 Interim results 26 August 2020 / 13Pharos assets – Egypt, Israel, Vietnam

TGT & CNV

Egypt & Israel

Vietnam

Offshore Israel

El Fayum & North Beni Suef onshore

Blocks 125 & 126

TGT & CNV Fields

Egypt

Pharos Energy – 2020 Interim results 26 August 2020 / 15Reforecast drilling & completion schedule 2020

YEAR 2019 2020QUARTER 1Q 2Q 3Q 4Q

Drilling Rig #1

Drilling Rig #2

Drilling Rig #3

WorkoverRig #1

WorkoverRig #2

WorkoverRig #3

Rig stacked on zero rate

Rig released out of contract

Rig stacked on zero rate

Workover & water flood programme

Workover Rig activity continues

Rig stacked on stand-by

Rig released out of contract

Oil production rate peaked at 7,009 bopd on 23 April 2020Oil Price Shock

7 March

• Management is currently targeting deployment of capital in Egypt in early 2021

3 drilling rigs3 workover rigs 7 wells (5 producers + 2 injectors) drilled through to April in Greater Silah Fields and N.E Tersa field

Drilling activities 1Q 2020

Egypt 2020 production guidance

5,000-6,000 bopd

El Fayum

1H 2020 Production 5,979 bopd

Brent dropped to $9/bbl on 21 April 2020 (1)

(1) Source: Factset

Pharos Energy – 2020 Interim results 26 August 2020 / 16El Fayum - Reaction to COVID-19 and oil price fall in March as Brent reached

Pharos Energy – 2020 Interim results 26 August 2020 / 17Extensive Prospect & Lead Inventory

El Fayum

+ Unconventional

+ New Plays

+ Northern Area Leads

North Beni Suef

Arbitrary 3D seismic line across El Fayum and North Beni SuefNE SW

Low cost upside in an area with historically high success rates

• Deep Potential • Carbonate build ups• Apollonia

• AR 'F’ Resource Play

Western and Eastern Desert Potential

El Fayum

North Beni Suef

NE

SW

El Fayum North Beni Suef

• >40 Near Field Prospects• 3D seismic and infrastructure supported

El FayumConcessionNorth BeniSuefConcession

North Beni Suef 3D data extentFayum 3D data extent

Apache Fields

Vietnam

Pharos Energy – 2020 Interim results 26 August 2020 / 19Vietnam

Vietnam 2020 net production guidance

5,500-6,500 boepd

TGT & CNV Production 1H 2020 Production net 6,114 boepd

TGT field1H 2020 Production net 4,431 boepdCNV field1H 2020 Production net 1,683 boepd

Cuu Long Basin - TGT and CNV Fields Phu Khanh Basin - Blocks 125 &126

• 70% W.I. and Operator of Exploration Blocks 125 & 126

Blocks 125 & 126

TGT and CNV Fields

Technical work continues acquired 2D seismic, gravity and magnetic data to high-grade prospective areas on which to target future 3D seismic survey(s)

Blocks 125 & 126

TGT Field

CNV Field

Initial two-year extension granted on TGT/ CNV licences

Pharos Energy – 2020 Interim results 26 August 2020 / 20TGT highlights• TGT field licence extension of two years has been formally granted by the Ministry

of Industry and Trade in Vietnam

• All relevant branches of Government have signed-off on the FFDP and it is on its way to the Prime Minister’s office for formal endorsement

• Long lead items to be ordered 3Q/4Q 2020 to support the new 6 wells drilling campaign scheduled to start 4Q 2021

• Targeting gross production in excess of 20,000 boepd

• FPSO gas lift compressor upgrade completed in April ahead of schedule and within budget

• TGT operations focussed on a well intervention programme to manage production improvements proactively

6 firm producers

9 contingent wells

Full Field Development Plan

Pharos Energy – 2020 Interim results 26 August 2020 / 21TGT Deep - 15X well

H1-WHP H4-WHP H5-WHP

TGT- 31P Deep Discovery 1Q 2019Oil found in deeper tight E horizons tested 250 bopd

TGT-15X appraisal well fracced 1Q 2020 The reservoir is too tight at this location, the deeper section of the well is currently flowing in the range of 100-150 bopd and the upper section is flowing at 200-300 bopd.

Deep &“Tight”

Reservoirs

TGTProducing Reservoirs

Pharos Energy – 2020 Interim results 26 August 2020 / 22

Source Kitchen

Reservoir

Seal

Tilted fault block traps

Carbonate – Shallow waterFractured basement

Structural trendShelf & deep water

Turbidite sandsDeep water

Phu Khanh Basin Geological Model Blocks 125 & 126

Source Type Lacustrine and/or mangrove/swamp mudstones

Primary Reservoir Late Oligocene-Early Miocene coastal plain, shoreface sand

Secondary Reservoir Miocene deep water fans, Carbonates, fractured basement?

Trap Faulted 3 and/or 4 way trap closures

Seal Upper Miocene, Pliocene pelagic muds and intra-formational seal

• Geological observations indicate:o Demonstrated source generation and migration in the

basino Tertiary and basement reservoirs

• Oil Discovery in Block 124 (100% ENI)o Confirms oil in the system

• Multiple structural and stratigraphic leads identified on the new seismico Interpretation ongoing

Israel

Pharos Energy – 2020 Interim results 26 August 2020 / 24Offshore Israel - Part of a regional MENA strategy

• Pharos, Cairn Energy plc and Israel's Ratio Oil Exploration are JV partners

• Cairn is the operator

• Low commitments - First phase seismic studies only

• Tamar and Zohr Play potential

• Option on East Mediterranean gas play

Licences

8

Working interest

33.33%

Signed

October 2019

El Fayum and North Beni Suef

Concessions

Scope for Growth

Pharos Energy – 2020 Interim results 26 August 2020 / 26Pharos Production and Development: Scope for Growth

Potential to increase production up to 20 mboepd within two years

Multiple development & infill drilling opportunities

Illustration of the impact of different development investment scenarios on production1

Vietnam (2)

• TGT 6 infill wells planned to commence late 2021

Egypt (3)

• Highly flexible approach to low cost development drilling programme and expanded waterflood

1) Production profiles are Pharos net working interest monthly production rates, pre economic cut-off.2) Vietnam 2P profiles are Pharos HY20 estimates and are subject to audit; TGT infill well programme includes 6 firm wells approved by partners; ministerial sign-off expected.3) ERCE profiles; drilling programme optimisation work continues. 4) ERCE is engaged by Pharos to provide technical consulting services for the El Fayum licence and TGT.

0

5

10

15

20

mbo

epd

El Fayum 4 Rig Scenario

El Fayum 3 Rig Scenario

CNV

TGT

Ed StoryChief Executive Officer

Summary

Pharos Energy – 2020 Interim results 26 August 2020 / 28

• Onshore, low cost, in-fill drilling path to significant short-term production growth

• Multiple low-risk (extensive 3D) low-cost exploration opportunities – near-field, frontier and new plays

• Operational flexibility

• TGT & CNV offshore producing fields - shallow in-fill drilling to maintain production

• Blocks 125 & 126 – material frontier exploration potential

• Low-cost option for material gas

Pharos offers a platform for organic growth & multiple attractive investment opportunities

Diverse and complementary Asia-MENA E&P portfolioPharos regional knowledge and relationships provide route to access further

material regional opportunities

Current focus is on preserving theoption value of the growth potentialfor existing shareholders throughefficient capital allocation

Material upside to be unlocked

Strategy and Outlook

Egypt Vietnam

Material upside to be unlocked

Israel

To create a Company of Scale Based on Cash Flow Growth, Capital Returns, Low-Cost Exploration & Transformational Upside

SummaryPharos Energy – 2020 Interim results 26 August 2020 / 29

Survival assuredNow poised for growth

Strong relationshipsin Asia/MENA

Inventory of growth opportunitiesexceeds current cash flow

Using industry leverage to expand programme

Q&A

Appendix

Pharos Energy – 2020 Interim results 26 August 2020 / 32Funding cycle

BalanceSheet

Cash Flowfrom Operations

Debt Capacity

Investing in ourbusiness

Sustainable Growth

Maximising production

Growth through developments

Low cost exploration

Free Cash Flow

Sustainable Dividends

2P ReservesEquivalent to the sum of Proved plus Probable Reserves; denotes best estimate scenario of Reserves. Also referred to as 2P Commercial Reserves

bblBarrel

boeBarrels of oil equivalent

boepdBarrels of oil equivalent per day

bopdBarrels of oil per day

CashCash, cash equivalent and liquid investments

CNVCa Ngu Vang

CapexCapital Expenditure

CEOChief Executive Officer

E&PExploration & Production

EGPEgyptian Pound

EGPCEgyptian General Petroleum Corporation

FFDPFull Field Development Plan

FPSOFloating, Production, Storage and Offloading Vessel

FYFull year

G&AGeneral and administration

G&GGeological and Geophysical

HLHVJOCHoang Long and Hoan Vu Joint Operating Companies

JOCJoint Operating Company

JVJoint venture

kbopdThousand barrels of oil per day

M&AMergers and Acquisitions

MENAMiddle East and North Africa region

mboepdMillion barrels of oil equivalent per day

mmbblMillion barrels

mmboeMillion barrels of oil equivalent

NBENational Bank of Egypt

OpexOperational expenses

RBLReserve Based Lending Facility

TGTTe Giac Trang

US$United States Dollar

W.IWorking Interest

YTDYear-to-Date

Pharos Energy – 2020 Interim results 26 August 2020 / 33Glossary of terms

www.pharos.energy

Investor RelationsPharos Energy48 Dover StreetLondon W1S 4FFUnited Kingdom

Tel: 020 7747 2000

Company No: 3300821

Interim results�2020DisclaimerIntroductionIntroductionA sustainable businessOperating a sustainable businessFinance1H 2020 Financial summary(1)Financial OutlookCash sources and usesDebt capacity & HedgingAsset overviewPharos assets – Egypt, Israel, VietnamEgyptReforecast drilling & completion schedule 2020El Fayum - Reaction to COVID-19 and oil price fall in March as Brent reached