An African Oil & Gas Company

Ophir Energy plc

Ophir Energy plc: Corporate Overview

African Exploration Portfolio• 16 assets, across 8 jurisdictions. • Plays in a mix of proven and emerging

basins.

Experienced Management Team• Strong relationships.• Track record of success.

2008• Equatorial Guinea Block R.• Fortuna and Lykos gas discoveries.

2010/11 activity• Tanzania Blocks 1, 3 and 4.• Pweza, Chewa and Chaza gas

discoveries.

SADR x4Operator

Somaliland x1Operator

AGC x1Operator

Gabon x4Operator

Congo (Brazzaville) x1Non-operator

Equatorial Guinea x1Operator

Tanzania x3Operator

Madagascar x1Operator

2

Ophir Stakeholders

*Rig Share Agreements

GOVERNMENTS

SADR, Senegal, Guinea Bissau,

Equatorial Guinea, Gabon, Congo (B),

Tanzania, Madagascar, Somaliland

SHAREHOLDERS

Mittal Investments, Mvelaphanda,

Och-Ziff, Kulczyk Group,

Lansdowne, York,

Ospraie, JP Morgan,

Artemis

BG, Premier, Kufpec, RAKGas, Rocksource,

FAR, Wilton,ExxonMobil*PARTNERS

African Oil & Gas Exploration and Appraisal

Experienced Board & Management team

Track RecordStrong Geoscience Skills

Deepwater Operator

3

Gas in Africa: Why Find More? 4

LNG is the transportation mechanism that can take gas from Africa to markets in North America, Europe and Asia BUT if the brightest thing on the African continent is

natural gas being flared why would we try to find more?

An Inconvenient Unconventional Truth 5

North Atlantic gas prices dramatically reduced and decoupled from oil prices due to impact of unconventional gas.

50% of US gas demand is from unconventionals in 2010 and predicted to be 70% by 2030.

Unconventional gas has made US the number one global gas producer ahead of Russia.

Switching of some US gasification facilities (import) to liquefaction (export).

Demand for LNG from the US has disappeared with knock-on effects on other markets.

More than 30MMtpa of unconventional LNG from Australia by 2030.

More than 400Tcf of global unconventional potential in addition to the US and Australia.

With a seeming abundance of unconventional gas available why find more in Africa?

0

1

2

3

4

5

6

7

8

9

1922

1924

1926

1928

1930

1932

1934

1936

1938

1940

1942

1944

1946

1948

1950

1952

1954

1956

1958

1960

1962

1964

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

U$/Mcf

US Natural Gas Wellhead Prices

Source: www.eia.doe.gov

Source: The Economist

Another Inconvenient Unconventional Truth 6

Unconventional gas production increased in the US facilitated by the 2005 Energy Bill

which granted certain exemptions from the Clean Water Act, the Clean Air Act, Safe

Drinking Water Act.

Hydraulic frac’ing can use 2 to 7 million gallons of water per frac and up to 20 tons of chemicals per million gallons of water.

This produces a significant volume of waste water contaminated with chemicals.

Opponents of unconventional gas production claim that contamination of

ground water is commonplace.

The public are becoming used to seeing pictures of burning tap water alleged to be caused by frac’ing beneath the level of the

water table.

Source: www.gaslandthemovie.com

Lets Not Give Up On Conventional Just Yet 7

"We see limitations in terms of the environmental footprint and the

infrastructure requirements such as the number of wells we have to build and the technologies that make it a bit challenging

in Europe." Jan Panek, Head of European Commission for Coal & Oil

June 2010.

The industry will no doubt find a way to exploit unconventional gas resources in a

manner that is politically and environmentally sustainable…

…but it will not be as easy, as cheap and as widespread as might have been imagined.

African LNG Will Have a Role to Play 8

LNG will be an important part of the global energy mix in the future. Africa has an abundance of reserves on the west coast, with the east cost emerging as a major gas province.

"We see the potential of East Africa challenging leading LNG production countries including Qatar and Australia by 2030." Jeffries International Ltd, January 2011

So, what role is there for an upstream player such as Ophir?

Comoros

Seychelles

Songo Songo

Block 4

Mafia Deep ST-1

Block 3

Block 1Mnazi Bay

Windjammer

Pweza-1

BarquentineCollier

Ironclad

Blocks 1, 3 and 427,000km2

Ophir (Operator) 40%BG 60%

Chaza-1

Chewa-1

Tanzania: Block Geography 9

Tanzania Blocks 1, 3 and 4: Geo-schematic Section

• Multiple play systems with abundant direct hydrocarbon indicators (DHIs)• Evidence of both oil and gas charge but expectation weighted towards gas• Requirement to pre-plan the commercialisation structure for gas development

4H,1V

10

Aggressive Programme to Date

In the period 2006 to 2010 Ophir has:

• Acquired 8,066km 2D seismic data

• Acquired 3,499km2 3D seismic data

• Negotiated gas commercialisation agreements

• Developed a deepwater oilfield supply base at Mtwara and negotiated cooperation agreements to share the facilities with other Operators

In the period 2010 to 2011 Ophir has:

• Introduced BG as a joint venture partner

• Drilled three gas discoveries

• Acquired a further 4,000km2 of 3D seismic data

11

Prospect 1 Prospect 2

3D opacity volume showing far offset stack over one of the Prospect 1 reservoirs. The presence of gas is interpreted to cause brightening of the seismic reflectors

and the base of the gas corresponds to a prominent flat event

Interpreted HC Contact

A variety of structural and stratigraphic trapping styles are recognised in Blocks 1,

3 and 4.

Many of the prospects are supported by the presence of DHIs on seismic data resulting in

a reduction of exploration risk.

Tanzania: Sample Prospects 12

Key Success Factors 3: Commercial 13

• On 26 May 2010 the Company entered into a series of gas commercialisation agreements with the Government of Tanzania.

• These provide specific fiscal terms for gas developments and go beyond the PSC to enable the transportation, liquefaction and export of gas to world markets.

• There is also the provision for the supply of gas to local markets thereby ensuring direct stimulation of the Tanzanian economy in addition to export earnings.

• This agreement should allow for an accelerated project schedule.

Commenced drilling offshore Tanzania18 September 2010

Pweza-1: Gas Discovery Chewa-1: Gas Discovery Chaza-1: Gas Discovery

Deepsea Stavanger 14

• Successful deepwater drilling programme underway.

• Pweza, Chewa and Chaza discoveries demonstrate presence of multiple play systems.

• Significant upside potential.

• Further 3D data acquisition underway.

• Shorebase support facilities established.

• Gas commercialisation agreements in place.

• Strong joint venture with a world class LNG developer and supportive Government.

• Resource potential for multi-train LNG project.

• Ideal location for export to Far East markets.

Tanzania: Current Status

Songo Songo

Block 4

Mafia Deep ST-1

Block 3

Block 1Mnazi Bay

Pweza-1

Chaza-1

Chewa-1

Blocks 1, 3 and 427,000km2

Ophir (Operator) 40%BG 60%

15

Lykos-1 26m gas column

Fortuna-1 300m gas column

2008 3 Wells2 Gas DiscoveriesEvidence of Oil Charge

2009 1,000km2 3D SeismicConceptual Field Design

2011 Drilling & Production Testing**subject to the usual government consents.

Block R1,600km2

Ophir (Operator) 80%GEPetrol 20%

Equatorial Guinea 16

Block R: 2008 Drilling Campaign

Targ

et I

nte

rval

Pri

nci

pal

S

ourc

e R

ocks

Fan system stratigraphic traps

Crestal four-way dip closures

Deep thrust related closures

Fortuna-1Bythos-1Lykos-1

2008 drilling campaign3 wells in 45 days

Gas discovery

Oil shows Well location Projected well location

Fortuna wd 1,691m TD 3,400m Bythos wd 1,716m TD 4,222mLykos wd 1,536m TD 2,297m

17

Risk Mitigation 1: Volume Assurance

• Two discoveries from three wells.

• Positive exploration outcome, but overall project volumes remain to be determined:

in existing discoveries through focussed appraisal;

addition of new low-risk "step-out" gas volumes; and

identification of new resource potential.

Volume

Co

nfi

den

ce

Fortuna

Step out exploration

New resource potential

18

Fortuna: Reducing Uncertainty Existing Discoveries

• The Fortuna fan complex is well defined seismically.

• Detailed seismic stratigraphy studies have enabled a full understanding of the depositional architecture.

• The key uncertainty is the net:gross ratio of the sand.

• This will require focussed appraisal drilling.

• The seismic response of hydrocarbons has been calibrated and used to constrain potential resource volumes.

Strike

Probable Gas Water ContactProbable Gas Water Contact

Fortuna-1

19

Lykos and Low Risk Step-out Exploration

• Lykos has a proven play-type with significant follow-up potential.

• The features are well defined seismically and have a typical exploration PoS >80%.

• Wells can be drilled and completed as development wells to reduce project costs.

• Many have deeper potential oil targets which can be tested at minimal incremental cost.

• The challenge will be to optimise volume definition and project economics.

Lykos-1

20

• Interpretation of the Fortuna 3D is ongoing.

• A number of potential drilling targets have been identified.

• The prospects are well defined seismically, with direct hydrocarbon indicators.

• They have the potential to significantly add to the potential hydrocarbon volumes in Block R.

Fortuna 3D Survey: New Outboard Prospectivity

Amplitude Shutoff

Fortuna Discovery

Area : 44 km2

VolturnasProspect

Area : 48 km2

Chronos Prospect

Area : >75 km2

21

FPU with Trunkline to LNG Plant

FPU Vessel

Phase 1

Phase 2

Field Design Basis

• Ophir is committed to supporting the Government’s plans for a second liquefaction train (EGLNG2) as the preferred option to commercialise Block R gas.

• Gas rates 250, 300 and 500MMscfd(subsea pipelines optimised for each rate).

• FPU moored over field.

• Gas dehydration, compression and export of dry gas.

• Export pipeline to Bioko Island to new LNG gas train.

Export Pipeline

Sizing

• 20" - 250MMscfd

• 24" - 500MMscfd

Routing

• 145km - direct to Bioko Island

22

Block R: Resource Summary

Fortuna Complex

Low-riskstep-out

exploration

New exploration potential

0

1

2

3

4

5

6

7

8

Fortuna Low risk step-out exploration

New exploration

Cu

mu

lati

ve r

esou

rces

(T

cf)

• The gas response on Seismic provides a measure of confidence in estimating potential volumes.

• Current resource estimates require confirmation by further exploration and appraisal drilling:

• Fortuna fan 1.0 to 2.0Tcf

• Lykos Play 1.0 to 2.0Tcf

• YTF 0.5 to 5.0Tcf

• Gas discovered to date is dry with no impurities. Ideal for liquefaction.

• Drilling costs are low.

• Conceptual field designs suggest extended production rate of c 250 to 500MMscfd should be possible.

• Development via pipeline to the planned EGLNG2.

23

Summary and Conclusions 24

Is there really a place for the juniors in the global LNG business?

We think there is, provided that there is:• Careful choice of geography and geology.• Early entry.• Strong relationships and trust with host Governments.• High quality, well paced and properly funded exploration programmes.• Know when to "phone a friend" and bring in partners.