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Project Overview

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DISCLAIMER

Fortuna FLNG development in Equatorial Guinea Slide 2

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.

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AFRICA ASSETS

Slide 3




Responding to the ‘New Normal’

HOW TO CREATE VALUE IN CURRENT MARKET

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110

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Bre

akev

en

($

/bb

l)

0 1,500 3,000 4,500 6,000 7,500 9,000 10,500 12,000

Cumulative Peak Production (kbls/d)

DEEPWATER

HEAVY OIL

TRADITIONAL ULTRA DEEPWATER

“SHALE OIL”

Source: Goldman Sachs Global Investment Research

Continue to find low cost resource and monetise at a higher price

Exiting plays/assets that don’t work at low cost and entering assets/plays that do

Only high quality assets below the shale threshold with: transformational potential; minimal commitments; and fiscal terms that enable value creation

Pacing our exploration and high-grading the plays. We will not rush to drill

NAV/share growth is our key metric and we will benchmark against this more explicitly going forward

Brent break-even of non-producing (pre-sanction and under development) oil assets

High quality assets

with preferential

fiscal terms

Exit , re-engineer

or renegotiate

fiscal terms

Our response to create value

1.

2.

3.

4.

5.




Highlights

FORTUNA FLNG PROJECT


World class resource

• 3.7 Tcf, shallow, high quality reservoirs

• Clean, dry gas - minimal processing required

FLNG the chosen method for commercialisation

• Petrophysical qualities and location

• Attractive economics

Simple upstream development in FLNG project

• Playing to Ophir’s strengths

Midstream solution utilising proven technology

• Using a conversion provides speed of delivery to first gas

Stable, supportive political environment




Block R qualities contribute to low cost development

• Excellent reservoir petrophysical characteristics

• Hydrocarbon composition

• Benign sea state

Ophir 80% operated interest, GEPetrol 20% interest

BLOCK R


Block R in Equatorial Guinea is located in the south-eastern part of the Niger Delta complex

• Close to numerous significant oil and gas discoveries in the Nigerian sector, including Akpo, Usan/Ukot and Zafiro

• 100km off the southwest coast of Bioko Island, Equatorial Guinea and 150km from Punta Europa

• Water depths up to 1,900m




Many other developments are not reaching FID

FLOATING LNG IS THE BEST SOLUTION


Many options available for development – back fill, terrestrial LNG, floating LNG…

World class asset delivering attractive economics

• High quality clean gas, simple to liquefy

• Simple upstream development - high porosity and permeability, easy wells

• Low cost midstream solution, proven technology

• Robust, attractive IRR’s

Makes FLNG an attractive solution




DEVELOPMENT OVERVIEW

Midstream Development

• Leased FLNG vessel

- Day rate-based charter agreement

• 2.2mmtpa LNG capacity per vessel

- One vessel at start-up 2020

- Second vessel on site by 2027

• Black & Veatch liquefaction process

- Proven, simple process


Upstream Development

• JUST 4 development wells for first gas

• Standard subsea infrastructure

- Manifold, Flowlines, Risers

• Four phase development with a total of 17 wells

• 440 mmscfd design flowrate

• Water depth ~ 1800m

• Reservoir depth ~ 800 - 1000m

Daily Production, mmcf/d (100% Basis)

--

200

400

600

800

mm

cf/d

Vessel 1 Vessel 2




Minimum interfaces

SIMPLE STRUCTURE TO LEVERAGE OFF EXPERTISE


EPCIC

WBS Assets / Activity

Owner’s Engineer in support of

PMT

FEED Detailed Design

Procure Fabrication / Construction

Installation Hook-up

& pre-commission

Start Up Operations

Inspection, Maintenance

& Repair (IMR)

Drilling

Up

stre

am

Wellhead & Xmas Trees

Control System

Umbilicals

Manifolds incl. Foundations

Mooring Piles (Optional)

Risers & Flowlines incl. FTAs & Jumpers

FLNG Vessel

or

Wells to be executed by Ophir drilling team in London

PM/Engineering contractor with subsea and FLNG experience

SURF / SPS partnership – FEED followed by LS EPCIC

BOO contractor to provide facility on leaseback, plus operating fee Subsea facility operation on instruction from Ophir




Proven expertise

OPHIR AS UPSTREAM OPERATOR


Ophir’s role as upstream operator within capability

• Operated 22 deepwater wells

• Best in basin on both sides of the continent

• Leading African deepwater explorer

Fortuna development

• Minimal wells and easy to drill

• Drill, complete and tie-back to FLNG vessel

• Manage reservoir performance over time

• $1.5bn of midstream capex turned into opex

• $450-500 million of upstream capex to first gas




World leader Golar LNG to deploy proven technology

MIDSTREAM SOLUTION – LOWER RISK, LOWER COST


Advantages of a conversion:

• Low capex to first gas for upstream participants

• Speed of delivery

- 3 years after FID, first gas expected

• Proven technology and world class partners

- Golar LNG: Midstream FLNG supplier

- Keppel Shipyard: Vessel construction

- Black & Veatch: Liquefaction process supplier

- Worley Parsons: Owner’s engineer

Golar responsible for receiving, liquefying and offloading the gas to LNG export vessels

Golar strategy to offer US low-cost tolling model to independent gas producers




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Fortuna Viscata Silenus East EDM Tonel Viscata Lykos Silenus HubProspectiveResources

Total

Nu

mb

er

of

We

lls

Base Case

PROJECT PHASING


Phase 1

Phase 2

Phase 3

Phase 4

• Four wells to be drilled pre-first gas for Phase 1

- Only two expected to be required to achieve 2.2mmtpa plateau

• Five wells to be drilled in Phase 2 to elevate plateau to 4.4mmtpa utilising a second FLNG vessel

FLNG 2

FLNG 1

Early development well – full

development in Phase 3




Schematic of converted FLNG vessel and phase 1 development

DEVELOPMENT


SUMMARY




Commercialising a world class resource

INNOVATIVE APPROACH, PROVEN TECHNOLOGY


Simplicity of project starts at the reservoir… • Shallow with excellent porosity and permeability allowing for minimal wells that are easy to drill

…extends through to the hydrocarbon composition… • Pure dry methane requiring minimal processing

…benign sea state… • Ideal operating environment for FLNG

…through to the development of the field • Creating a simple structure with leading industry partners

• Ophir as upstream operator, using core competency

• Midstream solution from Golar LNG - one of the largest owners and operators of LNG carriers in the world

• Converted vessel allows for shorter time frame to first gas




Ophir project delivering to schedule

MILESTONES


2014 2015 2016 2017 2019 2020

Commercial milestones achieved

May 2015 Charter Term Sheet agreed with Golar for provision of leased FLNG vessel

Jun 2015 Launched offtake process

Jul 2015 Awarded Competitive FEED contracts to McDermott / GE and Aker / Subsea 7

Nov 2014 Renegotiation of PSC for gas development

Nov 2015 Heads of Agreement signed for gas offtake

Q1 2016 FEED completed

Q4 2016 Project FID

2020 First gas

Milestones to first gas

Oct 2014 Flow tested gas Surpassed threshold volumes

Exploration and appraisal milestones achieved

APPENDIX




Fortuna LNG team - Depth and breadth of knowledge and experience

THE TEAM


Bill Higgs, Chief Operating Officer • Bill has over 25 years of global exploration, development and operations experience, the majority with Chevron Corporation

• His roles at Chevron included Senior Vice President of Operations for Saudi Arabia Chevron, Reservoir Manager for Tengizchevroil in Kazakhstan, Asset Manager for the BBLT development in Block 14 Angola and General Manager for Strategy for Chevron Corporation

• CEO of Mediterranean Oil & Gas plc prior to being acquired

Oliver Quinn, Director – Africa and Global New Ventures • Dr Oliver Quinn joined Ophir in August 2013 and has 15 years’ upstream Oil and Gas experience

• He began his career as a geologist with Shell before moving to Fairfield Energy and more recently Hess Corporation where he held a variety of business development, technical and leadership roles

• Oliver has been involved in E&P projects and business development across Africa, Asia, Europe, Russia and the Americas

• Oliver has a BSc in Geology, a PhD in Petroleum Geoscience and is an alumni of London Business School

Philip Dobson, Project Manager • 35 years oil & gas experience covering all aspects of Oil & Gas developments through appraisal, concept select define and execute

• Managed Projects, including Offshore Fixed platform, FPSO, Onshore compression, Onshore LNG

• Worked internationally for Oil Majors including Marathon Talisman Hess BP & Shell

• Countries worked include Sudan, Gabon and Equatorial Guinea (Marathon EGLNG train 1)

Andrew Freear, Commercial Manager • Andrew has worked across Upstream development and acquisition projects in North West Europe, Caribbean and North America

• Experience covers developing commercial structuring and financing requirements for CNG and LNG projects and negotiating multi-party project co-ordination agreements for a stranded gas project based in the Caribbean

• Joined Ophir in November 2014 as Commercial Manager responsible for commercial activities in relation to Ophir’s operated interests in Africa

• Primary responsibility is for the marketing and negotiation of Fortuna FLNG offtake agreements




KEY PROJECT DATAPOINTS


Recoverable Resources

Base Case 3.7 Tcf

Wellhead Gas Production

720 mmcf/d plateau (120 mboe/d plateau)

882 mmcf/d peak (147 mboe/d peak)

LNG Production 4.4 mmtpa plateau

Timing

FEED Completed

Q1 2016

Project FID Q4 2016

First Gas 2020

Second Vessel FID

Mid-2024

Second Vessel Onstream

Mid-2027

Punta Europa LNG Terminal




Gross upstream capex to 1st gas $450-500 million

Life of field opex (upstream) $476 million / $0.14 per mcf / $0.80 per boe

Plateau production rate (2 vessels) 720 mmscfd; 120,000 boepd

Peak (gross) cash flow $1bn per annum

FOB Breakeven Price (NPV 10) $5.30 per mmbtu (Pacific basin) $4.40 per mmbtu (European sink)

Project payback period 3 years from first gas 6 years from FID

Minimum economic field size for tie-ins 40 Bcf

KEY FIGURES


Robust at current commodity prices; highly levered to upside in commodity prices

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For further information contact:

Director – Africa and Global New Ventures [email protected]

Oliver Quinn

Level 4 123 Victoria Street London SW1E 6DE UNITED KINGDOM

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


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