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N U - O I L A N D G A S P L C A G M J a n u a r y 2 0 1 9 D I S C L A I M E R The information contained in this document (Presentation) has been Neither the issue of this Presentation nor any part of its contents is to prepared by

  1. N U - O I L A N D G A S P L C A G M J a n u a r y 2 0 1 9

  2. D I S C L A I M E R The information contained in this document (“Presentation”) has been Neither the issue of this Presentation nor any part of its contents is to prepared by NU-Oil & Gas plc (the “Company”). While the information be taken as any form of commitment on the part of the Company to contained herein has been prepared in good faith, neither the Company proceed with any transaction and the right is reserved to terminate nor any of its shareholders, directors, offjcers, agents, employees or any discussions or negotiations with any prospective investors. In no advisers give, have given or have authority to give, any representations circumstances will the Company be responsible for any costs, losses or warranties (express or implied) as to, or in relation to, the accuracy, or expenses incurred in connection with any appraisal or investigation reliability or completeness of the information in this Presentation, or any of the Company. In furnishing this Presentation, the Company does not revision thereof, or of any other written or oral information made or to be undertake or agree to any obligation to provide the recipient with access made available to any interested party or its advisers (all such information to any additional information or to update this Presentation or to correct being referred to as “Information”) and liability therefore is expressly any inaccuracies in, or omissions from, this Presentation which may disclaimed. Accordingly, neither the Company nor any of its shareholders, become apparent. directors, offjcers, agents, employees or advisers take any responsibility This Presentation should not be considered as the giving of investment for, or will accept any liability whether direct or indirect, express or implied, advice by the Company or any of its shareholders, directors, offjcers, contractual, tortious, statutory or otherwise, in respect of, the accuracy or agents, employees or advisers. In particular, this Presentation does not completeness of the Information or for any of the opinions contained herein constitute an ofger or invitation to subscribe for or purchase any securities or for any errors, omissions or misstatements or for any loss, howsoever and neither this Presentation nor anything contained herein shall form arising, from the use of this Presentation. the basis of any contract or commitment whatsoever. Each party to whom This Presentation may contain forward-looking statements that involve this Presentation is made available must make its own independent substantial risks and uncertainties, and actual results and developments assessment of the Company after making such investigations and taking may difger materially from those expressed or implied by these statements. such advice as may be deemed necessary. In particular, any estimates or These forward-looking statements are statements regarding the Company’s projections or opinions contained herein necessarily involve signifjcant intentions, beliefs or current expectations concerning, among other things, elements of subjective judgment, analysis and assumptions and each the Company’s results of operations, fjnancial condition, prospects, growth, recipient should satisfy itself in relation to such matters. strategies and the industry in which the Company operates. By their nature, The distribution of this document in or to persons subject to other forward-looking statements involve risks and uncertainties because they jurisdictions may be restricted by law and persons into whose possession relate to events and depend on circumstances that may or may not occur this document comes should inform themselves about, and observe, in the future. These forward-looking statements speak only as of the date any such restrictions. Any failure to comply with these restrictions may of this Presentation and the Company does not undertake any obligation to constitute a violation of the laws of the relevant jurisdiction. publicly release any revisions to these forward-looking statements to refmect events or circumstances after the date of this Presentation. NU-OIL & GAS PLC AGM Jan 2019 2

  3. JANUARY 2019 NU-OIL & GAS PLC AGM PRESENTATION WELCOME

  4. E X E C U T I V E T E A M BALANCE OF TECHNICAL, OPERATIONAL, COMMERCIAL AND FINANCIAL EXPERIENCE... Leadership refresh delivers strong balance of skills and experience, with managed transition to new Chairman and Joint Managing Directors Increasing integration and collaboration between MFDevCo and Nu-Oil Strengthening Senior Management through recent appointments refmecting corporate growth agenda and marginal fjeld focus GRAHAM SCOTTON DAMIAN MINTY ALISON PEGRAM Chairman & Deputy Chairman of Joint MD & Chief Financial Offjcer Joint MD & MD of MFDevCo MFDevCo A Chartered Accountant with over 15 years’ Alison has 20 years’ experience in the oil experience in the oil and gas sector. and gas sector, primarily in risk assessment Graham Scotton B. Sc, C.Eng. F.I.M.M.M is and risk management, managing a veteran of the upstream oil industry with His initial experience was as an auditor in a projects for major operators worldwide. over 40 years of experience in drilling and large accountancy fjrm before moving into Alison, who is Managing Director of production, reservoir and development investment banking with JP Morgan and MFDevCo, has particular expertise in engineering, and operations. He held senior Deutsche Bank. engineering analysis and management and line and functional positions with BP and BG regulatory engagement. Group, and was COO, and acting CEO for Damian was the Commercial Manager a time, of Dana Petroleum which is owned of Enegi Oil after the IPO before taking Alison has been integral to creating the by the South Korean government. He has over as Chief Financial Offjcer in 2009. marginal fjeld initiative including the worked for a small U.S independent E&P He holds a BSc in Computer Science and development of engineering solutions, risk company, and has consulted for numerous Management Studies. and project management, confjguring its smaller enterprises. commercial structures and leading business NU-OIL & GAS development. She has a BSc in Mathematics He has international experience including PLC and a PhD in Electrical Engineering and AGM Jan 2019 Norway, the U.S.A, Venezuela, Azerbaijan, Electronics, and is a Chartered Engineer and Kazakhstan, Egypt and West Africa, being Fellow of IMarEST. involved in the development and operation of oil and gas fjelds in these countries. 4

  5. C U R R E N T P O S I T I O N NEWFOUNDLAND ASSETS CELTIC SEA ASSETS Garden Hill Helvick & Dunmore Reassessing the approach to re-establish production from PAD considering licence extension PL2002-01(A) MFDevCo evaluating ways in which fjelds can be developed EL1070 Working to identify next steps SUBSIDIARIES MFDEVCO HOLDINGS (BRAZIL) LTD. MFDEVCO FACILITIES (CHINA) LTD. NU-OIL & GAS PLC AGM Jan 2019 5

  6. S T R A T E G I C F R A M E W O R K C O N V E N T I O N A L E N E R G Y O I L & G A S H U B S M A R G I N A L F I E L D S T E C H N I C A L R E S O U R C E S NU-OIL & GAS PLC AGM Jan 2019 6

  7. C O N V E N T I O N A L O I L A N D G A S APPLICATION OF MARGINAL FIELD SOLUTION PRINCIPLES TO CONVENTIONAL OIL AND GAS RESOURCES Target projects Identifying opportunities in selected producing basins worldwide Local presence in Brazil allows for increased opportunity in LATAM Leveraging experience, supplementing capability Incoming Chairman brings experience and visible track record of delivering large-scale projects with major E&P companies Local representatives in Brazil led by Ivo Dworschak, CEO of MFDevCo Holdings (Brazil) Ltd. Experience to manage interface with MFDevCo Consortium and partners Profjle Criteria Value Creation Undervalued or underperforming Appropriate development approach to Signifjcant onshore and ofgshore assets unlock greater value Commercial pressure on operators Financing and commercial structuring NU-OIL & GAS PLC Access to facilities AGM Jan 2019 7

  8. E N E R G Y H U B MODEL MAXIMISES ECONOMIC RECOVERY Consolidating resources Harvesting marginal fjelds into a material business Recent discovery Hub allows marginal assets to become economically viable Technical resources Effjcient way to develop multiple fjelds Energy Hub Scaleable Proven undeveloped unsanctioned Development tailored and planned in advance Energy export Infrastructure connection Network grows as neighbouring platforms approach decommissioning Proven undeveloped sanctioned 3rd party production Driving down minimum economic fjeld size Gas or oil export to market Hub and spoke targets Key drivers for Nu-Oil Demand drivers Organic growth from fjrst fjeld Deferral of decommissioning costs Multiple targets in North Sea Incremental acquisition of projects Decommissioning of local infrastructure Multiple opportunities to acquire gas fjelds where operators are considering Phased investment Maximising economic recovery of resources NU-OIL & GAS decommissioning PLC Captive (asset/operator) market as hub becomes Relatively clean non-renewable energy AGM Jan 2019 export route of choice or only commercial export Support from OGA for implementation of Reliability of energy supply gas-to-wire to maximise economic recovery Single route to shore Development tailored to hub 8

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