Capital Markets Presentation London 19 October 2011 1 Disclaimer - PowerPoint PPT Presentation

Capital Markets Presentation London 19 October 2011 1

Disclaimer This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (Ophir or the Company) and its subsidiaries for selected recipients. It comprises the written materials for a presentation to investors and analysts concerning the Company’s business activities (the Presentation). The document is being supplied to you solely for your information. It is an advertisement and not a prospectus or 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 document 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 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 document and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the Company’s business, financial condition and results of operations. These statements, which contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, reflect the directors’ beliefs and expectations and involve risk and uncertainty 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 risks, uncertainties and factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. 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. No statement in this presentation is intended to be a profit forecast. 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, the Company makes no representations as to the accuracy or completeness of that data, and such data involves risks and uncertainties and is subject to change based on various factors. 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. 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 or completeness 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 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. By attending the presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that (i) you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this document and its contents confidential; and (ii) you will not at any time have any discussion, correspondence or contact concerning the information in this document with any of the directors or employees of the Company or its subsidiaries nor with any of their suppliers, or any governmental or regulatory body without the prior written consent of the Company. 2

Highlights World class African oil and gas resource company  5 th largest deepwater acreage holder in Africa Diversified African Diversified African  Interests in 17 Blocks, 8 jurisdictions exploration and exploration and  Four of the five key emerging sub-Saharan exploration themes appraisal portfolio appraisal portfolio  Company estimates of c 2Bboe net risked resources  Portfolio actively managed to maximise value Proven technical, Proven technical,  Operator of majority of wells to date commercial and commercial and  Commercial discoveries: 3 from 3 in Tanzania; 2 from 2 in Equatorial Guinea gas play operating operating  Material equity positions (pre- and post-farm downs) credentials credentials  Clear monetisation plans for gas discoveries  9 to 13 well drilling campaign over next 14 months, mix of proven and frontier plays  Targeting 2.4Bboe net unrisked resources (>600MMboe net risked resources) High impact High impact  Tanzania and EG partially de-risked with >30Tcf and >10Tcf gross unrisked potential respectively 2011-12 2011-12 exploration exploration  Gabon pre-salt is an oil play extension from recent major West African and Brazilian discoveries campaign campaign  Frontier oil exploration in Congo-B, AGC and Madagascar  Current cash position of US$410 million funded well into 2013 3

Value Creation through the Exploration Lifecycle • Ophir is focussed on the early part of the exploration lifecycle Focus for use of proceeds First Production Appraisal FID 1 st Discovery Value Growth 3D seismic Tanzania Equatorial Guinea Madagascar AGC Gabon Oil new ventures Somaliland East SADR Pande Gas new ventures Congo Commercialisation: Start-up: Opportunity Exploration and appraisal: • Increased capital • First production: project capture • High-risk high-reward, rapid value accretion in the exploration and requirements de-risked appraisal phase • Pre-development debt • Conventional RBL debt • Pre-appraisal monetisation opportunities via farm outs funding funding; cash flow positive • Pre-development monetisation opportunities 4

Dominion Transaction Transaction rationale: • Create largest independent, net deepwater acreage portfolio in the emerging hydrocarbon province of East Africa • Leverages our current technical, competitive advantage in the play • Addition of three operated blocks, to complement Ophir’s operated East Pande Block and joint activities with BG in Blocks 1, 3 and 4 in Tanzania • Expands 18 month exploration programme with the potential to drill one or two additional wells on its operated acreage • Utilise potential operational, commercial and geological synergies to access full asset value 5

Why sub-Saharan Africa? Emerging Exploration themes • There are five key emerging themes in sub-Saharan African exploration at present East Africa Rift Oil focus; exploring rift- Transform margin related lacustrine sections in Uganda, Tanzania, DRC Oil focus; recent activity boosted by recent discoveries in Ghana, Liberia and Sierra Leone East Africa Gas focus; Current African "hot spot" with activity in Gulf of Guinea Tanzania, Mozambique Kenya and Madagascar Gas focus; the region is emerging as a gas hub with discoveries and new trains planned in EG, Nigeria and Cameroon West Africa pre-salt Oil focus; an underexplored play in Gabon, Congo-B and Angola rejuvenated by activity on the conjugate margin in South America 6 6

Ophir Asset Base • Ophir has material positions in four of the five themes East Africa Rift Maintain a watching brief Transform margin Looking to further leverage SADR existing position (4 blocks) Somaliland AGC (1 block) (1 block) East Africa • Tanzania - 1, 3, and 4 • Tanzania - East Pande Gulf of Guinea • Madagascar - Marovoay • Equatorial Guinea - Gabon Block R (4 blocks) Congo Tanzania (1 block) (4 blocks) West Africa pre-salt • Gabon - Mbeli and Ntsina • Congo-B - Marine IX Core value Near-term upside Madagascar (1 block) Medium-term upside 7

Ophir’s African portfolio • Ophir in-house estimates c 2.0Bboe net risked resources Ophir Net risked prospective (MMboe) Diverse pan-African portfolio SADR 4 blocks 50% WI) Somaliland 1 block, AGC 1 block, 75% WI Profond 36.7%WI 1,797 MMboe Tanzania 4 blocks, Blocks 1,3,4 40% WI, Equatorial Guinea 1 block, East Pande 70% WI Block R 80% WI Gabon 4 blocks Mbeli, Ntsina 50% WI, RPS Net contingent (Bcf) Manga, Gnondo 100% WI Congo (B) 1 block Equatorial Marine IX 48.5% WI) Guinea 297 Countries with discoveries Madagascar 1 block, Marovoay 80% WI Near-term upside Medium-term upside Tanzania Oil play 835 Gas play Oil and gas play 1.1Tcf (189MMboe) 100% gas 8