Corp rporate update August 2019 Disclaimer This presentation and - PowerPoint PPT Presentation

Corp rporate update August 2019

Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by RockRose Energy plc (the “Comp any ”) exclusively for information purposes. This presentation has not been reviewed or registered with any public authority. This presentation is confidential and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. By viewing this presentation, you agree to be bound by the foregoing restrictions and the other terms of this disclaimer. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. The distribution of this presentation and any offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. In making an investment decision, investors must rely on their own examination of the Company and the terms of any investment in the Company, including the merits and risks involved. Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company or any other person. Accordingly, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this presentation, and no reliance should be placed on such information or opinions 2

Introduction CPR Forecast Production ▪ North Sea oil and gas independent founded in 2015 30 ▪ Standard listing on the Main Market of the London 25 Stock Exchange 20 kboepd ▪ Market Capitalisation: >£200m at readmission 15 ▪ Company built through a series of acquisitions 10 5 ▪ 2019 acquisition of Marathon Oil’s UK business 0 2019 2020 2021 2022 2023 2024 2025 ▪ $95m purchase price, effective date 1 January 2019 RRE UK RRE NL Foinaven area Brae Complex ▪ Adds ~11,000 boepd of production (H1 2019), taking Group H1 2019 production to ~22,000 boepd on a pro 1P + 2P Reserves (MMboe) forma basis ▪ Adds 2P reserves of 28.4 MMboe, increasing Group 2P 10.3 8.9 reserves to 62.9 MMboe. In addition, RockRose 14.6 22.9 estimates it has 2C resources of 24.7 MMboe ▪ Funded from existing resources 42.6 62.9 18.1 10.4 8.7 11.6 ▪ Strong balance sheet post acquisition RRE UK RRE NL RRE UK RRE NL ▪ Net cash position at financial close ~US$370m Brae Foinaven Brae Foinaven (US$91m restricted) Source: July 2019 RockRose Energy Competent Persons Report (ERCE) 3

Experienced Management Team Andrew Austin | Executive Chairman & Founder Richard Benmore | Non Executive Director ▪ Andrew co-founded IGas in 2004 and served as CEO until 2015 ▪ Richard has over 35 years of experience in the Oil & Gas ▪ He transformed IGas from a non-operated partner to the industry, holding roles with companies including Conoco, Oryx Energy, Nimir Petroleum, EnCana, Nexen, and IGas leading onshore hydrocarbon producer in the United Kingdom ▪ He was a board member of Nexen Exploration UK and ▪ Before IGas, Andrew spent 17 years working in investment managed Nexen’s unconventional projects both in the UK banking with Merrill Lynch, Nomura, Citibank, and Barclays and in Poland Bank Peter Mann | Managing Director John Morrow | Non Executive Director ▪ Peter joined RockRose in 2017 after five years with IGas ▪ John is a Chartered Engineer with over 30 years of experience in the Oil and Gas Industry ▪ While at IGas, Peter was responsible for business development ▪ He was previously Head of Exploration & Production at and implementing restructuring strategy in the difficult oil price environment Glencore ▪ Prior to IGas , Peter’s career included various management ▪ Prior to Glencore, John was the Chief Operating Officer and on roles. He also served in the British Army for six years the Board of Bowleven Oil & Gas Stephen Pawson | Finance Director Richard Slape | Chief Financial Officer ▪ Steve has over 35 years of experience in the Oil & Gas industry ▪ Richard has over 30 years of experience working with while serving in various financial roles independent Oil & Gas exploration and production companies ▪ Prior to RockRose, Stephen worked in Star Energy’s upstream ▪ Spent much of his career working in equity capital markets but business as group financial controller and group finance also held roles at Rockhopper Exploration and Lansdowne Oil manager & Gas, where he was a director 4

Key asset overview ▪ ~2,900 boepd net production in 2018 Blake 1 ▪ 10.5 mmboe 2P reserves (WI: 30.8%) ▪ Life extension from 2024 to 2029 adds substantial value ▪ ~2,700 boepd net production in 2018 A/B Blocks 2 ▪ 5.1 mmboe 2P reserves (WI:14.6%) ▪ 2019 Appraisal drilling positive for 2C volumes 1 Blake ▪ ~1,200 boepd net production in 2018 K4/K5 3 ▪ 3.2 MMboe 2P reserves (WI: 11.7%) ▪ Due onstream Q1 2021 at a cost of ~£300m (gross) Arran ▪ >6,000 boepd net production once onstream 4 ▪ 9.5 mmboe reserves (WI: 30.4%) ▪ ~7,000 boepd net production in 2018 Brae Complex 5 ▪ 18.1 MMboenet reserves (WI: 26.0 – 40.0%) ▪ Multiple projects being worked from 2C to 2P ▪ ~3,000 boepd net production 2019 rising to ~5,000 boepd in 2020 Foinaven field ▪ 10.3 MMboenet reserves (including satellites) 6 (WI: 28.0%) ▪ Partnership reviewing options for production post-2025 Source: July 2019 RockRose Energy Competent Persons Report (ERCE) 5

Acquisition history Company History £5m capital raise at 50p per £8m capital raise at 150p Agreed to acquire Marathon share per share Oil’s UK business. Agreed to acquire Sojitz Agreed to acquire of Dyas Company established Energy for £2.5m B.V. for € 107m Jul. 2015 Jan. 2016 Mar. 2017 July 2017 Aug. 2017 Oct. 2017 Feb. 2018 May 2018 Aug. 2018 Nov. 2018 Feb. 2019 July 2019 £23m capital distribution, Tender offer results in the returning all invested buyback of 2.9m shares at a capital to shareholders cost of £16.4m Agreed to acquire Egerton Agreed to acquire Idemitsu UK Energy Ventures for £1.0m for £29.7m Agreed to acquire Dana’s interest in Arran development Completed the acquisition of the Marathon Interests 6

Marathon acquisition • Brae Complex • Foinaven Area

A transformational deal Reserves 1P/2P/2P+2C (Mmboe) ▪ In February 2019, RockRose signed an agreement to buy Marathon Oil UK and +82% Marathon Oil West of Shetland ▪ The deal completed on 1st July 2019 and added interests in the Greater Brae Area and the Foinaven area to RockRose’s portfolio. 23.3 34.5 49.8 42.6 62.9 87.6 ▪ This was a material transaction for the Company: Pre-Deal Post-Deal ▪ Doubled pro forma H1 production to ~22,000 boepd Net production [boepd] ▪ Raised audited 2P reserves by 82% from 34.5 MMboe to 62.9 MMboe +100% ▪ In addition, RockRose estimates it has 2C resources of 24.7 MMboe 11,000 22,000 Source: July 2019 RockRose Energy Competent Persons Report (ERCE), RockRose estimates 8

Brae Complex Production profile (net) ▪ West Brae, Central Brae, and South Brae utilise the Brae Alpha platform. RockRose 8 does not expect them to cease production 7 for over a decade 6 ▪ East Brae and Braemar continue to 5 produce across the East Brae platform but kboepd 4 this will cease by the end of 2021 3 ▪ Decommissioning the Brae Bravo platform 2 is expected to cost RockRose ~£30 million 1 (net, post-tax) in the 5 years to the end of 0 2023 2019 2020 2021 2022 2023 2024 2025 Greater Brae ▪ RockRose has also acquired a 20% interest in the Scottish Area Gas Evacuation Net RockRose Oil and Gas Reserves Total Field Net Reserves System (SAGE) and 40% of the Brae – as at 31/03/2019 as at 31/03/2019 RockRose Asset / Field 1P 2P 3P 1P 2P 3P Forties Pipeline, which generate tariff interest Liquids Gas Liquids Gas Liquids Gas (MMboe) (MMboe) (MMboe) income (MMstb) (Bscf) (MMstb) (Bscf) (MMstb) (Bscf) Brae Complex 26.0 – 40.0% 9.2 6.7 16.8 7.8 20.6 8.8 10.4 18.1 22.1 Total 9.2 6.7 16.8 7.8 20.6 8.8 10.4 18.1 22.1 Source: July 2019 RockRose Energy Competent Persons Report (ERCE) 9