Corporate Presentation JUNE 2015 Disclaimer These presentation - PowerPoint PPT Presentation

Corporate Presentation JUNE 2015

Disclaimer These presentation materials (the “Presentation Materials” ) do not constitute or form any part of any offer or invitation or inducement to sell or issue or purchase or subscribe for any shares in Savannah Petroleum plc ( “Savannah” ) nor shall they or any part of them, or the fact of their distribution, form the basis of, or be relied on in connection with, any contract with Savannah, or any other person, relating to any Savannah securities. The Presentation Materials do not constitute or form part of a prospectus prepared in accordance with the Prospectus Rules (being the rules produced and implemented by the Financial Conduct Authority ( “FCA” ) by virtue of the Prospectus Rules Instrument 2005) and have not been approved as a prospectus by the FCA (as the competent authority in the UK). The Presentation Materials do not contain any offer of transferable securities to the public as such expression is defined in section 102(b) FSMA or otherwise. Any decision regarding any proposed purchase of shares in Savannah must be made solely on the basis of the information issued by Savannah at the relevant time. Past performance cannot be relied upon as a guide to future performance. The Presentation Materials are not intended to be distributed or passed on, directly or indirectly, to any other class of persons. They are being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published, in whole or in part, for any other purpose. In particular they, directly or indirectly, must not be distributed to persons in the United States of America, its territories or possessions or Australia or Canada or New Zealand or Japan or the Republic of Ireland or South Africa or any jurisdiction, in each case, where to do so might constitute a violation of local securities laws or regulations. The Presentation Materials contain certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. While Savannah believes the expectations reflected in the Presentation Materials to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond Savannah’s control or within Savannah’s control where, for example, Savannah decides on a change of plan or strategy. No reliance may be placed for any purpose whatsoever on the information contained in the Presentation Materials or on the completeness, accuracy or fairness of such information and/or opinions expressed herein. Savannah undertakes no obligation to revise any information contained in the Presentation Materials, including, without limitation, any forward-looking statements. No representation or warranty, express or implied, is made or given by or on behalf of Savannah or any of its directors, officers, partners, employees or advisers as to the accuracy or the completeness of the information or opinions contained in the Presentation Materials and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors or omissions. 2

Introduction and Overview  Savannah Petroleum (“Savannah”) Market Statistics  UK oil & gas company focused around the exploration, appraisal Listing AIM (SAVP) and development of the R1/R2 PSC in Niger Shares Outstanding 131,337,172  Listed on the AIM market of the London Stock Exchange with a Share Price 39p strong institutional investor base Market Cap. £51.2m  Experienced board and management team Geographic Analysis of Investors  Have successful track records in establishing, growing and monetising E&P companies  Have developed a clear and structured phased business plan for Overseas Savannah, aimed at delivering material benefits for all stakeholders UK  R1/R2 a potential world class exploration asset  Overall prospectivity assessed at IPO at 573mmbls of risked prospective oil resources (using probabilistic methodology) Blue Chip Shareholder Base  Post-IPO, 3D seismic data based structural prospect mapping has indicated a materially higher prospect volume density in a portion of the license  2D seismic mapping has further indicated significant potential in “new” deeper structural and stratigraphic plays 3 MARKET STATISTICS AS AT 26 JUNE 2015

Agadem and the Central African Rift System Bongor Trough Agadem Rift Basin 417mb 975mb 2P reserves Melut Basin 1,782mb Muglad Basin Doba Trough 2,053mb 1,059mb  The R1/R2 permit is located in the Agadem Area of South East Niger  The Agadem Rift Basin (“ARB”) sits on the most westerly rift of the Central African Rift System (“CARS”)  CARS consists of a series of highly oil prolific Cretaceous and Tertiary rifts, with over 6bn bbls of oil discovered to date 4 SOURCE: PETROQUEST, WOOD MACKENZIE, IHS, GOVERNMENT OF NIGER, SAVANNAH ESTIMATES

ARB Exploration and Activity History  Pre-CNPC Era (1975 – 2004)  5 discoveries made from 25 exploration wells (i.e. 20% success rate) R1  CNPC Era (2008 – 2014)  US$300m signature bonus paid  93 exploration discoveries from 124 exploration wells (i.e. 75% success rate) R2  Over 225 wells drilled in total (i.e. including appraisal and development)  975mb 2P reserve base established  Over 18,000km 2D seismic and 11,000km 2 3D seismic acquired  463km oil pipeline and the 20kbd Zinder refinery built and commissioned  First oil delivered from the Sokor and Goumeri fields (2011) and Agadi (2014)  20% of Agadem license sold to CPC (2013) Savannah prospects  Portion of license mandatorily relinquished (2013) Savannah leads  CNPC/Savannah Era (2014+) Proven field  June 2014, R1/R2 license awarded to Savannah R1/R2 block boundary Dinga 3D survey Agadem block 5 SOURCE: GOVERNMENT OF NIGER, SAVANNAH ESTIMATES

ARB Exploration Discovery History (1) 2009 2010 2011 Pre-CNPC 2014 2013 2012 2012 2013 2014 2011 2010 2009 Pre-CNPC 6 SOURCE: GOVERNMENT OF NIGER, SAVANNAH ESTIMATES

ARB Exploration Discovery History (2) 2009 2010 2011 Pre-CNPC Eocene 2012 2013 2014 Upper Cretaceous Stacked Target Pre-2013 exploration in the classic tilted fault block Eocene play was the principal focus 7 SOURCE: GOVERNMENT OF NIGER, SAVANNAH ESTIMATES

Geo-Seismic Cross Section of ARB Sokor 1 and Yogou are the principal proven target horizons R1 R2 Potential Target Horizons 8 SOURCE: BANG ET AL (2015), GOVERNMENT OF NIGER, SAVANNAH ESTIMATES

Agadem Creaming Curve Cumulative OOIP (mmstb) 4,000 3,500 3,000 2,500 CNPC Entry Goumeri Discovery Agadi Discovery 2,000 (June 2008) Sokor Discovery February 1990 January 1994 October 1982 1,500 1,000 500 0 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Analysis of historic wells drilled in the Agadem basin to date shows no sign of exploration success slowing 9 SOURCE: GOVERNMENT OF NIGER, SAVANNAH ESTIMATES

Stylised ARB Fault Re-Activation Cartoons EARLY STRUCTURATION AND OIL EMPLACEMENT LATE RE-STRUCTURATION AND OIL EMPLACEMENT Oil Oil Reservoir Reservoir EARLY FAULT TERRACE LATE RE-ACTIVATED FAULT TERRACE Margin Basin Margin Basin Fault reactivation has seen larger Eocene/Upper Cretaceous tilted fault block structures break up into a series of smaller accumulations - 3D seismic is therefore the critical exploration tool 10 SOURCE: SAVANNAH PETROLEUM

R1/R2 Prospectivity  At IPO, estimated prospectivity of 573mb (un-risked 819mb)  CPR assessed Eocene potential only, using probabilistic methodology R1  Primary exploration risk related to seal, 3D seismic critical to de-risk this  Post-IPO, 14 drill-ready exploration prospects identified  215mb of mean un-risked resource potential in 3D seismic area (8% of R1/R2) R2  Prospect volume density materially higher than implied in CPR  Risk profile similar to other 3D seismic exploration prospects in basin  Post-IPO, 37 exploration leads identified along NW/NE flanks  Range of mapped closure size similar to existing discoveries in the basin  3D seismic required to turn leads into prospects, also likely to identify additional prospects within the current “2D only” area  Post-IPO, understanding of exploration risk materially enhanced  Geochemical studies show prevalence of good quality source rocks Savannah prospects  Petrophysical studies have found target reservoir rocks to be of good Savannah leads quality at principal target depths Proven field  Post- IPO, encouraging “new” play types identified R1/R2 block boundary  Series of potentially large deeper exploration leads identified along a Dinga 3D survey regional high, with largest potential closure of up to 40 km 2 Agadem block  Potential for existence of stratigraphic play types at several horizons 11 SOURCE: GOVERNMENT OF NIGER, SAVANNAH ESTIMATES

ARB Stratigraphy R1/R2 Tests & Targets Existing ARB R1/R2 Shows Discoveries Prospects Leads 96 14 31 2 14 26 9 • To end-2014, there have been 98 ARB discoveries in the CNPC-operated Agadem PSC area • Multiple play types remain un- explored that are active in analogous basins (both within the CARS and elsewhere) Shows Tests/Discoveries 12 SOURCE: WAN ET AL (2014), GOVERNMENT OF NIGER, SAVANNAH ESTIMATES

ARB: 2D to 3D Data Improvement 13 SOURCE: GOVERNMENT OF NIGER, SAVANNAH ESTIMATES