Investor Presentation December 2019
Disclaimer This presentation was prepared by Navitas Petroleum Limited Partnership ( “ Navitas ” or the “ Partnership ” ). This presentation does not purport to be comprehensive or to include any and all information that may be relevant in connection with the making of a decision to invest in the securities of the Partnership or of companies held thereby. No explicit or implicit representation or undertaking are made with respect to the accuracy or completeness of any information included herein. In particular, no representation or undertaking are made with respect to the reasonableness and/or materialization of any forecast. For a full picture of the Partnership ’ s business and the risks entailed thereby, see the offering prospectus released by the Partnership and any and all immediate and periodic reports filed by the Partnership with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd., including warnings pertaining to forward-looking information, as this term is defined in the Securities Law, 5728-1968, included therein. The forward-looking information in the presentation may not materialize, in whole or in part, or may materialize in a manner materially different to the expectation, and may be affected by various factors that cannot be assessed in advance. Furthermore, the timetables for the performance of various actions in the context of the petroleum assets in which the Partnership has working interests, that are included in this presentation, and the cost thereof, are estimated and include forward-looking information that is not certain, is based on merely partial information that is available to the General Partner on the date of the presentation, and includes assessments of the General Partner based on the information available thereto on the date hereof, which may change based on the progress of the activities, the date of actual performance thereof and the resultant findings, as well as numerous external influences and/or restrictions such as changes in the condition of the petroleum assets, a delay in the receipt of approvals and permits required for the performance of the various activities, dependence on contractors, etc. Therefore, the actions actually performed and the dates thereof may differ materially from the assessed or implied targets. Furthermore, the data regarding the quantity of recoverable oil barrels from each one of the Partnership ’ s assets also constitutes forward-looking information, that is based on reports received by the Partnership from an independent reserves evaluator, which may be updated as further information accumulates and/or as a result of a range of factors involved in oil and natural gas production projects. For the avoidance of doubt, it is clarified that the Partnership does not undertake to update and/or modify the information included in the presentation to reflect subsequent events and/or circumstances, other than as required by law. The Partnership ’ s business strategy described in the presentation is correct as of the date hereof, and may change in the future, inter alia in consideration of the market conditions and the decisions of the Board of Directors of the Partnership ’ s General Partner. The presentation also includes public and statistical publications released by various authorities and bodies, the content of which has not been independently checked by the Partnership, and for the veracity of which the Partnership is consequently not responsible. It is further clarified that a considerable part of the information provided herein is taken and/or derived from the Partnership ’ s reports, although presented in a concise and/or graphic and/or brief manner, and therefore this presentation is not a substitute for inspection of the Partnership ’ s reports, but rather a supplementary source of information. In any event of discrepancy between this presentation and the prospectus and/or reports released by the Partnership, such prospectus and/or reports shall prevail. This presentation is not an offer and/or invitation to purchase securities of the Partnership. This presentation and anything included herein are not a basis for any contract or undertaking, and should not be relied upon in such context. The information provided in the presentation is not a basis for the making of any investment decision, is not a recommendation or an opinion, and is no substitute for the discretion of a potential investor. 2
Navitas Petroleum Corporate Business Card Partnership Strategy Acquisition of oil and gas assets with proved reserves and significant development potential Producing asset Discovery awaiting FID Exploration Block 7, Canada BP filed an exploration plan to drill 20 wells in the adjacent blocks (2021) Neches Onshore producing oil field with further development Buckskin North Project potential Offshore oil field, producing over 35,000 bop/d Shenandoah Discovery Buckskin South Discovery FEED stage, Towards FID Under review of further development 3
Activity Updates Buckskin North ▪ Production facility upgrade is completed ▪ Production of over 35,000 bop/d – above expectations Shenandoah ▪ Acquired an additional 30% → Navitas is the largest partner, holding 53.1% WI ▪ Major milestone reached – long lead items purchased for project development ▪ FEED stage, closely advancing towards project sanction – Final Investment Decision (FID) Onshore Assets ▪ Neches – operatorship turn-over is completed and the actions to optimize and increase production are taking place ▪ MOU signed to acquire 50% working interest in 4 onshore producing oil fields for ~$45m Finance ▪ Transition to positive EBITDA in the Q3 2019 ▪ Events after the reporting period - $19.5m equity was raised due to exercise of existing investors options 4
Value Creating Projects Navitas Discovered Reserves (MMBOE) Project Navitas Net DCF Neches $969m ) P ( 2 Shenandoah Buckskin North ) 2C-NPV10 ( ) P ( 2 7 $246m 16 Buckskin North GC-82 ) 2P-NPV10 ( ) C ( 2 24 Buckskin South Forecast not yet published 191 $61m Neches ) 2P-NPV10 ( 144 GC-82 Forecast not yet published Shenandoah 427 MMBOE ) C ( 2 Block 7, Canada Prospective Resources potential 5
Navitas Offshore Strategy Neutralize Risk and Shorten “ Cycle ” Duration Buckskin Investment First Oil Risk FID Case Study ) $ ( $0.54bn FEED, Financing Appraisal Well #2 Appraisal $1.1bn Well #1 Exploration Seismic Drilling Navitas entrance Survey point 3D Time 5 6 7 8 1 2 3 4 9 10 ) t ( Standard offshore asset “ full cycle ” duration is approximately 10 years Buckskin Project - 6 1.5 years
Buckskin North Production of over 35,000 BOP/D USA $982 million Gulf of Mexico Expected net income 7.5% $246 million Navitas working interest DCF value (Buckskin north only, NPV10) Project Partners 16 MMBOE 18 years of production Reserves Until 2036 18 months to first oil 2, 625 BOE/D ILX III Quick and efficient development Navitas share of average production rate $14 dollars per barrel 2 wells are now producing Total uplift cost Future plans - 10 producing wells 7
Buckskin South Review of Further Development USA Gulf of Mexico Oil discovery Larger than Buckskin North Project Partners Substantial Resources and producible volumes Buckskin South 7.5% Navitas working interest ILX III Further development in review Following the good results of Buckskin North 8
- Shenandoah – Advancing Towards FID USA $969m Gulf of Mexico DCF Value (NPV10, net) 144 MMBOE $1.7bn Investment to date (prior to Navitas acquisition) Expected production quantity Project Partners 5 3.1% 35,880 BOE/D Navitas share of daily production Navitas working interest FEED Stage $412m Development CAPEX (Navitas share) Current status 2023 Estimated first production 9
- Shenandoah – Paving the Road to FID Create and exploit windows of opportunity Advancing towards FID Excellent project economics enjoying $1.7bn sunk cost Step I Step II Partner with: Acquire Cobalt ’ s Well appraised oil discovery 9 penetrations to date ▪ Leading offshore 23.1% in federal Bring-in Navitas operator – LLOG bankruptcy process partners ▪ Beacon (Blackstone) 23.1% Standard and straightforward development allows FID soon Step IV Step III Leading proven operator LLOG has the right experience Acquire Venari ’ s Navitas Partners aligned to FID 30% - Navitas is advance project 53.1% Long lead items purchased from TechnipFMC the largest partner towards FID with 53.1% WI Project financing partners are pursuing financing alternatives 10
Shenandoah Development Estimated Timeline Proven development scheme ▪ Implementation of 20k PSI standard technology as part of the development plan ( implemented in Anchor Project which has recently reached FID ) ▪ The development scheme includes initial production from 4 wells (out of a total of 8 wells), manufacturing and installation of subsea facilities, pipelines and a designated production platform ▪ The designated platform will have a production capacity of over 7 0,000 boe/d ▪ Development of regional-hub production model that will serve adjacent discoveries 2019 2020 2021 2022 2023 Feed stage FID Subsea facilities Long lead items purchase Subsea pipelines Production platform First Oil - 12/2023 11
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