Investor Presentation Proactive virtual investor conference 01 - PowerPoint PPT Presentation

April 2020 Investor Presentation Proactive virtual investor conference 01 October 2018

Production Production assets overview Q1 2020 highlights Outlook UK  Production averaged 74 kboepd  Rising production profile – UK: 50 kboepd – Increased contribution from tax advantaged UK assets – SE Asia: 24 kboepd SE Asia – Stable Asia production  >90% operating efficiency  High value infrastructure led  No recordable injuries on any opportunities Premier operated sites  Continuous review of operated  Low emissions rate assets to minimise emissions  Proposed UK acquisitions announced Net debt Operating efficiency 1 $m % 100 3000 Premier (Group) UKCS avg 80 2500 60 2000 40 1500 20 2016 2017 2018 2019 2017 2018 2019 Q1 2020 1 Company estimates, Oil and Gas Authority data April 2020 P1

Production UK North Sea 50 kboepd underpinned by Catcher at plateau rates 2020 Q1 Catcher performance Catcher outlook  31 kboepd (net) production  Varadero infill well planned for 2020  90% operating efficiency  Catcher North and Laverda drilling deferred  $6/boe field opex (ex. lease costs)  4D seismic acquisition deferred Cash payback reached c.$3/bbl premium (Oct 2019) to Brent realised in Q1 Catcher plateau rates kboepd (gross) 60 40 20 0 Sanctioned First Oil 2019 2020F April 2020 P2

Production South East Asia Cash generative: c.$30 million of free cash flow generated from SE Asian assets in Q1 2020 NSBA, Indonesia (28.7% op) NSBA production kboepd (net)  2020 Q1: 14.3 kboepd (net)  Low opex of $5/boe 15  Infill wells identified to maintain profile 10  48% of 2020 production hedged at c.$9/mscf 5 60% 0 GSA1 market share Q1 2020 Q2 19 Q3 19 Q4 19 Q1 20 Chim Sáo, Vietnam (53.1% op)  2020 Q1: 9.4 kboepd  Low opex of $9/boe >$5/bbl  Ongoing well interventions av. premium to Brent (Chim Sáo 2020 1H cargoes)  2021 infill wells deferred April 2020 P3

Development Tolmount Area  500 Bcf gross resource  50 kboepd gross peak rates  Modest capex; low opex  Partnership with Kellas who are partially funding the capex  Original schedule for first gas Tolmount topsides pre-commissioning Tolmount jacket roll up achieved in Dec 19 by year-end 2020 Tolmount production profile 1  Significant upside within the kboepd (net, Premier 50 per cent) Greater Tolmount Area 30 Tolmount Tolmount East – Tolmount East, Mongour 25 discoveries – Tolmount Far East 20 – Initial results from 4D seismic 15 survey very encouraging  Potential acquisition of 10 additional 25 per cent interest 5 from Dana 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1 Company estimates April 2020 P4

Development Development asset review Tolmount East Area Block 7 Zama oil field 1 Tuna discoveries Sea Lion Phase 1  160-300 BCF gross  810-970 mmbbls gross  100 mmboe gross  250 mmbbls gross resource (P50-P10) resource (P50-P10) resource  Conventional FPSO and including Mongour  Simple, conventional  HoT agreed with subsea development  FEED studies underway development plan Zarubezhneft  FEED completed for subsea and  Long life plateau of  Premier carried for two  Technical work now platform concepts 120 kbopd (gross) to appraisal well campaign paused with work done  Designed for electric 2040+ planned for 2021 to date being fully power  Robust economics: PSC  MoU signed for sale of documented  Project sanction regime Tuna gas to Vietnam  Reduced team to targeted 2020 2H  Unitisation and sales  Preparation of net zero progress regulatory  Extends Tolmount process ongoing development plan and financial matters plateau production underway  Transaction documentation with Navitas being progressed Premier, 50% op Premier, 25% non-op Premier 2 , 50% op Premier 2 , 40% op 1 Extends into neighbouring block which is 100% owned by Pemex 2 Working interest, assuming proposed farm outs April 2020 P5

Development Development asset review – a Net Zero Commitment Low Carbon by Design  Measuring, managing and minimising Premier’s emissions  Emissions Hopper approach  Best Available Technology Carbon Neutral by Commitment  Nature- based offsetting in Premier’s geographies  All operated developments will be Carbon Neutral (Scopes 1 and 2) Reducing Scope 1 emissions  Premier’s activities will be:  Use of normally unattended facilities – >65% net zero by 2025  Removal of CO 2 from the gas stream for re-injection – 100% net zero by 2030  Minimisation of all venting and flaring  Electrification of platforms, vehicles etc where possible GHG intensity  Minimisation of offshore support vessels kgCO 2 e/boe Reducing Scope 2 emissions 25  Efficiently generate our own power 20 Advocacy and supported initiatives 15 10 2017 2018 2019 P6 April 2020

Exploration High value exploration portfolio Targeting under explored plays in proven hydrocarbon basins Wahoo prospect, Block 30, Mexico Area A, Alaska North Slope  Charlie-1 well drilled in Q1 >300 mmbbls  Extended Brookian play south but On block gross resource potential encountered gas condensate Block 717, Brazil  Berimbau/Maraca targeting 100-600 mmbbls (gross, P90-P10) Flat Spot  Well deferred to 2021 Mexico  Block 30: Wahoo flat spot similar to Expanded position in South Andaman Sea, Indonesia Zama; drilling deferred to 2022 Timpan DHI  Burgos Blocks 11 & 13: 3D seismic Multi-TCF reprocessing gross potential Andaman Sea, Indonesia  3D survey completed with highly Timpan-1 encouraging initial results  Timpan (Andaman II, PMO 40% op) now planned for 2022; targeting 1.5 TCF of gross unrisked resource April 2020 P7

Summary Forward production profile  Rising, highly cash generative production base  Near to medium term growth from UK assets; South East Asia stable  Longer term growth from new international projects  Excludes contribution from proposed UK North Sea acquisitions Indicative production profile kboepd Base profile Awaiting approval Growth projects April 2020 P8

Summary 7 year balanced capital allocation (2020 to 2026) Reinvestment in new projects will be measured against shareholder returns Non-discretionary Discretionary 100% 25% 10% 10% 10% 45% 2018-2019 allocation At $65/bbl, 40p/therm the business will deliver  Debt reduction 40%  Positive free cash flow in all years  Producing assets / abex 20%  Production averages >100 kboepd from 2021  New projects 25%  Covenant level of <1x by period end April 2020 P9

Summary Priorities in today’s environment Maintain safe and responsible operations Capital expenditure $m 2020F capex reduction  Focus on health and safety of our people c. $100 million 500 Maximise operating cash flow Abex P&D E&A 400  30% of 2020 production hedged at $60/boe 300  Non safety critical maintenance deferred 200  Opex reduced Minimise expenditure 100  Ability to flex and control capex as operator 0 2020 budget 2020F (mid-March)  Production capex with quick pay back prioritised 2020 FCF breakeven price $/bbl  Sea Lion put on hold, exploration deferred 50 FCF breakeven reducing to below $30/bbl Preserve liquidity  $465 million of cash & undrawn facilities  Limited drawing on current facilities anticipated 25 this year Manage forward covenant profile, address 2021 credit maturities 0 2020 budget 2020F (mid-March) April 2020 P10

April 2020 www.premier-oil.com Premier Oil Plc 23 Lower Belgrave Street London SW1W 0NR T: +44 (0)20 7730 1111 E: premier@premier-oil.com