Investor Presentation April 2019 Disclaimer This presentation was - PowerPoint PPT Presentation

Investor Presentation April 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 Block 7, offshore Canada BP, Hess & Noble Energy filed an exploration plan to Buckskin North Project drill 20 wells in the adjacent blocks First Oil – July 19 Buckskin South Discovery Review of further development Shenandoah Discovery ▪ Feed stage ▪ evaluations of development plans 3

Leveraging Opportunities and Creating Value Navitas Discovered Reserves (MMBOE) Project Purchase Cost DCF Buckskin North $415m ) P ( 2 Shenandoah $1m GC-82 ) NPV12 ( ) C ( 2 16 24 $239m Buckskin North - Buckskin South ) NPV10 ( 1 9 ) C ( 2 124 Forecast not yet Buckskin South - published 65 Forecast not yet GC-82 $0.7m published Shenandoah ) C ( 2 427 MMBOE Block 7, Canada Prospective Resources potential 4 1. For details on the above figures see the Partnership ’ s 2018 annual report and attached NSAI report .

Assets and Liabilities - December 31, 2018 Buckskin North האודננש $238.6m (NPV10 ) 1 $415.1m Buckskin Shenandoah Buckskin US (NPV12) 2 Navitas Buckskin US Net Financial Debt ($25.8m) 3 Net Exploration Net Financial Debt, $4.1m Financial Assets Partnership Solo 4 ) Book Value ( Debt ($24.6m) 3 5 1. For details on the above figures see the Partnership ’ s 2018 annual report and attached NSAI report .

Buckskin North and Shenandoah Yearly Production Forecast EBITDA Forecast Income Forecast MBOE Million US$ Million US$ 485 9,000 300 287 500 8,374 450 8,000 250 400 7,000 350 6,000 200 300 5,000 150 250 4,000 200 3,000 100 79 150 118 1,956 2,000 51 100 73 1,214 50 38 35 54 852 906 50 1,000 50 - - - 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Shenandoah (net) Buckskin North (net) Assumed oil prices: 31.12.19 31.12.20 31.12.21 31.12.22 onwards 1. For details on the above figures see the Partnership ’ s 2018 annual report and attached NSAI report . Oil price 6 (US$/bbl) 61.0 64.4 65.1 65.5 66.8

Buckskin Project – Months from Initial Production July 2019 7.5% Expected first oil- according to plan Navitas working interest $239 million $15 dollars per barrel DCF value 1 (Buckskin north only, NPV10) Expected OPEX per barrel Industry leading partners 89% 16 MMBOE Navitas share in the reserves 1 Development CAPEX budget invested 2,250 boe/d $41 million – fully financed Navitas share of production rate Navitas share in the project budget 18 years of production USA Until 2036 Gulf of Mexico 1. For details on the above figures see the Partnership ’ s 2018 annual report and attached NSAI report . 7

Buckskin North – Significant Achivement for Navitas Navitas share of project FCF (million US$) 90 80 70 60 50 $576m 40 Total project cashflow (net) 30 20 $239m 10 DCF NPV10 (net) 0 2030 ךליאו 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1. For details on the above figures see the Partnership ’ s 2018 annual report and attached NSAI report . 8 2. See prices assumed in slide 2.

Buckskin oil discovery One of US Gulf of Mexico ’ s Largest Oil Discoveries Buckskin gross sand column Area of T el Aviv- Jaffa 415 meters 52 sq. km Buckskin reservoir area 111 sq. km Azrieli Round T ower (T el-Aviv) 187 meters Forillustrationpurposesonly.TheinformationabouttheheightofBuckskinsandcolumnandtheareaoftheBuckskinreservoirareaccordingto informationreceivedfromLLOGExploration,theproject operator. 9

Buckskin South Huge Potential for Further Development Oil discovery Announced by Chevron in 2008 Buckskin North 7.5% 16 MMBOE Navitas working interest $239m ) NPV10 ( Industry leading partners 19 MMBOE Navitas share in the discovery 1 Buckskin South 19 MMBOE Review of future development Following the good results of Buckskin North USA Gulf of Mexico 10 1. For details on the above figures see the Partnership ’ s 2018 annual report and attached NSAI report .

- Shenandoah – the Project is Underway! FEED Stage $1.7bln Investment to date (prior to Navitas acquisition) Current status $415m 2023 DCF Value 1 (NPV12, net) Estimated first production Industry leading partners 65 MMBOE $184m Navitas share in the discovery 1 Navitas share in the project budget 16,170 boe/d USA Gulf of Mexico Navitas share of production rate 23.1% Wide potential area Prospects scheduled to be drilled by Equinor Navitas working interest 11 1. For details on the above figures see the Partnership ’ s 2018 annual report and attached NSAI report .