Investor Presentation Q3 2015 Slide 1 Investor Presentation Q3 2015 - PowerPoint PPT Presentation

Investor Presentation Q3 2015 Slide 1 Investor Presentation Q3 2015

Building a Mid-cap Mediterranean Gas Company Regional gas strategy → Strong European gas fundamentals → Building political momentum across the Badile Nervesa region to stimulate domestic demand Zibido SMG Balanced portfolio focused on game Rapagnano changing drills Dora / Dalla I T Tendrara appraisal wells Q4 2015 & Q2 2016 A → L Y → Badile exploration well Q1 2016 Laura Laura appraisal well → Strong funding position → Supportive cornerstone investor with strong Tendrara I relationships across the Mediterranean Tendrara II First gas at Nervesa (2015) secures significant Exploration → annual cash flows Assets Producing / Development Assets → Strong liquidity O C Low risk discoveries C O High upside exploration R → Euro 17M deferred and contingent O M consideration (Indonesia) = Other Assets Slide 2 Investor Presentation Q3 2015

The Team London Rabat & Milan Growth, funding, investor Subsurface, operations relations and compliance and permitting 5 PEOPLE · 1 EXEC · 4 STAFF 21 PEOPLE · 2 EXEC · 13 STAFF · 6 CONTRACTORS James Parsons Luca Madeddu Leonardo Spicci Chief Executive Officer Managing Director, Morocco Managing Director, Italy → 23 years in Oil/Gas across → 25 years upstream experience → 25 years upstream experience Europe, South America and across Europe, Asia and South in Europe, Kazakhstan and Central America America North Africa → 12 years with Royal Dutch Shell → Reservoir geologist with extensive → Reservoir geologist with extensive experience in production experience in production → Specialising in restructuring, operations, field development, operations and petroleum/ funding and growing small listed petroleum/reservoir engineering reservoir engineering upstream companies and supply chain management → Former ENI Managing Director → Strong background in upstream → Expertise in management of for Northern Italy portfolio strategy, M&A and finance; complex reservoirs qualified accountant → Able to navigate Italian approval processes Slide 3 Investor Presentation Q3 2015

Balanced Portfoilo KEY ASSETS Tendrara Zibido Exploration Badile (CPR underway) Risk Nervesa* Tendrara Appraisal SMG Rapagnano Dora/Dalla (CPR underway) Laura Reward Cost Covering Production Low Risk Existing Discoveries High Upside Exploration NPV 10 EUR 162M (Italy), NPV 10 EUR 711M (Italy), plus Tendara TBC (Morocco) plus multiple Tcf (Morocco) NPV10, MID-CASE / BEST ESTIMATE 2500 2000 TBC 1500 486 EUR M (CPR underway) 1000 225 500 TBC 66 56 40 8 3 0 Rapagnano Nervesa Laura SMG Dora/Dalla Tendrara Zibido Badile Tendrara Portfolio *Excludes Nervesa II-side Appraisal Exploration Total track (under evaluation) Slide 4 Investor Presentation Q3 2015

Key Development Assets: Building Material Cash Flows Nervesa NERVESA SITE UP TO EURO 24M NPV 10* (BEST ESTIMATE EURO 8M) *Excludes Nervesa II side Owned 100% track (under evaluation) → Veneto region → Play type: anticline structure, multiple gas bearing Miocene sand intervals 3P 3P Recoverable 2P 2P → (TD 1,500-1,800m) +€16M +5.5 resource 3.0 €8M 8.5 Bscf → 1st well drilled July 2013; expected to flow → 1.8 MMscf/d; first gas 2015 NPV10 (Eurocent 31/cbm) → Side-track on second well under evaluation Recoverable resource (Bscf) Rapagnano UP TO €4M NPV 10 RAPAGNANO SITE (BEST ESTIMATE €3M) 3P +€0.4M Owned 100% → Marche region (Central Italy) 3P 2P +0.2 +€0.5M → First gas achieved 15 May 2013 from the Sabbie reservoir Recoverable 2P 1P 1P → 11 years production remaining resource +0.3 0.8 €2.9M 1.3 Bscf NPV10 (Eurocent 31/cbm) Recoverable resource (Bscf) Slide 5 Investor Presentation Q3 2015

N oject A Drilling Existing Discoveries (1 of 2) E N Online power station A R R E T eb-Europe Pipeline Tahaddart Power I D E M 2 x 400 MW oject Oued Dhar Doum Tendrara I & II El Makhazine 4 x 400 MW 2 x 400 MW Oujda Owned 55% C Al Wahda I T Rabat 4 x 400 MW N → First well Q4 2015 (£6M) to prove up to 200-300 A L Casablanca T Tendrara II Bscf recoverable resource A → Key play type: Gas discovery with condensate - light oil shows in the Lower Triassic sequence Tendrara I (TD 2,600m); TAGI sand objective ducing / Development Assets → Previous wells sub-optimally perforated Marrakech → CPR underway A I xploration O R E C G L C A O R O M Laura UP TO €65M NPV 10 LAURA RESERVOIR MAP (BEST ESTIMATE €40M) Prospective €6M Owned 100% → Gulf of Taranto (4km offshore, 200m Prospective water depth) +4.2 → Play type: inverted fault block, Recoverable 3C 3C 1C 1C gas in Pleistocene (MVD 1,300m) resource +€24M +7.2 12.3 €27M 25.6 Bscf → Long reach deviated well from onshore → €16.2M well cost NPV10 2C (Eurocent 31/cbm) +1.9 Recoverable resource (Bscf) 2C +€7M Slide 6 Investor Presentation Q3 2015

Drilling Existing Discoveries (2 of 2) Santa Maria Goretti SMG RESERVOIR MAP UP TO €105M NPV 10 Low (BEST ESTIMATE €56M, €8M AT EUROCENT 31/CBM) Owned 100% Low → Marche Region (Central Italy) 9.7 → Play type: inverted fault block, gas in Pleistocene (TD 3,800m) Recoverable High High Best Best resource → Southern +€61M +34.4 +23.7 +€36M of two producing gas fields 67.7 Bscf → €8.5M well cost (dry hole) NPV10 (Eurocent 28/cbm) Recoverable resource (Bscf) Dora / Dalla POTENTIAL >€81M NPV 10 DORA / DALLA RESERVOIR MAP (BEST ESTIMATE €66M) 2C Owned 100% €19M High → Adriatic Sea (21km offshore) TBC 2C → Play type: faulted anticline, gas-condensate in 17.6 High 3C Scaglia Formation (TD 1,400m) +25.9 +€15M Recoverable → Dora gas discovery previously drilled 1972, resource 3C 74.5 Bscf +6.4 tested 20MMScf/d Low → €13M well cost Low TBC 8.9 Best NPV10 → Exploration potential from Dalla prospect (Eurocent 31/cbm) +15.7 Recoverable resource (Bscf) Best €47M Slide 7 Investor Presentation Q3 2015

Exploration Assets: Italy Badile BADILE RESERVOIR MAP UP TO €1,745M NPV 10 Low (BEST ESTIMATE €486M) €101M Owned 100% Low BADILE → Po Valley (Northern Italy) 46 DRILL TARGET → Play type: Inverted fault block; Best Best +132 +€385M gas-condensate in Mesozoic (TD 4,200m) Recoverable resource → 45km South West of analogous 673 Bscf ‘Malossa’ gas field → EIA recently approved NPV10 High → €22.6M (dry hole case) (Eurocent 31/cbm) LACCHIARELLA +495 2 PREVIOUSLY Recoverable DRILLED resource (Bscf) High +€1,259M Zibido ZIBIDO RESERVOIR MAP Owned 100% → Po Valley; Zibido is adjacent to Badile prospect → Play type: Downthrown fault terrace gas/oil in Mesozoic (TD 5,600m) → Zibido P50 NPV10 €225M (Eurocent 31/cbm) ZIBIDO 1 PROPOSED LOCATION Slide 8 Investor Presentation Q3 2015

N A Exploration Assets: Morocco E N A R R E T Tahaddart Power I D E M 2 x 400 MW Oued Tendrara Dhar Doum El Makhazine 4 x 400 MW 2 x 400 MW Owned 55% Oujda → Continuity of the Algerian Triassic Province C Al Wahda I T Rabat and Saharan Hercynian platform 4 x 400 MW N A → Eight blocks, 14,500km 2 acreage, seven Tendrara II L Casablanca T wells drilled, five of which were gas bearing, A Exploration two tested gas → Multiple Tcf potential across multiple prospects / leads Tendrara I → CPR underway Exploration Marrakech A I R O E C G L C A O R O M A R A H A S N R E T S E W Slide 9 Investor Presentation Q3 2015

Building a Mid Cap Mediterranean Gas Company... ...with strong thematic positioning Summary European gas Carbon fundamentals consciousness Balanced portfolio including production → Pricing sheltered from Gas as bridge to low carbon future → Existing discoveries equivalent to 25 pence oil price decline Oil Majors shifting to gas per share (mid-case) Price upside from deteriorating (Shell / BG merger) European / Russian relationship Multiple game changing exploration wells → across Italy and Morocco Strong regional infrastructure → Strong funding position Organic and inorganic growth opportunities → Mediterranean News flow Gas Strategy → Nervesa concession award and first gas (2015) → Laura financing / farm-in → Badile permitting and farm-in (2015) Regional geopolitics Growth opportunities → Tendrara first appraisal well (Q4 2015) Building political momentum Vendor price expectations falling → Q1 2016 Badile exploration well (NPV €486M) to stimulate domestic production Cash constrained peers, resulting → Producing the Laura field (NPV €40M) Pro-gas permitting process in opportunistic M&A and limited in Italy competition for assets Competitive fiscal terms Slide 10 Investor Presentation Q3 2015