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N U - O I L A N D G A S P L C A G M J a n u a r y 2 0 1 9 D I S C L A I M E R The information contained in this document (Presentation) has been Neither the issue of this Presentation nor any part of its contents is to prepared by


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A G M J a n u a r y 2 0 1 9

N U - O I L A N D G A S P L C

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D I S C L A I M E R

The information contained in this document (“Presentation”) has been prepared by NU-Oil & Gas plc (the “Company”). While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, offjcers, agents, employees or advisers give, have given or have authority to give, any representations

  • r warranties (express or implied) as to, or in relation to, the accuracy,

reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly

  • disclaimed. Accordingly, neither the Company nor any of its shareholders,

directors, offjcers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein

  • r for any errors, omissions or misstatements or for any loss, howsoever

arising, from the use of this Presentation. This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may difger materially from those expressed or implied by these statements. These forward-looking statements are statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, fjnancial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date

  • f this Presentation and the Company does not undertake any obligation to

publicly release any revisions to these forward-looking statements to refmect events or circumstances after the date of this Presentation. Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses

  • r expenses incurred in connection with any appraisal or investigation
  • f the Company. In furnishing this Presentation, the Company does not

undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, offjcers, agents, employees or advisers. In particular, this Presentation does not constitute an ofger or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve signifjcant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

NU-OIL & GAS PLC AGM Jan 2019 2

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JANUARY 2019 NU-OIL & GAS PLC AGM PRESENTATION WELCOME

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E X E C U T I V E T E A M

BALANCE OF TECHNICAL, OPERATIONAL, COMMERCIAL AND FINANCIAL EXPERIENCE...

DAMIAN MINTY Joint MD & Chief Financial Offjcer

A Chartered Accountant with over 15 years’ experience in the oil and gas sector. His initial experience was as an auditor in a large accountancy fjrm before moving into investment banking with JP Morgan and Deutsche Bank. Damian was the Commercial Manager

  • f Enegi Oil after the IPO before taking
  • ver as Chief Financial Offjcer in 2009.

He holds a BSc in Computer Science and Management Studies.

ALISON PEGRAM Joint MD & MD of MFDevCo

Alison has 20 years’ experience in the oil and gas sector, primarily in risk assessment and risk management, managing projects for major operators worldwide. Alison, who is Managing Director of MFDevCo, has particular expertise in engineering analysis and management and regulatory engagement. Alison has been integral to creating the marginal fjeld initiative including the development of engineering solutions, risk and project management, confjguring its commercial structures and leading business

  • development. She has a BSc in Mathematics

and a PhD in Electrical Engineering and Electronics, and is a Chartered Engineer and Fellow of IMarEST.

GRAHAM SCOTTON Chairman & Deputy Chairman of MFDevCo

Graham Scotton B. Sc, C.Eng. F.I.M.M.M is a veteran of the upstream oil industry with

  • ver 40 years of experience in drilling and

production, reservoir and development engineering, and operations. He held senior line and functional positions with BP and BG Group, and was COO, and acting CEO for a time, of Dana Petroleum which is owned by the South Korean government. He has worked for a small U.S independent E&P company, and has consulted for numerous smaller enterprises. He has international experience including Norway, the U.S.A, Venezuela, Azerbaijan, Kazakhstan, Egypt and West Africa, being involved in the development and operation

  • f oil and gas fjelds in these countries.

Leadership refresh delivers strong balance of skills and experience, with managed transition to new Chairman and Joint Managing Directors Increasing integration and collaboration between MFDevCo and Nu-Oil Strengthening Senior Management through recent appointments refmecting corporate growth agenda and marginal fjeld focus

NU-OIL & GAS PLC AGM Jan 2019 4

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C U R R E N T P O S I T I O N

CELTIC SEA ASSETS

Helvick & Dunmore PAD considering licence extension MFDevCo evaluating ways in which fjelds can be developed

NEWFOUNDLAND ASSETS

Garden Hill Reassessing the approach to re-establish production from PL2002-01(A) EL1070 Working to identify next steps

SUBSIDIARIES

MFDEVCO HOLDINGS (BRAZIL) LTD. MFDEVCO FACILITIES (CHINA) LTD.

NU-OIL & GAS PLC AGM Jan 2019 5

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S T R A T E G I C F R A M E W O R K

C O N V E N T I O N A L O I L & G A S E N E R G Y H U B S T E C H N I C A L R E S O U R C E S

M A R G I N A L F I E L D S

NU-OIL & GAS PLC AGM Jan 2019 6

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C O N V E N T I O N A L O I L A N D G A S

Profjle Signifjcant onshore and ofgshore assets Criteria Undervalued or underperforming Commercial pressure on operators Value Creation Appropriate development approach to unlock greater value Financing and commercial structuring Access to facilities

APPLICATION OF MARGINAL FIELD SOLUTION PRINCIPLES TO CONVENTIONAL OIL AND GAS RESOURCES

Target projects Identifying opportunities in selected producing basins worldwide Local presence in Brazil allows for increased opportunity in LATAM Leveraging experience, supplementing capability Incoming Chairman brings experience and visible track record of delivering large-scale projects with major E&P companies Local representatives in Brazil led by Ivo Dworschak, CEO of MFDevCo Holdings (Brazil) Ltd. Experience to manage interface with MFDevCo Consortium and partners

NU-OIL & GAS PLC AGM Jan 2019 7

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E N E R G Y H U B

MODEL MAXIMISES ECONOMIC RECOVERY

Consolidating resources Harvesting marginal fjelds into a material business Hub allows marginal assets to become economically viable Effjcient way to develop multiple fjelds Scaleable Development tailored and planned in advance Network grows as neighbouring platforms approach decommissioning Driving down minimum economic fjeld size Key drivers for Nu-Oil Organic growth from fjrst fjeld Incremental acquisition of projects Phased investment Captive (asset/operator) market as hub becomes export route of choice or only commercial export Single route to shore Development tailored to hub Demand drivers Deferral of decommissioning costs Decommissioning of local infrastructure Maximising economic recovery of resources Relatively clean non-renewable energy Reliability of energy supply Hub and spoke targets Multiple targets in North Sea Multiple opportunities to acquire gas fjelds where operators are considering decommissioning Support from OGA for implementation of gas-to-wire to maximise economic recovery

Energy Hub Infrastructure connection Technical resources Proven undeveloped sanctioned Recent discovery Proven undeveloped unsanctioned Energy export 3rd party production Gas or oil export to market

NU-OIL & GAS PLC AGM Jan 2019 8

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G A S T O W I R E

Power Generation Plant Transmission Network Flowline Subsea Cable

Key drivers for Nu-Oil Value-adding Proven hydrocarbon presence Clear route to market via existing infrastructure Regulatory support Comparatively low upfront capex Accelerated time to production Demand drivers Deferral of decommissioning costs Decommissioning of local infrastructure Maximising economic recovery of resources Relatively clean non-renewable energy Reliability of energy supply Profjle Stranded gas fjelds uneconomic to recover, process and ofgtake gas to shore Gas resources priority Undeveloped discoveries to late-life assets

CONVERTING MARGINAL OR STRANDED GAS FIELDS INTO ELECTRICITY GENERATING ASSETS

Incremental gas recovery through application of marginal fjeld principles Gas powered turbines generate electricity for local markets Early / First Mover Advantage Rejuvenation of late-life assets and deferral of impending decommissioning Partnerships Agreement with Marnavi announced, further news to come

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T E C H N I C A L R E S O U R C E S

  • OPPORTUNITIES
  • PROVED RESOURCES
  • POTENTIAL FOR MARGINAL FIELD DEVELOPMENT

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P E R S O N A L L Y S P E A K I N G

  • WHAT DO I SEE?
  • WHAT DO I BRING?

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TWO PARTS TO NU’S GRAHAM SCOTTON

Executive Chairman

TWO PARTS TO NU’S DAMIAN MINTY

Joint Managing Director & Chief Financial Officer

TWO PARTS TO NU’S ALISON PEGRAM

Joint Managing Director & Managing Director of MFDevCo

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A P P E N D I C E S

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M A R G I N A L F I E L D S

DYNAMIC POPULATION SET WHICH EVOLVES AS EXTERNAL FACTORS (TECHNICAL AND ECONOMIC) CHANGE …

Innovation Innovation through people, technology and partnerships is a key factor in creating commercial opportunities out of marginal fjeld opportunities

MARGINAL FIELD VALUE PROPOSITION IS PLATFORMED ON NU-OIL’S JV INVESTMENT IN MFDEVCO ...

Arrangements in place with multiple Tier One strategic partners Clear Specialism Experts in marginal and stranded fjeld development … from cradle to grave Risk Reward Measured approach to discovered opportunities Profjle Stranded fjelds considered to be uneconomic using considered development

  • ptions

Oil, gas or combination of resources Undeveloped discoveries to late-life assets Value Creators Innovation concepts & alliances Innovative fjnancing Technology Cost management Commodity pricing Marginal opportunities can become viable projects through innovation, technology, people & partnerships Core characteristics / factors Proven hydrocarbon systems Stranded / limited infrastructure Size of reserves & production rate Development cost Commodity pricing Tax and regulation Competition for capital

marginal field opportunities marginal field opportunities commercial

  • pportunities

Value creation through innovation Improving economic conditions

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R E S O U R C E S & R E S E R V E S C L A S S I F I C A T I O N

RESERVES

PRODUCTION UNRECOVERABLE UNRECOVERABLE

PROVED (1P) PROBABLE (2P) POSSIBLE (3P)

CONTINGENT RESOURCES PROSPECTIVE RESOURCES LOW ESTIMATE P90 BEST ESTIMATE P50 HIGH ESTIMATE P10

1C 2C 3C

HCIIP

UNDISCOVERED IIP SUB COMMERCIAL COMMERCIAL DISCOVERED IIP

>>> UNCERTAINTY INCREASING >>>

NU-OIL & GAS PLC AGM Jan 2019 15

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W H A T D O E S ‘ M A R G I N A L ’ M E A N ?

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P R O J E C T F R A M E W O R K

NU-OIL & GAS PLC AGM Jan 2019 17

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