[PPT] - HALF YEAR RESULTS PRESENTATION London, 13 September 2018 STRATEGIC PowerPoint Presentation

SLIDE 1

HALF YEAR RESULTS PRESENTATION

London, 13 September 2018

SLIDE 2

STRATEGIC PRIORITIES

2018 Half Year Results Presentation Slide 2

SUSTAINABILI LITY AND FREE CASH FLO LOW To drive NAV growth and returns to shareholders LNG ASSETS Unlock potential value and ensure

ur shareholders share appropriately

in value realised CONSOLIDATION Evaluate opportunities that can accelerate delivery of business objectives MINMISE FRONTIER EXPLORATION Focus on near field exploration COSTS Downsize London office* and establish an Asian HQ

*Subject to consultation

SLIDE 3

11,400 boepd

Average daily production

$102 million

Revenue

$43 million

Cash flow from production

$205 million

Headline price of Santos asset acquisition*

1H HIGHLIGHTS

2018 Half Year Results Presentation Slide 3

$363 million

Write down driven by $310 million against Fortuna

$75 million

Net cash at period end

$370 million

Gross liquidity at period end

*as at effective date of 1 January 2018

SLIDE 4

First step towards reaching goal of material free cash generation

SANTOS ACQUISITION

Key metrics

Production up 18.5% against forecast at

acquisition

Cash flow up 36% against forecast at

acquisition

Recovered 30% of acquisition costs already
Payback reduced by 6 months
$13 million per annum of synergies

65 72 60 62 64 66 68 70 72 74 At acquisition Average YTD

$ per bbl

Oil Price

13,500 16,000 12,000 14,000 16,000 At acquisition Actual

Boepd

1H Production

45 61 10 20 30 40 50 60 70 At acquisition On completion

$ millions

Cash flow YTD

36 30 27 28 29 30 31 32 33 34 35 36 37 At acquisition On completion

Months

Payback

2018 Half Year Results Presentation Slide 4

Deal rationale

Further grow and diversify production base
Increase cash generative base of business
Move closer to financial sustainability

SLIDE 5

Forward plan to maximise value creation

ACQUIRED ASSETS

2018 Half Year Results Presentation Slide 5

Madura Offshore/Sampang, Indonesia

HSE
Continue safe production operations
Incremental reserves growth
Paus Biru-1 exploration well
Review/sanction Meliwis FID
Longer term upside
Negotiate licence extensions
Enable delivery of longer term near field exploration strategy

Block 12W

Continue to build relationship with PetroVietnam
Maximise value creation from assets
Further strengthen relationship with operator (Premier) and JV
Ensure active contribution to technical and commercial discussions

Synergies

Combine Indonesian offices, generate at least $13 million per

annum of synergies*

Appointed a new Indonesian GM, Pak Tenny Wibowo (ex-Santos)*
Opportunity to high grade the team in Indonesia

*subject to regulator approval

SLIDE 6

New assets diversify production base

PRODUCTION OPERATIONS

2018 Half Year Results Presentation Slide 6

Madura Offshore and Sampang PSCs

Primarily oil production,

sold at premium to Brent

Historically outperformed versus

expectations

> 9,000 boepd in 1H 2018 (net)
Opex < $10 per boe
Ongoing well intervention

programme

Gas production
Late stage assets with investment opportunities to:
convert 2C to 2P
extend life of existing fields
> 9,000 boepd in 1H (net)

Chim Sao and Dua Field

SLIDE 7

Existing assets performing in line with expectations

PRODUCTION OPERATIONS

Bualuang Field Kerendan field

2018 Half Year Results Presentation Slide 7

Reliable production asset
7,800 bopd during 1H
Opex ~ $13 / bopd
Development drilling in 2H 2018 to increase

production to over 9,000 bopd

New platform with 12 new slots to be installed

in 2019 driving production up to over 11,000 bopd

Stable production under GSA 1 at 17.5 MMsfcd
Opex ~ $13 / boepd
3D seismic acquired in 2017 highlights material

upside potential which could support new routes to market

Commenced negotiations for GSA 2 to monetise

next phase of contingent resource

SLIDE 8

High value barrels, rapid payback

BUALUANG PHASE 4

Slide 8

Project Scope

A third platform (Charlie) with 12 slots
Expansion of water disposal to 100k bwpd
Additional crude fired power generation capacity
Additional water disposal well on Bravo platform
10 slots allocated in the Phase 4 development phase
2 slots for near field exploration success or

additional contingent resources

Progress Report

Brownfield work has commenced offshore

Construction work onshore has commenced

schedule for installation and hook up in June 2019
Total capex of $138 MM
Development drilling from July 2019
First oil in October 2019

Charlie platform and associated brownfield modifications

2018 Half Year Results Presentation

IRR > 40% Payback within 18 months

SLIDE 9

T2.6 Depth Map Original Velocity Solution

T2.6 Reservoir Closure above OWC

Revised depth solution has potential to bring North Bualuang into main field closure above OWC

B8/38 Bualuang North Prospect

EXPLORATION: NEAR FIELD THE FOCUS

2018 Half Year Results Presentation Slide 9

Step-out well 5km north of Bualuang platforms
Targeting reservoirs already producing in main field
Well cost US$4.8MM on a dry hole basis (US$1.5 million post-tax)
Spud October 2018
Pmean STOIIP 36.7 MMSTB with 50% GPOS
Development drilling in mid-2020 at end of

Charlie drilling programme

First oil Q3 2020

Kerendan Gas Field B8/38 OPHIR 100% Bualuang Oil Field Bualuang North Prospect

T2.6 Depth Map Revised Velocity Solution

T2.6 Reservoir Closure above OWC with revised velocity model

SLIDE 10

FORWARD PRODUCTION PROFILE

Slide 10

20000 40000

2017 2018 2019 2020

Production Profile*

Base case Upside

Current investment programme delivers 25,000 boepd in 2019/2020 Delivery of risked upside could drive production over 25,000 boepd Upside opportunities include:

Bualuang Phase 5
Bualuang North
Kerendan Phases 2 and 3
Meliwis development
Paus Biru nearfield exploration

2018 Half Year Results Presentation

*2018 numbers on a pro-forma basis from effective date of 1 January 2018

SLIDE 11

HALF YEAR FINANCIAL SUMMARY

2018 Half Year Results Presentation Slide 11 Units HY 2018 HY 2017 COMMENTS NET SOURCES OF FUNDS: Revenue (including hedges) $’millions 102.1 88.3 ― Bualuang $67/bbl (HY17: $50/bbl) and Kerendan $5.43/Mscf(HY17: $5.23/Mscf) Kerendan take-or-pay $’millions (0.1) 2.0 ― Cost of production (operating expenses, royalty and inventories) $’millions (30.5) (36.0) ― Unit opex $11/boe (HY17: $12/boe) Investment Income $’millions 1.8 2.6 ― Net income from Sinphuhorm $2m (HY17: $3m) Income Tax Charge $’millions (30.4) (17.0) ― Increase in SRB (lower capex) and higher revenue from Bualuang Total net sources of funds from production $ ‘millions 42.9 39.9 ― Income from production $23/boe (HY17: $21/boe) NET USES OF FUNDS: Capex (including pre-licence costs)(1) $’millions 49.7 45.4 ― Exploration $35m (HY17: $26m) and P&D $14m (HY17: $19m) Net administration cost $’millions 6.5 5.8 ― Minimising corporate cost base - gross reduction of 60% in three years Net finance costs $’millions 6.5 7.0 ― Interest in 1H18 only relates to NOK bond. 1H 17 included old RBL Total net uses of funds $’millions 62.7 58.2 ― FINANCING: Closing net cash $’millions 75.3 129.9 ― Net cash outlay $42m (HY17: $30m) Closing borrowings $’millions 104.7 106.6 ― Undrawn facilities $’millions 190.7 177.5 Available facility of $191m (YE17: $204m; HY17: $178m) Closing gross liquidity $’millions 370.7 414.0 ― Total liquidity with undrawn RBL $371m (YE17: $427m, HY17: $414m) Note 1 - capex is adjusted to eliminate non-cash movements for decommissioning of $0.5m (HY17: $0.5m)

SLIDE 12

Focus on delivering free cash flow

2018 GUIDANCE

2018 Half Year Results Presentation Slide 12

Production: 27,500 boepd* Fund flow from production: $210 million* 2018 Hedging Programme

Purchased swap at average of $60/bblfor 3,200 bpd
Purchased call at average of $68/bblfor 3,200 bpd
Post 6 Sept additional hedging includes
Swap at average of $70/bbl for 2,000 bpd
Call at an average of $78/bbl for 2,000 bpd

Capital expenditure: $145 million*

Bualuang Phase 4: $45 million
Mexico exploration: $24 million
Kerendan civil works & water wells: $10 million
New Asian assets:

$25 million

Net debt: $110 million Gross liquidity: $260 million

*on a pro-forma basis for Santos assets from effective date of 1.1.18

Net Operating Cash Flow 41% Operating Costs 24% Royalty 5% Taxation 28% Administration 2%

REVENUE (BRENT ASSUMPTION: $73/BBL) CAPITAL EXPENDITURE (EXCLUDING ACQUISITION COSTS)

Exploration 46% Pre-development 8% Production 45% Investment Fortuna 1%

SLIDE 13

Strong balance sheet, low cost sustainable production and limited commitments

FREE CASH GENERATING ASIAN PRODUCTION BASE

2018 Half Year Results Presentation Slide 13

Significant cash position & liquidity

Closing net cash $75 million; Liquidity $371 million
$130 million Bridge facility to be rolled into RBL
Planned refinance of Nordic bond

Robust operating cash flow from high margin assets

Solid production base generating c. $300 million free

cash flow p.a, post investment, between 2019-2021

Funded work programme for next few years

Focus on investing in existing assets to

grow production and cash flow

Reduce balance sheet exposure to

frontier exploration

Up to $150 million investment into

Fortuna (not assumed in current forecast)

$50/bbl $50/bbl $50/bbl

$60/bbl $60/bbl $60/bbl $70/bbl $70/bbl $70/bbl

$0m $100m $200m Op Cash Flow(1) P&D Capex (2) Op Cash Flow(1) P&D Capex Op Cash Flow(1) P&D Capex 2018 2019 2020

Investment Capex Maintenance Capex Note 1 - Operating cash flow before working adjustments Note 2 - Pre-acquisition expenditure

Cash flow v P&D capex forecast

SLIDE 14

OUTLOOK

Slide 14

Asia will become the hub of our operations Expanding production base Monetise LNG assets Reducing exposure to frontier exploration Generating free cash flow

2018 Half Year Results Presentation

SLIDE 15

For further information contact: Head of IR and Corporate Communications Geoff.callow@ophir-energy.com

Geoff Callow

Level 4 123 Victoria Street London SW1E 6DE UNITED KINGDOM Tel: +44 (0)29 7811 2400 Fax: +44 (0)20 7811 2421

Slide 15