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INVESTOR PRESENTATION Q4 2017 A MID-CAP MOROCCAN GAS COMPANY REGIONAL GAS STRATEGY SIGNIFICANT EXPLORATION KEY SHAREHOLDERS I T UNDERPINNED BY POTENTIAL A L Y Strong European gas demand and local pricing Eastern Morocco up to


  1. INVESTOR PRESENTATION Q4 2017

  2. A MID-CAP MOROCCAN GAS COMPANY REGIONAL GAS STRATEGY SIGNIFICANT EXPLORATION KEY SHAREHOLDERS I T UNDERPINNED BY POTENTIAL A L Y ‹ Strong European gas demand and local pricing ‹ Eastern Morocco up to 31 Tcf ‹ Pan African Strategic Partnership ‹ Southern Morocco up to 9 Tcf 28.8% with Schlumberger FURTHER CONSOLIDATION ‹ Supportive Cornerstone Investors 54.6% OPPORTUNITIES IN ‹ Private investor culture MOROCCO 7.1% STRONG THEMATIC 9.5% POSITIONING ‹ Carbon consciousness and global warming driving transition to gas METRICS Retail Key Shareholders: CIP , OGIF LOW COST MULTI Moroccan Cornerstone Investor (OGIF) Stock Ticker: O SOU.LN Italian Cornerstone Investor C TCF DEVELOPMENT IN C Market Cap: £546 million O (Continental Investment Partners) EASTERN MOROCCO R Volumes: O 6m shares/day Other M JOURNEY SO FAR... Slide Introduction of Acquisition of Moroccan Introduction of Successful drilling and 1 Cornerstone Investors onshore gas portfolio Strategic Partner extended well test in Eastern Morocco Tendrara, Anoual, Matarka, Continental Investment Schlumberger Investor Partners, Oil and Gas Sidi Moktar Presentation Investment Fund (OGIF) Q4 2017 All volumetric estimates are Gross unrisked GOIP

  3. THE TEAM James Parsons Brian Mitchener JJ Traynor Mohammed Seghiri Chief Executive Offjcer Exploration Director Chief Financial Offjcer Managing Director, Morocco Over 20 years in Oil & Gas Over 36 years experience Over 28 years experience Over 18 years’ experience in leading strategy, general management, in Oil & Gas exploration in oil & gas and fjnancial complex European and African projects across difgerent sectors, including Gas M&A and fjnance across including as Regional markets, including as Storage, Oil & Gas Exploration and Power Europe, South America and General Manager Exploration Executive Vice President of Production. Joined Sound Energy from Central America at BG, Vice President Investor Relations at Shell, OGIF where he was Managing Partner. International Exploration Managing Director of oil & 12 years with Royal Dutch Shell for Africa at Statoil. gas research at Deutsche Bank, and as an Exploration Specialist in restructuring, 22 years with BP Exploration. Geologist with BP funding and growing small Chartered Geologist, listed upstream companies; and a past President of qualifjed accountant the Geological Society’s Luca Madeddu Petroleum Group Country Chairman, Morocco Joined Sound Energy in 2011 Slide Over 25 years managerial experience across Europe, Asia and South America. 2 Reservoir geologist background with 22 years with ENI E&P Investor Presentation Q4 2017

  4. COMPELLING REGIONAL CASE FOR GAS N A Tahaddart Power E N A R Morocco R 2 x 400 MW E T I D E M • Low risk emerging market Growing gas Oued penetration • Gas increasingly Dhar Doum El Makhazine replacing other fuels 4 x 400 MW 2 x 400 MW Oujda C • Circa 90% hydrocarbons Disadvantaged I T N imported from Algeria supply position A Al Wahda L • GME pipeline ownership T Rabat Anoual 4 x 400 MW A transitions to Morocco in 2021 Proposed • New Gas Agency under Jorf Lasfar Casablanca discussion LNG Terminal • 10 year tax holiday Top quartile fiscal terms • Thereafter 36% net government Sidi Moktar take (31% Corporation tax and Tendrara 5% royalty after 10.6 Bcf) Matarka Marrakech O C A C I Slide O R R E O A G 3 I M R L E A G L A Investor Presentation Q4 2017 Gas Maghreb-Europe Pipeline Gas Pipeline Project

  5. EASTERN MOROCCO: EXTENSION OF PROVEN NORTH AFRICAN BASIN TENDRARA* 47.5% interest 8 exploration 14,500 km 2 permits acreage, Operated 7 wells drilled ANOUAL* Atlas Mountains 47.5% interest Exploration 8,863 km 2 T U N I S I A permit Operated High Plateau Atlas MATARKA* Mountains Benoud 47.5% interest Reconnaissance 5,185 km 2 licence Operated Ghadames Oued M O R O C C O Mya A L G E R I A ‹ Continuity of the Algerian Triassic Province Timimoun and Saharan Hercynian platform ‹ Play type: gas discovery with condensate- light oil shows in the Lower Triassic sequence; Illizi ‹ TAGI and Paleozoic sand objectives Ahnet Slide ‹ Strategic Partnership where Schlumberger own 27.5% and co-fund and technically 4 de-risk the asset 0 km 300 N ‹ Geophysical Survey (including seismic) underway ($27.2m) fully carried by Investor Schlumberger Presentation Q4 2017 *Subject to completion of Schlumberger transaction

  6. EASTERN MOROCCO: EARLY DRILLING RESULTS EXISTING WELLS JK-1 TE-6 TE-8 28m net pay, 17 Paleozoic Play North East Lakbir A N O U A L mmscf/d achieved Opener & Extension TE-6 N TE-2 TE-2 Triassic TAGI post-stimulation of TAGI Reservoir TE-7 A Structure discovery and TE-8 TE TE leads 21.2 Tcf RR-1 TE-5 TE-5 potential Paleozoic Test 2500-3500 mMD TE-3 TE-7 SBK-1 SBK-1 K 1 32 mmscf/d after clean up: TE-1 TE-1 Successful Extended Well Test T T T E N D R A R A N D R A R A R A R TE-4 & M A T A R K A T A T A R K A T A K FORTHCOMING EXPLORATION WELLS Paleozoic concepts additional ca. 10 Tcf potential 3000-4000 mMD Paleozoic test A Structure Slide beneath TE-5 (Up to 1.2 Tcf) Horst 5 North East Lakbir Investor 5 0 K M (Up to 5 Tcf) Presentation Q4 2017

  7. EASTERN MOROCCO: N A Tahaddart Power E N COMMERCIALISATION A R R 2 x 400 MW E T I D E M ‹ The Tendrara fjeld will connect to the GME Oued Dhar Doum El Makhazine pipeline near Ain Beni Mathar village, a few 4 x 400 MW 2 x 400 MW km from the Morocco-Algeria border via a new Pipeline Oujda ‹ Ofgtake expected to be either domestic power C I T plants for gas-to-power generation (transit via N Al Wahda A GME line) or export to Southern Europe L Rabat 120km Anoual 4 x 400 MW T A ‹ The GME can accommodate c.200 mmscfd of Moroccan-source gas immediately, additional Casablanca capacity opening in the short-term with contracted exports ‹ Indicative terms for pipeline funding under discussion Tendrara PROSPECTS, LEADS AND RESOURCES Matarka Marrakech Paleozoic 31 O HIGH C Anoual Identified C TAGI leads 5.5 O GAS VOLUME (TCF) 21.2 TCF Slide R Tendrara & Matarka 17 Identified TAGI O A leads 14.7 I M 6 R MID E G L A 9 Investor LOW Eastern Morocco Presentation Development Volumes 1.0 Q4 2017 Gas Maghreb-Europe Pipeline 0 Gas Pipeline Project All volumetric estimates are Gross unrisked GOIP

  8. SOUTHERN MOROCCO: EXTENSION OF THE MESKALA PETROLEUM SYSTEM Jorf Lasfar Power Plant SIDI MOKTAR 75% interest Exploration 2,699.7 km 2 permits Operated Tahaddart Power 2 x 400 MW Safi Chemicals State owned Plant Phosphate Oued Plant (OCP) Dhar Doum El Makhazine ‹ Asset located 10km from the Meskala 4 x 400 MW 2 x 400 MW gas processing plant and close to state owned phosphate plant Al Wahda Rabat Chichaoua 4 x 400 MW Meskala Gas Field Casablanca Planned New Phosphate Plant O C C Marrakech O R Slide O M 7 Investor Triassic (TAGI) leads Presentation Gas Maghreb-Europe Pipeline Q4 2017 Gas Pipeline Project All volumetric estimates are 100% - Gross unrisked GOIP

  9. SOUTHERN MOROCCO: PLAY SUMMARY Sidi Shallow (1000m to 3000m) 0 1 0 2 0 3 0 4 0 k m N T ‹ Gas discovery (Kechoula) in the Argovian and Lower Liassic with 2 wells on structure ( Koba-1 and Kamar-1) Jurassic gas Koba-1 and oil ‹ Recent success perforating discoveries Kamar-1 and clean up test of Argovian in Meskala 1000-3000mMD JRP-1 Kechoula discovery (Koba -1 well); Extended well test planned Q4 2017; Near term cash fmow Sidi Deep (3000m to 4500m) ‹ Deeper pre-salt potential up to 9 Tcf unrisked Triassic TAGI ‹ 2D seismic programme planned leads for 2018, focused on pre-salt 9Tcf potential 3000-4500mMD ‹ Drilling pre-salt thereafter Slide KEY Exploration wells 8 MESKALA targeting the Jurassic GAS FIELD GAS DISCOVERY TAGI LEADS Investor Line of Section Presentation Q4 2017

  10. UPCOMING NEWSFLOW July New 2D Seismic and Aerial Gradiometry Ongoing 2017 TENDRARA Koba-1 (Argovian) Well test Q4 2017 SIDI MOKTAR Drilling: 3 multi Tcf potential exploration wells Q1 2018 EASTERN MOROCCO Concession application, FID & FDP Early 2018 TENDRARA 2D Seismic Q3 2018 onwards SIDI MOKTAR Slide 9 Investor Presentation Q4 2017

  11. SUMMARY ACCESS TO LOW COST ONSHORE STRONG CORPORATE m GOVERNANCE GAS PLAY IN TOP TIER EMERGING MARKET (MOROCCO) ‹ Industry experienced Board with balance of technical, commercial and fjnancial skills ‹ Recent potential multi Tcf onshore gas discovery in Morocco UNDERPINNED BY INDUSTRY ‹ Strong domestic demand and infrastructure connecting Morocco to strong European PARTNERSHIPS gas markets ‹ Schlumberger as strategic partner: ‹ Priority remains securing fjrst gas enabling scale, technically de-risking assets and providing funding SCALE, LIQUIDITY AND NEWSFLOW ‹ Cornerstone Investors with Board representation ‹ Strong Moroccan relationships TEAM TRACK RECORD ‹ Demonstrated deal making pre-discovery (with potential to apply same skills to gas commercialisation and exit) ‹ Demonstrated capability to discover major fjeld and deliver wells ‹ Strong retail shareholder base Slide 10 Investor Presentation Q4 2017

  12. APPENDIX Slide 11 Investor Presentation Q4 2017

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