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Capital Markets Presentation, November 2015

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DISCLAIMER

Capital Markets Presentation - Fortuna FLNG Slide 2

THIS DOCUMENT IS CONFIDENTIAL This document has been prepared and issued by and is the sole responsibility of Ophir Energy plc (the “Company”) and its subsidiaries for selected recipients. It comprises the written materials for a presentation to investors and/or industry professionals concerning the Company’s business activities. By attending this presentation and/or accepting a copy of this document, you agree to be bound by the following conditions and will be taken to have represented, warranted and undertaken that you have agreed to the following conditions. This presentation is strictly confidential and may not be copied, published, distributed or transmitted. If you do not accept these conditions, you should immediately destroy, delete or return this document. The document is being supplied to you solely for your information and for use at the Company’s presentation to investors and/or industry professionals concerning the Company’s business activities. It is not an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. This presentation is for informational purposes only and may not be used for any other purposes. The distribution of this presentation in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this presentation comes should inform themselves about and observe such restrictions. Any failure to comply with these restrictions may constitute a violation of securities laws of any such jurisdictions. This presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including, without limitation, statements with respect to the Company’s business, financial condition, results of operations, plans, objectives and estimates, including, among others, resource estimates. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning, reflect the Directors’ beliefs and expectations and involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance and developments of the Company or industry results to differ materially from those expressed or implied by such forward looking statements, therefore, undue reliance should not be placed on forward looking statements. Past performance of the Company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the Company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation, whether as a result of new information or future events. No statement in this presentation is intended to be a profit forecast or should be interpreted to mean that future earnings per share of the Company will necessarily match or exceed its historical published earnings per share. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, no representation or warranty, express or implied, is made and no reliance should be placed, on the fairness, accuracy, correctness, completeness or reliability of that data, and such data involves risks and uncertainties and is subject to change based on various factors. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness. The Company and its members, directors, officers and employees are under no obligation to update or keep current information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice, whether as a result of new information or future events. No representation or warranty, express or implied, is given by the Company or any of its subsidiaries undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy, correctness, completeness or reliability of the information or opinions contained in this presentation, nor have they independently verified such information, and any reliance you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith is accepted by any such person in relation to such information.




AGENDA


TOPIC PRESENTER

I. Introduction and Welcome Nick Cooper

II. Overview of Fortuna Project Bill Higgs

III. Subsurface Simon Smith

IV. Development Philip Dobson

V. Midstream Solution – Golar LNG Gary Smith

VI. Commercial and Marketing Andy Arnold

VII. Project Financials Tony Rouse

VIII. Closing comments Bill Higgs

IX. Q&A Panel




Fortuna LNG team - Depth and breadth of knowledge and experience

SPEAKERS BIOGRAPHIES


Bill Higgs, Chief Operating Officer • Bill has over 25 years of global exploration, development and operations experience, the majority with Chevron Corporation

• His roles at Chevron included Senior Vice President of Operations for Saudi Arabia Chevron, Reservoir Manager for Tengizchevroil in Kazakhstan, Asset Manager for the BBLT development in Block 14 Angola and General Manager for Strategy for Chevron Corporation

• CEO of Mediterranean Oil & Gas plc prior to being acquired

Simon Smith, Equatorial Guinea Asset Manager • An oil and gas professional with 14 years of worldwide experience from working with companies including Engie, Total and BP in the UKCS

in addition to roles covering Equatorial Guinea, Libya, Indonesia, Mauritania and Malaysia

• A proven track record of delivery in areas such as: Operated and non-operated Asset Management, Commercial negotiation, Reserves and Production Reporting, Strategy, Economic Evaluation, Internal and External Stakeholder management, Asset redevelopment

• African experience includes Mauritania (Blocks 1 & 7) and onshore Libya; and LNG experience through the Eni Operated Jangkrik project

Philip Dobson, Project Manager • 35 years oil & gas experience covering all aspects of Oil & Gas developments through appraisal, concept select define and execute

• Managed Projects, including Offshore Fixed platform, FPSO, Onshore compression, Onshore LNG

• Worked internationally for Oil Majors including Marathon Talisman Hess BP & Shell

• Countries worked include Sudan, Gabon and Equatorial Guinea (Marathon EGLNG train 1)

Andy Arnold, Director - Commercial • Andy has 30 years’ upstream technical, commercial, business development and asset management experience gained with Exxon,

PowerGen, BHP Billiton and most recently with BG Group

• His roles at BG included UKCS Asset Management (both operated and non-operated), Group Commercial Assurance Manager for all BG’s material commercial arrangements (commodity term deals, LNG projects, M&A and New Country entry) and Senior Business Development Manager for the E&P business, managing entries into the Caribbean and Myanmar




Depth and breadth of knowledge and experience

SPEAKERS BIOGRAPHIES


Tony Rouse, Chief Financial Officer • Tony Rouse joined Ophir in October 2014. Tony has over 30 years’ experience in the Upstream Oil and Gas industry including 13 years of

assignments in Europe, Africa, Asia and South America

• Tony started his career with BP, before moving to LASMO plc, Premier Oil and most recently Salamander Energy where he was Group Financial Controller for 9 years

Nick Cooper, Chief Executive Officer • Dr Nick Cooper was appointed as an executive director and Chief Executive in June 2011

• Prior to joining Ophir, Nick Cooper was Chief Financial Officer and co-founder of Salamander Energy plc

• He began his career as a geophysicist with BG and Amoco before working as a consultant to the Dolphin gas export project (Qatar/UAE). From 1999-2005 he was a member of the oil and gas team at Goldman Sachs

Gary Smith, Chief Executive Officer Golar LNG • Gary ’s career in oil and gas spans 35 years including 20 years with Shell in various roles including General Manager of LNG shipping and

most recently 5 years with Caltex Australia (a Chevron affiliate) as General Manager Refining, Supply and Distribution

• Between 2002 and 2005 Gary served as President and Director of SIGTTO (Society of International Gas Tanker and Terminal Operators)

• Gary was CEO of Golar in the period 2006 to 2009 and during this time oversaw the Company’s entry into the then non-existent FSRU business and made the first preparations for the company’s subsequent pursuit of floating liquefaction

• Gary re-joined Golar as CEO in February 2015

INTRODUCTION

Nick Cooper CEO

Slide 6

Positioned to thrive in uncertain times

STRATEGY

Slide 7 Capital Markets Presentation - Fortuna FLNG

VALUE CREATION THROUGH EXPLORATION

FOCUS ON ROCE THROUGH CAPITAL ALLOCATION AND COST MANAGEMENT

ACTIVE PORTFOLIO AND RISK MANAGEMENT

Focus: Commercialising our gas resources

LARGE RESERVES AND RESOURCE BASE

Slide 8

Significant 2P reserves base from Thai and Indonesian assets

• 60 MMboe 2P – over 10 years of production at current levels

• Underpins strong production and cash flow in the medium term

• Over 55% is high margin gas, which is sold on long-term contracts

Large 2C resources base from Thai, Indonesian and African LNG assets

• Strong economics from Thai and Indonesian 2C by leveraging on existing infrastructure at Bualuang, Sinphuhorm and Kerendan

• High value African LNG to drive longer term production and growth

LARGE 2P + 2C BASE SKEWED TOWARD HIGH MARGIN GAS IN THE LONG TERM

Reserves (MMboe) 1P 2P 3P

Bualuang 17.6 24.9 31.1

Sinphuhorm 5.1 17.9 17.9

Kerendan 16.5 16.8 16.8

Total Reserves (MMboe) 39.2 59.6 65.8

Resources (MMboe) 1C 2C 3C

Bualuang 6.7 15.5 31.3

Sinphuhorm & Dong Mun 5.0 18.0 126.8

Kerendan 3.6 62.3 144.3

Equatorial Guinea 337.8 400.7 481.7

Tanzania 366.7 501.0 483.3

Total Resources (MMboe) 719.8 997.5 1267.4

Total Reserves and Resources (MMboe) 759.0 1057.1 1333.2

2P + 2C BY GEOGRAPHY 2P + 2C BY PRODUCT

Thailand 7%

Indonesia 8%

Equatorial Guinea 38%

Tanzania 47%

Oil 4%

Gas 96%

Capital Markets Presentation - Fortuna FLNG

Many other developments are not reaching FID

Many options available – back fill, terrestrial LNG, floating LNG…

World class asset delivering attractive economics

- World class resource – high quality clean gas, simple to liquefy

- Simple upstream development; low cost midstream solution, proven technology

- Robust, attractive IRR’s

- Stable, supportive political environment

- Substantial upside

Ophir has the expertise to deliver a successful project

- In-house expertise

- World-Class partners

- Playing to everyone's strengths

Development can be financed

- Several funding options are well advanced

- Midstream FEED and costs well understood

- Upstream FEED well advanced and costs coming down

WHY PROGRESS WITH FORTUNA FLNG?





INVESTMENT HIGHLIGHTS


World-Class Resource

Biogenic Dry Gas, 99.7% Methane

Simple Upstream Development

Low Cost Midstream Solution, Proven Technology

Robust Economics

Stable, Supportive Political Environment

Substantial Upside

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OVERVIEW OF FORTUNA FLNG

Bill Higgs COO




FORTUNA FLNG PROJECT – HIGHLIGHTS


Globally Competitive Project

Source: Wood Mackenzie, Ophir Energy

0.00

2.00

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6.00

8.00

10.00

12.00

14.00

NP

V 1

0%

Bre

ak E

ven

DES

Jap

an

FOB Cost (Breakeven) ($/mmBtu) Shipping Cost ($/mmBtu)

World class resource

• 3.7 Tcf, shallow, high quality reservoirs

Clean, dry gas

• Minimal processing required

Simple upstream development in FLNG project

Midstream solution utilising proven technology

Economically robust

Stable, supportive political environment

Substantial upside

Low risk Low cost Quick to first gas




KEY PROJECT DATAPOINTS


Recoverable Resources

Base Case 3.7 Tcf

Wellhead Gas Production

720 mmcf/d plateau (120 mboe/d plateau)

882 mmcf/d peak (147 mboe/d peak)

LNG Production 4.4 mmtpa plateau

Timing

FEED Completed

Q1 2016

Project FID Mid-2016

First Gas Mid-2019

Second Vessel FID

Mid-2022

Second Vessel Onstream

Mid-2025


Punta Europa LNG Terminal




WHY FLOATING LNG?


Biogenic Gas Resource

• 99.7% methane – simple gas-to-LNG processing requirements

• Negligible water to handle

Benign Metocean Conditions

• Side-by-side offloading

• High uptime

Water depth

• Block R is located in water depths of 1,000m to 1,900m

Distance from land

• 100km off the southwest coast of Bioko Island and 150km from Punta Europa

PROVIDES THE HIGHEST RETURN





No two FLNG projects are the same

COST COMPARATORS


Shallow reservoir

Hydrocarbon composition

Benign sea state

Low cost vessel solution

Proximity to 2+ markets

Fortuna FLNG

Nearshore solutions





Low cost, quick delivery, value enhancing

ADVANTAGES OF A CONVERSION


Low Capex to First Gas for Upstream Participants

• $0.8bn of Upstream capex to first gas

• c.$1.5bn of Midstream capex payable by Golar

Speed of delivery

• 3 years after FID, first gas expected

Proven Technology and World-Class Partners

• Golar LNG: Midstream FLNG supplier

• Keppel Shipyard: Vessel construction

• Black & Veatch: Liquefaction process supplier

• Worley Parsons: Owner’s engineer





SIMPLE CONTRACTING STRATEGY

EPCIC

WBS Assets / Activity

Owner’s Engineer in support of

PMT

FEED Detailed Design

Procure Fabrication / Construction

Installation Hook-up

& pre-commission

Start Up Operations

Inspection, Maintenance

& Repair (IMR)

Drilling

Up

stre

am

Wellhead & Xmas Trees

Control System

Umbilicals

Manifolds incl. Foundations

Mooring Piles (Optional)

Risers & Flowlines incl. FTAs & Jumpers

FLNG Vessel

or

Wells to be executed by Ophir drilling team in London


PM/Engineering contractor with subsea and FLNG experience

SURF / SPS partnership – FEED followed by LS EPCIC

BOO contractor to provide facility on leaseback, plus operating fee Subsea facility operation on instruction from Ophir


Proven expertise as upstream operator

OPHIR DRILLING


• Operated 22 deepwater wells

• Best in basin on both sides of the continent

• Leading African deepwater explorer

Gabon 2008, 2014 5 wells 630m – 1,430m WD

Ghana 2013 1 well 1,520m WD

Senegal 2011 1 well 2,650m WD

Tanzania 2010, 2013, 2014 6 wells 700 – 2,640m WD

Equatorial Guinea 2008 , 2012, 2014 9 wells 1,450m – 1,815m WD

Mkuki Well Best in Basin 1,650m WD 3,230m TD

Lykos Best in Basin 1,530m WD 2,300m TD Fortuna development:

• Minimal wells and easy to drill

• Drill, complete and tie-back to FLNG vessel

• Manage reservoir performance over time


Project delivering to schedule

MILESTONES

Slide 19

2014 2015 2016 2017 2019 2020

Commercial milestones achieved

May 2015 Charter Term Sheet agreed with Golar for provision of leased FLNG vessel

Jun 2015 Launched offtake process

Jul 2015 Awarded Competitive FEED contracts to McDermott / GE and Aker / Subsea 7

Nov 2014 Renegotiation of PSC for gas development

Capital Markets Presentation - Fortuna FLNG Low risk Low cost Quick to first gas

Nov 2015 Heads of Agreement signed for gas offtake

Q1 2016 FEED completed

Mid-2016 Project FID

Mid-2019 First gas

Milestones to first gas

Oct 2014 Flow tested gas Surpassed threshold volumes

Exploration and appraisal milestones achieved

SUBSURFACE

Simon Smith Equatorial Guinea Asset Manager




Block R in Equatorial Guinea is located in the south-eastern part of the Niger Delta complex

• Close to numerous significant oil and gas discoveries in the Nigerian sector, including Akpo, Usan/Ukot and Zafiro

• 100km off the southwest coast of Bioko Island, Equatorial Guinea and 150km from Punta Europa

• Water depths up to 1,900m

Block R qualities contribute to low cost development

• Excellent reservoir petrophysical characteristics

• Ideal gas quality

• Ideal reservoir depth

Ophir 80% operated interest, GEPetrol 20% interest

BLOCK R

Capital Markets Presentation - Fortuna FLNG Slide 21 Resources Upstream Midstream Financials Marketing

• Entered into Block R PSC in 2006

• Currently covers 2,051km2




REGIONAL GEOLOGICAL SETTING

• Block R lies at the frontal toe-thrust zone and frontal deformation zone between the main Niger Delta and NW-SW trending Cameroon volcanic line

Slide 22 Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing




BLOCK R; SCHEMATIC CROSS SECTION


1km below mudline




DRILLING HISTORY AND DISCOVERIES


Well Name Operator Year TMD (mRT) WD (m) Result

Oreja Marina-1 ExxonMobil 2001 3,535 1,417 Gas

Estrella de Mar-1 ExxonMobil 2002 3,202 1,433 Gas

Fortuna-1 (R1) Ophir 2008 3,400 1,692 Gas

Bythos-1 (R2) Ophir 2008 4,222 1,716 Dry

Lykos-1 (R3) Ophir 2008 2,297 1,536 Gas

Tonel-1 (R4) Ophir 2012 3,097 1,599 Gas

Fortuna East-1 (R5) Ophir 2012 3,465 1,828 Gas

Fortuna West-1ST1 (R6) Ophir 2012 3,178 1,758 Gas

Tonel North-1 (R7) Ophir 2014 2,844 1,648 Gas

Silenus East-1 (R8) Ophir 2014 3,562 1,453 Gas

Fortuna-2 (R9) Ophir 2014 2,581 1,815 Gas

Reservoirs included in development scenarios

Development includes 6 commercial discoveries

Resources Upstream Midstream Financials Marketing




Discovered in 2008, appraised in 2012 & 2014

FORTUNA


• 4 well penetrations

• 58m of core

• 1 DST (Fortuna-2, 2014)

- 60 mmcf/d achieved on fixed 2” choke with a steady WHFP of c.2,100 psi (tubing and surface facility constrained)

• Preferred depositional model: laterally coalescing multiple channel levee systems

• Water Depth: 1680-1850m

• Reservoir Depth: 800m

• Area: 40.2km2

• Column Height: >115m

• Porosity and Permeability: 35-40%, 1000-1300mD

• Hydrocarbon quality: 99.7% Methane

• Contingent Resources: P50 1.5 TCF

• 3 wells planned in Phase 1 development

GWC: 2561.7mTVD

Fortuna Top Reservoir Depth Map





Discovered in 2008/2012

VISCATA


• 3 well penetrations

• Preferred depositional model: channel levee system



• Area: 70km2 (P50)

• Column Height: 90m

• Contingent Resources: P50 0.4TCF

• One early development well in phase 1 development

• Three wells planned in Phase 3

GWC: 2748mTVD

Viscata Top Reservoir Depth Map





Discovered in 2012

TONEL


• One well penetration

• 18m of core

• Preferred depositional model: Confined, erosional,

Low Sinuosity Channel-fill and spill



• Area: 4.7km2

• Column Height: >190m


• One well planned in Phase 2 development

Tonel Top Reservoir Depth Map





Thrust Belt Accumulations

SILENUS HUB


• Three drilled discoveries:

- Estrella de Mar-1 (2002)

- Lykos-1 (2008)

- Silenus East-1 (2014)

• Preferred depositional model: semi-confined

laterally coalescing multiple channel levee systems



• 5 Undrilled low risk prospects:

- Mejillon, Rhodes, Euthenia, Helios

• The CoS for all undrilled accumulations in the

Silenus Hub is 80%

Silenus Hub Amplitude Map





ERCE certified numbers

SUBSURFACE SUMMARY – ERCE CERTIFIED


Tcf (100% Basis) BASE CASE

Fortuna 1.52

Viscata 0.42

Tonel 0.50

Silenus Hub(1) 0.49

Total Contingent Resources(2) 3.01

Silenus Hub Low Risk Prospects(1) 0.65

Total Recoverable Resources(1+2) 3.66

Low cost and simple:

• High permeability and porosity

- Fewer wells and standard drilling techniques

• High quality gas – clean and dry

- Minimal processing required

• Location has benign ocean conditions

- Suitable for FLNG vessel

• Shallow reservoir

- Low cost wells

(1) Deterministic summation (2) Probabilistic summation

Shallow reservoir


Benign sea state



Fortuna FLNG


20 years at 2.2mmtpa = 2.6 Tcf Additional volumes for 2nd vessel = 1.4 Tcf

4.0 Tcf (including compression)

DEVELOPMENT

Philip Dobson Project Manager




Playing to Ophirs strength

SIMPLE CONTRACTING STRATEGY


EPCIC

WBS Assets / Activity

Owner’s Engineer in support of

PMT

FEED Detailed Design

Procure Fabrication / Construction

Installation Hook-up

& pre-commission

Start Up Operations

Inspection, Maintenance

& Repair (IMR)

Drilling

Up

stre

am

Wellhead & Xmas Trees

Control System

Umbilicals

Manifolds incl. Foundations

Mooring Piles (Optional)

Risers & Flowlines incl. FTAs & Jumpers

FLNG Vessel

or

Wells to be executed by Ophir drilling team in London

PM/Engineering contractor with subsea and FLNG experience

SURF / SPS partnership – FEED followed by LS EPCIC

BOO contractor to provide facility on leaseback, plus operating fee Subsea facility operation on instruction from Ophir





UPSTREAM

• Worley Parsons contracted April 2015

• Upstream FEED commenced July 2015

MIDSTREAM

• Golar HoT signed May 2015

• Midstream FEED commenced August 2015

Leveraging expertise of industry leading partners and contractors

OVERALL DEFINE PHASE STRUCTURE


Liquefaction & Pre-treatment Naval Architecture & Utilities Inlet Facilities Turret & Mooring

FLNG EPC

Owners’ Engineer

FEED Contractor 2

Marine Simulations

FLNG FEED

Upstream Operator Drilling & Completions

FEED Contractor 1

Safety, Class





DEVELOPMENT OVERVIEW

Midstream Development

• Leased FLNG vessel

- Day rate-based charter agreement

• 2.2mmtpa LNG capacity per vessel

- One vessel at start-up 2019

- Second vessel on site by 2025

• Black & Veatch liquefaction process

- Proven, simple process


Upstream Development

• JUST 4 development wells for first gas

- Includes contingency of 1 Well

• Standard subsea infrastructure

- Manifold, Flowlines, Risers

• Four phase development with a total of 17 wells


Later phase tie in example

Phase 1 4 Wells




4 phases of development

KEY PARAMETERS


• Subsea gathering system to dual risers

• 440 mmscfd design flowrate to match FLNG nameplate of c2.6-2.8 mmtpa

• 360 mmscfd annualised daily average gives 2.2 mmtpa LNG

• 200 mmscfd design flowrate per well

• 25yrs design life

• Water depth = ~1800m

• Reservoir depth =~800-1000m

• 2 FLNG vessels

Daily Production, mmcf/d (100% Basis)

Legend

Flexible Flowline

Flexible Riser

Gas Production Flowline

FLNG Vessel Location


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Vessel 1

Vessel 2




WELLS PHILOSOPHY

Slide 35

Governance • Wells planned and executed according to Ophir's Drilling Management System (DMS) & Engineering Process

• Wells designed in accordance with Ophir's Well Integrity Standard

• Use of an experienced and proven Well Construction Team

Reliability

• Simple well design

• Application of proven practices for high rate gas and deepwater – Gravel Pack Completions

- Robust sand and erosion management strategy to minimise future well intervention

• Emphasis on utilising field proven technology and equipment

- 5” Horizontal XT has a good track record, deployed successfully in high rate gas and deepwater

• Redundancy in well count

• Engineering phase 1 to run on a minimum of two wells to meet plateau production

Cost • Well designs which enable standardisation of equipment

• Short duration wells (<35 days per well to Drill, Complete & Clean-up)

• Minimal technical and operational risk

Capital Markets Presentation - Fortuna FLNG Resources Upstream Midstream Financials Marketing




WELL DESIGN


5" HXT

WD: 1,815 m

All depths are mTVD BML

20" x 13-5/8" Swage

36" Conductor @ 100 mBML

Control Lines:

Black TRSV 1

TRSV 2

DHPG

9-5/8" Production Tubing

Tubing Retrievable Safety Valve @ 400 mBML

Downhole Pressure & Temperature Gauge

13-5/8" Upper Completion Packer

13-5/8" Gravel Pack System

13-5/8" Casing @ 645 mBML

Fluid Loss Control Valve

Primary Target @ 680 mBML

7" Production Sand Screens

12-1/4” OH

Well TD @ 710 mBML

DHPG

Equatorial Guinea Block R Development

Fortuna Conceptual Well Schematic

TRSV

2 String Fortuna Well Design

Drilling Strategy

• 2 and 3 string well designs proposed

• 2 String: 36” Conductor x 13-5/8” Surface Casing

• 3 String: 36” Conductor x 13-5/8” Surface Casing x 10-3/4” Production Casing

• 12-1/4” reservoir hole size to optimised for sand face completion

Completion Strategy

• Excellent connectivity and highly productive reservoir allowing well count to be minimised – leveraged through open hole completion

• Gravel pack selected to provide robust sand control in high rate gas environment

• SIMPLE upper completion components (Packer, Gauge, Safety Valve)

• Risk of well failure minimised through simple completion design and effective sand management through gravel pack


Simple technology, proven technology




SUBSEA INFRASTRUCTURE


Subsea specifications subject to FEED outcomes

Xmas Trees

• 5-inch Horizontal Xmas Tree (“HXT”)

• Pressure rating 5,000 – 15,000psi

SPS

• Simple concept

• Manifold to individual Wells via jumpers

• Meg injection via cores within the umbilical

SURF

• Steel tube umbilicals,

• Dual 12” Flowlines and Risers

• Riser specification (full flex or Steel)subject to FEED.

Flow Assurance

• System capable of 440mmscfd with 70 bar arrival pressure (30 bar in later field life)

• Production fluids downstream of the choke are expected to be within the hydrate formation region

• Continuous MEG injection via the main umbilical selected to manage hydrate formation





External turret production to maximise offloading availability

FROM TREE TO TURRET





UPSTREAM/MIDSTREAM INTERFACE


Minimum project specific inlet facilities

ETP, External Turret

Production





Base Case

PROJECT PHASING


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Fortuna Viscata Silenus East EDM Tonel Viscata Lykos Silenus HubProspectiveResources

Total

Nu

mb

er o

f W

ells

Phase 1 2018 (pre-first gas)

Phase 2 2024

Phase 3 2027

Phase 4 2030

FLNG 2

FLNG 1

• Four wells to be drilled pre-first gas for Phase 1

- Only two expected to be required to achieve

2.2mmtpa plateau

• Five wells to be drilled in 2024 to elevate plateau to 4.4mmtpa utilising a second FLNG vessel

• Eight further wells in 2027 and 2030 drilling phases

Early development well – full

development in Phase 3





Simple development

Using proven technology

Minimum interfaces

Front end loading in accordance with AACE and industry standards

Delivered by world class contracting companies

Bench-marked – cost and schedule

UPSTREAM DEVELOPMENT SUMMARY


Shallow reservoir


Benign sea state



Fortuna FLNG


MIDSTREAM - GOLAR

Gary Smith CEO, Golar LNG

43

Ophir Capital Markets Day Midstream Solution

GoFLNG Gandria

Our strategy and investment proposition from 2015 and beyond

Transitioning to Integrated LNG Mid-Stream Player

Golar’s strategic intent: integrated LNG mid-stream services provider: floating liquefaction, LNG shipping and FSRU services.

Intent emanates from success in shipping & regas.

Golar owns one of the largest & most modern fleets.

Dominant market share of FSRU market.

Ambition: LNG liquefaction game changer.

Developed GoFLNG floating liquefaction concept.

GoFLNG:

- substantially lower unit cost liquefaction.

- shorter lead-times.

- significantly lower execution risk profile.

Advantages most pronounced in remote locations & developing economies with stranded gas reserves.

Overview of the LNG Value Chain

Exploration & Drilling

Production & Liquefaction

Shipping Regasification Power

generation

FLNG LNG Carriers FSRU

LNG Midstream

Slide 44

http://www.skipsrevyen.no/wp-content/uploads/2014/02/golar-celsius.jpg

Golar’s Portfolio

Slide 45

Four Successful FSRU Conversions

Golar Spirit Golar Winter

Golar Freeze

Operational Operational Operational

Nusantara Regas Satu

Operational

• 1981 Built / 129,000 m3

• Moss Containment

• 2.5 bcm / year

• Near Shore (Existing Pier)

• Over jetty LNG transfer

• HP arms on pier

• Closed Loop

• 2004 Built / 138,000 m3

• Membrane Containment

• 5.1 bcm / year

• Near Shore (New Pier)

• Over jetty LNG transfer

• HP arms on pier

• Open / Closed Loop

• 1976 Built / 125,000 m3


• 4.9 bcm / year

• Near Shore (New Pier)

• Side by side LNG transfer

• HP arms on pier

• Open Loop

• 1977 Built / 125,000 m3


• 5.0 bcm / year

• Offshore

• Side by Side LNG transfer

• Gas manifold

• Open Loop

Slide 46

Perenco’s FLNG project in Cameroon

Sanaga gas fields:

500 bcf of natural gas reserved for export.

Benign, shallow water, offshore Kribi.

Lean associated feedgas.

Potential for extension of feedgas volumes and

project life.

Project:

8 year project life at production of 1.2mtpa.

SNH, Perenco and Golar have executed an effective

and binding gas convention.

Binding tolling agreement between Perenco, Golar

and SNH also executed.

EBITDA based on 2 trains will be between $170-

$300m.

If 3 trains are utilised EBITDA will be between $240-

$430m.

Financing in place, Q2 2017 start-up.

FLNG Hilli:

Construction on-going with target delivery in early

2017.

Sanaga field

Slide 47

GoFLNG Concept & Key Philosophies

Conversion of Moss type LNG carrier.

Sponson structures added to the sides as integral structural

sections providing space and deck area for process and utility

systems.

Extensive refurbishing and life-extension scope for hull, marine

and cargo systems.

Proven technologies and equipment.

Low cost solution.

Basis of Design covers a wide envelope of operating and

environmental conditions.

Leveraging Golar’s successful operations experiences to develop

FLNG specific Operations & Maintenance plans.

4 train liquefaction concept selected for high availability and

maximum proven equipment with generic pre-treatment including

CO2 removal, dehydration, Hg and HHC removal.

Side-by-side offloading using industry standard marinised

equipment and operating procedures.

Generic floating liquefaction concept with field-specific inlet or

wellstream production facilities as an option.

Adaptable to various mooring concepts including jetty, spread-

mooring or SPM type systems.

Offshore Classed production facility w/o need for dry-docking

during project life.

Slide 48

Process Overview

Slide 49

• Prico Technology is based on a Single Mixed

Refrigerant liquefaction technology.

• Proven at 25 plants world wide and a further 18 in

engineering/construction stage.

• Simple and robust with good efficiency.

• Refrigerant compressor mechanically driven by single

gas turbine (LM2500+G4 DLE).

• GE BCL centrifugal compressor.

• Train turn-down capability to 50% of max capacity.

• Nameplate liquefaction capacity from 0.5-0.7 mtpa

(depending mainly on inlet pressure, feedgas

composition and ambient air temperature).

• GE LM2500+G4 is well proven offshore and for

mechanical drive configurations (>110).

• Chart Industries selected for BAHX cold box (6 cores).

• Heat Recovery Steam Generation HRSG for process

heat and steam turbine power generation.

Liquefaction Technology

Slide 50

Four Train FLNG Vessel – Starboard View

Amine absorption for acid gas removal

Refrigerant make-up,

boil-off compression,

endflash Dehydration and

mercury removal

Marine Loading Arms

Slide 51

Four Train FLNG Vessel – Port View

4 Prico SMR trains with waste heat steam

generator

Alternative mooring concepts,

e.g. submerged yoke

Accommodation for max

118 POB

Transverse pipebridges

Slide 52

Sponson Structures

Design and functionality:

Fully welded and integral part of the hull. Structural

alignment with existing hull applied where possible

(i.e. flush and continuations).

Providing footprint area for process systems, but

contribute as well to strength, displacement, stability,

utility space/area.

Two deck levels provide the necessary deck area for

the process systems (red markings).

Lower sponson spaces used for utilities and tanks.

Strong focus on the design of the lower sponson

deck for:

Material handling.

Maintenance.

Access.

Safety.

Escape.

Constructability.

Slide 53

FLNG Hilli Sponson Integration Ongoing

Sponson Block P4 in Dry Dock

Sponson block P4 & S4 integration

Sponson Block S4 arriving to DryDock

Sponson block P4 integration to hull

Slide 54

Project / Field specific modifications

Main topics for modification of project specific verification:

Mooring.

Riser system.

Metocean conditions.

Feedgas compositions.

Inlet systems and conditions (pressure, temperature, dynamics).

Wellstream production (flow assurance, well control, inlet facilities (separation, PW

treatment)) by lengthening of the bow.

Emissions and effluents (local/shelf state requirements).

Pre-treatment criteria (higher CO2, H2S, mercaptans, etc..).

HHC separation, stabilisation, storage and offloading (condensate, LPG).

Option for bow modification to

provide additional deck space

for wellstream production.

Slide 55

LNG Offloading

LNG Offloading

• Max rate: 10,000 m3/h

• Vapour return handled by FLNG vessel

• 4 Marine Loading Arms (2 x liquid, 1 x vapour, 1 x dual/spare)

• Side-by-side mooring

• Yokohama fenders and QRHs on FLNG vessel

• Berthing assisted by 2-3 tugs

• Offloading feasible with Carriers up to 180,000 m3

Mooring Simulations

• Statistical evaluation of site-specific metocean data

- High availability for side-by-side offloading

• 15 years of continuous metocean time series data procured comprising:

- Wind seas with direction;

- Two separate swell seas with directions;

- Wind speed and direction;

- Current and direction; and

- Three hour timestep

• Non-linear hydrodynamic simulations and availability assessment performed as part of midstream FEED

Ship-to-ship LNG transfer at Golar FRSU projects

Slide 56

Hilli Peer Review October 2015

Terms of Reference: • evaluate the design, layout, interconnections with existing ship systems, documentation, and governance of the project

with particular reference to the operability, maintainability and reliability of the facility, with the following objectives: • safe, practical and timely start up • safe and reliable operation • efficient maintenance of the plant

Review led by Geoffrey Ellison: • 27 years with Shell (LNG, GTL, Refining) • GM Malaysia LNG (2000-2004) - production capacity 24 mtpa.

Overall Assessment: • in terms of process design, operability and maintainability the plant is of a superior standard to many LNG projects • the vast majority of peer best practice and lessons learnt is incorporated into the design

Slide 57

BREAK

Slide 58

COMMERCIAL & MARKETING

Andy Arnold Director - Commercial

Scope for new capacity to be absorbed

GLOBAL LNG SUPPLY – DEMAND


Source: Wood Mackenzie, Ophir Energy

• Unsanctioned projects suggest a potential oversupply – this is always the case

• Global LNG market runs at around 85% capacity

• A number of these projects won’t get sanctioned or will be delayed

• Demand from new markets offers higher value pricing but requires greater flexibility

• Cost-advantaged projects that are mature are able to find buyers and FID at present

• Demand always underestimated because doesn’t include latent demand from substitution

0

100

200

300

400

500

600

700

00 03 06 09 12 15 18 21 24

Supply - operational projects

Supply - projects under construction

Supply - possible projects not sanctioned

LNG Demand

Total possible supply

Estimated LNG Supply v Demand 2000-2024

mm

tpa


Scale, sponsorship and commercial simplicity

Larger projects planning to take FID in 2015 are delayed, struggling to find buyers or reengineering to smaller scale

GLOBAL LNG SUPPLY RESPONSE IN 2015

Slide 61

FID in 2015

FID timing uncertain

FID Delayed / Cancelled

Tangguh Train 3 delayed ($12bn cost, no Buyers)

Moz LNG – 21 mmtpa – no clear indication of

FID in 2015

Pacific North West –

12mmtpa – Land access delaying full

FID

Cameroon FLNG –

1.2mmtpa – FID Sept

2015

• Excelerate FLNG – 8mmtpa cancelled

• Lake Charles 10mmtpa – postponed • Sabine T6 (4.5) and Corpus T3 (4.5)

requires more customers to FID

Expansion Trains at

Freeport (4.4) & Sabine Pass

(4.5)

Coral FLNG – 2.5 mmtpa announces BP as Buyer

Browse FLNG (4.0mmtpa)

uncertain

Douglas Channel 0.6 mmtpa FID in 2015





Commodity price slump creates challenging conditions for LNG projects

• Sharp decline in global oil prices and LNG prices

• Reduction in Asian growth coupled with corresponding price uncertainty

• Market sentiment of oversupply drawn from Australian and US start ups and unsanctioned possible projects

Fortuna FLNG has sought to take advantage of LNG market hiatus

• Reengineered project

- Lower cost upstream development

- Moved to FLNG conversion solution

- Innovative marketing approach to attract wider market interest

FORTUNA FLNG - OPHIR RESPONSE TO THE MARKET





DES

ROBUST COMMERCIAL STRUCTURE

Slide 63

FOB NETBACK

$ CASHFLOW

GAS / LNG FLOW

LEASE AND OPERATE EUROPE/ASIA

TOLLING MODEL

UPSTREAM PSC MIDSTREAM LNG BUYERS





STRAIGHTFORWARD AGREEMENTS FRAMEWORK

Long Term Buyer 1

Long Term Buyer 2

Golar SPC

“Umbrella Agreement”

PSC State

JOA

Ophir

GEPetrol

Golar OPCO

Existing agreements:

• PSC – gas terms agreed

• JOA

New agreements:

• Umbrella Agreement

- Fiscal treatment and legal structure for

the FLNG Vessel

• Chartering Agreement

- Terms under which Golar will provide

the FLNG vessel to Ophir

• O&M Agreement

- Terms under which Golar will operate

and maintain the FLNG vessel

• LNG SPAs

- Entered into with LNG purchasers for

the sale of LNG volumes

Slide 64

LNG Sale & Purchase Agreements

Upstream EPCIC Contractor

Capital Markets Presentation - Fortuna FLNG

Chartering Agreement

O & M Agreement

EPCIC Agreement





Conventional oil indexation

FOCUSED MARKETING STRATEGY

End Users Aggregators Traders

Hold European capacity

Secure investment floor

Access to New Markets

Incentivised to divert

Trading experience Indexation value

Value driven - oil indexation

Core LNG markets

European Market (NBP/TTF) with diversion profit sharing


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“EUROPEAN SINK” CONTRACTING STRATEGY (INDICATIVE PRICES)

LNG BUYERS SHIPPING MIDSTREAM

EUROPE

HIGHER VALUE

MARKET (FOB)

PRICE: $11.4/mmBtu

Incremental COST:

$1/mmBtu

NETBACK: $3.1/mmBtu

UPSTREAM PSC

PRICE: $7/mmBtu COST:

$1.9/mmBtu NETBACK

$2.3/mmBtu

REGAS & SHIPPING

LIQUEFACTION NETBACK

COST: $2.8/mmBtu

BA

SE C

ASE

D

IVER

SIO

N

(5

0%

of

Vo

lum

es)

BASE CASE PRICE

COST: $7.0/mmBtu

NET INCREMENTAL FOB VALUE

$0.85/mmBtu

COST: $2.9/mmBtu





COST COMPARISON: US V EG


Fortuna will be a low cost supplier into European market

• Liquefaction costs are comparable

• Fortuna is cheaper at the well-head v Henry Hub

• European buyers do not need to take Henry Hub price risk

0

1

2

3

4

5

6

7

8

US LNG Fortuna

$ p

er m

mb

tu

FOB Breakeven into Europe (NPV10)

Liquefaction

Upstream


$4.40




LNG SPAs (Mar 2016)

TARGETED MARKETING PROCESS

Market Scoping

From June 2015

Selected Negotiation

Sept 2015 Finalising

Heads of Agreement

Traders 10

End Users 6

Aggregators 3

Traders - 3

End Users - 3

Aggregators - 1

Final SPA Negotiations

Full draft discussion

Jan 2016

3 Buyers

Engagement with over 30

Buyers

1 - 2 Buyers

Slide 68 Resources Upstream Midstream Financials Marketing Capital Markets Presentation - Fortuna FLNG

Ophir choice to shortlist competing offers




Fortuna FLNG attractive to LNG buyers

MARKETING SUMMARY

FORTUNA FLNG

Speed of execution Right project partners means marketing can break the mould

Cost competitiveness Low upfront costs combined with phased development

Commercial flexibility to respond to market

Flexibility for foundation customers on volume, term, structure

Line of sight to FID Not reliant on other buyers or project financiers to underpin FID

Tailored commodity exposure Offer alternative commodity indexation to meet Buyer needs


Shallow reservoir


Benign sea state



Fortuna FLNG


PROJECT FINANCIALS

Tony Rouse CFO




Gross upstream capex to 1st gas $800 million

Life of field opex (upstream) $476 million / $0.14 per mcf / $0.80 per boe

Plateau production rate (2 vessels) 720 mmscfd; 120,000 boepd

Peak (gross) cash flow $1bn per annum

FOB Breakeven Price (NPV 10) $5.30 per mmbtu (Pacific basin) $4.40 per mmbtu (European sink)

Project payback period 3 years from first gas 6 years from FID

Minimum economic field size for tie-ins 40 Bcf

KEY FIGURES


Robust at current commodity prices; highly levered to upside in commodity prices




CAPEX


• 2016–18 Subsea capex relates to the EPCIC contract to be awarded to the successful FEED partnership

• Drilling CAPEX assumptions reflect conservative estimates based on forecasted 2017-18 rig rates

• Ophir expects final drilling costs to be lower than illustrated as well plans are optimised

• Full upstream capex of $3 bn over four development phases; unit capex of $0.80 per mmbtu

Second vessel


First vessel

1

0

250

500

750

Gro

ss C

apit

al E

xpen

dit

ure

($

mill

ion

, 20

15

Rea

l)

UPSTREAM OPEX

Slide 73

$ million (100% Basis, 2015 real, phases 1 – 4) BASE CASE

Well replacement(s) 132.2

Well workover(s) 162.3

Planned inspections 83.9

Planned maintenance and contingent repairs 98.0

Total Life of Field Opex 476.4

Total Opex per Annum 22.7

Total Opex per mmBtu 0.14

Opex of $0.14/mmBtu ($0.80/boe)

• Inspection, maintenance and repair scope based on reliability performance data for Conceptual SURF layout and critical well sub-systems

• Probability of well failure requiring re-drill estimated at 1 in 9 based on completion complexity, geological setting and production conditions


Highly cash generative, fast payback

• Payback within 3 years of first gas

• Gross project cash flow (unlevered) approaching $12 billion

CASH FLOW PROFILE


(8,000)

(4,000)

-

4,000

8,000

12,000

(800)

(400)

-

400

800

1,200

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041

Cu

mu

lati

ve F

ree

Cas

h F

low

($

mm

)

Free

Cas

h F

low

($

mm

)

Free Cash Flow

Cumulative Free Cash Flow

Annual Free Cash Flow (Base Case, Gross)

Economics shown at 55p/therm NBP, $85/bbl Brent


Low level of commitment spend, robust production base

Strong cash position

• Guidance of $650 million of cash on balance sheet at YE 15

Reducing capex to maintain balance sheet strength

• 2016 capex guidance of $175 million - $225 million

Underlying operating cash flow

• Guidance of $100 million of operating cash flow from production

High degree of financial flexibility

• Total E&A commitment spending of $75 MM through end 2017

FINANCIAL FLEXIBILITY





Multiple options, not reliant on any one source

FUNDING FORTUNA FLNG


LENDING BALANCE SHEET

$640 MM net cost to first gas

Variety of potential sources to cover up to 60% of capex to first gas:

• Pre FID – lending banks, value chain partners

• Post FID – project financing, lending banks, debt markets

Cash

• $700MM cash (mid ‘15)

• $400MM net cash (mid ’15)

• Asset Divestment

Up to 40% W.I. farm-out:

• reduces capex by $320 million

• contribution against past costs of $600 million


PROJECT EQUITY

(expect to reduce in FEED)




Balance sheet strength

• Drive to reduce capex and cost across the business

• Financial flexibility in a low oil price environment

• Incremental debt finance

Fortuna offers robust project economics

• Low capex to first gas

• Low unit operating costs

• Flexible tolling arrangement

Options to reduce Ophirs capex to first gas

• Farm out

• Competitive upstream FEED

FUNDING SUMMARY


ROBUST PROJECT IN LOW PRICE ENVIRONMENT WITH MATERIAL CASH FLOW FROM 2019

SUMMARY

Bill Higgs

COO

SELF FUND

• Not all barrels are equal

• We explore for high quality barrels that generate cash in a low price environment

• Project equity is a source of capital

No fresh capital deployed to development

SELF FUNDING DEVELOPMENT ASSETS

Slide 79

PRODUCTION

TOTA

L V

OLU

ME

2C

:

99

8 M

Mb

oe

TANZANIA W.I. 20%

KERENDAN W.I. 70%

BUALUANG W.I. 100%

EQUATORIAL GUINEA W.I. 80%

CASH FOR E&A

First gas 2019

First gas 2022

First gas 2016 2nd phase of dev.

On production 3rd phase of dev.

2P RESERVES

SELF FUND





Making the Fortuna FLNG project attractive to buyers

FLNG – DELIVERING SUCCESS


• Finalise chartering agreement • Ophir & GEPetrol • Agreed • 3.7 TCF

• 2.2 Mtpa project

Resources Fiscal Terms JV Partner Alignment Midstream

• Well delineated resource

• Fortuna well test flowed at 60 mmscf/d (equipment constrained), implied unconstrained rate of 180mmscf/d

• PSC Fiscal terms have been agreed in accordance with an LNG project

• Provides robust returns

• Government support

• GEPetrol is the state entity created to participate in all licences in EG

• Supportive of Ophir exploration and development activity to date

• Will fund equity percentage in development

• Golar LNG appointed as a midstream partner to provide an FLNG vessel on a tolling basis

• Key commercial terms agreed for Golar to build, operate and maintain an FLNG vessel

• Full charter agreement to be negotiated by Q2 2016

1 2 3 4


Project delivering to schedule

MILESTONES

Slide 81

2014 2015 2016 2017 2019 2020

Commercial milestones achieved

May 2015 Charter Term Sheet agreed with Golar for provision of leased FLNG vessel

Jun 2015 Launched offtake process

Jul 2015 Awarded Competitive FEED contracts to McDermott / GE and Aker / Subsea 7

Nov 2014 Renegotiation of PSC for gas development


Nov 2015 Heads of Agreement signed for gas offtake

Q1 2016 FEED completed

Mid-2016 Project FID

Mid-2019 First gas

Milestones to first gas

Oct 2014 Flow tested gas Surpassed threshold volumes

Exploration and appraisal milestones achieved




INVESTMENT HIGHLIGHTS


World-Class Resource

Biogenic Dry Gas, 99.7% Methane

Simple Upstream Development

Low Cost Midstream Solution, Proven Technology

Robust Economics

Stable, Supportive Political Environment

Substantial Upside

1

2

3

4

5

6

7


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For further information contact:

Head of IR and Corporate Communications [email protected]

Geoff Callow

Level 4 123 Victoria Street London SW1E 6DE UNITED KINGDOM

Tel: +44 (0)29 7811 2400 Fax: +44 (0)20 7811 2421


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