First Half 2012 Results Presentation

August 2012

1

Donald Wolcott

CEO

• Founding shareholder of

RusPetro

• 26 years of experience in the oil

and gas business

• Senior technical and management

roles with YUKOS, Schlumberger

and ARCO

• Ran upstream operations in

YUKOS

− 1/3 of Russian production

− Increased production by c.

900kbopd and proven reserves

by over 5bn bbl in 5 years

Presenting Team

2

Position at RusPetro

Career highlights

Thomas Reed

CFO

• Founding shareholder of

RusPetro

• Private equity, M&A advisor and

investor based in Moscow (in

Russia since 1995)

− VR Capital (2001 – 2007) and

Raven Russia (2005 – 2007)

− Advised and invested in several

private companies in Russia

− Previously CFO of Rising Star

Media

What is RusPetro?

• World-class on-shore reserve base

− Proved reserves of 183 million barrels

− 2P reserves of over 1.5 billion barrels

− Oil-in-place of over 6.5 billion barrels

• Developed region and infrastructure

• Low cost assets - EV/2P = $0.68

• Current production at 6,100 bopd

• Reserves upgrades underpinned by improving

recovery rate

• Experienced management team with proven

track record

3

RusPetro’s blocks

Neighbouring

blocks

Krasnoleninsky

Arch

1,060

4,200

6,100

10,400

0

2,000

4,000

6,000

8,000

10,000

12,000

2010

(EoY)

2011

(EoY)

Current 2012E

(EoY)

RusPetro Reserves (MMboe) RusPetro Production (bopd)

183

1,544

1,947

0

1,000

2,000

3,000

Proved (1P) 2P 3PCont. ResourcesProved

(1P)

2P 3P

Oil

Milestones: H1 2012

4

• IPO raised $214 million, elevated to

FTSE250 at end March

• Completed 27 km sales pipeline

• Developed in-field pipeline network

• Constructed in-field power lines

• 4MW generating capacity installed utilising

associated gas

• Activated 3 additional rigs

• Production begins in the north-east of the

field

• 14 wells drilled (5 completed)

• Proved reserves increase to 183 million

barrels

• Accelerated pace of drilling

• Initiated water flood injection on Pad 21

• Initiated premium priced condensate rail

sales

• Building geosciences, drilling, engineering,

operations and administration teams

• Installed initial treatment facility in the north-

east

First Quarter Second Quarter

57

121

157

183

0

50

100

150

200

D&M, 2009 D&M, 2010 D&M, Aug 2011, as presented at IPO D&M, June 2012

Proved Reserves Growth

Evolution of Proved Reserves

5 (1) DeGolyer and MacNaughton reserves audit as at May 2009. (2) DeGolyer and MacNaughton reserves audit as at May 2010. (3) DeGolyer and MacNaughton reserves audit as at Aug 2011. (4) DeGolyer and MacNaughton reserves audit as at June 2012.

(MMbbl)

(1) (2) (3)

• 2P reserves currently stand at over: 1.5 billion barrels

5

+112%

+30%

+16%

(4)

Five Drilling Rigs Operational from September

6

Rigs

Future well

locations

Production wells

* Exploration wells

Pad

21

Pad

19

Pad

1

Pad

27

Pad

2

The Way Forward

7

Progressing our approach

Associated gas production

Maximize well head revenue

Develop gas and condensate business

Added 4 sales channels

8

Challenges Solutions

Geological

Operational

Commercial

Build the team

Refine the geological model

Build the team

Completions

Pressure maintenance

Geological team upgrade geophysical component of

geological model

Reprocess seismic (2-6 months)

Identify high grade bottom hole locations

Added key international team to deliver in geology,

drilling, operations and engineering

Scaling up to address the issue of fracture fleet

availability

Putting in place techniques for faster completion

Implement water flood programme

Key Hires Since IPO

9

Name Position

Robert Stewart Director of Production and Operations

John Richardson Drilling Manager

Nick De’Ath Subsurface team leader

John Krupa Senior Geophysicist

Graham Tribble Workover and Operations Manager

Randy Elliott Construction Manager

Vyacheslav Bolshakov Fracturing Engineer

Makhmuryan Grigory/Pustylnikov Sergey Drilling Superintendents

Tim McMurray Financial Controller

Rachel Hambrook Company Secretary and Chief Legal

Officer

Phil Lynch HR & HSSE Director

Tatiana Darkova HR Manager (Moscow)

Water Flood To Increase Production

10

• Water flood expected to impact production from

January 2013

• Water flood increases recovery by up to 28%

• Well conversions selected to maintain water

flood response

Improving Subsurface Understanding

11

Our 2012 drilling programme has reconfirmed our geological model

Refining the geophysical component of the geological model is now taking place

Seismic reprocessing underway

This will enable us to choose high grade locations more accurately

Original After Advanced Reprocessing

Financial Results

12

Financial Highlights

13

• Revenues of $33.82 million (H1 2011: $11.04 million)

• Operating cash flow before working capital adjustments of -$6.4 million (H1 2011: -$1.3

million)

• Capital expenditure of $52.7 million (H1 2011: $12.5 million)

• Cash balance of $90.15 million (31/12/2011: $1.3 million)

• Net debt of $277 million, a reduction of $128.2 million from 31 December 2011 (32%)

Summary Financials: Income Statement

14 Source: Company IFRS financials.

• Revenue increased to $33.8 million in H1 2012

compared to $11.0 million in H1 2011

• Revenue driven by increase in sales

• Sales: 712,809 bbls

• Improving well head revenue per barrel of $47

(H1 2011: $41) due to higher proportion of export

and condensate sales

• Exports: 261,151 bbls

• Condensate: 45,320 bbls

($m)

($m)

7.4

12.5

38.7

11.0

33.8

0

10

20

30

40

2009 2010 2011 1H 2011 1H 2012

-5.3-6.3

-5.5

-2.2

-6.4

-10

0

2009 2010 2011 1H 2011 1H 2012

Revenue

EBITDA

First Half 2012 Production and Sales Volumes

15

642,831

77,195

0

250,000

500,000

750,000

Production

Condensate

Crude

261,151

45,320

406,338

0

250,000

500,000

750,000

Total Sales

Domestic Crude Sales

Domestic Condensate Sales

Export Sales

EBITDA analysis

Revenue – EBITDA Bridge H1 2012

16

($m)

33.8

15.1

10.5

14.6

(6.4)

-10.0

0.0

10.0

20.0

30.0

40.0

Revenue Mineral Extraction Tax Operating Expenses SG&A EBITDA

Source: Company IFRS financials.

(1)

(1) Share-based payment compensation and depreciation and amortization deducted

Summary Financials: Cash Flow Statement

17 Source: Company IFRS financials.

• Operating cash flow affected by low

EBITDA and working capital

consumption

• Capex program progressing

Operating Cash Flow, before working capital adjustments

Capital Expenditure

($m)

($m)

1H 2012 Capital Expenditure Split

($m)

2.7

28.332.3

12.5

52.7

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2009 2010 2011 1H 2011 1H 2012

Cash Flow Profile

Closing Cash Balance as at 30 June 2012

18 Source: Company data

($m)

213.7

1.3

6.49.3

52.7

55.6

0.7

90.1

0.0

50.0

100.0

150.0

200.0

250.0

Opening CashBalance

Equity Financing Operating CashFlow

Change inWorking Capital

Capex Loans andInterest Paid

Exchange RateChanges and

Others

Closing CashBalance

Balance Sheet Highlights

19

Lender As at 30 June 2012 ($m) As at 31 December 2011 ($m)

Sberbank 289 April 2015

Shareholders 78 February 2013

Equity adjustments post-IPO

• Limolines debt to be converted into new shares in Feb 2013, converted at volume weighted average price

of the ordinary shares for the 30-day period, immediately prior to conversion date, subject to` LSE

regulations

• Company call option to acquire the 10,362,632 ordinary shares of Sberbank Capital at the IPO price minus

10%, expires on 18 April 2013

• Initial public offering and liability restructuring has improved capital structure

• Net debt as at 30 June 2012 - $277.0 million ($405.2 million as at 31 Dec 2011)

− Cash and cash equivalents of $90.1 million

Overview

Outlook

20

Production • Production will accelerate strongly through to the end of 2012

• Target unchanged for 2012 production exit rate of 10,400 bopd

Well

Performance

and Reserves

• Deliver improved well-performance, better targeted drilling and faster completions

• Continued uplifts to our proved reserves expected as our drilling programme

expands

Operations and

Infrastructure

• Commissioning a new fracturing fleet that will commit on a more permanent basis

• Upgrade in-field pipeline from Pad 1

• Installing stock tanks and heater treater at central processing facility to increase

capacity to 20,000 bopd

• Engineer gas sales pipeline and create corridor

New

Opportunities

• Develop a gas business

• Capitalise on improving completion services and potential fiscal relief to develop low

permeability reservoirs

Investor Calendar

21

Date Event

November 2012 Q3 IMS

January 2013 Q4 Operations update

Q&A

22