EnQuest 2012 Results

Presentation Title 0

Sustained Strong Cash Flow Generation

Major Project Execution On Track

Overview CEO, Amjad Bseisu

Financials CFO, Jonathan Swinney

Business performance CEO, Amjad Bseisu

& major projects Co-founder & Strategy Adviser,

Nigel Hares

Operations General Manager, Technical

Andrew Thomson

Summary Amjad Bseisu

Agenda

2012 production above guidance mid-point, due to

successful execution of operations programme

Sustained strong cash flow and balance sheet

Excellent reserves record

300% replacement since EnQuest inception

262% replacement in 2012

reserves asset life of over 15 years

Major project execution on track

first oil from Alma/Galia scheduled for Q4 2013

2012 Kraken acquisition created game changing potential

Good levels of HSE&A performance have continued

Number of HIPO’s down from 4 to 1

Operations organisation developed at all levels, resources

continue to strengthen

Production guidance for 2013 is 22,000 to 27,000 Boepd,

reflecting third party shutdowns in Q1 2013

Repeatable strategy delivering success

2

Growth through the realisation of untapped potential Technical leadership in integrated development

3

Upgrading existing facilities

Newer technology, new seismic

Simplifying processes

Infill drilling, subsurface skill in identifying well targets

Agile, innovative and cost efficient solutions

Redesigning and upgrading ‘used’ facilities

Using existing infrastructure; tie-backs

Deploying technical and financial capacity too stretching for some previous owners

Integrated teams commercialising and developing discoveries

Low risk, low cost near field development and appraisal

Field life extensions

New developments

Heather/Broom

Thistle/Deveron

Maturing fields

Ex majors

Dons & Alma/Galia

Dormant fields

Ex majors &

licensing rounds

Kraken

Ex smaller

companies

Marginal field solutions

Proven depth in subsurface, engineering, execution and operations

Creating

development

value via:

Focused

on hubs

Production

& Reserves

4

2012: Sustained strong cash flow generation

Major project execution on track

Production of 22,802 Boepd in 2012

14 wells successfully drilled, $367m capital investment in producing fields

Good drilling and intervention work at Thistle/Deveron and the Dons

11.5% net 2P reserve increase to 128.5 MMboe, 262% replacement ratio

Alma/Galia development on track for First Oil in Q4 2013, $421.3m invested

Six wells batch drilled in 2012

FPSO modifications continuing

Farm out to KUFPEC completed

received $125m in cash on completion, $176m P&L gain on disposal

Proposed Kraken development on track for FDP in Q2 2013

EnQuest offered eleven licences in 27th UK licensing round

First steps outside UKCS: Norway & Malaysia

$594m cash flow from operations in 2012. Net cash of $90m at end of 2012

New credit facility for up to $900m arranged in Q1 2012

Profit after tax of $260m, $362m including impact of Alma farm out

EBITDA of $626m

Project

execution

&

Business

development

Financial

strength

Financials

Results summary

6

Year to 31 December

US dollars 2012 2011 Change %

Export production (Boepd) 22,802 23,698 (3.8)

Average realised price per barrel ($) 111.6 107.6 3.7

Revenue ($ million) 890 936 (4.9)

Cost of sales ($ million) 448 492 (8.9)

Production and transportation costs ($/per boe) 32.3 31.9 1.3

Depletion of oil & gas properties ($/per boe) 24.7 23.2 6.5

Gross profit ($ million) 441 444 (0.1)

Operating profit ($ million) 405 390 3.8

Profit after tax ($ million) 260 136 91.1

EBITDA* ($ million) 626 629 (0.5)

Reported earnings per share (cents) 46.2 7.6 507.9

* for definition basis, see results announcement

Unless otherwise stated all figures are before exceptional items and depletion of fair value

uplift and are in US dollars

Summary income statement

7

Year to 31 December

2012 2012 2012 2011

US dollars Business

performance

$m’s

Exceptional

items

$m’s

Reported

$m’s

Reported

$m’s

Revenue 889.5 - 889.5 936.0

Cost of sales (448.2) (10.2) (458.4) (508.8)

Gross profit 441.3 (10.2) 431.1 427.2

Exploration and evaluation expenses (23.2) - (23.2) (37.0)

General and administration expenses (6.7) - (6.7) (13.8)

Impairment of oil and gas assets - (143.9) (143.9) -

Gain on disposal of property, plant & equipment - 175.9 175.9 -

Net other expenses (6.3) (4.4) (10.8) 1.1

Profit/(loss) from operations before tax and

finance income/(costs)

405.1 17.4 422.5 377.5

Net finance costs (19.1) - (19.1) (14.7)

Profit/(loss) before tax 386.0 17.4 403.4 362.8

Income tax (126.3) 85.2 (41.2) (301.8)

Profit/(loss) after tax 259.7 102.6 362.2 61.0

Earnings per share (cents ) 33.1 46.2 7.6

Capital expenditure $803m

8

Year to 31 December 2012

US$m

421*

* Net of 35% disposed via farm out

** $87m is the carry element

9

Reconciliation of capital expenditure

803

967

842

143

87 128

20

125

500

550

600

650

700

750

800

850

900

950

1000

Tangible Oil &gas assetadditions

Add back farmout

Less: Carryadditions (non-

cash)

E&E additions Other Cash outflow oncapex

Alma/Galia Farmout proceeds

Cash outflow oncapex (net of

farm out)

US

$ m

illio

n

Financing & other

(excludes borrowings) Cash flow

from operations Capex

Cash & equivalents less

borrowings at

31 December 2012

Strong financial position, $900m credit facility and £145m retail bond

Cash & equivalents less

borrowings at

1 January 2012

US$m

Cash flow Year to 31 December 2012

10

Finance outlook

Full Year 2013

Current capex expectations of around $750m

Production and transportation costs expected to be in the range $310m to $340m

Depletion anticipated to be approximately $28 per bbl, dependent upon production mix

G&A range between $10m to $15m

Finance costs expected to be in the region of $35m

Tax

Effective rate expected to be approximately 60%

No significant cash tax expected to be paid until beyond 2014

11

Business performance

and major projects

Three years of strong cash flow generation

13

300% reserve replacement ratio

Net 2P reserves

start 2010

80.5

MMboe

Production

2010 to 2012

(24.0)

MMboe

Additions to

reserves

2010 to 2012

Net 2P reserves

start 2013

72.0

MMboe

128.5

MMboe

Reserves 2010 - 2012 Cash flow 2010 - 2012

Dec 09

Net cash

Dec 12

Net cash

Cash flow From operations

Capex

$8m Tax,

Finance,

Other

$1.5bn

$90m

$(0.1)bn

$(1.3)bn

14

Kraken

From zero to 60%

Kildrummy

Increased to 60%

West Don

Increased to 63.5%

Cairngorm

Increased to 100%

Expanding our asset base in 2012 and 2013 With a rich discovery ‘hopper’

Alba

From zero to 8%

SW Heather (55%)

Ongoing evaluation

Cairngorm (100% )

Appraisal well 2013

Kildrummy (60%)

Reviewing

development options Crathes / Scolty (40%)

Reviewing development

options

Kraken (60%)

Appraisal well 2013

Business development Acquisition of 8% of Alba & Entry into Malaysia

15

▪ Adding reserves and producing barrels and further

diversifying EnQuest’s asset base

▪ Base consideration is £18.75m, plus a deferred £0.5m

▪ Net 2P reserves of 5.9 MMboe to be added

▪ Alba produces heavy oil from Eocene turbidite

sandstones in block 16/26 in the UK North Sea

A low cost entry point

Two oil discoveries, Bambazon and Tiga Papan

Exploration opportunity and upside

EnQuest 42.5%, with Lundin (Op) and Petronas Carigali

Blocks SB307 and SB308 (6,200km²) Sabah

An exploration / appraisal well to be drilled in late 2013

16

Thistle Late Life

Extension projects Power & Electricity Upgrade Project

Required to provide reliable power and

remove electrical equipment obsolescence

Process Simplification Project

Simplify process, reduce non essential equipment to

only that required for LLX operations

Controls and Safety Systems

Remove 1970s obsolete systems

and replace with new

Topsides Structural

Integrity Projects

Required to upgrade access ways,

accommodation and secondary steel

work for another 15 years operations

Jacket Integrity Project

Modifications required to ensure jacket

protection for another 15 years

Restarted

drilling in

2010

Deveron

Thistle

Platform

Dons Area

Alma/Galia

2012

Field Development Plan approvals

Successful batch drilling of six wells

The three that had reached the reservoir

all met or exceeded expectations

Purchase and re-fit of EnQuest Producer

FPSO modifications well underway

Other key project elements proceeded well

Most of subsea infrastructure work completed

2013

Announced increase in scope and specification

Extending vessel and field life, optimising operating costs

Enabling a potential second phase of development

Gross capex of $1.3bn, including contingency

Gross reserves increased from 29 MMboe to 34 MMboe

17

On track for first oil in Q4 2013

Kraken on track for FDP submission in Q2 2013 Reserves, resources, appraisal well

EnQuest acquired a 60% W.I. in 2012

A conventional rather than a heavy oil

development

EnQuest formally assumed operatorship in

September 2012 and is working with partners to

deliver FDP in H1 2013, with first oil targeted for

2016

20 MMboe added to EnQuest’s net 2P reserves

for the 20% of Kraken on which EnQuest has no

‘carry’ obligations

40 MMboe can be booked following FDP

submission and approval, for 40% equity

A 2013 appraisal well will be drilled, to provide

additional information for the proposed main

field development

18

Operations

2012 Production results by hub Above mid-point of guidance

Net production (Boepd)

20

▲ New wells A58 & A59

▲ Improved water injection

▲ Electrical submersible pumps

▼ Pipeline shutdown

▼ Natural decline of S5

▼ Pipeline shutdown

▲ New well S11, W5, S10y

▲ West Don +18.5% WI

▼ Natural decline, BR2

▼ Pipeline shutdown

▲ Good plant management,

high production efficiency

5,436

12,770

5,492

23,698

8,058

10,992

3,752

22,802

Thistle/Deveron The Dons Heather/Broom Total

2011 2012

Thistle / Deveron

21

2012

A58 (Dev-P1) well completed and on production,

productivity at the higher end of pre-drill estimates

150,000 bwpd water injection

10 day pipeline outage

Area 6-P1 (ESP) production well

Heavy lift late August, 30 MW generator to start full

operation in early 2013

Field life extension project is moving ahead

Brownfield allowance

Offshore drilling team achieved 5 years without a

lost time injury

2013

Workover of A53/60 injector well

Start of new turbine power generator

Drilling West Fault Block producer

Next phase of life extension project Legend

Future Development

Drilled in 2011 / 2012

Producing A55

A56

A57

A16 w/o

A13 w/o

A53

A58

A56 w/o

A59

WFB – P1

NFB – I1

Area6 – I1

A22 w/o

Dev – P2

Dev – I1

WFB – P2

22

Dons/Conrie

22

Legend

Legend

Drilled in 2012

Water Injector

Producing

S10Y

S5

S2Z

S4

S3Z

S6

S9

S8Z S11

2013 Development

Conrie – S7

Don Southwest and Conrie Drilling Plan

W4

W2

W1

W3Z

W6

W5

West Don Drilling Plan

2012

Don South West

S10 drilled, on production as expected

S11 drilled, continues to perform well

S2Z workover successful

West Don

W2 abandoned ahead of plan

W5 (sidetrack of W2) drilled & on

production

W1 workover successful

W6 injector drilled and completed as

expected

10 day 3rd party export outage

2013

W6 injector tied in and brought online in Q1

Facilities upgrade programme

Currently drilling Don SW Area 6 producer to

be followed by injector in 2Q, both due online

in Q3

22

DS

OB

Dons/Conrie

Heather / Broom

23

2012

• Anticipated natural decline in BR2

• Increase in Heather production, as a result of

well work activity including 3 conversions to

injection

• Lost 20 days production due to 3rd party

export outage (Ninian)

• Significant progress on rig re-activation

• Seismic survey gathered

2013

• Complete rig re-activation, commence drilling

Q3 2013

• H47 well workover, due onstream Q4 2013

Brownfield life extension project

Two year drilling campaign and

complementary facilities upgrade

9 targets for initial programme, with 14

MMboe reserves

2/0

5-

15

2/05-21

(BW3) 2/0

5-6 2/0

5-5 2/05-23

(BR4)

2/0

5-

17 2/05-

19Y 2/05-25

(BR2)

2/05-20

(BX5)

2/05-22Z

(BW6)

2/05-20

(BR1)

2/05-27

(BR8)

Legen

d

Water

Injector

Exploration /

Future

Producing

Legend

Drilling Programme

2012 Re-instatement

Water Injector

H07

H37 H47

H40

H46

Spangles

Furzey

Viking

Erica

Else

Rosea

H49 H20

H63 H56

H60

H38

H41

H61Z

H42 H33

H62Y

Producing

Heather/Broom

2013 EnQuest outline programme Three drilling strings (two platform rigs, one mobile rig)

Q1 Q2 Q3 Q4

Thistle Drilling (1 well)

Heather Producer workover

Dons Drilling (3 wells)

Alma/Galia 3 production well completions, 1 injector well First oil

Kraken FDP submission

Exploration/ Kraken Cairngorm Sabah

Appraisal

24

Summary

Operations &

developments

14 well drilling programme, $803m capital investment

Production of 22,802 Boepd

Alma/Galia development on track for first oil in Q4 2013

Kraken development on track for FDP submission in Q2 2013

Taken first preparatory steps outside the UKCS: Norway & Malaysia

Acquisition of 8% of Alba producing oil field agreed

Organisation Operations organisation developed at all levels, resources continue to

strengthen

Number of employees now almost four times level at IPO

EnQuest has a powerful development capability

Finance EPS from 7.6 cents to 46.2 cents per share

Revenue of $890m generated strong $594m cash flow from operations

Net cash of $90m

$900m credit facility and £145m retail bond

2012 Results summary Production and project execution on track

26

27

Outlook Demonstrating the sustainability of EnQuest’s growth

Production

2013 guidance range between 22,000 Boepd and 27,000 Boepd

12 wells being delivered in 2013

including three production wells on existing fields and three on Alma/Galia

plus three exploration/appraisal wells

Current group capex of $750m, including $350m on Alma/Galia

$75 m predevelopment expenditure on Kraken

Major

projects

on track

First oil from the Alma/Galia development is on schedule for first oil in Q4 2013

Proposed Kraken development on track for FDP submission in Q2 2013

Excellent execution capability

Financial

strength

Strong balance sheet

Net cash of $90m

Credit facility of up to $900m, only $35m drawn at year end

£145m retail bond, 9 year maturity

Dons Northern Producer

Alma/Galia EnQuest Producer Heather/Broom

Thistle/Deveron

Q&A

28

Licence Block / Sub area Name

P902 2/4a Broom

P242 2/5 Broom/Heather

P1077 9/2b & 9/2c Kraken

P213 16/26 Alba

P1200 211/13b West Don

P236 211/18a West Don, Don SW,

Conrie, Thistle & Deveron

P475 211/19a Thistle

P1765 30/24c & 25c Alma

P1825 30/24b Galia

P242 2/5 SW Heather

P090 9/15a Peik

P209 9/28a Crawford / Porter

P1214 & P 1892 16/2b & 16/3d Cairngorm

P1107 21/8a Scolty / Torphins

P1617 21/12c & 13a Crathes

P1790 21/27a & 28/2c Pilot

P250, P585 &

P220

15/12b, 15/17a &

15/17n Kildrummy

P1487 211/1a, 2a & 3a

P1269 211/18c

P1463 14/30a

P1751 3/1c

P1608 3/11a

P1753 3/17

P1582 20/15a

P1618 21/13c

P1573 & P1574 3/22a & 3/26

P1575 9/6a & 9/7b

27th

Round Awards

2/4b

2/10a, 3/6 & 3/11c

8/5 & 9/1b

9/2d

15/17c

21/7a

21/17b

21/26 (part), 21/27c,

28/2b (part) & 28/3

(split)

22/11b

14/30c

20/14, 20/19 & 20/20

EnQuest’s North Sea assets - end 2012 Includes Alba acquisition announced in 2013 and UK 27th round offers

29

10,15013,613

21,07423,698 22,802

22,000

Over 33,0002

5,000

2008 2009 2010 2011 2012 2013 2014

30

Average net production (Boepd)

1 Compound annual growth rate

2 To be updated following Alma/Galia results

Guidance Range

On Track To Deliver Approximately 20% CAGR1 Between 2009 and 2014, based only on net 2P profiles

30

Income Statement

31

Year to 31 December

2012 2011

US dollars

Business

performance

$000’s

Exceptionals,

Depletion of

fair value

uplift

$000’s $000’s $000’s

Revenue 889.5 - 889.5 936.0

Cost of sales (448.2) (10.2) (458.4) (508.8)

Gross profit 441.3 (10.2) 431.1 427.2

Exploration and evaluation expenses (23.2) - (23.2) (37.0)

Gain on disposal of asset held for sale - - - 8.6

Impairment on investments - (4.4) (4.4) (12.5)

Impairment of oil and gas assets - (143.9) (143.9) -

Gain on disposal of property, plant and equipment - 175.9 175.9 -

Well abandonment - - - 8.2

General and administration expenses (6.7) - (6.7) (13.8)

Other income 2.0 - 2.0 5.0

Other expenses (8.3) - (8.3) (8.4)

Profit/(loss) from operations before tax and finance income/(costs) 405.1 17.4 422.5 377.5

Finance costs (21.2) - (21.2) (18.6)

Finance income 2.1 - 2.1 4.0

Profit/(loss) before tax 386.0 17.4 403.4 362.8

Income tax (126.3) 85.2 (41.2) (301.8)

Profit/(loss) for the period attributable to owners of the parent 259.7 102.6 362.2 61.0

Other comprehensive income for the period, after tax (Cash flow hedges) 2.6 (2.6)

Total comprehensive income for the period, attributable to owners of the parent 364.8 58.4

Earnings per share (cents)

Basic 33.1 46.2 7.6

Balance Sheet As at 31 December

US dollars 2012

$000’s

2011

$000’s

ASSETS Property, plant and equipment 1,816.6 1,274.0

Non-current assets Goodwill 107.8 107.8

Intangible oil and gas assets 97.5 24.3

Asset held for sale - 1.3

Investments 2.3 6.7

Deferred tax asset 23.1 12.6

Other financial assets 19.4 -

2,066.7 1,426.3

Current assets Inventories 15.3 11.8

Trade and other receivables 239.4 126.6

Income tax receivable 2.0 2.6

Cash and short term deposits 124.5 378.9

Other financial assets 96.8 2.5

478.0 522.4

TOTAL ASSETS 2,544.8 1,948.7

EQUITY AND LIABILITIES Share capital 113.4 113.4

Equity Merger reserve 662.9 662.9

Cash flow hedge reserve (0.0) (2.6)

Share based payment reserve (11.1) (6.0)

Retained earnings 528.7 166.5

TOTAL EQUITY 1,293.9 934.2

Non-current liabilities Borrowings 34.6 -

Obligations under finance leases 0.1 -

Provisions 233.0 181.2

Other financial liabilities - 0.3

Deferred tax liabilities 632.2 590.0

899.9 771.6

Current liabilities 351.0 242.9

TOTAL LIABILITIES 1,250.9 1,014.5

TOTAL EQUITY AND LIABILITIES 2,544.8 1,948.7

32

Group taxation position

33

No cash tax is expected to be paid on operational

activities until beyond 2014

UK tax losses $m’s

Recognised at 31 December 2011 180

2012 net taxable losses 198

RFES

Acquisitions

42

19

Prior year true up 41

Leasing structures 124

Tax losses at 31 December 2012 604

Additional unrecognised losses end

2012

55

ETR % $m’s

Profit before tax 403

UK corporation tax rate 62 250

PRT 5 19

North Sea Tax Reliefs (8) (30)

Leasing structures (19) (77)

Decommissioning relief

restriction 4 15

Other Items (1) (2)

Prior year true up (6) (25)

2012 underlying tax

charge 37 150

Non-taxable gain on

farm out (27) (109)

2012 actual tax charge 10 41

Track Record of Sustainable Delivery and Growth

Reserve replacement ratio of 300% over three years

80.5

88.5

35.1 115.2

21.5 128.51

(7.4)

(8.4)

(8.2)

Net 2Preserves start

of 2010

Production2010

Reserveadditions 2010

Net 2Preserves start

of 2011

Production2011

Reserveadditions 2011

Net 2Preserves start

of 2012

Production2012

Reserveadditions 2012

Net 2Preserves start

of 2013

15.4

MMboe Full year 2010 Full year 2011

34

Full year 2012

Largest UK Independent Producer in the UK North Sea

Government data (DECC) for UK North sea independent producers

35

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

1,100,000

EnQuest Tullow Oil Premier Oil Valiant Ithaca First Oil Fairfield Endeavour Faroe Pet

To

tal P

rod

ucti

on

in

Ma

ss

un

its (

ton

nes

)

Total Production for the year ending November 2012

Thistle, Conrie and The Dons Infrastructure

36

Heather / Broom Infrastructure

37

Development Scheme Option Prior To EnQuest’s Operatorship

38

Kraken on track for FDP submission in Q2 2013

38

Cairngorm Well Block 16/3d

39

16/2b

16/3d

NW SE

Flank Well

1

2

Alma/Galia Project on schedule for Q4 2013 start up

40

Alma Subsurface

-9600

-9575

-9625

-9575

-9575

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0

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650

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5

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250

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200

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-9175

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5

-9125

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-9575

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0

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0

-9125

-9050

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0

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0

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-9500

-9500

-9500

-9475

-947

5

-9475

-947

5

-9475

-9475

-9475

-947

5

-9450

-945

0

-9450

-9450

-9450

-9450

-9450

-9450

-9425

-9425

-9425

-9425

-9425

-942

5

-9425

-9425

-9400

-9400

-9400

-9400

-9400

-9400

-9400

-9400

-8975

-8975

-8975

-8975

-8975

-8975

-8975

-89

75

-9250

-9375

-9375

-9375

-9375

-9375

-93

75

-9375

-9375

-9075

-907

5

-9075

-9075

-9075

-9075

-9075

-9075

-9075

-9075

-9350-9325

-9300-9650

-9650

-9625

-9625

-9600

-9600

-9025

-9025

-9025

-9025

-9025

-9025

-9025

-902

5

-902

5

-9025

-8950

-8950

-8950

-8950

-8950

-8950

-89

50

-8925

-8925

-8925

-8925

-8925

-8925

-8925

-8900

-8900

-8900

-8900

-8900

-8900

-8875

-8875

-8875

-887

5

-8850

-8850

-8850

-88

50

-8825

-8825

-8825

-88

25

-93

75

-8800

-8800

-8800

-9375

-9675

-9675

-8775

-8775

-8775

-8625

-9400

-8750

-8750

-8750

-8675

-8675

-8725

-8725

-8725

-92

75

-8600

-9750

-9750

-9725

-9725

-9700

-9700

-9775

-9775

-9800

-9800

-8700

-8700

-8700

-9825

-9825

-8650

-8650

-9850

-9850

-9875

-987

5

-9900

-990

0

-9925

-992

5

-9975-9950

-10000-10025

-10075

-10050

-10100

-10150

-10125

-10175-10200

-10250-10225

-10275

-10325-10300

-10350

-10425

-10400-10375

-10500-10475-10450

-10525

30/24-01

30/24b-T4z

30/24b-T1z

30/24b-T1

30/25a-02

30/24b-T3

30/24b-T2

30/24-39

30/24-37

30/24-34

30/24-31

30/24-28

30/24-26

30/24-25

30/24-20Z

30/24-18

30/24-16

30/24-14

30/24-13

30/24-12

30/24-11

30/24-10

30/24-09

30/24-08

30/24-06

30/24-05

30/24-03

30/24-02

-9023

-8758

-8988

-9139

-9421

-8956

-8975

-8980

-8998

-8888

-9107

-8976

-9073

-8998

-8990

-9285

-9033

-9108

-8880

-8986

-8887

-8981

-8621

-8993

-8896

-8965

484000 484400 484800 485200 485600 486000 486400 486800 487200 487600 488000 488400

484000 484400 484800 485200 485600 486000 486400 486800 487200 487600 488000 488400

62

24

00

06

22

44

00

62

24

80

06

22

52

00

62

25

60

06

22

60

00

62

26

40

06

22

68

00

62

27

20

06

22

76

00

62

28

00

06

22

84

00

62

28

80

06

22

92

00

62

24

00

06

22

44

00

62

24

80

06

22

52

00

62

25

60

06

22

60

00

62

26

40

06

22

68

00

62

27

20

06

22

76

00

62

28

00

06

22

84

00

62

28

80

06

22

92

00

0 200 400 600 800 1000m

1:20000

-10600-10500-10400-10300-10200-10100-10000-9900-9800-9700-9600-9500-9400-9300-9200-9100-9000-8900-8800-8700-8600

Depth

Country

Block

License

Model name

Horizon name

Scale

Contour inc

User name

Date

Signature

UKCS

30/24

1:20000

25

marty.haynes

04/25/2011

Top Devonian Depth

41

Alma Seismic

SW 30/24-2 30/24-1 3 0/24-5 30/24-3 30/25a-2 NE

42

Alma

Reinterpretation of

Seismic

Petrophysics

Layering

Re Build of models

Static

Simulation

Integrated Team

ESP design

Well Trajectories

Extensive In-House Subsurface Work

43

Alma Development Wells Trajectory Schematic

Development wells optimised to

target:

▪ All key reservoir zones (no

comingling)

▪ Stand-off from FWL in key

producing zones

▪ Optimise wells to get max length

in Devonian

4 Types of well to drill and complete:

▪ Zechstein Producers x2

▪ Rotliegends Producer x1

▪ Devonian Producers x 3

▪ Zechstein/Rotliegends Water

Injectors x 2

-8800

-8900

-8850

-885

0

-875

0

-8750

-8700

-8650

-8600

-880

0

-900

0 -895

0

-8900

-8850

-900

0

-900

0

-8950

-9050

-9100

-9000

-8950

-895

0

-895

0

-940

0

-935

0

-930

0

-925

0

-9200

-9150

-9250

-910

0

-905

0

-9000

-9050

-895

0

-8950

-8900

-9500

-9550

-9500

-9500

-945

0

-955

0

-950

0

-9500

-950

0

-9500

-950

0

-9450

-945

0

-9500 -935

0

-9300

-9500

-9400

-9250

-925

0

-9200

-920

0-915

0

-9100

-945

0

-935

0

-950

0

-940

0

-930

0-9

250

-9050

-9000

-9500

-9100

-955

0

-910

0

-9650

-9600

-9600

-955

0

-9800

-955

0-9

500

-950

0

-945

0

-10200

-10350

-9600

-9550

-9400

-940

0

-10400

-950

0 -945

0

-9900

-10300-10250

-101

00

-10150

-965

0

-10050

-960

0-9950

-955

0

-9850 -9500

-9450

-10000

-9750

-9700

-9800

-9400 -9350

-9300

-9250

-950

0

-9300

-895

0

-9350

-925

0

-915

0

-9100

-9050

-9000

-9250

-9350

-9400

-9300

-920

0

-940

0

-935

0

-9350

-9450

-945

0

-9250

-910

0

-9050

30/24b-T4z

30/24b-T1z

30/24b-T1

30/25a-02

30/24b-T3

30/24b-T2

30/24-39

30/24-37

30/24-34

30/24-31

30/24-28

30/24-26

30/24-25

30/24-20Z

30/24-18

30/24-16

30/24-14

30/24-13

30/24-12

30/24-11

30/24-10

30/24-0930/24-08

30/24-06

30/24-05

30/24-03

30/24-02

484000 484400 484800 485200 485600 486000 486400 486800 487200 487600 488000 488400

484000 484400 484800 485200 485600 486000 486400 486800 487200 487600 488000 488400

6224

000

6224

400

6224

800

6225

200

6225

600

6226

000

6226

400

6226

800

6227

200

6227

600

6228

000

6228

400

6228

800

6229

200

62240006224400

62248006225200

62256006226000

62264006226800

62272006227600

62280006228400

62288006229200

0 200 400 600 800 1000m

1:20000

CNE Zech

C Dev (B06)

CS Zech

CS Dev

C Rot

C Dev

44

1

9

2

1

29

22

15

17 08

23

33

3

0

30Z

30Y 04

Galia East

outline

Galia

Main

outline

Galia STOIIP & Reserves

Galia Main

Well Sampled 30/24-15

Bubble Point Pressure 1900 psia

Differential Gas-Oil Ratio 631 scf/stb

Formation Volume Factor 1.33 b/stb

Oil Viscosity 0.49 Degrees

API Gravity 38 Degrees F

Reservoir Temperature 260

Only 50% Water Cut

45

Forward Looking Statements

This presentation may contain certain forward looking statements with respect to EnQuest’s

expectation and plans, strategy, management’s objectives, future performance, production,

costs, revenues and other trend information. These statements and forecasts involve risk

and uncertainty because they relate to events and depend upon circumstances that may

occur in the future. There are a number of factors which could cause actual results or

developments to differ materially from those expressed or implied by these forward looking

statements and forecasts. The statements have been made with reference to forecast

price changes, economic conditions and the current regulatory environment. Nothing in this

presentation should be construed as a profit forecast. Past share performance cannot be

relied on as a guide to future performance.