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Master Neptune Overview

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Master Neptune Overview Neptune Energy OVERVIEW 1 GENERAL AND DISCLAIMER Except as the context otherwise indicates, ’Neptune’ or ‘Neptune Energy’, ‘Group’, ‘we’, ‘us’, and ‘our’, refers to the group of companies comprising Neptune Energy Group Midco Limited (‘the Company’) and its consolidated subsidiaries and equity accounted investments. ‘EPI’ refers to the business of ENGIE E&P International S.A. (now renamed Neptune Energy International S.A.) and its direct or indirect subsidiaries. This report includes the results of the acquired EPI business consolidated since 15 February 2018, which is the acquisition date as that is when Neptune acquired control over EPI. Comparative data for Neptune for the corresponding reporting period ended 31 December 2018 therefore includes only ten and a half months results contribution from the EPI business. In this report, unless otherwise indicated, our production, reserves and resources figures are presented on a basis including our ownership share of volumes of companies that we account for under the equity accounting method, in particular, for the interest held in the Touat project in Algeria through a joint venture company. Production for interests held under production sharing contracts is reported on an appropriate unit of production basis. The discussion in this report includes forward-looking statements which, although based on assumptions that we consider reasonable, are subject to risks and uncertainties which could cause actual events or conditions to materially differ from those expressed or implied by the forward-looking statements. While these forward- looking statements are based on our internal expectations, estimates, projections, assumptions and beliefs as at the date of such statements or information, including, among other things, assumptions with respect to production, future capital expenditures and cash flow, we caution you that the assumptions used in the preparation of such information may prove to be incorrect and no assurance can be given that our expectations, or the assumptions underlying these expectations, will prove to be correct. Any forward-looking statements that we make in this report speak only as of the date of such statement or the date of this report. This report contains non-GAAP and non-IFRS measures and ratios that are not required by, or presented in accordance with, any generally accepted accounting principles (‘GAAP’) or IFRS. These non-IFRS and non-GAAP measures and ratios may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS or GAAP. Non-IFRS and non- GAAP measures and ratios are not measurements of our performance or liquidity under IFRS or GAAP and should not be considered as alternatives to operating profit or profit from continuing operations or any other performance measures derived in accordance with IFRS or GAAP or as alternatives to cash flow from operating, investing or financing activities. Introduction SHAREHOLDERS Headquartered in Beijing, China Global alternative asset manager with Founded in 1981, CVC has $75bn of assets Investment Corporation (CIC) was $212bn of assets under management. under management, $123bn of funds founded in 2007, as China's sovereign Carlyle International Energy Partners, a committed, and a global network of wealth fund. As of 2017, total assets of dedicated energy vehicle, was established offices across Europe, the Americas and CIC exceeded $940bn in 2013 Asia Pacific Neptune ownership 49.0% Neptune ownership 30.6% Neptune ownership 20.4% Board of Directors Audit Risk Committee Corporate Responsibility Committee Remuneration and Nominations Committee Source: Company information 4 1 Excludes credit 2 <1% is held by management MANAGEMENT TEAM SAM JIM ARMAND KICK LAIDLAW HOUSE LUMENS STERKMAN Executive Chairman CEO CFO Head of HSEQ MARK GRO ANDREA DAVID RICHARDSON HAATVEDT GUERRA HEMMINGS VP Projects VP Exploration & VP Reservoir VP Business Development Engineering Development PETE PHILIP BEN KAVEH JONES LAFEBER WALKER POURTEYMOUR Chief Information VP Operations, Europe VP Operations, North General Counsel Africa, Asia Pacific Officer JULIAN AMANDA REGAN-MEARS CHILCOTT Director of Corporate Group HR Director Affairs 5 5 NEPTUNE AT A GLANCE LEADING INTERNATIONAL INDEPENDENT E&P COMPANY Large-scale, geographically diversified portfolio Gas weighted portfolio, 2019 production of 143.9 kboepd Europe North Africa APAC 2019 production split 2019 revenue split Norway Oil Oil 39% 27% United Indonesia Kingdom Gas 73% Gas(1) 61% Germany Australia Netherlands AlgeriaAlgeria Egypt Continued focus on gas benefiting from the energy transition and increasing gas demand Strategy geared towards organic and inorganic growth Strong operational and financial performance Production efficiency 2019 Reserves split Growth opportunities Adj. EBITDAX ($bn) 2019 production split performance Non- North Africa ◼ OECD Strong pipeline of sanctioned projects to underpin 1.9 Asia Pacfic 4% 88% 85% (2) 1.6 22% growth (c.110 kboepd net new production ) 1.5 14% 1.4 Norway Germany 47% 9% ◼ Recent exploration success in Norway and the UK Netherlands 15% OECD ◼ Around $1.9bn of headroom to support 2016 2017 2018 2019 UK 2018 2019 11% 78% investment plans and strategic acquisitions 6 2019 YE Reserves: 633 mmboe 1 Source: Company information Note: Production efficiency defined as ratio of actual production to maximum production potential (maximum rate at which plant can deliver at optimum conditions with no downtime) 1 Including oil-linked; 2 Includes North Sea acquisition announced October 14, 2019 6 6 Strategy NEPTUNE KEY CREDIT HIGHLIGHTS 1 2 3 4 5 Large-scale, Long life and low Gas-weighted Significant cash Strategy focused geographically cost production portfolio well- flow generation, on value accretive diversified profile positioned to take strong balance growth and yield portfolio advantage of the sheet and energy transition disciplined capital and increasing gas allocation demand 8 LARGE-SCALE, GEOGRAPHICALLY DIVERSE PORTFOLIO ONE OF THE LARGEST EUROPEAN INDEPENDENT E&P COMPANIES Neptune’s countries of 2019 net production (kboepd) operations 2019 net 2P reserves (mmboe) UK Norway Netherlands Indonesia Germany, Algeria, Egypt Rest of the world 200 1000 180 900 OECD Non-OECD 160 800 140 700 120 600 100 500 80 400 60 300 40 200 20 100 0 0 Source: Publicly available information including corporate presentations, filings and websites Note: Reserves and production presented on a net basis (working interest or entitlement) 9 LONG LIFE AND LOW COST PRODUCTION PROFILE LARGE SCALE, EARLY CYCLE ASSETS BOLSTERING RESERVE LIFE NetIllustrative production reserve (kboepd) life of key early cycle assets Overview Operator % of 2019 prod. 2020 2030 ◼ Combination of large-scale and early cycle assets providing robust, long- life and low-cost production profile Snøhvit Up to Equinor 11% ◼ Majority of assets have either a long and stable track record of (12%) 2050s production or have recently come onstream ‒ Jangkrik Snøhvit indicates a production life beyond 2050 Eni 14% (33%) ‒ Cygnus, Jangkrik and Touat commenced production in 2016, 2017 and 2019 respectively; and expected to produce into the 2030s Cygnus Neptune 11% (39%) ‒ Gudrun also expected to produce into the 2030s ‒ Gjoa expected to produce into late 2020s, with potential to extend Touat Neptune nm through additional tie-backs such as the Grosbeak discovery (35%)(1) ◼ Early cycle assets ensuring lower costs, depletion and decommissioning expenses Gudrun Equinor 11% (25%) ◼ As of December 31, 2019, average 2P reserve life of portfolio was 12 years and the average 1P reserve life was 8 years Gjøa Neptune 17% (30%) Source: Company information 2 Touat BV (Neptune owns 54%) and Sonatrach are co-operators 10 10 GAS WEIGHTED PORTFOLIO WELL POSITIONED IN DIVERSIFIED GAS MARKETS Gas-weighted by volume, balanced by revenue(1) Diversified access to global markets Production mix Revenue mix Dry gas 2 52% 1 61% LNG 20% Liquid 39% 28% Global energy demand growth by fuel type Benefits of a gas weighted portfolio Neptune’s positioning BCM ◼ Natural gas viewed as key for the global transition to a low-carbon energy world 20,000 9% ◼ Gas weighted production and balanced revenue 37% 16% 5% -10% 43% ◼ Gas demand expected to increase by 41% by 2035 mix ◼ Diversified supply and access to domestic and ◼ Widely considered as cleanest burning fossil fuel for electricity production and heating 10,000 global gas markets ◼ c.46% lower carbon emissions than coal and c.27% lower than diesel / gasoline ◼ LNG offers flexibility and mobility ◼ Longer life assets with lower decommissioning costs 0 ◼ Oil linked contracts provides exposure to Oil Gas Coal 2035 2018 upside from oil prices Other ◼ Lower operating and development costs with significantly higher recovery factor and structural Nuclear reliability Renewables Source: Company information, EIA, Shell LNG outlook 2020 1 Including oil linked 11 11 NEPTUNE INVESTMENT PROPOSITION DEMONSTRATING A TRACK RECORD OF CASH FLOW GENERATION AND GROWTH Since the acquisition of EPI in early 2018, we have delivered operational improvements and growth throughout the business Neptune Energy portfolio* Generated significant earnings Mid-term Pro-forma Sanctioned Exploration and cash flows over the past TRIR(2) target Opex 2P reserves(5) projects(3) potential(6) two years production(4) 2.1 664 mmboe 9 200 kboepd $10.3/boe 2,307 mmboe EBITDAX (1) Engie E&P International in 2017 $3.5 Billion(9) Sanctioned Exploration TRIR(2) 2P reserves Production Opex projects(3) potential(6) 4.9 555 mmboe 2 154 kboepd $10.5/boe 804 mmboe Operating cash flow Our acquisition strategy has added high quality and complementary assets in our core regions $2.5 Billion (9) 4 material $1 billion 115 mmboe ~60 kboepd * Our acquisition of the North Sea assets from transactions(7) invested (7) 2P reserves Production(8) Energean Oil & Gas is contingent on the completion of Energean’s transaction with Edison 1. The performance of Engie E&P International in 2017 6. Mean net prospective resources 2. Total Recordable Injury Rate (TRIR) 7.
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