[5 April, 2016] Declaration Premier Oil and Gas Services Limited

MERRILL CORPORATION INEWLAN//29-MAR-16 09:28 DISK121:[16ZAQ1.16ZAQ16201]CS16201A.;15 mrll_0915.fmt Free: 60DM/0D Foot: 0D/ 0D VJ Seq: 1 Clr: 0 DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;134 6 C Cs: 11645 RISC (UK) LIMITED [5 April, 2016] Declaration Premier Oil and Gas Services Limited (‘‘Premier’’) has commissioned RISC (UK) Ltd (‘‘RISC’’) to provide an independent valuation of the Reserves and a review of the Contingent and Prospective Resources of E.On E & P UK Limited and E.On E & P UK EU Limited (‘‘E.On’’) to form a Competent Person’s Report. The assessment of petroleum assets is subject to uncertainty because it involves judgments on many variables that cannot be precisely assessed, including reserves, future oil and gas production rates, the costs associated with producing these volumes, access to product markets, product prices and the potential impact of fiscal/regulatory changes. The statements and opinions attributable to RISC are given in good faith and in the belief that such statements are neither false nor misleading. In carrying out its tasks, RISC has considered and relied upon information obtained from a data room as well as information in the public domain. The information provided to RISC has included both hard copy and electronic information supplemented with discussions between RISC and key Premier staff. Whilst every effort has been made to verify data and resolve apparent inconsistencies, neither RISC nor its servants accept any liability for its accuracy, nor do we warrant that our enquiries have revealed all of the matters, which an extensive examination may disclose. In particular, we have not independently verified property title, encumbrances, regulations that apply to this asset(s). RISC has also not audited the opening balances at the valuation date of past recovered and unrecovered development and exploration costs, undepreciated past development costs and tax losses. We believe our review and conclusions are sound but no warranty of accuracy or reliability is given to our conclusions. RISC has no pecuniary interest, other than to the extent of the professional fees receivable for the preparation of this report, or other interest in the assets evaluated, that could reasonably be regarded as affecting our ability to give an unbiased view of these assets. Our review was carried out only for the purpose referred to above and may not have relevance in other contexts. Confidentiality The information contained in this document is strictly confidential. Premier agrees not to appropriate, copy or in any other manner reproduce or otherwise disclose any of the information contained in this document to any other person (other than the employees or servants of Premier acting in the course of their employment) without RISC’s express written consent. At the request of Premier, RISC has consented to the disclosure of this document to the London Stock Exchange (‘‘Recipients’’) provided that in consideration of RISC’s consent to the disclosure, the Client and Recipients acknowledge and agree that: • The Client indemnifies RISC from all claims, losses, liabilities, expenses or damages arising from a claim by the Recipient or any other third party in connection with the RISC advice • This document does not address the Recipient’s particular circumstances or requirements. The Recipient may not rely on the document for any purpose whatever. • RISC assumes no responsibility to the Recipient to update this document for anything that occurs, or of which becomes aware, following the release of the document to the Client • The Recipient must keep this document confidential and agrees not to appropriate, copy or in any other manner reproduce or otherwise disclose any of the information contained in this document to any other person or organization. • Neither RISC nor any employee, agent or contractor of RISC is liable to the Recipient or any other person in respect of any cause of action, including negligence, arising in connection with the contents of the document and the Recipient must not make any claim or commence or pursue any proceedings against RISC, or any employee, agent or contractor of RISC in respect of any cause of action arising in connection with the contents of the document. 35 Project Eva Class 1 Circular Proj: P5862LON16 Job: 16ZAQ16201 (16-5862-1) Page Dim: 8.250 X 11.750⍯ Copy Dim: 38. X 62. File: CS16201A.;15 v6.8 MERRILL CORPORATION KSEAMON// 3-APR-16 10:38 DISK121:[16ZAQ1.16ZAQ16201]CU16201A.;20 mrll_0915.fmt Free: 440DM/0D Foot: 0D/ 0D VJ RSeq: 1 Clr: 0 DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;134 6 C Cs: 42675 If Premier or Recipient do not agree to the above terms, RISC withholds its consent to the disclosure of the document by the client to Recipients. RISC (UK) Limited Premier Oil and Gas Services Limited Rex House, 23 Lower Belgrade St, 4-12 Regent Street London SW1W 0NR London. SW1Y 4PE United Kingdom United Kingdom Copyright This document is protected by copyright laws and is intended for the use of the Premier only. Any unauthorised reproduction or distribution of the document or any portion of it may entitle a claim for damages. Document control Client Name Premier Oil Client Representative Steve York and Kate Arman RISC Coordinator . Gavin Ward RISC Job # 15.0092 Client Order CORP2015X-00003 Approvals Name Signature Date Dean Baker 14 March 2016 Prepared By Adam Borushek 28 March 2016 Prepared By Simon Douse 14 March 2016 Prepared By Michael O’Hare 12 January 2016 Prepared By Linda Stasiuk 12 January 2016 Prepared By Peter Stephenson 4 February 2016 Prepared By Gavin Ward 4 February 2016 Prepared By Simon Whitaker 4 February 2016 Peer Review By Geoff Barker 13 January 2016 Geoff Salter 4 February 2016 Peter Stephenson 6 February 2016 Geoff Salter 8 February 2016 Geoff Salter 10 February 2016 Editorial Review By Gavin Ward 30 March 2016 Authorised For Release By Gavin Ward 30 March 2016 Revision History Revision Date Description Checked by Approved by #1 8-Feb-2016 Final review by G.Salter ...................... G.Ward G.Ward #2 10-Feb-2016 Update to price assumptions ................... G.Ward G.Ward #3 17-Feb-2016 Amend text & charts ........................ G.Ward G.Ward #4 25-Feb-2016 Add Reserves & NPV @ 31 Dec 2015 ............ G.Ward G.Ward #5 14-Mar-2016 Add valuation of pipelines ..................... G.Ward G.Ward #6 24-Mar-2016 Correction to reservoir ages in notes ............. G.Ward G.Ward #7 30-Mar-2016 Amend title and date on title page .............. G.Ward G.Ward 36 Project Eva Class 1 Circular Proj: P5862LON16 Job: 16ZAQ16201 (16-5862-1) Page Dim: 8.250 X 11.750⍯ Copy Dim: 38. X 62. File: CU16201A.;20 v6.8 MERRILL CORPORATION KSEAMON// 3-APR-16 10:10 DISK121:[16ZAQ1.16ZAQ16201]CW16201A.;25 mrll_0915.fmt Free: 20D*/120D Foot: 0D/ 0D VJ RSeq: 1 Clr: 0 DISK024:[PAGER.PSTYLES]UNIVERSAL.BST;134 6 C Cs: 58745 Table of contents 1. Executive Summary ....................................................... 42 1.1. Production Assets and Reserves ........................................... 46 1.2. Processing Terminals and Pipelines ......................................... 52 1.3. Contingent Resources ................................................... 53 1.4. Exploration Potential ................................................... 53 1.5. Opportunities and Risks ................................................. 54 2. Basis of Assessment ....................................................... 54 2.1. Data Availability and Methodology ......................................... 54 2.2. Qualifications ......................................................... 54 2.3. Limitations .......................................................... 55 2.4. Independence ........................................................ 55 2.5. Standard ............................................................ 55 2.6. Consent ............................................................. 56 3. Production Assets ........................................................ 56 3.1. Southern North Sea Regional Geology ...................................... 56 3.1.1. Source Rocks ...................................................... 57 3.1.2. Reservoirs ........................................................ 58 3.1.3. Traps ............................................................ 58 3.2. Babbage Gas Field, Block 48/2a (Licence P.456) ................................ 58 3.2.1. Overview ......................................................... 58 3.2.2. Development and current status ........................................ 59 3.2.3. Reservoir description and In Place Volumes ................................ 60 3.2.4. Reservoir Performance and Production Forecasts ............................ 62 3.2.5. Future Development and Costs ......................................... 66 3.2.6. Reserves ......................................................... 68 3.2.7. Contingent Resources ................................................ 68 3.3. Caister Murdoch System and Quadrant 44 Area ................................ 68 3.3.1. Overview ......................................................... 68 3.4. Caister Gas-Condensate Field, block 44/23a (Licence P.452) ....................... 70 3.4.1. Overview ......................................................... 70 3.4.2. Development and Current Status ........................................ 70 3.4.3. Reservoir Description and In Place Volumes ............................... 70 3.4.4. Reservoir Performance and Production Forecasts ............................ 71 3.4.5. Future

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