Pharos Energy Corporate Update January 2021 / 2 Disclaimer

This presentation has been prepared by Pharos Energy Plc. The presentation does not purport to The Group undertakes no obligation to revise any such forward-looking statements to reflect any be comprehensive and has not been fully verified nor will it be subject to material updating, changes in the Group’s expectations or any change in circumstances, events or the Group’s plans revision or further amendment. The presentation has been provided for information purposes only. and strategy. Accordingly, no reliance may be placed on the figures contained in such forward- looking statements. Forward-looking statements are not guarantees or representations of future Nothing in this presentation or in any accompanying management discussion of this presentation performance. Similarly, past share performance cannot be relied on as a guide to future constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in any performance. Even if the Group’s results of operations, financial and market conditions, and the investment activity, whether in the or in any other jurisdiction; (ii) any development of the industry in which the Group operates, are consistent with the forward-looking recommendation or advice in respect of the ordinary shares (the Shares) in Pharos Energy plc or statements contained in the presentation, those results, conditions or developments may not be the group of companies of which it is the ultimate holding company (together the Group); or (iii) indicative of results, conditions or developments in subsequent periods. any offer for the sale, purchase or subscription of any Shares. No representation or warranty, express or implied, is or will be made in relation to the accuracy or The Shares are not registered under the US Securities Act of 1933 (as amended) (the US completeness of the information in this presentation and no responsibility or liability is or will be Securities Act) and may not be offered, sold or transferred except pursuant to an exemption from, accepted by Pharos Energy plc or any of its respective subsidiaries, affiliates and associated or in a transaction not subject to, the registration requirements of the US Securities Act and in companies (or by any of their respective directors, officers, employees or agents) in relation to it. All compliance with any other applicable state securities laws. written and oral forward-looking statements attributable to the Group or to persons acting on the Group's behalf are expressly qualified in their entirety by the cautionary statements above and by This presentation contains certain forward-looking statements that are subject to risk factors and all other cautionary statements and disclaimers contained elsewhere in the presentation. uncertainties associated with the oil and gas exploration and production business generally and specifically with the business, operations and financial position of the Group. These forward-looking By attending this presentation and/or accepting a copy of it, you agree to be bound by the foregoing statements can be identified by the use of forward-looking terminology, including the terms limitations and conditions and, in particular, will be taken to have represented, warranted and "believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or undertaken that you have read and agree to comply with the contents of this notice including, "should“, “could” or, in each case, their negative or other variations or comparable terminology, or without limitation, the obligation to keep this presentation and its contents confidential. by discussions of strategy, plans, objectives, goals, future events or intentions. These forward- looking statements include all matters that are not historical facts.

There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. For a detailed analysis of the factors that may affect our business, financial performance, or results of operations, we urge you to look at the Principal Risk and Mitigations section in our Annual Report and Accounts. Pharos Energy / 3 Company Highlights | Significant Value Upside 1 Company highlights 2 Upcoming catalysts Unique(1) • Announcement expected H1 2021 of New Industry partner in Egypt to accelerate production growth Asia-MENA E&P focused on growth and capital allocation • Double Egypt gross production to ~12,000 bopd Value opportunity through implementation multi-rig drill programme Market value disconnected from inherent value – • Re-negotiation of El Fayum contractual terms ongoing, currently trading at c.0.46x book value (2) seeking to improve netbacks significantly • Vietnam TGT development drilling starts Q3 2021 Portfolio of opportunities and optionality expected to take gross production from ~15,000 to Production 11,373 boepd (3) | Vietnam self-funding asset ~20,000 boepd • Egypt 2P reserves (4) 28.5 mmbbls + c.40% YE20 (5) • High-impact exploration potential in Egypt, Vietnam (6) • Vietnam 2P reserves (4) 21.4 mmboe and Israel

Upside Near-term production growth in Egypt and Vietnam Significant exploration potential across portfolio (6) Multiple upcoming value accretive catalysts Experience Experienced management team with track record of delivering value | Extensive in-country experience

(1)The Company believes that it has a unique footprint as an E&P company with a presence in Egypt, Vietnam and Israel | (2) As at close of business 14 January 2021 | (3) FY20 Group gross production | (4) YE19 2P reserves | (5) YE20 2P reserves40% increase provisionally estimated, subject to confirmation and CPR.| (6) Subject to current licence extension process Pharos offers a platform for organic growth & multiple attractive investment opportunities Pharos Energy / 4 Leadership Team - 3 Executives and 5 Independent Non-Executive Directors

John Martin Ed Story Jann Brown Dr Mike Watts Non-Executive Chair President & Managing Director & Managing Director Chief Executive Officer Chief Financial Officer

• Formerly the Deputy Chief Executive of Cairn • Formerly the Managing Director, Chief Financial • John has more than 30 years’ experience in • Founding Director of Pharos. Energy plc, and architect of the South Asian Officer and Executive Director of plc international banking in the oil and gas industry . strategy that led to the return of US$4.5 billion responsible for project managing Cairn India • Over 40 years industry experience previously with to shareholders between 2006 and 2012. Limited’s initial public offering. Between 2006 and • John has served as the Senior Vice President of Exxon, Superior Oil, Conquest Exploration, Holland 2012, Cairn returned US$4.5 billion to shareholders. the World Petroleum Council and held other Non- Sea Search Holding NV (HSSH), Cairn Energy, and • Over 40 years of experience in the oil and gas Executive Directors and Chair positions for . industry and closely associated with up to 50 • Jann currently serves as an Independent Non- various oil and gas E&P companies. discoveries. Executive Director and Chair of the Audit Committee of Troy Income and Growth Trust plc • Former CEO and Managing Director of and of the Scottish Ballet. Amsterdam-listed HSSH. Former management roles with , Burmah Oil and Shell International. Selected Highlights >100 years >$5 billion FTSE-100 experience $530 million

Return to Pharos shareholders Combined industry experience in Track record of value returned to Management with significant FTSE- against $231m equity raised public company management Pharos and Cairn shareholders 100 boardroom experience Pharos Energy / 5 Company Overview Diverse and complementary Asia-MENA E&P portfolio Egypt Vietnam Israel TGT WI: 29.7% El Fayum (P&D) WI: 100% TGTPharos & CNV regional (P&D) knowledgeCNV WI: 25 % Zone A & C (E) WI: 33.33% Producing fields 10 Producingand relationships fields provide 2 Licences 8 route to access further 2020 Production (gross) 2020 Production (net) Acreage material regional opportunities 5,270 bopd 6,103 boepd 2,698 km2 JV partners North Beni Suef (E) WI: 100% Blocks 125 & 126 (E) WI: 70% Cairn Energy (33.34%) Acreage Acreage 5,060 km2 10,691 km2 Ratio Oil (33.33%) Egypt 2P reserves Vietnam 2P reserves YE19 28.5 mmbbls YE19 21.4 mmboe YE20(3) (subject to YE20 CPR) Increase of c.40% ERCe Investment (1) 45 mmbbls Market cap US$114m Case(2) • Onshore, low cost, in-fill drilling • Producing asset that is self- • Low-cost option for Net debt YE20 c.US$33m path to significant short-term funding material gas production growth Neighbouring several • TGT & CNV offshore producing • Production FY20 11,373 boepd • Multiple low-risk (extensive 3D) fields - in-fill drilling to increase giant gas fields low-cost exploration production • Low commitments - Capex FY20 c.US$37m(2) opportunities – near-field, First phase seismic frontier and new plays • Blocks 125 & 126 – material studies only Egypt 2P reserves Vietnam 2P reserves • Operational flexibility frontier exploration potential • Option on East YE19 28.5 mmbbls YE19 21.4 mmboe Mediterranean gas play YE20 c.40% increase (3) P: Production | D: Development | E: Exploration | WI: Working interest | (2) ERCe Investment Cases reserves based on the assumption of two 5 year license extensions (1) As at close of business 14 January 2021 | (2)As per HY20 - Forecast cash capex for the full year 2020 of which $31.9m Regional knowledge & relationships provide route to access further material opportunities incurred by 30 June 2020. (3) YE20 2P reserves 40% increase provisionally estimated, subject to confirmation and CPR Pharos Energy / 6 Illustration of Production Growth

Egypt (WI 100%) (1),(3) Vietnam (net) (1),(2)

Investment programme of 57 wells 14 8 Infill wells programme CNV

12 7 TGT El Fayum 6 10 5 8 4 mobpd Current end of licence for each

6 mboepd 3 of CNV and TGT 4 2

2 1

0 0

1) Production profiles are Pharos net working interest monthly production rates, pre economic cut-off. Egypt working interest 100% pre farm-out. In Vietnam, Pharos has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field and is operated by the Hoang Long Joint Operating Company. Pharos’ unitised interest in the TGT field is 29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang (CVN) field. 2) Vietnam 2P Company estimated reserves YE 2020 (unaudited), TGT infill well programme includes 6 firm wells approved in the Full Field Development Plan. 3) Egypt 2P Company estimated reserves YE 2020 (unaudited) 57 wells investment case generated by ERCe; gross production post-investment generated post farm-out Pharos Energy / 7 Egypt – Low cost production growth within the Western Desert

Overview El Fayum Production The El Fayum Concession

• Egypt assets acquired on 2 April 2019 2020 Production (WI 100%) 5,270 bopd • Highly experienced in-country team with 20+ year operating history Oil 100%

• The Western Desert - one of the largest discovered Working Interest(1) resources 100%

Egypt 2P reserves

• Surrounded by analogue productive fields YE19 Location and existing infrastructure 28.5 mmbbls • Gindi Basin geologic province, in one of YE20(2) Egypt’s most prolific oil-producing regions (subject to CPR) Increase of c.40% close to Qarun, Wadi Rayan, East Beni Suef fields ERCe investment case(3) 45 mmbbls

2 Area • Total area: 6,880km • Fayum Exploration: 1,564km2 / Development: 256km2 • North Beni Suef: 5,060km2 2020 Discount to Brent (4) • Crude trucked ~200km to Suez domestic Infrastructure refinery c.$4/bbl • Export potential via Dashour (~70 km) or Sidi Kerir (~270 km, trucked)

(1) Working interest pre-farm out | (2) YE20 2P reserves- 40% increase provisionally estimated, subject to confirmation and CPR (3) ERCe investment case reserve based on the assumption of two 5-year licence extensions | (4) Unaudited YE20 discount to Brent as per Trading and Operations Update 13 January 2021 Pharos Energy / 8 Path to Doubling Production in 24 months Value-optimised Investment Case has been created for El Fayum based on improved subsurface understanding

Investment Case Summary Overview Greater Silah: Top UB Map and Investment Case Targets Breakeven

• Investment Case supported by detailed ERCE Subsurface Work • Current wells • Breakeven will improve as fixed costs/bbl • Investment case wells reduce with increasing production rates • Investment Case assumes future drilling programme: • El Fayum Brent breakeven (1): 2021 2022 (1) Rigs 2-3 3 o NPV13: ~$38-42 /bbl incorporates ongoing reductions in Wells 26 31 crude price discounts and refinery fees • Recovery Factor: 18% Ultimate RF o Post Investment Case at 12 mbpd: <$30/bbl (2) • Production growth to double Egypt production to > c.12,000 bopd

• New wells: 57 wells • Successful negotiations with EGPC regarding improvements to the El Fayum • 48 producers Concession terms could improve El Fayum

• 9 water injectors Brent NPV breakeven by up to ~$6/bbl

• Drilling programme: Ramp up to 3 rigs

• 57 future development locations

• Full deployment of water flood programme

• Additional impact from capital light, high rate of return workover programme

• Well cost for drilling and completion ~ $1.63 mm

(1) Life of field, NPV 13. Range depends on pace of investment, as presented in the Company’s Interim Results presentation on 26 August 2020 (2) Indicative investment case peak annual average production. Pharos Energy / 9 Near Term Activity Map of Egypt Concession – Silah Field Key Near term activity on Egypt assets intended to support planned investment programme ahead of 2020 Pilot Waterflood farm-out completion. Wells to be completed as water injectors Focus on providing reservoir pressure support, arresting decline and boosting incremental Wells to be recompleted as water injectors production, through: Wells to be recompleted to add waterflooded zones to production 1. Completion of 2 water injector wells that have already been drilled Injection wells

Production wells 2. Well intervention – re-entry and perforation of 2 wells to convert to water injection 2020 Phase 1a Pilot Water Flood Well

3. Recompletions – recomplete 6 wells to add 500 Oil prod Water inj 3,500 450 waterflooded zones to production 3,000 400 330% production increase due to 2,500 • Relatively low cost focussed investments expected 350 WF from 85bopd bopd to 370 bopd 300 to have short-term impact on production from a 2,000 250 number of existing wells 1,500 200

• Economics for the total programme are very 150 1,000 Oil production, production, Oil Water injection, bwpd attractive: payback of ~15 months (with shorter 100 500 paybacks for individual investments); IRR>100%; 50 (1) 0 0 Capital Productivity Index (CPI) ~5 Top UB Sand Depth Map 2019 2020

(1) CPI = NPV+discounted capex)/discounted capex. Pharos Energy / 10 Value Growth Portfolio with Future Optionality Potential to Develop One of the Most Material Oil Positions Onshore Egypt (mmbbls)(1,2) • The El Fayum Investment Case is just the first step • Multiple options for further growth have been identified • Securing a partner through the farm-out process will allow concurrent investment in multiple projects 343

75 49 45 Illustrative Portfolio Growth Through Identified Opportunities (mmbbls)

? NBS Eastern Desert Frontier exploration NBS ? NBS Western Desert “More of the Same” Low risk exploration ? NBS Appraisal of Discovered Resource (Possible unitisation of West of Nile Field) El Fayum Full Development ? El Fayum New Plays El Fayum 20 El Fayum “More of the Same” Key: Low risk exploration • Development 45 El Fayum AR ‘F’ Unconventional Resource RF 3%

El Fayum Discovered Contingent Resource 48 • Exploration Full development Additional 48 mmbbls 2 to 30% RF

45 El Fayum Discovered Resource Investment Case 45 mmbbls2 to 18% RF

(1)Source: Wood Mackenzie, Pharos figure as per ERCe Investment Case. Note: Excluded EGPC. Wood Mackenzie net commercial onshore liquids volumes presented for non-Pharos. (2)ERCe reserves development based on the assumption of two 5 year license extensions Pharos Energy / 11 Egypt Farm-Out

• Farm-out provides opportunity to fast track material production growth to double Egypt production to > c.12,000 bopd through implementation of defined investment programme: “Investment Case” of 57 well targets identified costing US$1.63m per well • Provides technical and financial validation for project • Significant interest from credible counterparties. This will provide Pharos with a quality partner and ensures competitive tension throughout the process • Farm-out process involves a single round of bids only, due early Feb 2021

Farm-out process details

Farm-out Targeting 30% of Pharos’ interests in Egypt

NDAs signed (1) 24

Management presentations undertaken (1) 14

Bids due Early February 2021

Agreement expected to be signed H1 2021

Expected close H2 2021

(1) As at 13 January 2021 Pharos Energy / 12 Vietnam – Self funding asset in a growing economy and stable operating environment

Overview Upcoming activity Cuu Long Basin - TGT and CNV Fields

• Self-funding asset • Commencement of 6 well drilling • Active in Vietnam for more than 20 years with highly programme, to begin drilling in Q3 experienced in-country team 2021 • Zero Lost Time Injury (LTI) since inception • CPR update for YE20 in progress • ~99% of oil sold domestically to local refineries with strong premium to Brent TGT & CNV Production 2020 Net Production Location • TGT Field – Block 16-1 6,103 bopd TGT Field • CNV Field – Block 9-2 • CNV field • Offshore Vietnam in the shallow 1,556 boepd water Cuu Long Basin • TGT field 4,547 boepd

(1) Area • Total area: 10,958.95km2 Working Interest 25% • TGT: 173km2 • CNV field • CNV: 94.5km2 • TGT field 29.7% CNV Field Vietnam 2P reserves YE2019 • Established infrastructure, no Infrastructure additional investment needed 21.4 mmboe (2) 2020 Premium to Brent TGT Field • First production 2011 CNV breakeven: ~$17/bbl (3) Breakeven (3) c.$3/bbl CNV Field TGT breakeven: ~ $28/bbl (3) • First production 2008 Operator: HLHVJOC

(1)Pharos has a 30.5% working interest in Block 16-1, which contains 97% of the Te Giac Trang (TGT) Field. Pharos’ unitised interest in the TGT field is 29.7%. Pharos also has a 25% working interest in the Ca Ngu Vang (CVN) field located in Block 9-2 (2) Unaudited YE20 discount to Brent as per Trading and Operations Update 13 January 2021 | (3) NPV 11, life of field, as presented in the Company’s Interim Results presentation on 26 August 2020 Pharos Energy / 13 Exploration - High-Impact Oil & Gas Potential High-impact oil potential High-impact gas potential

Blocks 125 & 126

Egypt Vietnam Israel El Fayum & North Beni Suef exploration(1) Blocks 125 & 126 Zone A & Zone C • El Fayum new plays and deep potential • Technical work continues • 8 licences in 2 contiguous zones • North Beni Suef new exploration concession • Numerous prospect and leads have been • Venture partners: Cairn Energy | Ratio Oil | signed in December 2019 identified using the acquired 2D seismic, Pharos Energy • Western and Eastern Desert Potential gravity and magnetic data. 3D seismic • Tamar and Zohr Play Potential • 3D seismic is being interpreted survey(s) is planned over high graded leads • Option on East Med Gas Markets • Working interest: 100% Working interest: 70% • Working interest: 33.33% (1) Subject to licence extension for El Fayum • Pharos Energy / 14 Value Catalysts | Near Term and Highly Accretive

Egypt Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22

Farm-out process and execution

Pressure support / H2O injection

Licence extension – Parliamentary ratification

Re-negotiation of licence terms

Development wells Vietnam

Development wells

3D seismic

Multiple upcoming value catalyst providing opportunity for material growth and re-rating Pharos Energy / 15 Conclusion

Low cost development Multiple near term value drilling on existing accretive catalysts producing asset base

Significant short-term Currently trading at a production growth deep discount to book value Appendix Pharos Energy / 17 Pharos History 1997 2008 2011 2019 2020 Time

Listed on London Stock Vietnam Vietnam Egypt Current portfolio in Israel, Egypt and Exchange First oil from CNV First oil from TGT Acquisition of Merlon Petroleum El Fayum Vietnam Israel - Signed 8 licences HQ in London, UK

c.$530m Shareholders Shareholding by Geography

* Data as at 21 December 2020 * Data at 21 December 2020

2.3% Management, 6.86% UK Directors, Relations 29.67% Central America 37.93% Top 10 16.32% Institutions North America 52.32% Others Western Europe 22.12% 32.4% Other Pharos Energy / 18 Operating a sustainable business

Responsibility framework (data as at YE19)

Environment Society Business Ethics People • 730,000 litres of diesel • $400,0001 total training levy in • ~99% • 100% • 100% of staff receive • Zero Lost Time Injury use per year and Vietnam and Egypt for industry TGT/ CNV Oil El Fayum Oil anti-bribery and in Vietnam and Egypt associated emissions capacity building in 2019 corruption training in in 2019 2 Oil sold and used domestically, contributing eliminated through 2019 associated-gas generators • $245,379 community and to host country development goals and access to • 5/6 of UK Head of in 2019 charitable investments supporting energy and replacing coal in 2019 • $232.7m taxes and Department partnerships and projects in royalties paid to host positions filled by • 30% reduction of flared Vietnam in 2019 government in 2019 women in 2019 gas at North Silah Deep in 2019

Climate Change policy Carbon Disclosure Project Task Force on Climate-related Financial Disclosures & other policy statements Grade C in 2020 Work to ensure we are prepared to report in line with the www.pharos.energy/responsibility/p TCFD guidelines has begun and is progressing olicy-statements/

(1) $300,000 training levy for Vietnam, and $100,000 training levy in Egypt for El Fayum | (2) Vietnam – full 12 months | Egypt – from 02/04/2019 (completion of the Egyptian transaction) to 31/12/2019 (274 days). There has been one fatality in Q4 2020. Pharos Energy / 19 Environment Case Study - 2019 To protect the environment and conserve biodiversity

Reduction in GHG emissions

• Through Phase One utilisation of associated-gas generators • Elimination of 730,000 litres of diesel use per year and associated emissions • 30% reduction of flared gas at North Silah Deep

Recycling of used oil fluids, and disposal of solids, through Petrotrade Company

Replacement of Silah base and site diesel generators with Mains power – permitting in progress

Prevention of environmental contamination during drilling, by closed system capture of all drill cuttings, solids, and fluids • Implement of closed water drain system at Silah to avoid surface soil contamination • Continue to close ‘gaps’ identified in third party site HSE audit Pharos Energy / 20 Operating a sustainable business – H1 2020

Business continuity Social investment initiatives

• Despite COVID-19, operations have continued without Egypt disruption in Egypt & Vietnam • Petrosilah donated face masks, face shields, and • Business continuity plans remain effective across our protection suits to the El Fayum General Hospital locations

Egypt Vietnam • Onshore operations - robust health & safety measures in • Continued support to HLHVJOC Charitable place Donation Programme

• Projects in the first half focused on charitable Vietnam donations of medicines and food to local • Offshore operations - robust health & safety measures in families and hospitals, education and place assistance to flood victims Pharos Energy / 21 Non-Executive Directors

John Martin Rob Gray Marianne Daryabegui Lisa Mitchell Geoffrey Green Non-Executive Chair Deputy Chair, Non-Executive Non-Executive Director Non-Executive Director Non-Executive Director Director and Senior Independent Director Rob has been an adviser to the natural Marianne is currently a Managing John has more than 30 years’ Lisa is currently the Chief Financial Officer of San Geoffrey Green currently serves on the Board of resources sector for more than 30 years. Rob Director at Natixis, and was previously experience in international banking in Leon Energy plc. Lisa is an experienced CFO with Vedanta Resources Limited where he is also Chair qualified as a solicitor in 1981 at Allen & the Head of Natural Resources at BNP the oil and gas industry and was a Senior over 25 years’ international experience, across the of the Remuneration Committee. Geoffrey has Overy and then went on to help establish Paribas in Paris, France. She has Managing Director in the Oil and Gas oil and gas, mining and the pharmaceutical many years of legal and commercial experience in James Capel & Co. Petroleum Services, a extensive experience in oil and gas team at Standard Chartered Bank. Prior industries. She was most recently CFO and advising major UK listed companies on corporate successful advisory and Mergers & corporate transactions and capital to joining Standard Chartered in 2007, Executive Director of Lekoil Limited the African and governance issues, mergers and acquisitions Acquisitions practice. Rob’s experience markets and has advised oil majors, John worked for ABN Amro for 26 years, focused oil and gas exploration and production and corporate finance. Geoffrey retired as a includes 13 years at Deutsche Bank where he independent E&Ps and national oil specialising in the energy sector. John company with interests in Nigeria. Previously, Lisa partner of Ashurst LLP in 2013, a leading was latterly a Senior Advisor having been companies. Prior to leading the Oil and has served as the Senior Vice President was CFO and Executive Director at international law firm, after 30 years as a partner Chairman of UK Investment Banking for ve Gas Corporate Finance Team in 2006, of the World Petroleum Council, and as plc, formerly a FTSE 250 company where she was and 10 years of service as the senior partner and years and formerly Global Head of Natural Marianne worked for eight years in BNP an Independent Non-Executive Director responsible for contributing to the overall business chair of its management board. He served as head Resources. Rob was previously a Director and Paribas’ Energy Commodities Export of plc. He was strategy of Ophir; leading the finance function of Ashurst’s Asia practice from 2009 to 2013, Head of the Natural Resource Group at Project Department where she headed previously Chairman of Falkland Oil and including all financial, taxation, treasury and based in Hong Kong, and was responsible for Robert Fleming & Co. Ltd. for four years, a the Commodity Structure Finance team Gas Limited, an Independent Non- funding requirements and investor relations. Lisa’s leading the firm’s strategy and business group which he established. Between 2000 for the Middle East and Africa. Before Executive Director on the board of previous roles include CSL Limited, and Mobil Oil development for the region. Geoffrey is currently and 2010, Rob was an Advisory Board joining the banking sector Marianne Bowleven plc and, an Independent Non- Australia. Lisa is a Certified Practicing Accountant also the Non-Executive chair of the Financial Member for Heerema Marine Contractors. spent eight years at TOTAL. Marianne Executive Director and Chair of the (CPA Australia) and holds a Bachelor of Economics Reporting Review Panel, one of the main Rob was a co-founder of RegEnersys, a has a Master’s degree in Finance and Audit Committee of Total E&P UK (major in Accounting) from La Trobe University, subsidiary bodies of the Financial Reporting natural resources investment entity and is Capital Markets from Sciences Po Limited. Melbourne and a Graduate Diploma in Applied Council. He has a degree in law from Cambridge currently the principal of ReVysion LLP. In University, Paris and a Masters in Tax Corporate Governance from the Governance University and qualified as a solicitor at Ashurst 2018 Rob was appointed an adviser to the T2 and Corporate Law. Institute of Australia.. Energy Transition Fund of Tikehau Capital. LLP. Egypt Low cost material production growth Pharos Energy / 23 Egypt Investment Case Production Profile Breakdown

• The chart opposite shows Production Profiles (gross) the forecast Investment Historical Production NFA Production New Wells Production Well Workovers Production Case production profile NFA Cumulative New Well Cumulative Well Workovers Cumulative Historical Cumulative

broken down by no further 14,000 70 activity (NFA), new wells 11 mmbbls and workovers 12,000 60 • Over 80% of the forecast 24 mmbbls recoverable volumes are 10,000 50 contained in the Greater 23 mmbbls Silah Area (Silah, North 8,000 40 Silah and North Silah Deep) 10 mmbbls 6,000 30

4,000 20 Oil Production Rate (bbls/d) Cumulative Production (mmbbls) Production Cumulative

2,000 10

0 0 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27 Sep-28 Sep-29 Sep-30 Sep-31 Sep-32 Sep-33 Sep-34 Sep-35 Sep-36 Sep-37 Sep-38 Sep-39

Notes: ERCe reserves based on the assumption of two 5 year license extensions | Gross production post-investment generated post farm-out Pharos Energy / 24 Sanction-Ready Investment Case Plus Further Recoverable Volumes (1) Overview Production Profiles (gross) 20 Investment Case • Only one fifth of recoverable volumes produced to date 18 Half of the volumes The Investment Case to recover 45 mmbbls beyond the o 16 Investment Case o Beyond the Investment Case another 48 mmbbls 14 (24 of 48 mmbbls) 12 • The Investment Case is planned out and ready to sanction 10 57 targets identified o 8 o Low cost development ($1.63mm per well) 6 • Additional drill locations identified beyond the Investment Case 4 • Investment Case Supported by Detailed ERCe Subsurface Work 2 0 El Fayum Annual Production (gross, mbbls/d) (gross, Production Annual El Fayum

(1) Based on the ERCe Investment Case assumption of two 5 year license extensions Investment Case Recovery factor 18% Ultimate RF (mmbbls, RF %) 57 wells: New Wells • 48 producers • 9 water injectors

Drilling Programme Ramp up to 3 rigs Pharos Energy / 25 Drilling Programme

Schematic Drilling Programme = producer = water injector 20 – 24 month programme

Drilling 1 3 5 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 Rig 1 START

Drilling 2 4 6 8 11 14 17 20 23 26 29 32 35 38 41 44 47 50 53 56 Rig 2

Drilling 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 Rig 3

* Financing of 57 wells drill programme subject to completion of successful farm out and reinvestment of cashflow. Investor Relations Pharos Energy Tel: 020 7747 2000 27/28 Eastcastle Street London W1W 8DH United Kingdom Company No: 3300821

www.pharos.energy