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Corporate Update January 2021 Pharos Energy / 2 Disclaimer

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Corporate Update January 2021 Pharos Energy / 2 Disclaimer Pharos Energy Corporate Update January 2021 Pharos Energy / 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 United Kingdom 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 Cairn Energy 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 Vedanta Resources. 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 Premier Oil, 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.
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