NAPE International Pavilion Presentation 22nd February 2012 Large Prospect Inventory • Over 4,500 sq. kms of 3D data covering entire licence & northern part of basin • 3D is excellent quality and illuminates geology of basin • Competent Persons Report Issued • 28 prospects identified – 6 structural, 22 stratigraphic • Best Estimate resource potential 2,107mmbo, with upside of 7,301mmbo • Large inventory of prospects, supported by excellent quality 3D seismic • Plays de-risked by adjacent discoveries • Several prospects with similar seismic anomalies to Sea Lion • Operationally straightforward, WD<500m, TD<3000m, DHC c.$30mm February 2012 2 North Falkland Basin Tectonic Elements Zeus February 2012 3 Zeus & Demeter Prospects Zeus Line Section A A’ Demeter Zeus February 2012 4 Early Cretaceous Basin Floor Architecture February 2012 5 Early Cretaceous Lacustrine Delta Seismic Line A A’ February 2012 6 Paleogeography, Plays & Leads Lower Early Post Rift February 2012 7 Paleogeography, Plays & Leads Upper Early Post Rift February 2012 8 Schematic Cross-Section Northern North Falkland Basin A A’ February 2012 9 Rhea Stack (Selene, Kratos D&E, Rhea & Poseidon B,C,D&E) Selene Kratos Rhea Poseidon Mmbo P90 66 P50 346 P10 1,193 February 2012 10 Rhea Stack (Selene, Kratos D&E, Rhea & Poseidon B,C,D&E) February 2012 11 Rhea Prospect Amplitude Anomaly February 2012 12 Kratos Stack (Oceanis, Iris, Kratos A,B&C, Elphis, Poseidon A) Oceanis Iris Kratos Elphis Poseidon Mmbo P90 51 P50 214 P10 625 February 2012 13 Kratos Stack (Oceanis, Iris, Kratos A,B&C, Elphis, Poseidon A) February 2012 14 Kratos Prospect Amplitude Anomaly February 2012 15 Helios Stack (Helios, Metis & Triton) Triton Helios Metis Mmbo P90 61 P50 790 P10 2,990 February 2012 16 Helios Stack (Helios, Metis & Triton) February 2012 17 Helios Stack (Helios, Metis & Triton) A A’ February 2012 18 Amplitude Map at Base of Helios Fans A A’ February 2012 19 Summary Potential of Argos Licence PL001 • Adjacent to Sea Lion / A significant piece of Johnson – A Good Address • Identified more prospectivity than expected, supported by excellent 3D seismic data • Several prospects with seismic anomalies similar to Sea Lion • Vertical wells & simple side-tracks can test multiple targets Operating Environment • Top Quartile Fiscal Terms • Transparent & Supportive Business Environment • Infrastructure & Logistics Established for Year-Round Operations • Sea Lion Success will Stimulate Further Exploration February 2012 20 NAPE International Pavilion Visit Us at Booth 750 .