ORYX PETROLEUM: AN UPSTREAM LEADER IN AFRICA & THE MIDDLE EAST Investor Presentation - October 2013 BUILDING A FULL-CYCLE EXPLORATION, DEVELOPMENT AND PRODUCTION COMPANY A sizeable and diverse portfolio focused on highly prospective oil regions ► Six license areas focused on Africa and Middle East ► Significant recent discovery with further upside • 164 MMbbls proved plus probable reserves ($0.8 billion AT NPV10) • 200 MMbbls contingent resources ($1.5 billion AT NPV10) ► First production targeted for Q2 2014 ► Large prospective oil resource base • 1,208 MMbbls unrisked (~$8.0 billion AT NPV10) ► Strong capitalisation: ~$1.0 billion of equity capital • $700 million from The Addax & Oryx Group (AOG) • $23 million from management and private investors • $237 million net proceeds from IPO ► ~$440 million cash on hand to fund active exploration, appraisal and first phase development program through mid-2014 ► TSX listed (ticker: OXC) Private and Confidential 2 PROVEN SENIOR MANAGEMENT TEAM Key management team members successfully established, developed and sold Addax Petroleum Jean Claude Gandur ► Former CEO and founder of Addax Addax Petroleum Chairman Petroleum ► Founder and Chairman of The ► 5th largest producer in Nigeria Addax & Oryx Group Ltd. ► Pioneer in Kurdistan Region of Iraq ► Recipient of honorary titles and awards from Benin, Nigeria, $60.00 Sale @ C$52.80 Senegal and Congo (Brazzaville) (Enterprise Value of C$10.2 billion) $50.00 Michael Ebsary ► Former CFO of Addax Petroleum Chief Executive Officer ► Elf and Occidental $40.00 $30.00 Henry Legarre ► Former M.D. Middle East Business Chief Operating Officer Unit of Addax Petroleum Equity raised @ C$27.25 (Pan-Ocean acquisition) ► Chevron (Angola, Nigeria and US) $20.00 IPO @ C$19.50 (Enterprise Value of C$2.4 billion) $10.00 Craig Kelly ► Former Head of Corporate Finance Addax created C$5.2 Billion in Shareholder Value Chief Financial Officer of Addax Petroleum (34% p.a. return to IPO investors) ► RBC Capital Markets, Ernst & $0.00 Young Private and Confidential 3 SUBSTANTIAL IN-HOUSE TECHNICAL EXPERTISE Utilising its technical expertise to extract value and drive the pace of development Operational Team of 30+ Professionals Extensive Industry and Country Experience ► Led by Henry Legarre (COO) • Formerly Managing Director of Addax Petroleum’s Middle East operations Tunisia Syria • Led the development of Taq Taq in Kurdistan Lebanon • 20 years with Chevron in Angola, Nigeria and U.S. Iraq Algeria Qatar Libya UAE Egypt Saudi ► Geologists Arabia ► Subsurface engineers Senegal Guinea Nigeria Bissau Ethiopia ► Drilling / facilities engineers Ivory Cameroon Coast Kenya Gabon ► Regional operational managers Congo Tanzania ► New ventures specialists Angola ► Health, safety and environment specialists Private and Confidential 4 DIVERSIFIED AND SIZEABLE ASSET BASE Multiple play types, high average working interest and large scale opportunities 2 Hawler ► Six large license areas covering ~9,000 km ► Multiple play types across different geographies • Onshore, shallow offshore, deepwater • Proven hydrocarbon basins • 100% oil focused ► High equity interests and operatorship OML141 HMA • Operator/technical partner in 4 of 6 licenses • >30% interest in 5 of 6 licenses ► Large scale reserves and resource potential • ~1.6 billion barrels of reserves and unrisked resources (31/03/2013) Private and Confidential 5 HAWLER LICENSE (KURDISTAN REGION OF IRAQ) Demir Dagh Discovery followed by appraisal / development and drilling of three exploration wells in 2013 ► February 2013 discovery at Demir Dagh (100%) • 252 MMbbls 2P reserves (3P: 960 MMbbls) • 307 MMbbls 2C resources (3C: 933 MMbbls) Spud: June 2013 • 49 MMbbls unrisked prospective resources Est TD: Oct/Nov 2013 Spud: July 2012 ► 3 additional identified oil prospects: TD: Dec 2012 250 225 Total Gross (100%) Prospective Resources: 444 MMbbls Wells 196 (WI: 289 MMbbls) Discovery %) 200 Spud: September 2013 Planned Est TD: Jan/Feb 2014 Exploration 150 Planned Appraisal 100 Spud: April 2013 50 Prospective Prospective Resources Unrisked Gross (100 23 TD: Aug 2013 0 Ain Al Safra Banan* Zey Gawra * does not reflect recent extension of license area Working Interests Work Program ► 65% Oryx Petroleum (Operator) ► 2013: 3 more exploration wells (AAS-1, ZEG-1, BAN-1), 1 appraisal well (DD-3), DD-2 re-entry, 2D seismic ► 20% KRG ► 1H 2014: 2 planned appraisal wells (DD-4 and DD-5) with additional ► 15% KNOC appraisal / development wells, 3D seismic ► Early production facility and first oil expected in Q2 2014 Private and Confidential 6 DEMIR DAGH DISCOVERY: EXPLORATION SUCCESS Demir Dagh: Significant oil discovery with further upside potential MD metres ▲994m Pila Spi Pre Drill Post Drill ▼1137m ▲1137m Gercus ▼1190m (MMbbls) WI (MMbbls) WI ▲1190m Sinjar ▼1305m Proved plus ▲1305m TERTIARY Probable - 164 Kolosh DD-2 Test Results Reserves Oil API Thickness Test ▼1638m Rate (bbl/d) GOR Gravity Frac Int (m) No. ▲1638m Shiranish Contingent ▼1757m Shiranish- 79 200 263m ▲1757m Kometan ▼1766m Resources ▲1766m Kometan-Upper 6,700 22-24°* 263 70 6 Qamchuqa Qamchuqa & Sarmord Prospective 69 32 ▼2107m CRETACEOUS Resources ▲2107m Garagu ▼2223m ▲2223m 729m Najmah Najmah 400 10° 729 - 5 ▼2953m ▲2953m Naokelekan- Not 74m Naokelekan & Sargelu ▼3026m 29-32° 74 - 4 ▲3026m JURASSIC Sargelu measured Alan ▼3302m ▲3302m Mus ▼3322m Mus 2,210 37-42° 20 4,124 3 80m ▲3322m Adaiyah Adaiyah 2,780 37-42° 60 2,925 2 ▼3488m ▲3488m Butmah ?m ▼3711m Butmah Inconclusive 1 ▲3711m Baluti ▼3768m ▲3768m Kurra Chine TRIASSIC *Preliminary Lab results to be confirmed ▼4018m Private and Confidential 7 DEMIR DAGH DISCOVERY: NSAI VOLUME ESTIMATES (MMbbls) 100% Interest Unrisked Contingent Prospective Reserves Resources Resources 1P 2P 3P 1C 2C 3C Low Best High Shir-Kom-Qam 91 252 960 111 242 598 Naok-Sargelu 11 44 132 Mus-Adaiyah 2 22 203 Butmah 5 23 333 Kurra Chine 5 27 172 TOTALS 91 252 960 124 307 933 9 50 504 ► 100% of 2P and ~80% of 2C booked in Cretaceous ► 16% recovery in 2P / 2C / Best Estimate ► Key classification drivers • 1,2,3 P/C: Matrix recovery factors (10%, 12%, 20%) • P vs C: distance from discovery wells ► Successful appraisal drilling expected to result in upgrades Private and Confidential 8 DEMIR DAGH DISCOVERY: APPRAISAL AND EARLY DEVELOPMENT Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 DD-2 Re-entry DD-3 Appraisal Well DD-4 Appraisal Well DD-5 DD-2 DD-5 Appraisal Well BAN-1 DD-1 DD-6 Appraisal / DD-4 Development Well DD-3 DD-7 Appraisal / Development Well 3D Seismic Early production facilities / infrastructure Appraisal Appraisal / Development Seismic Infrastructure First Phase Development ► Drilling: DD-2 re-entry, 3 appraisal wells, 2 appraisal / development wells ► 3D Seismic acquisition and post-drill studies ► Early Production Facility (25,000 → 40,000 bbl/d capacity) ► First production Q2 2014 (7,000 – 9,000 bbl/d gross) ramping-up to ~25,000 bbl/d by Q4 2014 Second Phase Development ► 2P reserves targeting ~100,000 bbl/d from a Permanent Production Facility ► First production from Permanent Production Facility expected in early 2016 Private and Confidential 9 KURDISTAN EXPORT DYNAMICS ITP Khurmala – Faysh Khabur Khurmala – Dohuk Khurmala – Erbil Refinery ► Domestic processing capacity ~200,000 - 40” & 46” pipelines Planned 40” oil pipeline 24/36” oil pipeline 20” oil pipeline 250,000 bbl/d 600 & 900 Mbbl/d capacity 1 MMbbl/d capacity 300+ Mbbl/d capacity 150 Mbbl/d capacity • Realisations of $60 - $70/bbl ► Crude currently exported independently by truck via Turkey per Energy Framework Faysh Khabur Agreement signed in March 2013 • 30,000 – 40,000 bbl/d from Taq Taq with $75/bbl realisation net of transport • Forecasted production capacity to soon 2b Proposed mainline Converted gas pipeline 2a exceed trucking capacity ► Two principal export pipeline options both headed for Ceyhan port in Turkey 1) Via Federal Iraq – Khurmala Dome to ITP 2) Via Kurdistan – Khurmala to Dohuk to Faysh 1 Khurmala Dome > ITP Khabur a) Converted gas pipeline (300,000 bbl/d) b) Proposed 1 MMbbl/d mainline ► Hawler license area well situated for both domestic and export sales Private and Confidential 10 HAWLER EXPLORATION DRILLING: THREE MORE WELLS IN 2013 Zey Gawra (ZEG-1) ► NSAI: 23 MMbbl unrisked gross (100%) prospective resources (9 MMbbl risked) ► Northern extension of Kirkuk field ► Reached 4,398m TD in August 2013 ► Minimum of four zones to be tested; est. completion in Q4 2013 Wells Discovery Planned Exploration Planned Ain Al Safra (AAS-1) Appraisal ► NSAI: 225 MMbbl of unrisked gross (100%) prospective resources (44 MMbbl risked) ► Drilling suspended at ~3,000m; after reaching primary targets ► Testing of three lower Jurassic zones scheduled for Sept/Oct Banan (BAN-1) ► NSAI: 196 MMbbl unrisked gross (100%) prospective resources (102 MMbbl risked) ► Targets: oil in Cretaceous, Jurassic and Triassic ► Proximity to Demir Dagh; common spill point ► Spud in mid-September 2013 with expected TD in Q1 2014 ► 2D seismic acquisition over extension in Q4 2013 Private and Confidential 11 HAUTE MER A & HAUTE MER B (CONGO (BRAZZAVILLE)) Discovery and further exploration for oil adjacent to large producing fields ► 890 km2 in 200 – 1,200m water depth ► 5 prospects and 11 leads identified targeting 625 MMbbls best estimate unrisked gross (100%) prospective resources (WI: 160 MMbbls) ► Turbidite Tertiary and Cretaceous Carbonate targets Wells Spud: Nov/Dec 2013 Planned Est TD: Jan/Feb 2014 similar to neighbouring large discoveries • Total: Moho Bilondo & N’kossa - >100,000 bbl/d • Chevron: Block 14 (Angola) - 200,000 bbl/d Spud: Aug/Sept 2013 ► Recently announced Elephant (E-1) discovery Est TD: Oct/Nov 2013 • Overall results consistent with pre-drill expectations Spud: May 2013 • Testing planned for late 2013 TD: August 2013 ► Two additional prospects to be drilled in 2013/2014 Haute Mer A (WI) Haute Mer B (WI)* Work Program ► 20% Oryx Petroleum ► 30.00% Oryx Petroleum ► 2013: 3D seismic acquired, 2 exploration wells (E-1, H-1) ► 45% CNOOC (Operator) ► 34.62% Total (Operator) • E-1 reached TD in early August ► 20% CPC ► 20.38% Chevron • H-1 spudded in late August ► 15% SNPC ► 15.00% SNPC ► 2014: 1 exploration well (Kaki Main) * Pending Final Government Approval.