Hunting PLC

Corporate Strategy

Maximise Global Footprint

Continuance of Market Share Strength

Proprietary Technologies

Asset Utilisation

2

2006 Half Year Results Summary

Revenue £886m (2005 – £668m)

EBITDA £51.5m (2005 – £32.9m)

Profit from Operations £38.5m (2005 – £22.4m)

Profit before tax £35.3m (2005 - £19.1m)

Tax charge 35.1% (2005 – 35.1%)

Basic EPS 16.6p (2005 – 10.9p)

Interim Dividend 2.3p (2005 – 2.0p)

+ 33%

+ 57%

+ 72%

+ 85%

+ 52%

+ 15%

3

Half Year End

June 2006 June 2005

Revenue£m

Profit fromOperations

£m

Operating Margin Revenue

£m

Profit fromOperations

£m

OperatingMargin

Gibson Energy

- Marketing

- Other

Hunting Energy

Others

561.8

132.7

132.9

58.4

885.8

7.8

14.3

16.1

0.3

38.5

1%

11%

12%

1%

4%

442.5

86.1

92.8

46.8

668.2

8.8

3.9

9.2

0.5

22.4

2%

5%

10%

1%

3%

Revenue and Profit from Operations

4

Financial

Net Borrowings

Gearing

Interest Cover

June2006

£109.6m

55%

10.4x

June2005

£137.8m

108%

6.8x

5

Capital Expenditure

June2006£m

June2005£m

Gibson EnergyHunting EnergyOther Activities

11.113.5 1.225.8

5.89.2

1.616.6

Split: Maintenance

New business10.0

15.825.8

7.6 9.0

16.6

6

Cash Flow

June 2006 £m

June2005 £m

Cash from operationsCapital ExpenditureInterest

FREE CASH FLOW

AcquisitionsDisposalsDividendsOther

(Increase) in Debt

16.5(25.8)

(4.8)

(14.1)

(0.9)0.5

(5.2)7.1

(12.6)

20.6(16.6) (4.1)

(0.1)

(0.7)4.9

(3.0)(8.3)

(7.2)

7

Gibson Energy

8

June2006£m

OperatingMargin

June2005£m

OperatingMargin

Marketing

Truck Transportation

Terminals and Pipelines

Canwest Propane and Natural Gas Liquids

Moose Jaw Asphalt

7.8

4.1

2.2

1.8

6.222.1

1%

8%

30%

6%

14% 3%

8.8

1.8

2.4

1.5

(1.8)12.7

2%

6%

39%

6%

-2%

Gibson EnergyProfit from Operations

9

Gibson Energy

10

Gibson EnergyMarketing Activities

Buy, sell trade 250k bbls/day Crude Oil – Light, Heavy, Bitumen Diluent (Natural Gas Condensate) LPG, Natural Gas, Propane Wellsite Fluids

Ten strategically placed custom terminals used for quality management

Specialized skills in trading, risk management, logistics systems, control

Marketing assets throughout Western Canada, together with trucks and strategically placed pipelines. A creation of time and quality based arbitrage can occur in virtually any market condition

Over 20 grades of Canadian crude are aggregated on multiple feeder pipeline systems giving multiple sources of arbitrage

11

Gibson EnergyMarketing Opportunities

Expansion of assets Physical and financial

Athabasca heavy oil volume growth

Increased gas market share

Expansion of Wellsite Fluids business

Emerging Carbon Dioxide markets

Volatility

£m 04 05 06 (6mos)

Profit from Operations 7.0 10.7 7.8

12

Gibson EnergyTruck Transportation Activities

600 tractor units, 1,000 trailer units – largest crude oil fleet in Western Canada

250,000 bpd hauling capacity HSE excellence Synergies between business units

Truck Transportation % of Gross Margin by Product

Crude & Diluent74%

LPG 11%

Propane / Butane

3%

Other7%

Asphalt5%

13

Gibson EnergyTruck Transportation Opportunities

Tar sand growth Enhanced margins in growing business environment Diversify by growing chemical, asphalt and Wellsite

Fluid hauling Lead industry in “next generation” trailers Invest replacement capital in multi-functional trailers State of the art onboard computer system

electronic data capture real time invoicing and custom billing web access compliance and driver monitoring

£m

04 05 06 (6 mos)Profit from Operations 2.6 4.9 4.1

14

Gibson EnergyTerminals and Pipelines

Provost Pipeline

17%

Edmonton Terminal

17%Bellshill Pipeline

9%

Hardisty Terminal

57%

Oil Terminals and Pipelines % of GrossMargin by Facility

15

Gibson EnergyHardisty Terminal

Largest of the Gibson Terminal facilities

1.6 million barrels of storage

250k bpd throughput

Strategic location

Large land position surrounding existing site available for expansion

16

Gibson EnergyEdmonton South Terminal

Handle 100% of diesel produced by Suncor facility in Fort McMurray (10 year T.O.P. contract)

Receive product by pipeline and load to rail and trucks

Receive crude oil and condensate by pipeline, truck and rail in support of Gibson Marketing blending operations

Commissioning new rail facility to handle 100% of Petro-Canada’s low sulphur diesel (10 year T.O.P. contract)

17

Gibson EnergyEdmonton North Terminal

New facility – 310K barrel capacity

Pipeline connected to feeder pipeline systems to facilitate receipt of crude oil and condensate in support of Gibson Marketing blending operations

Connected to Enbridge mainline and Transmountain export pipelines

18

Gibson EnergyCanwest Operations

Second largest propane company in Canada

Operations in British Columbia, Alberta, Saskatchewan, Washington State

12 branches and 27 storage facilities

145 fully equipped, delivery and service vehicles

128 branches, operational and sales personnel

19

Gibson EnergyMoose Jaw Asphalt

Processing and Distribution

Road asphalt Roofing Flux Tops and distillate Wellsite Fluids Off-road diesel fuel

Moose Jaw Asphalt % Sales Volume by Product

Asphalt48%

Well Site Fluids20%

Tops32%

20

Gibson EnergyMoose Jaw Asphalt Opportunities

Plant utilisation

Roofing Flux market growth

Expanded frac/distillate/diesel/tops

Regional storage

Taking advantage of multiple crude stream access

21

Hunting Energy

22

June2006£m

Operating Margin

June2005£m

OperatingMargin

Well Completion

Well Construction

Exploration & Production

10.3

4.0

1.8

16.1

11%

11%

35%

12%

4.3

2.6

2.3

9.2

7%

9%

38%

10%

Hunting EnergyProfit From Operations

23

Hunting EnergyBusiness Platforms

Well Construction:

Providing the market manufactured products, engineering expertise and services in the construction of oil and gas wells along with trenchless boring applications.

Well Completion:

Providing the market manufactured products, proprietary technologies, engineering expertise and services in both below and above the well head for oil and gas wells.

Exploration and Production:

Invest at an average 10% of well cost as non operating partner with select independent oil and gas companies. Providing products and services to the operator as preferred supplier.

24

Hunting Energy

Well Construction % of RevenueMud Motors

21%

Trenchless Technologies

25%Premium

Connections18%

Canadian Ops36%

Well Completion % of Revenue

U. S. Manf24%

Holland5%

U. S. Pipe16%

Well Intervention4%

Aberdeen43%

Canadian Manf. 5%

Asia Pacific Ops3%

25

18%

Hunting EnergyWell Construction

Mud Motors: Straight hole motors Directional motors Shock tools SWB “near bit” motors

Trenchless Technologies: “Firestick” drill stem 2 step tubing threading Manufactured products for underground

construction technology

26

Hunting EnergyWell Construction

Premium Connections:

Patented premium connection technology for deep well applications

Annular pressure release system for deep water applications Customer specific engineered products

Canadian Operations:

Largest coupling manufacturer 140,000 sq/ft enclosed facility Leveraged to heavy oil

27

Hunting EnergyWell Completion

U.S. Manufacturing:

Accessories and completion equipment for oil and gas wells

Specialty threading Print work manufacturing OEM manufacturing

Asia Pacific Operations:

Manufacturing of completion equipment Specialty threading OCTG sales Hauxin joint venture

28

Hunting EnergyWell Completion

Canadian Manufacturing: Accessory and completion equipment Print work

Aberdeen: Chrome tubular contracts in the North Sea Specialty threading Accessory and completion equipment

Holland: Specialty threading Accessory and completion equipment

29

Hunting EnergyWell Completion

U.S. Pipe:

Leading market position in the US for 2 step tubing Exclusive arrangement for U.S. steel premium

tubing Thread protectors

Well Intervention:

Pressure control equipment Lubricators and well head equipment Coiled tubing and Slickline tools Clam Blow Out Preventors

30

Hunting EnergyExploration & Production

Number of wells drilled through June 30: 12

Number of Successes: 9 Offshore: 8 Onshore: 1

Reserve replacement at June 30: 100%

Production through June 30: 192,803 net equivalent barrels

31

Hunting EnergyOpportunities

Geographical expansion

Environmentally sound thread compound

Titanium

Annular Pressure Release System

Expansion of Chinese relationship

Continued investment in human capital

Expansion of product offering

Growth of “above the wellhead” technology

32

June2006£m

Operating Margin

June2005£m

OperatingMargin

Gibson Shipbrokers

Hunting Energy France

Others

1.0

0.2

(0.9)

0.3

9%

3%

-

1%

1.1

0.6

(1.2)

0.5

11%

9%

-

1%

OthersProfit From Operations

33

Rig Count

Canadian Average Annual Rig Count

200

250

300

350

400

450

500

550

'02 '03 '04 '05 '06 '07 '08 '09 '10

US Average Annual Rig Count

750

1000

1250

1500

1750

'02 '03 '04 '05 '06 '07 '08 '09 '10

International Average Annual Rig Count

700

750

800

850

900

950

1000

1050

'02 '03 '04 '05 '06 '07 '08 '09 '10

Source: Baker Hughes, Spears and Associates

34

Average Oil and Gas Pricing

$5.00

$15.00

$25.00

$35.00

$45.00

$55.00

$65.00

$75.00

2002 2003 2004 2005 2006 (6 mos)

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

Oil Gas

Source: EIA

35

Continued Strong Commodity Fundamentals

Continued E&P Spend and Project Development

Geopolitical Uncertainty

Challenged Production Capability

Reserve Replacements / Depletion Rates

Demand will Continue to Rise

Hunting PLCConclusions

36

Hunting PLCOutlook

Hunting Will Continue:

Maximise asset utilisation Increase capacity with customer assurances Push new technologies, products and services

further Examine acquisition opportunities that meet

financial criteria Deliver results

37