20 May 2015

Northern Petroleum Annual General Meeting

Disclaimer

May 2015 2

These presentation materials (the "Presentation Materials") are being solely issued to and directed at persons having professional experience in matters relating to investments and who are investment professionals as specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotions Order") or to persons who are high net worth companies, unincorporated associations or high value trusts as specified in Article 49(2) of the Financial Promotions Order (“Exempt Persons”).

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The Presentation Materials do not constitute or form any part of any offer or invitation to sell or issue or purchase or subscribe for any shares in Northern Petroleum PLC (“Northern Petroleum”) nor shall they or any part of them, or the fact of their distribution, form the basis of, or be relied on in connection with, any contract with Northern Petroleum relating to any securities. Any decision regarding any proposed purchase of shares in Northern Petroleum must be made solely on the basis of the information issued by Northern Petroleum at the relevant time. Past performance cannot be relied upon as a guide to future performance. The Presentation Materials are being provided to recipients on the basis that they keep confidential any information contained within them or otherwise made available, whether orally or in writing in connection with Northern Petroleum or otherwise. The Presentation Materials are not intended to be distributed or passed on, directly or indirectly, whether to Exempt Persons or to any other class of persons. They are being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published, in whole or in part, for any other purpose. In particular they, directly or indirectly, must not be distributed to persons in the United States of America, its territories or possessions or Australia or Canada or Japan or the Republic of Ireland or South Africa. Any such distribution could result in a violation of law in those territories.

The Presentation Materials do not constitute or form part of a prospectus prepared in accordance with the Prospectus Rules (being the rules produced and implemented by the Financial Conduct Authority (“FCA”) by virtue of the Prospectus Rules Instrument 2005) and have not been approved as a prospectus by the FCA (as the competent authority in the UK). The Presentation Materials do not contain any offer of transferable securities to the public as such expression is defined in section 102(b) FSMA or otherwise and do not constitute or form part of any offer or invitation to subscribe for, underwrite or purchase securities nor shall they, or any part of them, form the basis of, or be relied upon in connection with, any contract with Northern Petroleum relating to any securities.

Annual General Meeting

2014 – a year of contrast

Highlights Five wells drilled and one recompleted in Canada

Production commenced with more than 30,000 barrels of oil produced by year end

Two new Italian permits awarded, one onshore and one offshore

Sale of UK assets, increasing focus on core areas

Group restructured to significantly reduce cost base

Progress in 2015 Farm out of the recently awarded Cascina Alberto permit to

Shell Italia

Procurement and installation of reduced cost production package on 16-19 well

Continued restructure of business including office relocation

Economic production to start up and support the business

May 2015 3 Annual General Meeting

Key financial events during 2014

Financial statements reflect key events of 2014 Production and revenue established in Canada Sale of the UK assets Significant impairments

‒ French Guiana ‒ Canada

Change in functional currency to US dollars

Cashflow and costs Cash at year end of $12 million

‒ debt of $1.3 million to Italian Government

Canadian investment dominated the spend for 2015 - $21 million ‒ land acquisition, seismic purchase, drilling and completion /

recompletion of six wells, tie-in of one well

May 2015 4 Annual General Meeting Annual General Meeting

Significant group cost review ‒ monthly G&A now reduced to approximately $250k

Net cashflow from first two wells to be brought back into production forecast to broadly cover group G&A at current prices

Northern Petroleum today

Production led growth in Canada 30,000 acres with over 100 mmbbls original oil in place in north west Alberta

‒ current recovery only 18%

Current production capacity of 500 bopd from five wells ‒ 75-100 bopd to be on production in June

‒ an additional 150 bopd in the third quarter

‒ planning underway to bring remaining 250 bopd into economic production

Detailed planning work being undertaken to update redevelopment plan with well results

Exploration and appraisal in Italy 26 mmbbls of recoverable contingent resource in the Giove discovery to be

appraised

Very large Cygnus exploration prospect adjoining the producing Aquila oil field

Fully carried exploration programme onshore in the Cascina Alberto permit underway

Strict capital discipline Company structured to operate in the current oil price environment

‒ benefits of restructuring programme now being realised

Projects must measure up to warrant investment

May 2015 Annual General Meeting 5

Virgo project status

Existing opportunity 30,000 acres in north west Alberta

Over 100 Keg River carbonate pinnacle reefs containing over 100 mmbbls of light oil originally in place, as calculated by Alberta Energy Regulator

Reefs originally drilled and produced in the 60s, 70s and 80s, primarily one well per reef

Total oil recovery to date is only 18%

May 2015 6

Wells to date Five wells drilled and one recompleted in

2014

Production capacity of 500 bopd from five of the six wells

Wells were shut in when oil price declined

Two wells with production capacity of 200 – 250 bopd to be returned to production

Remaining wells subject to opex optimisation

Updated redevelopment plan to be completed by end Q3

Annual General Meeting

Virgo – 2015 work programme

Subsurface Revise subsurface model, integrating well results

Evaluate optimum redevelopment option

Monitor production well performance and incorporate results within revised model

Operations Re-instate production from wells 102/15-23 and

100/16-19

Evaluate options for reducing cost of production from other wells and return to production

Establish optimum facilities configuration for revised redevelopment plan

Commercial Establish potential for lower cost fluid processing

and transportation

Consider asset acquisition opportunities with operating synergies

May 2015 Annual General Meeting 7

2 1

1. New wells to target unswept oil at the edge of the reef

2. Re-entry of old wells

Italy – exploration and appraisal

High exploration upside

Cascina Alberto – carried exploration programme operated by Shell Italia

‒ up to $4 million of seismic acquisition

‒ up to $50 million for the first exploration well

Southern Adriatic – area of key focus

‒ F.R39 which contains Cygnus prospect and Rovesti oil discovery

‒ F.R40 which contains Giove oil discovery

‒ five adjacent applications containing multiple leads in area of high industry interest

Sicily Channel

‒ Vesta exploration prospect, on trend with producing Vega oil field

‒ current joint industry study lead by Schlumberger

May 2015 Annual General Meeting 8

Cascina Alberto

F.R39 & F.R40 plus applications

C.R146 & C.R149

Southern Adriatic seismic and drilling

F.R39 – Cygnus prospect Prospect identified on 2D seismic

Aquila oil field well data suggests a possible shared oil water contact

Mean prospective resource of 446 mmbbls with 12% chance of success

Farm out process to progress 3D seismic and drilling of prospect

F.R40 – Giove oil discovery Revised geological interpretation

indicates significant increase in oil in place

Mean contingent recoverable resource (2C) estimated as 26 mmbbls

Appraisal well required to test production potential and confirm fluid properties

May 2015 9

Giove oil discovery Cygnus

prospect

Aquila oilfield

Pliocene

Miocene

Quaternary

Triassic source interval

Platform

Basin Early Jurassic

Cretaceous -Late Jurassic carbonates

Aquila oil water contact

Annual General Meeting

Investment opportunity

Over 100 mmbbls of oil in place in Alberta, with a low primary recovery factor to date

Additional recoverable oil proven through 2014 drilling programme

Production and cashflow will be re-established in Q2 2015

Development programme to grow production now being optimised

Existing land position supports in excess of 3,000 bopd

Positive changes in the Italian business environment

Broad mix of exploration and appraisal assets

Exploration programme carry in Cascina Alberto demonstrates intrinsic value

Approval to shoot 3D seismic will present specific opportunities to realise value

May 2015 Annual General Meeting 10

Canadian production

growth

Italian exploration

& appraisal

upside

Company strategy well suited to survive and grow in the existing market conditions

‒ a motivated executive team and workforce working to realise the upside

‒ cost base significantly reduced to reflect the continuing need for capital discipline

“To be a focused exploration and production company,

achieving material growth, with a respected reputation”