Northern Petroleum Plc

Analyst Presentation

May 2017

Northern Petroleum Northern

Petroleum

▪ Production led growth from conventional light oil in Alberta, Canada

➢ low risk, low cost production growth across existing substantial facilities

▪ High impact exploration through Italian appraisal and exploration

➢ up to $69m of work programme carry from two partners

▪ Well funded

▪ Lean organisation with low G&A

▪ Technically driven board with necessary experience

▪ Institutionally backed

▪ New strategic partner to pursue production acquisitions in Canada

Production led growth High impact upside

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Key stats▪ Shares in issue: 314.7m

– 323.0 fully diluted

▪ Market Cap: £13m

▪ $7.2m in cash

– further $0.7m on deposit

– $0.4m in debt

▪ Key shareholders (61%)

– High Power Petroleum

– Cavendish Asset Management

– City Financial

Northern Petroleum The Board

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▪ Skill set– Geologist

– Reservoir Engineer

– Production Engineer

– Mergers & Acquisitions

– Chartered Accountants

– Equity Capital Markets

– FTSE 250

▪ Experience– Venture Production

– Faroe Petroleum

– Lasmo

– Hess

– E.ON

– BP

– Tristone Capital

– HSBC Investment Bank

– National Nuclear Laboratory

– FirstGroup Plc

– Schlumberger

Nick Morgan Jon Murphy Iain Lanaghan Campbell Airlie Keith Bush

Northern Petroleum Rainbow, Virgo, Zama – north west Alberta

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▪ Originally developed in the 60s and 70s

▪ Light conventional oil production from carbonate reefs

Amber Virgo

Sousa

Rainbow

ZamaLarne

Shekilie

ShekilieWest

Kotcho

Black

Rainbow South

Land position▪ 58,000 acres

▪ 170 mmbbls STOOIP

▪ Low recovery to date

– 19%

▪ 1.9 mmbbls 2P (100%)

– NOP have 75% WI

Northern Petroleum Good infrastructure / access

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▪ Well served by Plains Pipeline System

▪ Industry service companies based locally in industry evolved towns (High Level, Zama City)

▪ Good access except during ‘Break up’

➢ annual wet season during spring thaw

➢ heavy truck movements banned

➢ four to eight weeks during April and May

Northern acreage

LegendGasOil

Northern Petroleum Low risk production growth

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▪ Established operating platform with substantial facilities, infrastructure and operating capacity

➢ minimal facilities capex required as production grows

➢ incremental production barrels decrease fixed opex per barrel

▪ Production increase:

➢ well workovers / recompletions

➢ well side-tracks

➢ new wells into existing reefs

Facilities▪ Substantial tank

storage

▪ Fluid separators

▪ Produced water disposal

▪ Tie-in sales point to national pipeline infrastructure

Capacity▪ 10k to 15kb/d of fluid

Northern Petroleum Winter work programme

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▪ Rainbow well workover programme

▪ 23 wells worked over including

➢ four wells from recent production acquisition

➢ three ‘opex wells’

– maintenance on existing producers

▪ Cost of programme below budgeted $2.5m (100%)

▪ 300 b/d production increase achieved (100%)

▪ Current production restricted

➢ Break Up

➢ pipeline re-certification approvals

▪ Full Production – 500 to 700 b/d – expected towards end of Q2 (100%)

Northern Petroleum Future production potential

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▪ Current well programme targets Keg River in Rainbow and Virgo

▪ Quantification project for area potential underway➢ mapping of all reservoir intervals in Zama, Virgo and Rainbow areas

➢ current land position had original oil in place of 180 mmbbls in Keg River – average 19% recovery factor

➢ 5% improvement in recovery factor is 9 mmbbls reserves

➢ further upside from other hydrocarbon prone horizons – Zama, Sulphur Point, Slave Point

Orange – OP land positionRed – 3D seismic coverage

Seismic coverage over 30% of land position

Oil Gas

Northern Petroleum Summer 2017

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▪ Expanded summer programme being planned

▪ Targeting

➢ one to two recompletions, incl. Virgo wells

➢ one to two side-tracks

➢ remaining well workover candidates

▪ Initial budgetary estimates $3m (gross)

▪ Increase production by 300 b/d (gross)

2018

▪ New wells into existing reefs

➢ mainly Virgo

▪ Evaluation of other producing horizons

Northern Petroleum Italy

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Cascina Alberto

▪ 300 mmbbls onshore exploration prospect

▪ Analogous to Villafortuna-Trecate 25km southeast

▪ Farmed out to Shell for cash, seismic acquisition and exploration well carry

▪ Seismic acquisition consultation underway

▪ Company changing exploration and appraisal portfolio

▪ Large onshore exploration project carried by Shell

▪ Strategic position offshore in the southern Adriatic

➢ discovery requiring flow test to proceed to development

➢ large prospect to be drilled

▪ Environmental approval received for seismic

➢ commencing tendering process

➢ Q4 / Q1 acquisition timetable

➢ permit application awards expected in Q2

➢ initiate approval process on Giove appraisal well

Cascina Alberto

Cygnus & Giove

Northern Petroleum Italy – Southern Adriatic

11

Oil discovery Gas discovery

Awarded Exploration Permit

Exploration Permit Application

Giove discovery▪ Offshore discovery, contingent

resource of 26 mmbbls

▪ Requires appraisal well with flow test

▪ Well being planned for 2019

Cygnus prospect▪ Offshore target, 446 mmbbls

prospective resource

▪ 12 kms from producing Aquila oil field

▪ If connected to Aquila, volumes are much larger

Southern Adriatic

Medusa deep prospect▪ Offshore target, analogous to Giove,

47 mmbbls prospective resource

▪ Oil discovered with original well –not able to test due to well issues

▪ If Giove works, possible well in same campaign

Northern Petroleum Production economics / Balance sheet

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Fixed opex

Variable opex

Discount /tariff

Royalty / GORR

2016 actual 2017 illustrative

$9

$12

$10

$4

$8

$9

$5

$10

$5

$24Operating netback

2016 actual▪ 106,000 bbls produced

▪ 290 bbls/d

▪ WTI averaged $43

2017 illustrative▪ WTI average $53

– $52 year to date

▪ Average 700 bbls/d

Further opex incurred in 2016▪ $1 per barrel ongoing repairs and maintenance▪ $5 per barrel workover repairs – pipeline reinstatement repairs

▪ $7.2 million in cash as at 31 March 2017➢ excluding $0.7m on deposit with Alberta Energy Regulator

➢ excluding $0.5m subject to Italian regulatory approval of farm out

Northern Petroleum Strategic partner – High Power Petroleum

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▪ H2P is part of I-Pulse Inc.

➢ large private technology company commercialising high pulse power solutions across industries, incl. E&P and mining

▪ Farmed in / acquired an interest in each group asset

➢ option to increase WI further cash consideration / work carry

▪ Three year AMI with H2P➢ Alberta or Saskatchewan

➢ 50/50 investment

➢ Conventional light oil

▪ Large E&P companies still divesting non-core assets

▪ Significant opportunity to acquire new production assets and leverage off existing Calgary based team

Northern Petroleum Investment opportunity

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▪ Northern is building economic production and cashflow

➢ relatively low levels of capital required

➢ relatively low risk

▪ Minimum overhead and small central team

▪ Well funded and supported

▪ Existing asset base can support significant production growth

➢ 4,000 - 5,000 b/d

▪ Alongside low risk core value growth

➢ high impact upside will be matured over medium to long term

Northern Petroleum

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”).

The Presentation Materials are exempt from the general restriction on the communication of invitations or inducements to enter into

investment activity on the basis that they are only being made to Exempt Persons and have therefore not been approved by an

authorised person as would otherwise be required by section 21 of the Financial Services and Markets Act 2000 (“FSMA”). Any

investment to which this document relates is available to (and any investment activity to which it relates will be engaged with)

Exempt Persons. In consideration of receipt of the Presentation Materials each recipient warrants and represents that he or it is an

Exempt Person.

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.

Disclaimer

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