Steve Crowell CEO, PLUSPETROL

Steve CrowellCEO, PLUSPETROL

Building a Company

IAPG HOUSTON - JUNE 2014

CONTENT

① Who are we?

② What do we look like?

③ Why do we look like

this?

④ How do we go forward?

Who Are We?

1

1. WHO ARE WE?

• A private independent E&P company

• More than 35 years in the industry

• Operates in 7 countries, in South America & West Africa

What Do We Look Like?

2

2. WHAT DO WE LOOK LIKE?

Argentina

Angola

Bolivia

Chile

Colombia

Perú

Venezuela

2. WHAT DO WE LOOK LIKE?

• Production: 538 MBOE/d

• Reserves: 887,5 MMBOE*

• Total Net Sales(PP share): 2526 MMU$S

* P1/ December 31st. 2013

2. WHAT DO WE LOOK LIKE?

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0

1,000

2,000

3,000

4,000

5,000

6,000 Assets [MMUSD]

2. WHAT DO WE LOOK LIKE?1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0

50,000

100,000

150,000

200,000Operated Oil & Liquids Production [Mbbl/day]

2. WHAT DO WE LOOK LIKE?

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0

500

1,000

1,500

2,000

2,500 Operated Gas Production [MMCF/day]

Why Do We Look Like This?

3

We have a vision

To excel as a benchmarking company among the international energy companies.

3. WHY DO WE LOOK LIKE THIS?

Thinking beyond obvious possibilities.

Taking action despite uncertainty.

Being persistent.

We have values

3. WHY DO WE LOOK LIKE THIS?

We have a business model

3. WHY DO WE LOOK LIKE THIS?

We reinvestfor growth

GOOD ROCKS

ENVIRONMENT

POLITICS

COMMUNITY

• Capabilities

• Profitability

We have acquired skills… starting from challenges!

Let’s talk about our process of growth.

3. WHY DO WE LOOK LIKE THIS?

3. WHY DO WE LOOK LIKE THIS?

1977 / Centenario Field - Argentina

• Old oil rehabilitation

1979 / Ramos Field - Argentina

• High pressure gas

• Complex logistics

3. WHY DO WE LOOK LIKE THIS?

1996 / Block 8 - Perú

• Complex logistics

• Old oil rehabilitation

• High water treatment

• Communities relationships

• Environmental sensitivity

3. WHY DO WE LOOK LIKE THIS?

1997 / Tacobo - Bolivia

• High pressure gas

• Complex logistics

3. WHY DO WE LOOK LIKE THIS?

1998 / Centenario Field – Argentina

• Tight gas / fracking

3. WHY DO WE LOOK LIKE THIS?

1999 / Block 1AB - Perú

• Old oil rehabilitation

• Complex logistics

• High water treatment

• Heavy oil

3. WHY DO WE LOOK LIKE THIS?

2000 / Camisea Project – Perú

• High pressure gas

• Complex logistics

• Communities relationships

• Environmental sensitivity

• Political & media relationships

3. WHY DO WE LOOK LIKE THIS?

2002 / Venezuela

• High pressure gas

• Complex logistics

3. WHY DO WE LOOK LIKE THIS?

2008 / Colombia

• Heavy oil

• Complex logistics

3. WHY DO WE LOOK LIKE THIS?

2009 / Petroandina

• Heavy oil

• Sand control

3. WHY DO WE LOOK LIKE THIS?

2009 / Angola

• Complex logistics

• Communities relationships

• Environmental sensitivity

3. WHY DO WE LOOK LIKE THIS?

2013 / Unconventionals blocks*

• Fracking

3. WHY DO WE LOOK LIKE THIS?

* In process

2013 / Petrodelta *

3. WHY DO WE LOOK LIKE THIS?

* In process

Our Development Model

4

4. OUR DEVELOPMENT MODEL

We acquire new

skills out of challengesbut skills alone are not enough.

4. OUR DEVELOPMENT MODEL

Uncertainty grows

For the Oil & Gas industry

sustainability is getting

• Tougher• More complex• More competitive

4. OUR DEVELOPMENT MODEL

• We have a vision and values that compel us

to think bigger and dare to the new.

• We have a business model for growth in

profitability and capabilities.

• We have acquired skills out of challenges.

We have a development model

A model to balanceour decisionsand manage uncertainty

4. OUR DEVELOPMENT MODEL

Skills

Business Model

Vision /

Values

4. OUR DEVELOPMENT MODEL

With our development model

• We reduce uncertainty (we get smarter as we grow!).

• We honor long term commitments with the countries

where we operate.

• We embrace challenges as opportunities.

4. OUR DEVELOPMENT MODEL

With our development model

We bring true growth for Pluspetrol, for our employees, for the

communities and for the host countries on a long term basis.

Thank You

IAPG HOUSTON – JUNE 2014