Copyright Summit E&P Ltd. 2016

Avalon Discovery

January 2017

Avalon Discovery

Summit Exploration and Production Limited (SEPL)

holds 100% interest in and is Operator of block

21/6b, licence P2006 in the UK Central North Sea.

Oil was discovered in well 21/6b-8, drilled on the

Tertiary Avalon prospect in 2014.

SEPL is planning to drill an appraisal well on Avalon

in 2017 to prove the 2P STOIIP case and to confirm

Avalon’s downdip limit.

SEPL is seeking a joint venture partner to participate

in Avalon’s appraisal and likely development.

Interested parties should contact:

Richard Saxby, VP Exploration and Development

Summit Exploration and Production Limited

23 College Hill, London EC4R 2RP

rsaxby@summiteandp.com

0207 429 3518

07944 993 313

Slide 2

21/6b

Avalon Summary

21/6b-8 Avalon discovery well, drilled May 2014 85 feet gross oil pay in Tertiary Cromarty sands

Excellent reservoir: 32% porosity, multi-darcy perm

Reservoir depth ~4550 ft tvdss, water depth 140 m

Oil in reservoir is 22º API, 9.5 cP

Class III AVO response - hydrocarbon saturation mapable on seismic

Oil down to base Cromarty Sand – no OWC encountered

Broadband, long-offset seismic and latest inversion technology

Static model completed, dynamic model in progress 2P STOIIP 64.5 mmb

Preliminary 2P technical reserves 27 to 29 mmbo

Preliminary development studies completed

Appraisal well in 2017

First oil mid 2020

2017 Work Programme

Avalon appraisal well (estimated gross cost: £8mm)

Environmental site survey

FPSO Heads of Terms

SURF FEED studies

P2006 Licence Time Line

Slide 4

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Licence Award 1 January 2013

21/6b-8 Avalon discovery well drilled

Post-well studies, broadband seismic repro, JI-FI inversion

Static Model

Dynamic model

Pre-development studies

Appraisal well

FDP sumbit

FDP approveDevelop

First oil

2020

Licence and Work Programme Time LineFirst Term Second Term

2013 2014 2015 2016 2017 2018 2019

Avalon Structure

Stratigraphic trap – pinchout north, south and west

Dip closed to east - structural conformance with -4643 ft tvdss contour

Slide 5

Top Cromarty Main Sand on JI-FI Hydrocarbon Projection

21/6b 21/7b

Excellent subsurface data High quality logs

60 ft of core

Conventional and special core analysis

MDT pressures and samples

Long offset broadband seismic

JI-FI inversion calibrated to oil-bearing

(Avalon) and water-bearing (Cyclone) wells

Good depth control

Strong class III avo response Hydrocarbon-bearing sands mapable on

inverted seismic

2P STOIIP 64.4 mmb

21/6b-8 Avalon Static Model

Slide 6

SA

ND

S

HA

LE

O

IL S

AN

D Cyclone

21/7b-4 Avalon 21/6b-8

Ji-Fi Sand-Shale Projection

A B

1 km

Avalon 21/6b-8

Cyclone 21/7b-4

Appraisal

Ji-Fi Sand-Shale Projection - Main Cromarty Sand

2.4km

1.7km A

B

N