Overview

Pharos Energy

August 2020

Disclaimer/ 2Pharos Energy August 2020

Nothing in this presentation or in any accompanying management discussion of this presentationconstitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in anyinvestment activity, whether in the United Kingdom or in any other jurisdiction; (ii) anyrecommendation or advice in respect of the ordinary shares (the Shares) in Pharos Energy plc orthe group of companies of which it is the ultimate holding company (together the Group); or (iii)any offer for the sale, purchase or subscription of any Shares.

The Shares are not registered under the US Securities Act of 1933 (as amended) (the USSecurities Act) and may not be offered, sold or transferred except pursuant to an exemption from,or in a transaction not subject to, the registration requirements of the US Securities Act and incompliance with any other applicable state securities laws.

This presentation contains certain forward-looking statements that are subject to risk factors anduncertainties associated with the oil and gas exploration and production business generally andspecifically with the business, operations and financial position of the Group. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms"believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or"should" or, in each case, their negative or other variations or comparable terminology, or bydiscussions of strategy, plans, objectives, goals, future events or intentions. These forward-lookingstatements include all matters that are not historical facts.

There are a number of factors that could cause actual results or developments to differ materiallyfrom those expressed or implied by these forward-looking statements and forecasts. For a detailedanalysis of the factors that may affect our business, financial performance, or results of operations,we urge you to look at the Principal Risk and Mitigations section in our Annual Report andAccounts.

The Group undertakes no obligation to revise any such forward-looking statements to reflect anychanges in the Group’s expectations or any change in circumstances, events or the Group’s plansand strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements. Forward-looking statements are not guarantees or representations of futureperformance. Similarly, past share performance cannot be relied on as a guide to futureperformance. Even if the Group’s results of operations, financial and market conditions, and thedevelopment of the industry in which the Group operates, are consistent with the forward-lookingstatements contained in the presentation, those results, conditions or developments may not beindicative of results, conditions or developments in subsequent periods.

No representation or warranty, express or implied, is or will be made in relation to the accuracy orcompleteness of the information in this presentation and no responsibility or liability is or will beaccepted by Pharos Energy plc or any of its respective subsidiaries, affiliates and associatedcompanies (or by any of their respective officers, employees or agents) in relation to it. All writtenand oral forward-looking statements attributable to the Group or to persons acting on the Group'sbehalf are expressly qualified in their entirety by the cautionary statements above and by all othercautionary statements and disclaimers contained elsewhere in the presentation.

By attending this presentation and/or accepting a copy of it, you agree to be bound by theforegoing limitations and conditions and, in particular, will be taken to have represented, warrantedand undertaken that you have read and agree to comply with the contents of this notice including,without limitation, the obligation to keep this presentation and its contents confidential.

Pharos Energy / 3August 2020

• Formerly the Managing Director, Chief Financial Officer and Executive Director of Cairn Energy plc responsible for project managing Cairn India Limited’s initial public offering. Between 2006 and 2012, Cairn returned US$4.5 billion to shareholders.

• Jann currently serves as an Independent Non-Executive Director and Chair of the Audit Committee of Troy Income and Growth Trust plc and of the Scottish Ballet.

Leadership Team - 3 Executives and 5 Independent Non-Executive Directors

• Formerly the Deputy Chief Executive of Cairn Energy plc, and architect of the South Asian strategy that led to the return of US$4.5 billion to shareholders between 2006 and 2012.

• Over 40 years of experience in the oil and gas industry and closely associated with up to 50 discoveries.

• Former CEO and Managing Director of Amsterdam-listed HSSH. Former management roles with Premier Oil, Burmah, Shell.

Ed StoryPresident & Chief Executive Officer

Jann BrownManaging Director & Chief Financial Officer

Dr Mike Watts Managing Director

>100 years

Combined industry experience in public company management

• Founding Director of Pharos.

• Over 40 years industry experience previously with Exxon, Superior Oil, Conquest Exploration, Holland Sea Search Holding NV (HSSH), Cairn Energy, and Vedanta Resources.

>$5 billion

Track record of value returned to Pharos and Cairn shareholders

FTSE-100 experience

M&A team with significant FTSE-100 boardroom experience

$530 million Return to Pharos shareholders against $231m equity raised

John MartinNon-Executive Chair

• John has more than 30 years’ experience in international banking in the oil and gas industry .

• John has served as the Senior Vice President of the World Petroleum Counciland held other Non-Executive Directors and Chair positions for various oil and gas E&P companies.

Selected Highlights

Pharos Energy / 4

1997 2008 2011 2019 2020

Listed on London Stock Exchange

VietnamFirst oil from CNV

VietnamFirst oil from TGT

EgyptAcquisition of MerlonPetroleum El Fayum

IsraelSigned 8 licences in 2 zones

Current portfolio in Israel, Egypt and Vietnam

HQ in London, UK

History of PharosTime

23 years of experience in 12 countries

c.$530m total shareholder returns to date

• Vietnam• Yemen• Tunisia• Republic of

the Congo• Thailand• Angola

• Mongolia• Russia• Democratic Republic

of the Congo• Egypt• Israel• UK

c.$530m

* Shareholder returns include a combination of purchases of own shares, cash returns, and dividends.

August 2020

Pharos Energy August 2020 / 5Pharos Energy - an independent oil and gas E&P company

Headquartered in London | Premium listing on London Stock Exchange since 1997

“Survive & Thrive” strategy to cope with the oil price collapse & COVID-19

Established core area in ASIA/MENA | 2020 H1 production 12,093 boepd

Experienced team who have returned c.$530m to Pharos shareholders

Capital discipline and financial stability - part of the Company’s DNA

Diverse and complementary E&P portfolio in Egypt, Israel, Vietnam

Pipeline for growth | Low net debt

Pharos Energy August 2020 / 6Operating a sustainable businessResponsibility framework (figures correct as at year end 2019)

Environment• 730,000 litres of diesel

use per year and associated emissions eliminated through AggrekoTM

• 30% reduction of flared gas at North Silah Deep

Society• $400,0001 total training levy

in Vietnam and Egypt for industry capacity building in 2019

• $245,379 community and charitable investments supporting partnerships and projects in Vietnam in 2019

Ethics• 100% of staff

receive anti-bribery and corruption training

• $232.7m taxes and royalties paid to host government in 2019

People• Zero Lost Time

Injury in Vietnam and Egypt2

• 5/6 of UK Head of Department positions are filled by women

Carbon Disclosure Project• Achieved grade C rating

for 2019, an improvement from 2018

Task Force on Climate-related Financial Disclosures • Started work on implementing Task Force on

Climate-related Financial Disclosure

Governance changes• New Chair• New NEDs

Business• ~99%

TGT/ CNV Oil • 100%

El Fayum Oil

Oil sold and used domestically, contributing to host country development goals and access to energy and replacing coal

ESG at the heart of our business(1) $300,000 training levy for Vietnam, and $100,000 training levy in Egypt for El Fayum | (2) Vietnam – full 12 months | Egypt – from 02/04/2019 (274 days)

Pharos Energy / 7Pharos assets – Egypt, Israel, Vietnam

TGT & CNV

Egypt & Israel

Vietnam

Offshore Israel

El Fayum & North Beni Suef onshore

Blocks 125 & 126

TGT & CNV Fields

August 2020

Pharos Energy August 2020 / 8Egypt Overview

28.5 23.5

2P 2C

52.0(mmbbls)

* Egypt production from 2 April to 31 December 2019

Egypt 2020 production guidance

5,000-6,000 bopd

YE2019 Reserves + 2C resources• Drilling activity in 2019:- 10 new producer wells- 3 new injector wells- 2 existing wells

converted to injectors • Commencement of

waterfloodimplementation in the Greater Silah Area

• North Beni SuefConcession Agreement signed on 24/12/2019

• Drilling activity Q1 2020:- 3 drilling rigs- 3 workover rigs - 7 wells (5 producers +

2 injectors) drilled through to April in Greater Silah Fields and N.E Tersa field

• Operations centred on well intervention and water-flood enhancement, utilising the remaining active workover rig

• Work to update the subsurface static and dynamic models to allow further optimisation of the water-flood pattern and reservoir management

Oil price shock- 7 March Drilling activity scaled back to preserve capital

• Management will look to deploy development capital in Egypt as soon as is possible to do so

YE 2019 Production 5,055 bopd*

Peak 2020 Production 7,009 bopd 23 April

H1 2020 Production 5,979 bopd

2019 2020

El Fayum Operations

Workover & water flood programme

Vietnam OverviewPharos Energy August 2020 / 9

Production

YE2019 Production net 7,081 boepdH1 2020 Production net 6,114 boepd

6.0

15.4

21.4(mmboe)

4.6

8.5

13.1(mmboe)

YE2019 Vietnam Reserves & 2C Resources

• TGT field 2-year licence extension granted

• FFDP approved by partners, expecting final approval from the government - 6 new wells to start Q4 2021

• FPSO gas lift compressor upgrade completed in April ahead of schedule and within budget

• TGT operations focussed on a well intervention programme to manage production improvements proactively

Net 2P reserves

Net 2C resourcesTGT

CNV

TGT field

H1 2020 Production net 4,431 boepd

CNV field

H1 2020 Production net 1,683 boepd

Vietnam 2020 net production guidance

5,500-6,500 boepd

Pharos Energy August 2020 / 10Funding cycle

BalanceSheet

Cash Flowfrom Operations

Debt Capacity

Investing in ourbusiness

Sustainable Growth

Maximising production

Growth through developments

Low cost exploration

Free Cash Flow

Sustainable Dividends

Pharos Energy / 11

• H1 2020 group revenue c.$77m including the benefit of our H1 hedges of $21m

• Net Debt at 30 June c.$36m1(2019: $41.5m) | Net Debt to EBITDAX 0.37

• Cash balance at 30 June c.$38m (2019: $58.5m) after RBL repayment of $22.3m on 30/06/20

• Cash Capex for 2020 $37m of which the majority has already been incurred

• Cash cost savings on group expenditure of 25% achieved, cost reduction programmes ongoing

• 2020 dividend payments withdrawn given the continued uncertainty in the macro environment

Finance

Hedging & RBL• Hedging positions provide some protection for the year

• Set to deliver c.$26m of cash flow in 2020 (2019: ($0.2m))

• Includes c.$5m in H2 | 57% of 2020 forecast production is hedged at an average price of c.$47/bbl

• Further RBL payment of $9.4m made mid-July 2020

• 4 lending banks:

August 2020

Data as reported in our Trading and Operations Update 9 July 2020|The information contained herein has not been audited and may be subject to further review and amendment.(1) As at 31 July 2020 net debt stands at c.$32m, as reported in press release on 4 August 2020

Appendix

Pharos Energy / 13

Producing fields 10H1 2020 Production 5,979 bopd

Licences 8

Signed October 2019

Production & Development

Producing fields 2

Exploration

Acreage 10,691 km2

Working interest 70%

Acreage 2,698 km2

El Fayum Concession

Exploration

Signed December 2019

Acreage 5,060 km2

North Beni Suef

TGT & CNV

Blocks 125 & 126

Working interest 33.33%

Working interest 100%

Working interest 100%

Exploration

Participating interest * - TGT

25%29.7%

- CNV

Signed October 2017

Production & Development

21.413.134.5

(mmboe)(1) Reserves and Contingent Resources have been independently audited by Risc Advisory Pty Ltd.(2) Reserves and Contingent Resources have been independently audited by McDaniels.(3) Reserves and contingent resources as of 31 December 2019* Pharos has a 30.5% working interest in Block 16-1 which contains 97% of the Te Giac Trang (TGT) field. Pharos’ unitised interest in the TGT field is 29.7%.

H1 2020 Production 6,114 boepd

Egypt Reserves Statistics Vietnam Reserves Statistics

(2 contiguous zones)

Israel Egypt VietnamGroup Reserves Statistics

28.523.5

2P 2C

52.0(mmbbls)

49.936.6

2P 2C

86.5(mmboe)

8.5

4.6

23.5

TGT

CNV

Egypt

15.4

6

28.5

TGT

CNV

Egypt

August 2020

Egypt

Pharos Energy August 2020 / 15Pharos El Fayum - Egypt

Sources: Company, Wood Mackenzie

• 20+ year in-country operating history• Oil producing asset with visible growth trajectory• The Western Desert - one of the largest discovered resources• 100% oil• 100% working interest

The El Fayum and North Beni Suef Blocks Overview

Location • Surrounded by analogue productive fields and existing infrastructure• Gindi Basin geologic province, in one of Egypt’s most prolific oil-producing

regions close to Qarun, Wadi Rayan, East Beni Suef fields

Area• Total area: 6,880km2

• Fayum Exploration: 1,564km2 / Development: 256km2

• North Beni Suef: 5,060km2

Terms• Earliest development licence expiry: 2029 with two additional 5 year

extensions possible• Operatorship: carried out by the Petrosilah Operating Co. (50/50 JV with

EGPC)

Infrastructure • Crude trucked ~200km to Suez domestic refinery• Export potential via Dashour (~70 km) or Sidi Kerir (~270 km, trucked)

Pharos Energy August 2020 / 16Scalable and efficient development operations

Source: Company information

Year Average

0

10

20

30

40

50

60

24 days

35 days

25 days

32 days

20 days 18 days

Development & Appraisal

Exploration

2013 2014 2015 2016 2017 2018

Spud to TD (# days)

0.8

1.31.0

1.2 1.10.9 1.1 0.9 1.0

0.6 0.7

1.20.8 1.0

0.4

1.4

0.4

0.5

0.1

1.1

0.9

0.4 0.60.8

0.5

0.8

0.40.8

0.71.3

2.8

1.41.7

1.3

2.0

0.9

1.5 1.51.8

1.1

1.5 1.6 1.6 1.6

NSD 2-5 NS 3 NS 1-2 NSD 2-6 NS 3-1 NSD 1-5 NET 1-5 Aboud 1-1

NSD 1-6 NSD 1-7 NSD 1-2ST

Silah 13-1

Silah 27ST

NSD 5 Average

Drilling Completion

2017 & 2018 Wells ($m)

Relatively low risk development operations

• Infill drilling, workover and waterflood expansion

Simple, repeatable well design

• Extremely low cost

Efficient surfacefootprint

• Pad drilling, modular facilities

Actionable drilling inventory

• 34 existing pad locations, predictable pre-drill process

Excess capacityin place

• Ability to accommodate significant portion of forecast growth

Proximity to Cairo

• Field office close to local management

TD Reached on Average Within 20 Days(2017 & 2018)

Average Well is Drilled and Completed for Less than $2m

Pharos Energy August 2020 / 17North Beni Suef

• Kharita & Lower Bahariyasandstones

• AR “G” & Upper Bahariyasands

El Fayum Concession outline

North Beni Suef Concession outline

Existing Beni Suef fields(operated by Apache)

• Pharos announced as winning bidder for North Beni Suef (NBS) Concession in February 2019

• Phase I commitments (3 years): 2 wells + seismic acquisition ($12m)

• Large block, 5,060km2, ~4X add to Fayum exploration acreage

North Beni Suef 3D data extentFayum 3D data extent

New exploration concession award – Signed on 24 December 2019

Existing Data Base Targets

2D seismic

3,101km 3D seismic

1,788km2

Wells

8

Israel

Israel 2nd Offshore Bid RoundPharos Energy August 2020 / 19

Highlight of commercial termsORGANIC

POTENTIAL Eight LicencesIsrael

• 8 licences awarded – signed 28 October 2019

• Key fiscal terms: Concession with a royalty and profit tax

• Royalty is 12.5%

• CIT is 23%

• Super Profits tax ‐ Applied when a contractor recovers a ratio of 1.5 times its investment

‐ A formula based on an R-Factor, (cumulative net revenues/exploration and development expenses), will be used to calculate the profits levy

‐ Rate will increase gradually from 20% to a maximum of 46.8% when the R-Factor reaches 2.3

• Capex, opex and super profits tax can be used to offset profits

• First phase commitments are seismic studies only

Pharos Energy August 2020 / 20Offshore Eastern Mediterranean – An Industry Success Story

Tamar Play

Lower Miocene deep-water clastic fans sealed by overlying shales and Messinian evaporates in anticlinal 4-way dip or stratigraphic traps

Zohr Play

Palaeo structural highs capped by shallow water limestone reefs of Lower Miocene / Cretaceous age

Vietnam

Pharos Energy August 2020 / 22Vietnam Overview

• Vietnam is a dynamic, growing economy with a stable operating environment

• Two significant Field discoveries:

‐ Ca Ngu Vang (CNV) Field: discovered 2004 – First Production 2008

‐ Te Giac Trang (TGT) Field: discovered 2005 – First Production 2011

• These fields are operated by Hoang Long and Hoan Vu Joint Operating Companies (not Pharos operated)

• Highly experienced team in Vietnam

• Majority of oil is sold domestically to local refinery with strong premium and excellent payment record

• Current exploration activities in Blocks 125 & 126 in the Phu Khanh Basin.

Vietnam Sedimentary Basins and Petroleum Infrastructure

1996Active in Vietnam since1996

ZeroLost Time Injury sinceinception

$1 billionInvested in Vietnam over 19 years. Largest UK Investor in the country

* All data is correct as at year end 2019

Blocks 125 & 126

TGT & CNV Fields

Pharos Energy August 2020 / 23Interests in Vietnam

• 70% W.I. and Operator of Exploration Blocks 125 & 126

Cuu Long Basin Phu Khanh Basin

• Highlight

TGT and CNV Fields

Blocks 125 & 126

Pharos Energy August 2020 / 24Phu Khanh Basin – The last remaining frontier in Vietnam

• New Frontier Area

• Shallow to Deep Water Basin (water depth 50m-2500m)

• Undrilled in the main basin area, but a new well on the shelf area highlights the potential

• Sediment thickness up to 8km in the main basin depocenter

• By analogy with the Cuu Long Basin, the Phu KhanhBasin has the potential for Billion Barrel Hydrocarbon Fields

• 70% W.I. and Operator, 30% SOVICOBlocks 125 & 126

TGT & CNV Fields

PhuKhanhBasin

www.pharos.energy

Investor RelationsPharos Energy48 Dover StreetLondon W1S 4FFUnited Kingdom

Tel: 020 7747 2000

Company No: 3300821