Strong | Flexible | Low cost

Preliminary results2019

11 March 2020

Pharos Energy – 2019 Preliminary results 11 March 2020 / 2DisclaimerNothing 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-lookingstatements can be identified by the use of forward-looking terminology, including the terms"believes", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "seeks" or"should“, “could” or, in each case, their negative or other variations or comparable terminology, orby discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements 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 the foregoinglimitations and conditions and, in particular, will be taken to have represented, warranted andundertaken 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.

IntroductionEd StoryChief Executive Officer

Pharos – A resilient business/ 4Pharos Energy – 2019 Preliminary results 11 March 2020

Strong Balance Sheet

Minimalcommitments

Low breakeven price

Flexibility

0.37

Egypt breakeven price*

El Fayum (NPV12) $44/bbl

$44/bbl

* Calculation on the remaining life of field

Net Debt to EBITDAX

0.37

2020

2021

Vietnam breakeven price*

TGT (NPV10) $24/boe

CNV(NP10) $12/boe

<$25/boe

Cash

$58.5m

Vietnam operating cost

$10.69/boe

Egypt operating cost

$10.01/bbl• 60 days rig notice period• Review of discretionary expenditure

1H 2H

$0 $4.5m**

1H 2H

$0 $4.9m***

Diversified portfolio and resilient business, adaptable to changing macroeconomic conditions

Ongoing commitment to pay dividend, timing deferred

** Includes El Fayum and North Beni Suef *** includes North Beni Suef, Israel and Blocks 125 & 126

2019 highlightsPharos Energy – 2019 Preliminary results 11 March 2020 / 5

Established new core area in MENA

Enhancementof ESG

• Acquired El Fayum Concession • Signed for North Beni Suef Concession

Operationalplatform

• Total Group working interest production 12,136 boepd net (2018: 7,274 boepd)• Optionality in Vietnam:

- TGT FFDP including six new producer wells in 2021 which further supports expected licence extension

- Blocks 125 &126 2D seismic acquisition confirms transformational potential of the Phu KhanhBasin

• Appointed new independent NEDs to the Board in 2019, to continue in 2020• Deployed gas-powered generators to replace diesel consumption and reduce flared gas in Egypt• Maintained an exceptional safety record in Vietnam

IsraelEgypt• Signed for eight offshore licenses in the prolific Eastern

Mediterranean gas province

• In Egypt, expanded El Fayum operations following acquisition

A sustainable businessJann BrownManaging Director and Chief Financial Officer

Pharos Energy – 2019 Preliminary results 11 March 2020 / 7Operating a sustainable businessResponsibility framework

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)

Finance reviewJann BrownManaging Director and Chief Financial Officer

2019 Financial highlightsPharos Energy – 2019 Preliminary results 11 March 2020 / 9

Note: (1) Vietnam – full 12 months | Egypt – from 02/04/2019 (274 days) (2) Stated after hedging loss of $0.2m

Cash Capex

2018: $22.4m

$63.4m

12,136 boepd

2018: 7,274 boepd

$189.7m(1,2)

2018: $175.1m

$10.45/ bbl (1)

2018: $13.63/bbl

Production Revenue

Cash Opex

Cash Generated by Operations

$113.2m (1)

2018: $101.2m

Balance Sheet

Vietnam $475.5mEgypt $207.4mNet Liabilities ($172.8m)Total BS $510.1m

2018: Total BS $500.8m

67% 8.3%

23%

12%

Low gearing | Low breakeven | Low commitment | Flexibility

EGYPT$35.4m

Cash Capex

$63.4m

TGT$16.7m

125 & 126

$9.9m

Pharos Energy – 2019 Preliminary results 11 March 2020 / 102019 Cash flowsOperating Cash Flow $72.3m

$72.3 $63.4

$153.1

$10.0

$27.4

$240.1

$58.50

100

200

300

400

Cash Balance at31 Dec 2018

Operating CF Investing Activites -Capital Expenditure

Cash consideration forAcquisition of Merlon(Net of cash acquired)

Other cash outflows Dividends Paid Cash Balance at31 Dec 19

$m

Gross debt $100m | Net debt $41.5m

2019 Capex

CNV$0.6m

Other$0.8m

Egypt - Drilling operations Vietnam- TGT: Two wells- CNV: Well interventions- Blocks 125 & 126: 2D seismic acquisition

(cash, cash equivalents and liquid investments)

(cash and cash equivalents)

Pharos Energy – 2019 Preliminary Results 11 March 2020 / 112019 Income Statement

Focus on low cost developments and cash flow generation

RBL of $125m plus $125m accordionRevenue Stability through Hedging• Provide continuity to underpin revenues and profitability• Protect RBL covenants plus cushion• Preserve upside exposure where possible• Range of products used

2020 Production Forecast

70%

22%

0%

10%

20%

30%

40%

50%

60%

70%

80%

1H 2020 2H 2020

Vietnam tax and royalty contract

- Tax rate 50%- Royalty rate : TGT 8% / CNV 6%- Overall government take : TGT 37% / CNV 28%- Cash operating cost per bbl $10.69

Egypt Production Sharing contract

- Government share of revenues 57.4% - Government pay all corporate taxes (currently $0)- Pharos bears 100% of Opex and Capex- Cash operating cost per bbl $10.01

$61.3

$64.8

Funding cyclePharos Energy – 2019 Preliminary results 11 March 2020 / 12

Low gearing | Low breakeven | Low commitment | Flexibility

BalanceSheet

Cash Flowfrom Operations

Debt Capacity

Investing in ourbusiness

Sustainable Growth

Maximising production

Growth through developments

Low cost exploration

Free Cash Flow

Sustainable Dividends

EGYPT$19.1m

Capex Spend (including

abandonment)

$45.2m

TGT$20.9m

125 & 126 $2.8m

Low gearing | Low break even | Low commitment | Flexibility

Capital allocation goalsPharos Energy – 2019 Preliminary results 11 March 2020 / 13

Capital allocation

• Generation of sustainable returns

• Balancing investment for longer term with immediate cash flow generation

• Maintaining sustainable annual dividend, reset to grow over time

CNV - No planned activity - abandonment

TGT - TGT-15X (Dec 19 – Mar 20)

Blocks 125 & 126 – Studies

El Fayum – Production WellsNBS & Israel – studies

Capex underway including discretionary spend

• Balancing shorter payback/higher Capital Productivity Index CNV

$0.7m

*Abandonment

NBS, Israel & Other $1.7m

2020 Capex forecast

Egypt

Mohamed SayedGroup Head of Technical

Pharos Energy – 2019 Preliminary results 11 March 2020 / 15

2019 Operational highlightsCrude Off-take• Safely changed the delivery point from Tebeen to Suez • Identified several potential future pipeline tie-in options • Continuous evaluation off-take options to optimise crude

pricing and provide maximum flexibility

Production facilities• Implemented AggrekoTM Phase One successfully in North

Silah Deep• Increased Greater Silah Area crude oil storage capacity • Upgraded North East Tersa pad to include produced water

treatment facility (PWTF)

Water Injection• Successfully implemented new waterflood in

Silah and North Silah• Streamlined procurement process for water injection

equipment

Flexible, scalable and sustainable operations

Pharos Energy – 2019 Preliminary results 11 March 2020 / 16

Arrested production decline by drilling new wells and rolling out new waterflood projects

2019 - El Fayum

North Beni Suef (NBS)

• Average production 5,055 bopd(1)

• 2019 drilling included(1)

- 10 new producer wells

- 3 new injectors wells

- 2 existing wells converted to injectors

• Concession Agreement signed on 24 Dec 2019

• Small team to assess NBS prospectivity

• Existing data set: 1,788km2 3D seismic | 8 Wells

(1) 2 April to 31 December 2019

Value realisation - Greater Silah area and NBS

28.5

23.5

2P 2C

52.0(mmbbls)

YE2019 Reserves + 2C resources Greater Silah Area

Pharos Energy – 2019 Preliminary results 11 March 2020 / 17

Waterflood Implementation

• Waterflood rollout programme being optimised

• Initial results are encouraging - 5 new injectors in 2019 out of 50+ injector

in total by 2024

• Future development is based on pattern drilling and waterflood

• Prolific water source reservoirs eliminate the need to use any water sources used by the local community

• Waterflood increases recovery factor which increases production

Silah Field: 2019 Activities Silah Field: Notional 600m Spacing

Initial results of waterflood projects are encouraging

Current InjectorCurrent Producer

Future InjectorFuture Producer

Drilling Programme | Full field pattern drilling and waterflood deployment

Technical UpdatePharos Energy – 2019 Preliminary results 11 March 2020 / 18

Strong technical capabilities underpin delivery of El Fayum development plans

Greater Silah Field Static Model

New Wells Results • Individual well results vary; overall consistent with expectation• Positive results from North East Tersa Satellite Field drilling

campaign • Existing drilling pads provide flexibility to shift drilling priorities

based on results of new wells drilled

Static & Dynamic Models Update • Static model is updated with well results • Dynamic model is being built• Model results will be incorporated into future plans to optimise

drilling programme

Pharos Energy – 2019 Preliminary results 11 March 2020 / 19

Outlook – Drilling and workover schedule

2020 New wells• 1 well per rig per month

• 60% producers and 40% injectors

• Focus on drilling new wells to implement new waterflood

• Selective drilling in satellite fields

• Roll out waterflood in key satellite fields

• Drill different well spacing in existing waterflood pattern to optimise future well locations

• 60 days rig notice period

Flexible and discretionary drilling

Q3 Rig release in response to March 2020 price fall

Q2 Rig release as planned

Rig programme under review

VietnamMohamed SayedGroup Head of Technical

2019 Operational highlightsPharos Energy – 2019 Preliminary results 11 March 2020 / 21

Te Giac Trang (TGT)

Ca Ngu Vang (CNV)

2020 Production Guidance

• 2019 production averaged 5,382 boepd net• Production was steady as a result of

- Successful well intervention program- New well drilled in 2019

• 5,500-6,500 boepd net• 1 new well in TGT is currently drilling, completion 2Q 2020• No new wells in CNV planned

2019 Vietnam production averaged 7,081 boepd net

• 2019 production averaged 1,699 boepd net• Steady and slightly increased production

- Gas lift optimization- Restarting one shut-in well

Future TGT wellsPharos Energy – 2019 Preliminary results 11 March 2020 / 22

Appraisal well 2019 ApprovalInfill well

TGT-15X

H2Appraisal/Producer

H4 Infill Producer/Appraisal

TGT-32I

H1.1 Infill

TGT-H1-33P

H1.2Appraisal/Producer

H5 Infill Producer/Appraisal

FFDP includes 6 wells due to commence in 4Q 2021

TGT Update

• New Full Field Development (FFDP) includes six wells- Highlights the future potential of the field - Option to drill into the deep Oligocene once

proven commercially successful

• Partner approval obtained for FFDP• Expected approval by the government early 3Q

2020• New drilling campaign due 4Q 2021

Significant well intervention activity

Gas flaring minimised

FFDP approved by partners– 6 new wells

2 firm wells (H5-WI and TGT-15X) drilled in 2019 and 1Q 2020

FPSO gas lift compressor upgrade due to complete 1H 2020

Vietnam – Activities, reserves and resourcesPharos Energy – 2019 Preliminary results 11 March 2020 / 23

Vietnam is a core, valued asset in our portfolio

TGT & CNV Reserves + Resources

TGT

Apply gas lift to CNV wells to enhance recovery

Reopen the 6PST1 well and start producing

CNV

6.0

15.4

21.4(mmboe)

Net 2P reserves

4.6

8.5

13.1(mmboe)

Net 2C Resources

TGT CNV

Growth opportunities

Mike WattsManaging Director

Strategic value creation and growth opportunitiesPharos Energy – 2019 Preliminary results 11 March 2020 / 25

Low-cost organic growth opportunities and a new M&A paradigm

OrganicPotential

Value Realisation

M&AACCRETIVE OPPORTUNITIES • We continue to consider value accretive M&A opportunities that fit with our strategy

EGYPT• El Fayum discovered resources

VIETNAM• TGT & CNV production

EGYPT• El Fayum conventional exploration • El Fayum unconventional resource play • North Beni Suef

VIETNAM• TGT deep

Oligocene play • Blocks 125 & 126

ISRAEL• Eight licences

El Fayum - Growth opportunities - Onshore Oil PotentialPharos Energy – 2019 Preliminary results 11 March 2020 / 26

El Fayum Exploration Prospects and Leads Opportunity Set

ARF Resource Play mean STOIIP Potential > 1.5 Billion Bbls

Protected Area

Prospect & Leads

Northern Area Leads(Force Majeur)

ARF – Resource Play

Deep Potential

Concession Outline

Development Lease

Total Million Bbls Mean STOIIP Mean Resource Risked Resource

295 48 13

Prospects & Leads (˜40) Total mean STOIIPPre-Kharita (Deep play)Total un-risked recoverable potential 60 million Bbls

Prospect / Lead

Prospective Resources

Ne Tersa Deep 8.2

Younis Complex 10.4

NSD-4 Deep 8.0

NSD-5 Deep 29.3

Silah -15 Deep 4.2

Total 60 Million Bbls

ARF Resource play mean STOIIP potential >1.5 billion bbls

Multiple sets of volumetric upside

North Beni Suef – Exploration growth opportunityPharos Energy – 2019 Preliminary results 11 March 2020 / 27

El Fayum

North BeniSuef

Existing 3D seismic

NILE

Combined, merged 3D area West of Nile: 1,915 sq. km

3D area East of Nile: 188 sq. km

2D data coverage

Existing data baseTwo 3D seismic surveys and reconnaissance 2D seismic

Field Work

Forward ProgrammeAirborne gravity & magnetic survey

Producing basin in the west | Frontier acreage in the east

Vietnam growth potential – TGT deep potentialPharos Energy – 2019 Preliminary results 11 March 2020 / 28

Total unrisked STOIIP potential across all fault blocks ~ 225 million Bbls

• The TGT-H1-15X well reached TD 28 February 2020

• The forward plan is to stimulate the well and test the production performance of the deep Oligocene interval in the well for a sustained period

• The well will be dual completed so as to include production from the shallower zones

• A programme of deepening existing wells is contingent on the results of the TGT-H1-15X well and the FFDP approval

Vietnam growth opportunity - Phu Khanh Basin (Blocks 125 & 126)Pharos Energy – 2019 Preliminary results 11 March 2020 / 29

• New Frontier basin analogous to the multi-billion barrel Cuu Long Basin• Shallow to deep water basin (water depths (50m to 2,500m)• Undrilled in main central part of the basin but wells on the shelf show encouraging

results• Pharos acquired 7,107 km of 2D seismic, gravity and magnetic data across Blocks

125 & 126 in May 2019• Multiple structural and stratigraphic leads interpreted

Regional seismic line (400+ km) shows comparison of Phu Khanh and Cuu Long Basins

Cuu Long Basin

Phu KhanhBasin

SW NE

Phu Khanh Basin is one of the last undrilled Tertiary basins in South East Asia

Vietnam growth opportunity – Blocks 125 & 126 (cont.)Pharos Energy – 2019 Preliminary results 11 March 2020 / 30

PSTM processing of 2D seismic complete currently working on PSDM data set. 3D seismic planned end 2020/2021

Play Types Main oil generative kitchen

Active Petroleum System

• Confirmed by shelfal Plains 124 -1X well• Light 43° API oil with GOR of 333 scf/Bbl• Oil in carbonates and thin sands with

Darcy permeability

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

of exploration Blocks 125 & 126

• Partner SOVICO Holdings

Pharos Awards

Israel growth opportunity - East Mediterranean Pharos Energy – 2019 Preliminary results 11 March 2020 / 31

Leviathan

Zohr

ISRAEL• Eight contiguous licences • Awarded October 2019• Pharos 33.3%, Ratio and

Cairn (operator)

Two major play types• Tamar sands • Zohr carbonates on

paleo high

ZOHR Field(ENI – Egypt) Jonah Structure

Myra well drilled pre-Zohr discovery – vertical well aborted with stuck pipe and well side tracked for clastic flank play

Eastern Mediterranean is one of the “hottest” exploration areas in the world for the industry

Forward work programme to reprocess existing 3D seismic surveys and evaluate all data

Mergers / AcquisitionsConsortium approach where appropriate

M&A – Accretive opportunitiesPharos Energy – 2019 Preliminary results 11 March 2020 / 32

Bolt onsSmaller scale

TransformationalLarger scale

Scale

Debt / equity for the right transaction

Farm-ins / swaps / farm-outs Cash / Debt

Challenging times may throw up interesting M&A opportunities

Asia - MENAFocus

Summary and Outlook

Ed StoryChief Executive Officer

Summary and outlookPharos Energy – 2019 Preliminary results 11 March 2020 / 34

TGT future defined by deeper Oligocene

15-X well testing commercial potential of new deeper play, with estimated STOIIP of 225 million Bblsacross the TGT structure1

Government of Vietnam fully supportive of TGT licence extension

Six wells in FFDP and nine additional well locations to support production to November 2029

Vietnam Blocks 125 &126 providesignificant growth potential

Comparable scale to the entire Cuu Long Basin

El Fayum provides a beach head for organic conventional growth

Coupled with transformational exploration and transaction options

Developments in energy cooperation between Egypt and Israel have put Pharos in a unique position for exponential future transformational acquisition opportunities

Low gearing | Low oil price breakeven | Low commitment | Flexibility(1) Production parameters to be set by results of stimulation of current well

/ 35Pharos Energy – 2019 Preliminary results 11 March 2020

Pharos Energy – a resilient business

Strong Balance Sheet

Low breakeven price Flexibility

Minimal commitments

www.pharos.energy

Investor RelationsPharos Energy48 Dover StreetLondon W1S 4FFUnited Kingdom

Tel: 020 7747 2000

Company No: 3300821