SOCO International - Pharos Energy · Slide 2 Nothing in this presentation or in any accompanying...

June 2019

SOCO International

SOCO International plc – June 2019

DisclaimerSlide 2

Nothing in this presentation or in any accompanying management discussion of this presentation constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in any investment activity, whetherin the United Kingdom or in any other jurisdiction; (ii) any recommendation or advice in respect of the ordinary shares (the Shares) in SOCO International plc or the group of companies of which it is the ultimate holdingcompany (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 US Securities Act) and may not be offered, sold or transferred except pursuant to an exemption from, or in a transaction not subjectto, the registration requirements of the US Securities Act and in compliance with any other applicable state securities laws.

This presentation contains certain forward-looking statements that are subject to risk factors and uncertainties associated with the oil and gas exploration and production business generally and specifically with thebusiness, 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 by discussions of strategy, plans, objectives, goals, future events orintentions. 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 materially from those expressed or implied by these forward-looking statements and forecasts. Factors include, but are not limitedto, regulatory changes, future levels of industry product supply, demand and pricing, weather and weather-related impacts, wars and acts of terrorism, development and use of technology, acts of competitors and otherchanges to business conditions.

The Group undertakes no obligation to revise any such forward-looking statements to reflect any changes in the Group’s expectations or any change in circumstances, events or the Group’s plans and 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 future performance. Similarly, past shareperformance cannot be relied on as a guide to future performance. Even if the Group’s results of operations, financial and market conditions, and the development of the industry in which the Group operates, areconsistent with the forward-looking statements contained in the presentation, those results, conditions or developments may not be indicative 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 or completeness of the information in this presentation and no responsibility or liability is or will be accepted by SOCOInternational plc or any of its respective subsidiaries, affiliates and associated companies (or by any of their respective officers, employees or agents) in relation to it. All written and oral forward-looking statementsattributable to the Group or to persons acting on the Group's behalf are expressly qualified in their entirety by the cautionary statements above and by all other cautionary statements and disclaimers containedelsewhere in the presentation.

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


Key highlights this year (1 Jan 2019-30 April 2019)

Slide 3

• $87m cash as at 30 April 2019

• Vietnam Revenue $51m, Egyptian Revenue $4m (2- 30 April 2019)

• Dividend of 5.5 pence per share, an increase of c.5% paid 31 May 2019

• 2019 Capex expenditure

• Vietnam unchanged at approximately $33m, of which $21m is allocated to the development work of the TGT and CNV fields, $12m for the acquisition, processing and interpretation of seismic data on Blocks 125 & 126

• In Egypt, the capital expenditure for the two rig programme is expected to be approx. $39m

3

• Vietnam Production within guidance, 7,025 boepd net from Jan - 30 April 2019

• The Group’s Vietnam production guidance for 2019 remains 6,500-7,500 boepd

• Production from the El Fayum concession averaged 5,551 barrels of oil per day (bopd) from 1 January to 30 April 2019 (sold volumes averaged 5,336 bopd).

• A second rig has been contracted and drilling operations with this rig are expected to commence in June 2019

• SOCO anticipates a 2019 exit rate in excess of 6,500 bopd from the El Fayum concession

FINANCIAL

OPERATIONAL

• Completion of the Merlon Transaction – 2 April 2019

• Continued evaluation of M&A opportunities in line with our strategySTRATEGIC


Strategic Overview - Repositioned for Growth

RBL

Time

Angola Congo (Brazzaville)

M&A ACTIVITY

Our VisionFull-Cycle and Growth Orientated E&P of Scale

Portfolio balance across field life cycle

Geographic diversification

Scale & resource base longevity

Cash flow and balancesheet strength

TSR focus = dividend + capital growth

Improved liquidity of shares

A number of steps required:Exploration | Bolt-ons|”Move the needle” mergers

CAPITAL STRUCTURE &

PORTFOLIO OPTIMISATION

ORGANICGROWTH

Recent History

Cash flow and balance sheet strength

Dividends

SALE SALE SECURED ACQUISITION

Slide 4

MerlonAmbition for further M&A Activity

VIETNAM UPDATE


Vietnam• 1 Jan - 30 April production average of 7,025 boepd

− TGT production average 5,418 boepd net

− CNV production average 1,607 boepd net

• Activity and investment for 2019 to include:− CNV - No drilling activity

− TGT - 2 firm wells (TGT-15X and H5-WI), gas lift upgrade and 18 well interventions.

− Block 125 & 126 - 2D seismic data, prepare 3D seismic in 2020

• Upgrade work to restage compressors solution early 2020

1. SOURCE: RISC

16.26.823.0

(mmboe)1

TGT CNV

Group 2018 year-end Vietnam commercial (2P) reserves of 23.0 mmboe

Slide 6

TGT & CNV NET 2P RESERVES1

HST


Approved budget TGT CNV

Firm Wells 2 0

Contingent Wells 2 0

Well interventions 18 0

Facilities Upgrade Capex ($m) 2.2 0

2019 Production Guidance

6,500 to 7,500 boepd

Net

TGT & CNV JOC approved 2019 budget (gross)Slide 7

TGT and CNV 2P and 2C Oil & Gas Production Forecast (boedp)

Budgets approved by JOC’s - TGT Firm wells – H1-15X & H5-WI; TGT Contingent wells – H5-Infill Shallow & 3PST1

Firm other Capex ($m) 53.8 0.5

Firm Opex ($m) 90.0 21.9

Other than 31-P, the simulator assumes the firm wells in the 2019 approved TGT budget come on stream in 2020


Future Vietnam Potential Slide 8

ENI Block 124Offset exploration well expected 2020

• 2D Seismic Acquisition completed

TGT-31P

TGT Deeper HPHT potential beneath existing producing reservoir

Blocks 125 & 126 (SOCO WI 70%) Phu Khanh Basin

HPHT WELL (to be drilled)

The HLJOC has approved a second HPHT well to help determine if the HPTP play continues in the up-dip TGT fault blocks to the north. This second well is currently scheduled to spud in December 2019

The TGT 31P well reached TD in January 2019

Found oil in deeper horizons. A single DST was conducted and 250 bopd flowed to surface under controlled conditions

125 & 126 Partnership

• SOCO Exploration (Vietnam) Limited: 70% (Operator)

• SOVICO Holdings Company 30%

125 & 126 PSC

• PSC signed 27 Oct 2017

• Registration Effective Date 9 Nov 2017

• Initial 4 year Term

• 7,000km 2D + 3D seismic + 1 well

• Total Minimum Financial Commitments $23.5m

2019 Work Programme – 2D

Work Commitments


Egypt Slide 10

• 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

• 100% WI in the El Fayum oil concession in the Western Desert, one of Egypt’s most established and prolific hydrocarbon regions

• c.450,000 acres (1,826km2) located c.80km southwest of Cairo: Exploration: 388k acres(1,570km2)/ Development: 63k acres (256km2)

• Operated by Petrosilah, a 50/50 JV between Merlon and EGPC

• Scalable, low risk development profile: infill drilling, workovers and waterflood expansion

The El Fayum concession, is located 80km South West of Cairo. Crude trucked ~70km to Tebbeenthen shipped via PPC to domestic refineries

Oil100%

Producing Fields10

mmbbls 2P Reserves24

Kbopd Target Production (2023)15+

mmbbls 2C Resources37

Realised sales price discount to Brentc.$3-5/bbl

Operated | Low Cost | Onshore | Oil | Located in highly prospective Western Desert of Egypt


El Fayum Development

(1) On a 2P + 2C basis as of 1 January 2018Note: Merlon 2P reserves, 2C resources and production are on a net working interest basis

and are based on SOCO management estimatesSource: Company information

Slide 11

Schematic Production Profile – El Fayum Concession

Reserves + 2C Resources

24

372P 2C

2019: Stabilize base production, offset declines from existing waterfloods• Re-pressure depleted reservoirs• Optimize well spacing and waterflood pattern• Delineate reservoir continuity and areal extent

2020: Sustainable production growth • In-fill drilling• Expanded waterflood deployment• Selective drilling in satellite fields

• Grid drilling with optimized well spacing• Expand water floods across the fields• Add new reserves and open new production hubs • Focus on field economics / high-return investment

Short-term strategy

Longer-term strategy


El FayumExploration potential

Slide 12

Prospects and Leads Locations

Potential AR “F” Resource play

NE Tersa 1-1 well drilled 2010

Al Madinah

Proven reservoirs in the Western Desert

New prospective play concepts (Ex: AR”F”)

AR “F” Resource Play Potential

• 1,570km2 of exploration acreage of which ~70% is coveredby existing 3D seismic

• 50 identified prospects and leads – 15 high-graded• Al Madinah Exploration well to evaluate the resource play (Jan/Feb 2019)

• Underexplored Northern portion of the block (seismic awaits military clearance)

• Real potential in Frontier plays of which the AR “F” resource play is the most significant

Al Ayyat

Al Madinah

• Apollonia oil shows

• AR A oil shows

• AR F section core with oil shows, future test being planned


Existing Data Base• 3,101 km2 2D seismic

• 841 km2 3D seismic

• 8 wells

Targets• Kharita & Lower Bahariya

sandstones

• AR “G” & Upper Bahariya sands

El Fayum concession outline North Beni Suef concession outline

Existing Beni Suef fields (operated by Apache)

• Winning bidder for North Beni Suef (NBS) concession in February 2019

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

Yousif and Azhar fields (Apache)

Exploration Block awardNorth Beni Suef Block 5 (New Concession) Feb 2019

Slide 13

Silah Fields

CORPORATE RESPONSIBLITY


Adding value in everything we doSlide 15

• Our business -To provide responsible and sustainable development

• Our ethics -To conduct our business in an honest and ethical manner

• Our people - To ensure the health, safety, security and welfare of our employees and those with whom we work

• Environment -To protect the environment and conserve biodiversity

• Society - To consult with and contribute into our host communities


People – case studySlide 16

To ensure the health, safety, security and welfare of our employees and those with whom we work

Case StudyVietnam – Anthony Roache,Deputy General Manager, HLHVJOC

Throughout the whole of the HLHVJOC the highest safety standards are maintained.

Safety programmes build and maintain workforce participation encouraging people to be open about any potential risks or hazards and to take action. Safety observation cards are used by all staff and contractors and we have a meeting every morning to go through these. We had over 23,000 Hazard/ STOP cards during the year.

We are able to identify higher risks and whether there are any trends. We provide incentives for the best observation cards and/or contractors with excellent HSE performance on a monthly and yearly basis.

We undertake regular toolbox talks, ensure permits to work and all standard systems in place. In 2018 we conducted HSE audits of our main contractors. 1,112 audits and 648 inspections were carried out in the JOC. Every year HLHVJOC organise a contractor safety seminar, where experiences are shared in an open manner to highlight safety awareness.


Society – case studySlide 17

To consult with and contribute into our host communities

Case StudyMedical Clinic in Nghe An Province

In 2018 the HLHVJOC supported the construction of a medical clinic in Nghe An Province of Vietnam. Located in an impoverished part of the Thanh ChuongDistrict, this clinic will improve the diagnosis and treatment of diseases. The area is a mountainous part of the country relying mostly on agriculture and forestry with a large proportion of the population below national poverty and healthcare standards. The HLHVJOC has invested $99,714 for the construction with staffing to be provided by local and national agencies. This builds on previous wok and partnerships in Nghe An.

Case StudyEducation Support for Hearing Impaired Children

Founded and managed by the Hanoi Red Cross, the Hanoi Private School for hearing- impaired children provides education for 93 students with hearing-impairments and autism from low income families in Hanoi. This builds on work supported in 2017 which provided upgrades to school infrastructure as well as teacher training and capacity building.


In-house efforts

…… and competitive auction processes

Bi-lateralnegotiations ….

Transformational third party

opportunities

Transformationalorganic growth

potential

Mid-sized bolt-ons

Scale

Merger / RTO

e.g. KEC, Other opportunities

Paper / paper mergersRe-rating opportunities through portfolio synergies

<$50 million

$50 million to $250 million

>$250 million

Strategic value creation and growth optionsSlide 18

Cash / debt /share acquisitions

e.g. Merlon Egypt

Debt / equity acquisitions and bolt-ons

Organic growth

e.g. El Fayum exploration – conventional and non-conventional resource play North Beni Suef Block – Egyptian Bid RoundVietnam Blocks 125&126

Bid applications and exploration

Appendix

SOCO International plc – June 2019 Slide 20

TGT FPSO

CNV WHP with PVD-1 Jack-up rig and hook-up barge

SOCO Vietnam Portfolio

Vietnam

NHA TRANG

HO CHIMINH CITY

Block 16-1

Block 9-2

Blocks 125 & 126


SOCOWI 25.0%

SOCO WI 30.5%

TGTOperated by the Hoang Long Joint

Operating Company (HL JOC)

CNVOperated by the

Hoag Vu Joint Operating Company

(HV JOC)

SOCO VietnamFacilities Overview

Slide 21

The TGT & CNV fields are located in the Cuu Long Basin

HST

*The TGT field has been unitised between Block 16-1 (98.88% oil & condensate, 98.54% gas) and Block 15-2/01

TGT*Te Giac Trang

CNVCa Ngu Vang

30.16% unitised interest in oil & condensate and 30.06% for gas


Egypt Growth Strategies

Slide 22

Potential for future Egypt consolidation Near - term growth strategy

• Maintain strong balance sheet- Escalated activity key for growth- Resolves handicap on historical activity / growth maintenance - Negotiate better receivable performance

• Many ways to win- 2C conversions to 2P - waterflood roll-out a large upside opportunity- Appraise reservoir extensions- Encounter channel reservoirs - Exploration success - top prospects drilled in 2019-2020- Special projects – AR “F” resource play, horizontal wells

• Re-stocking the inventory- 3D seismic programme in north of El Fayum- Award of North Beni Suef block

Longer - term growth strategy

• Maintain good position for inorganic consolidation opportunities

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0 2 4 6 8 10

Rem

aini

ng P

V ($

mm

)

Remaining PV/boe ($/boe)

Bubble size = Net WI remaining reserves (50 mmboe)

Majors

SOEs (1)

Independents

Source: Wood Mackenzie Upstream Data ToolNote: NPV10 as at 1 Jan 2019 at long term oil prices of $65/bbl flat real. Excludes portfolios where NPV10 >$3.5bn(1) SOEs: State Owned Enterprises


2018 Finance Results

56.43

74.34

0

20

40

60

80

2017 2018

Oil Price Realised($/bbl)**Realised oil price per barrel is the average proceeds received for each barrel of oil sold in the period

156.2175.1

0255075

100125150175200

2017 2018

Revenue ($m)

1,552 1,588

6,7245,686

0

2,000

4,000

6,000

8,000

10,000

2017 2018

Net Production by Asset (boepd)CNV TGT

13.73 13.63

18.72 19.514.50 5.70

0

10

20

30

40

50

2017 2018

Costs per Barrel ($/boe)

Cash Operating Costs DD&A Production Based Taxes

Operating Profit from Continuing Operations $42.1m1

Net profit after CNV impairment reversal of $23.9m is $27.7m

Slide 23

1. Operating Profit from Continuing Operations $42.1m is prior to CNV impairment reversal


137.7

240.1

55.922.4 1.2

95.6

23.3 1.3 0.9

0

25

50

75

100

125

150

175

200

225

250

275

300

Cash at31 December 2017

Cash from continuingoperating Activities

Investments in Assets Disposal ofSubsidiary/Cash

outflow fromdiscontinuedoperations

Net proceeds fromborrowings

Dividend Payments Purchase of own sharesinto EBT

Effect of foreignexchange

Cash at31 December 2018

2018 Finance results Cash, Cash Equivalents and Liquid Investments ($m)

Cash Flow from Continuing Operating Activities $55.9m

Slide 24


Capital allocation

Low Cash Operating Cost

$13.6/boeCapitalDiscipline

Investment in Assets

$22.4mCapitalAllocation

Dividend Distributions

$23.3mCapitalReturn

Capex Spend (including abandonment)

$33m

2019 GUIDANCE- VIETNAM

TGT$21m

125 & 126$12m

CNV - No drilling activity

TGT - 2 firm wells (TGT-15X and H5-WI), gas lift upgrade and 18 well interventions.

Block 125 & 126 - 2D seismic data, prepare 3D seismic in 2020

Proposed Dividend: 5.5p/share (approx.$28m), an increase of c.5%1

Slide 25

1Post completion of Merlon acquisition


Steady Finances

45.0

55.9

0

10

20

30

40

50

60

2017 2018

Net Cash from Continuing Operating Activities ($m)

137.7

240.1

0

50

100

150

200

250

2017 2018

Cash, Cash Equivalents and Liquid Investments ($m)1

29.3

22.4

0

10

20

30

40

50

2017 2018

Capital Expenditure (Cash $m)**includes abandonment funding

13.73 13.63

0

5

10

15

20

2017 2018

Low Cash Operating Cost ($/boe)

5.0 5.25

0

2

4

6

8

10

2017 2018

Return to Shareholders (Pence per ordinary share)

156.2175.1

0

50

100

150

200

2017 2018

Revenue ($m)

Slide 26

1 Including the $100m draw down from the RBL, giving net cash of $140.1m


CNV-6PST1

CNV Well Programme 2018

Water injection line converted to gas supply to provide gas lift; agreement with Bach Ho for long term supply of lift gas anticipated H1 2019

CNV 2018 well programme2018 production averaged 1,588 boepd net

Slide 27

13011

0

10

20

30

40

50

60

70

80

90

100

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

22,500

Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

WCT

(%)

Daily

Oil/

Liq.

Pro

duct

ion,

Wat

er in

ject

ion

(STB

); Cu

mul

ativ

e O

il Pr

oduc

tion

(mST

B),

Cum

. W

ater

Inje

ctio

n (S

TB),

GOR

(SCF

/STB

)

Date

Liq. Rate Oil rate (bbl/d) GOR(Scf/Stb) Oil Cum.

Daily Injection Volume Cum. water Inj. WCT (%) Water cum.

2-Dec-2018Updated to

5,165

4.8 mmstbw

2,94148.5

21.5 mmstbo

0• Fractured basement reservoir with many analogues in Cu Long Basin

• Historic production has been from 4 key wells• Light, low viscosity, undersaturatedoil (blended

with Bach Ho and sold as Bach Ho crude which attracts a premium to Brent)

• Low water cut limited to injection water • Continued very low decline rate anticipated –

maintain reservoir pressure below the bubble point to avoid formation of secondary gas caps

• PSC expires 16 Dec 2025 or 16 Dec 2030 with a 5 year extension

CNV Field Performance – Low decline rateCNV-5P-ST2 sidetrack• Onstream late 2018 at 1,100 bopd, the well

continues to clean-up (de-water), water cut has reduced from 80% to 57% and is anticipated to reduce further

CNV-6P-ST1 workover• Recompletion of water injector to oil producer –

well shut-in until Bach Ho gas lift is operational. The well could be sidetracked if it does not dewater and produce oil

Well Results

Field Description

CNV-5P -ST2


TGT-16AP - on stream Oct 2018• Produced an average oil rate in Nov and Dec 2018

of 618 and 520 bpd respectively with 10% water cut

TGT-14X Re-entry - on stream Dec 2018• Produced an average oil rate of 870 bpd with 15%

water cut in Dec 2018

TGT-31P• The TGT 31P well reached TD in January 2019• Found oil in deeper horizons. A single DST was

conducted and 250 bopd flowed to surface under controlled conditions

Well ResultsS N

TGT 2018 well programme2018 production averaged 5,686 boepd net

Slide 28

TGT Field Performance

• Complex stacked sequence of thin reservoir sands over a 600m interval across ten fault blocks

• 31 producing wells & 1 water injector to date• Light , under saturated, relatively low viscosity oil

which attracts a premium to Brent• Production is assisted with gas lift• PSC expires 15 Nov 2024 or 15 Nov 2029 with a 5

year extension

Field Description

TGT-14X Re-entry

TGT- 16 AP

TGT-31P

TGT Cross Section


• TGT production in 2018 was impacted by performance issues with the field’s gas compressors, which suffered unplanned outages and delivered lower gas lift

• This in turn has increased the amount of gas going to flare and impacted on TGT oil production

• HLJOC completed tests that confirmed low specific gravity gas from a third party well with access to the FPSO was the main cause of the gas compressor inefficiencies

• Low specific gravity gas is produced by:‒ HSD-1P & HSD-6PR third party (TLJOC) wells (93% contribution)

‒ H5-WHP wells (7% contribution)

• Tie-In Agreement between HL JOC and TL JOC for use of TGT FPSO

• The term of the TIA ended Aug 2018 and is being renegotiated; interim TIA currently in place

• Each JOC shares opex based on throughput

• No guaranteed TLJOC throughput

Third party businessSlide 29

TIA and Gas compressors

The combined HST-HSD production is routed through TGT facilities as Third Party Business

Block 15 -2/ 01 TL JOC

CNV JOC

TGT JOC

HSD

HST

Third Party agreements

Trial test


Third party businessTest Results

Slide 30

Trial test was conducted to:

• Identify cause of gas compressor inefficiencies• Evaluate how gas flare and unstable gas lift pressure

were mitigated when choking down H5 and HSD-6PR separately

Export Gas Specific Gravity & Gas Flare Correlation Gas flare rate reduced from 14-15 to < 1 mmscfd

Shut in Shut in Shut in

Test to confirm source of low specific gravity gas, cause of the compressor instability , excess

flaring and impact on TGT oil production

The trial test demonstrated a very clear impact on FPSO gas flare rate and gas lift pressure by choking down HSD-6PR

Oil Production• When H5 wells were shut in compressor

performance did not improve• Choking down HSD-6PR gave a clear improvement

on compressor performance (gas lift pressure increased and was stable, gas flare rate decreased significantly)

Results

3rd party wells shut in


Test result confirms TLJOC production impacts on gas compressor efficiency and TGT oil production

HLJOC will install two Manual Control Valves on the TGT-H1-WHP:

- One is to allow control of the total amount of hydrocarbons coming from the TLJOC fields into the TGT facilities;

- The other is to allow control the total amount of gas that HLJOC send to the TLJOC fields for gas-lift.

Upgrade work to restage compressors as a long term solution is due to start Q4 2019.

The way forward Slide 31


Gross

TGT and CNV production forecastsSimulated production forecasts for TGT have a large uncertainty range driven by future activities

Slide 32

Gross

2P Simulated Profile assumptions:• Gas compressor upgrade September 2019 will increase gas lift by 20% to 70 mmscfd• 28 workovers (4 per year) each adding ¬650bpd gross (JOC has approved 18 well

interventions in 2019)• Future infill wells include 31P in 2019 and 3 further wells in 2020• Excludes gas production: GOR c.750 scf/stb2C profile assumes a further 18 wells drilled

2P Profile assumptions:• Well 5P-ST2 continues to clean-up to approximately 2mbpd in 1Q2019• Continued clean-up of 6P-ST1 and increasing oil production• Excludes gas production: GOR is c.3,000 scf/stb2C profile assumes an additional 2 wells


Approved budget TGT CNV

Firm Wells 2 0

Contingent Wells 2 0

Well interventions 18 0

Facilities Upgrade Capex ($m) 2.2 0

2019 Production Guidance

6,500 to 7,500 boepd

Net

TGT & CNV JOC approved 2019 budget (gross)Slide 33

TGT and CNV 2P and 2C Oil & Gas Production Forecast (boedp)

Budgets approved by JOC’s - TGT Firm wells – H1-15X & H5-WI; TGT Contingent wells – H5-Infill Shallow & 3PST1

Firm other Capex ($m) 53.8 0.5

Firm Opex ($m) 90.0 21.9

Other than 31-P, the simulator assumes the firm wells in the 2019 approved TGT budget come on stream in 2020

www.socointernational.com

Investor RelationsSOCO International plc48 Dover StreetLondon W1S 4FFUnited Kingdom

Tel: 020 7747 2000Fax: 020 7747 2001Company No: 3300821

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