#12020 Investor Presentation NT 42/28 SAO PremierOil November 2020#2Contents Important notice PremierOil IMPORTANT NOTICE: THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE BEING SUPPLIED TO YOU FOR YOUR INFORMATION ONLY AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY TO ANY OTHER PERSON OR IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY JURISDICTION WHERE TO DO SO IS UNLAWFUL. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE LAW. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY RESTRICTIONS. BY ACCESSING THIS DOCUMENT YOU AGREE TO BE BOUND BY THE FOREGOING. THIS PRESENTATION IS NOT AN OFFER OR THE SOLICITATION OF AN OFFER TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. The following applies to this document and any oral presentation of the information in this document by Premier Oil plc (the "Company") or any person on behalf of the Company, including any question-and-answer session (collectively, the "Information"). The Information has been prepared by the Company in conjunction with Chrysaor Holdings Limited ("Chrysaor") for background information purposes only, does not purport to be comprehensive, and does not constitute or form part of, and should not be construed as, an offer or the solicitation of an offer to subscribe for or purchase any securities. No reliance may be placed for any purpose on the Information or its accuracy, fairness or completeness. You must hold the Information in strict confidence and must not disclose, reproduce, publish, or otherwise divulge any Information (or permit any of the foregoing) to any other person. The Information is provided as of its date and is subject to change without notice. Nothing in the Information constitutes legal, tax or investment advice. Each recipient is responsible for making its own decision as to the use, accuracy, fairness and completeness of the Information. Neither Barclays Bank PLC, acting through its Investment Bank, nor BMO Capital Markets, nor RBC Europe Limited (together, the "Banks"), nor any of their Related Persons, nor any other person, has independently verified the Information. In relation to an entity, a "Related Person" means its subsidiary undertakings and affiliates (as defined in rule 501(b) of Regulation D of the United States Securities Act of 1933, as amended (the "Securities Act")) and each of their respective directors, officers, employees, advisers and agents. Certain industry, market and competitive position data contained in the Information may come from third party publications, studies and surveys. Such sources generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy, fairness or completeness of such data. While the Company believes that any such publications, studies and surveys has been prepared by a reputable party, neither the Company nor the Banks, nor any of their respective Related Persons, nor any other person has independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Information comes from the Company's analysis of such third party publications, studies and surveys and the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company and Chrysaor operate. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified and are subject to change. Accordingly, no reliance should be placed on any of the industry, market or competitive position data contained in the Information and no representation or warranty (express or implied) is given that such data is accurate, fair or complete. Certain numbers in the Information are unaudited and are based on internal Company records. It is intended that certain of these numbers will be subject to further review in due course. Once they have been reviewed such numbers may be amended and the final numbers may differ from those set out in the Information. Until such time as that review is complete and any final numbers are published, no reliance shall be placed on, and no person shall be liable in any way in respect of, such numbers. This Information includes certain operational and financial measures not presented in accordance with IFRS and, therefore, are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's and the Combined Group's financial results or future prospects. Therefore, these measures should not be considered in isolation or as alternative performance measures under IFRS. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Certain numbers in the Information, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in the Information may not conform exactly to the total figure given. Past performance of the Company and Chrysaor cannot be relied on as a guide to future performance. Nothing in the Information is to be construed as a profit forecast or estimate. To the fullest extent permitted by law, neither the Company, nor the Banks nor any of their respective Related Persons, nor any other person accepts any responsibility or liability whatsoever (whether in contract, tort or otherwise) for or makes any representation, warranty or undertaking, express or implied, as to the accuracy, fairness or completeness of the Information or any other information or opinion relating to the Company, Chrysaor and their subsidiaries, affiliates or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the Information or any such other information or opinion or otherwise arising in connection with the foregoing. No person shall have any right of action against the Company, Chrysaor, the Banks or any of their respective Related Persons or any other person in relation to the accuracy, fairness or completeness of any Information or for any loss, however arising (including in respect of direct, indirect or consequential loss or damage), from any use of the Information or otherwise arising in connection with the Information. No duty of care is owed to you or any other person in respect of the Information. In providing the Information, none of the Company, Chrysaor nor the Banks, nor any of their respective Related Persons, nor any other person undertakes any obligation to provide the recipient(s) with access to any additional information or to update the Information, or to correct any inaccuracies in the Information. November 2020 P1#3Contents Important notice PremierOil Any securities referred to herein have not been, and will not be, registered under the Securities Act, and may not be offered or sold in the United States absent registration under the Securities Act except to qualified institutional buyers ("QIBS") as defined in Rule 144A under the Securities Act ("Rule 144A") or another exemption from, or in transactions not subject to, the registration requirements of the Securities Act. No money, securities or other consideration is being solicited, and, if sent in response to this document or the presentation or the information contained therein, will not be accepted. 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Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and neither the Company, the Banks nor any of their respective Related Persons, nor any other person accepts any responsibility for the accuracy or fairness of the opinions expressed in the Information or the underlying assumptions. Actual events or conditions are unlikely to be consistent with, and may differ significantly from, those assumed. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No representation or warranty is made that any forward-looking statement will come to pass. No one undertakes to update, supplement, amend or revise any forward-looking statements. You are therefore cautioned not to place any undue reliance on forward- looking statements. It is a condition of you accessing the Information that you represent and warrant that: (i) you are a person to whom the Information may lawfully be communicated; and (ii) you have read, understood and agree to comply with the contents of this important notice. Barclays Bank PLC and RBC Europe Limited are authorised by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the Financial Conduct Authority. The Banks are acting exclusively for the Company, Chrysaor and no one else. Neither of the Banks will regard any other person (whether or not a recipient of the Information) as a client and will not be responsible to anyone other than the Company and Chrysaor for providing the protections afforded to its clients nor for providing advice in relation to the Information or any transaction, arrangement or other matter referred to in this Information. November 2020 222 P2#4Highlights Executive summary Proposed merger with Chrysaor, announced October 2020 ■ Premier to acquire Chrysaor through reverse takeover PremierOil ■ Creates the largest UK listed independent oil and gas company with a strong balance sheet and significant international growth opportunities - Will join the ranks of other large, international independent oil and gas companies like AkerBP, Lundin, Hess, Apache and Marathon ■ Transaction completion expected by end Q1 2021 Premier year to date highlights ■ Production of 62.5 kboepd ■ 2020 guidance revised to 61-64 kboepd (recent Catcher constraints) ■ Solan P3 on-stream in September. ■ Tolmount: On track for first gas in Q2 2021 ☐ Significant growth optionality maintained. ■ Forecast 2020 opex of $12/boe and capex of $325m, reflects $255 million of savings / deferrals ■ Net debt of $2.05 billion (end of October). ■ Financial covenants waived through to Transaction completion Valaris 123 rig over Tolmount November 2020 23 P3#5Highlights Transaction overview and key terms Proposed merger of Premier and Chrysaor ■ Premier to acquire Chrysaor through a reverse takeover ■ Premier's London listing retained - Completion anticipated during Q1 2021 - Creditor support received. Shareholder approval required Key terms ■ Premier's stakeholders will own up to 23% and Harbour plus other Chrysaor shareholders at least 77% ■ Premier's c.$2.7bn of gross debt and other liabilities repaid and cancelled: ■ - - - Creditors will receive $1.23bn in cash Refinancing of LCs of c.$400m Equity in Combined Group with a partial cash alternative Assuming full take up of the cash alternative, Premier's shareholders will have c.5.5% in Combined Group Governance ■ Board to consist of 11 directors - 3 Executive Directors: Linda Cook (CEO), Phil Kirk (President, CEO Europe), and CFO 2 Harbour Energy appointees 6 Independent Directors Pro forma ownership structure Other Chrysaor s/holders 44.9% PMO s/holders 5.5% PremierOil Existing PMO Creditors 10.6% Note: Assumes full take up by creditors of the partial cash alternative. Free float to be greater than 40%(2) Ownership Existing Premier Shareholders Existing Premier Creditors Harbour Energy Other Chrysaor Shareholders(1) Harbour Energy 39.0% Lock-up None Small holders (< 2.7%): none; Large holders: 3-6 months 12 months 6 months 1. Other pre-completion Chrysaor shareholders consist of global investors, sovereign wealth funds, pension funds and other asset managers 2. Shares held by investors located inside and outside the EEA November 2020 P4#6PremierOil Highlights Compelling strategic logic Creates the UK's largest-listed independent E&P company - Combined production of 254 kboepd (>90% UK) in 2020 1H - Significant international, growth opportunities Upper tier of FTSE250 Creates a diversified UK business of scale with significant operated position. - High quality operated hubs: Britannia, J-Area, AELE, Catcher and Tolmount - Interests in other UK producing hubs: Clair, Buzzard, Beryl, Elgin-Franklin and Schiehallion Combines two highly complementary, cash generative businesses - - · Substantial cost and tax synergies; accelerates use of Premier's $4.1bn tax losses Portfolio diversification, increased gas exposure - Sector leading strategies to reduce carbon footprint Creates a business with a stable platform for future growth - Ability to pursue a fully funded growth strategy - Unlocks Premier's international development and exploration portfolio Creates a Combined Group with a strong financial position. - Strong balance sheet and sustainable financing structure - Positions the business to target an investment grade credit rating – Potential to offer a meaningful dividend for shareholders over time November 2020 55 P5#7Highlights Combined Group - key operational metrics ■ Diversified asset base with global footprint ■ High degree of operating control enables opportunity to pursue efficiencies and drive investment decisions ■ Low operating cost base ■ Significant operating cash flow generation ■Material hedging programme ■ Balanced mix of oil vs natural gas 2P reserves as at YE2019 Production by type Opex/bbl - Peers Benchmarking¹ 2020 1H Peer G PremierOil Norwegian Peers UK-Listed Independents Peer F Peer E Peer D Combined Group Peer C Peer B Peer A 0 5 10 15 20 25 Diversification of production 2020 1H ■Operated Non-operated 37% 717 mmboe 63% ■ Oil Gas Combined Group 2020 1H Indonesia NSBA 5% Vietnam - Chim Sao 4% Chrysaor Assets Premier Oil Assets UK - AELE UK Assets UK Other Hub 13% ROW Assets PMO 6% 49% 254 kboepd 51% 11H actuals for Combined Group, Woodmac for peers. Norwegian peers: Lundin Energy Aker BP. UK Peers: Tullow Oil, Energean, Kosmos Energy, Cairn Energy, Enquest Energean benchmark is proforma Edison E&P (transaction signed, still to close) November 2020 UK - Catcher 11% 9% 254 kboepd 91% UK - Other Chrysaor 15% UK - Elgin/Franklin (Chrysaor) 8% UK - Buzzard 8% UK - J-Area Hub 13% UK - Greater Britannia Hub 17% P6#8Highlights Global portfolio with leading UK position. PremierOil 2P Reserves as at YE2019 2C Resources as at YE2019 Vietnam 3% Indonesia 4% UK 93% Indonesia 10% Norway 2% Vietnam 1% Clair Mexico 12% 717 mmboe 927 mmboe Falkland Islands Schiehallion 43% Solan Shetland Islands UK 33% Mexico Key Asset: Zama Norway UK Vietnam Key Asset: Chim Sap Brazil c.1,600 mmboe Combined Group 2P & 2C Falkland Islands Key Asset: Sea Lion November 2020 Indonesia Key Asset: Natuna Sea Block A Orkney Islands Beryl Greater Brittania Area Buzzard Elgin/Franklin Aberdeen⚫ Catcher Area SCOTLAND AELE Hub J Area ENGLAND Tolmount Area P7#9Highlights Financing and combined capital structure ◉ Simplified capital structure and strong balance sheet Significantly lower cost of debt PremierOil Leverage ratio as at 30 June 2020 Net debt/EBITDAX (ex. LCs) Norwegian Peers(2) ■Financial flexibility and capital allocation optionality to fund further growth ■ Positions the business to target an investment grade credit rating ■ Potential to offer a meaningful dividend for shareholders over time Capital structure¹ Premier as at 30 June 2020 Combined Group at Completion 19% 6% 9% 7% 6% 53% 12% 88% 2.7 1.9 1.5 1.3 PMO Combined Group Peer 1 (proforma) Peer 2 Simplified capital structure Reserve Based Lending Facility ■ Up to US$4.5bn facility, including up to US$1.25bn of LCs ■ 7 year tenor from underwriting commitment - 2 year repayment grace period Margin adjustment incentive linked to carbon emission reductions Shell Junior Debt ■ US$400m amortising facility ■ First payment due in June 2022 Sustainable, long-term financial footing Estimated net debt of c. $3.2 billion on completion ■ RCF ■ GBP term loan ■RBL ■Shell Junior Debt USD term loan ■ USPPS ■ ■Converted loans ■Retail 1. Excludes cross currency swaps and letters of credits 2. Norwegian Peers: Lundin Energy, Aker BP November 2020 P8#10Highlights Creating a new, independent O&G Company PremierOil 2P Reserves at YE' 19 (mmboe) 2020 1H Production (kboepd) UK-listed International Peers Norwegian Peers North American Peers Post- Transaction 500 400 300 200 100 0 Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Combined Company 1000 800 600 400 200 n.a. n.a. n.a. n.a. n.a. 0 Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Combined Company 5000 4000 2019 EBITDA ($m) 3000 2000 1000 0 Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Peer J Combined Company Source: Company fillings, FactSet Norwegian Peers: Lundin Energy, Aker BP. UK-listed International Peers: Energean, Cairn Energy, Tullow Oil, Diversified G&O North American Peers: Apache, Hess, Marathon Oil, Murphy Oil Note Energean benchmark is a proforma figure including acquisition of Edison E&P; transaction signed, still to close November 2020 99 P9#11Production Premier: Production and operations overview PremierOil 10 months to 30 October 2020 ■ 2020 1H: 62.5 kboepd ■ Summer maintenance ■ ☐ programmes safely completed Successful well interventions and infill drilling campaigns Low, stable cost base ■ Consolidated UK portfolio now centred on 4 hubs (3 operated) ■ GHG intensity tracking below budget Outlook Solan Shetland Islands UK North Sea Group production kboepd (net) SE Asia ■ UK Orkney Islands Andrew Area 50 Aberdeen ⚫ 0 2019 2020 ytd 2020 exit rate Catcher Area Elgin/Franklin/ Shearwater Operating efficiency % SCOTLAND 85 60 ENGLAND ■ Stable Asia production Increased contribution from tax advantaged UK assets 2020 ytd: 41.6 kboepd Tolmount Area 35 10 VIETNAM South East Asia 2017 2018 2019 High number of infrastructure-led opportunities Improved emissions performance 12W Chim Sáo / Dua Field opex $/boe 2020 1H Natuna Sea, Block A Tuna Field INDONESIA VIETNAM 15 MALAYSIA 10 November 2020 5 H MALAYSIA 0 Singapore 2020 ytd: 20.9 kboepd 2019 2020 2021 2022 2023 P10#12Production Catcher at oil plateau rates. Varadero Drilling Template 1 Satellite fields 4D seismic 4x infill wells Gas injection Varadero Drilling Template 2 Catcher North/ Laverda Drilling Template Varadero Towhead Manifold Varadero Bundle Burgman Drilling Template 2 Burgman Towhead Manifold November 2020 Varadero Riser Base Towhead Burgman Bundle Burgman Drilling Template 1 Burgman Riser Base Towhead FPSO Catcher Drilling Template 2 PremierOil Legend Gas Export Gas Lift Production Water Injection E.H.C. Umbilical 2020 ytd ☐ 26.5 kboepd, constrained in Q3 while build up of Calcium Naphthenate removed ■ C. $2/bbl premium to Brent ■ Low field opex ■ Varadero well drilled ■Trial gas re-injection project; positive results to date. Outlook ☐ ☐ Catcher Gas Export PLEM Hopper of high return investments available Significant upside in recovery factor Catcher Bundle Catcher Towhead Manifold Catcher Drilling Template 1 Catcher Riser Base Towhead Midwater Arch Langeled 44" Gas Pipeline CATS Everest to Teesside 36" Gas Pipeline Curlew Deep Gas Diverter Gannet to Fulmar Fulmar to St. Fergus 16" Oil Pipeline 20" Gas Pipeline Rockdump protection Further reserve upgrades anticipated P11#13Production Solan P3: near-term production growth ■ Successful horizontal well on-stream on 15 September - 2,340 feet of net sand encountered vs 2,150 feet forecast Positive signs of connectivity to water injector pressure support - Reservoir properties at higher end of expectations ■ Free-flowed at rates of up to 9.5 kbopd Production choked back to minimise excess flaring while the fuel gas and power system were recommissioned ■ P3, with the ESP online, expected to reach rates of in excess of 10 kbopd shortly -8400 -8320 -8240 -8160 -8080 PremierOil 720 800 880 960 1040 1120 1200 1280 1360 1440 1520 1600 1680 1760 1840 9250.00 9500.00- 9750.00 10000.00 $10250.00- 10500.00 9500.00 10750.00- ?? C.100ft AVT sandstone in pilot hole 975800-0 Shallow reservoir entry +0000.00 10250.00- vs prognosis provides additional sandstone Long section of near featureless massive sandstone with high porosity and permeability 11000.00 Incremental 500ft of high quality reservoir added beyond planned TD 11000 11500.00- 11750.00- 12000/00- 12250.00- Upr Solan ?? 11500.00- 720 800 880 960 1040 1120 1200 1280 1360 1440 1520 1600 1680 1760 1840 November 2020 -8080 -8160 -8240 -8320 -8400 P12#14Production South East Asia Natuna Sea Block A: Premier operated, 28.67% interest ■ 2020 ytd: 12.2 kboepd (net) ■ 55.8% GSA1 market share ■ 46% of 2020 2H production hedged at c.$8/mscf ■ Low operating costs of <$8/boe ☐ Incremental investment opportunities ☐ Long field life Production kboepd (net) Continued field life to 2028 16 12 8 4 الس 0 2020 2021 2022 2023 Chim Sao: Premier operated, 53.12% interest ■ 2020 ytd: 8.7 kboepd, high operating efficiency ■ Crude realises premium to Brent ■ 2020 1H: Low field opex of <$7/boe ■ Ongoing well interventions to support profile ■ 2 well infill programme planned Production kboepd (gross) At sanction Actual/Current forecast 40 Continued field life to 2030 20 PremierOil At sanction 55 mmboe 0 81 mmboe Produced to date Remaining 36 mmboe 2011 2013 2015 2017 2019 2021 2023 2025 November 2020 P13#15Development Growth projects with material upside potential ◉ Large, operated equity stakes in high quality projects, providing growth optionality Participation optimised via farm downs. Ability to flex and control capex as operator Significant value in development portfolio Group 2P Producing 127 mmboe UKCS Tolmount 48 mmboe UKCS Tol. East 16 mmboe Mexico Indonesia Zama Tuna c.100 mmboe 44 mmboe PremierOil Falkland Islands Falkland Islands Sea Lion Ph.1 Sea Lion Ph.2 102 mmboe 113 mmboe 2020 >>> 2021 >>> 2023 >>> 2024 >>> 2025 >>> 2025 >>> 2030 2P PRODUCING Producing ▪ 2P producing ■ Excludes producing assets 2C "hopper" resource 1 Reflects post farm down equity Tolmount ■ 50% op. ■ Under construction ■ First gas Q2 2021 November 2020 DEVELOPMENT PROJECTS Tol. East Zama Tuna ■ 50% op. ☐ FEED ongoing ■FID Q4 2020 ■ 25% (Block 7), non-op ■ 50% op.1 ■ Farm down agreed ■ FEED ongoing ■Sales process underway ■ 2 well appraisal in 2021 Sea Lion 1 ■ 40% op.1 ■ Farm down agreed ■ Sanction ready project Sea Lion 2 ■ 40% op.1 ■Farm down agreed P14#16Development Tolmount Main, UK: a robust project CO₂ Low Carbon by Design €0 Y Carbon Neutral by Commitment Partnership with Kellas ■ Dana and HGSL will pay for the platform, pipeline and terminal upgrades ■ Tolmount gas will use the facilities in return for a production based tariff Tariff structure kboepd (net) ■ Premier 50% operator ■ 500 Bcf gross resource ■ Modest capex of c. $120m (net) ■ >50 kboepd gross peak rates ■Low field opex of 11p/therm ■Low carbon <1 kg CO₂e/boe Tolmount production profile kboepd (net, Premier 50 per cent) 25 ◉ First gas Q2 2021 <2 years Tolmount Main payback c. $500m¹ net FCF Tolmount Main (2020-2025) 1 Assumes 45 pence/therm long run November 2020 20 15 10 5 PremierOil <250 Bcf 250-450 Bcf 450-650 Bcf > 650 Bcf ■Tolmount Main Tolmount East GTA upside 0 2021 2022 2023 2024 2025 2026 P15#17Development Zama, Mexico: a world-class asset A world-class development asset ■ 810 mmboe (P50, gross), shallow water ■ Light 28° API, large, high quality reservoir Planned plateau 150 kbopd (gross) ■ Unit capex <$5/bbl ■ Low GHG intensity: <8 kgCO₂e/bbl (plateau) ■ Robust PSC driven economics at lower oil prices Pre-development work well advanced ■ Facilities FEED nearing completion ■ Draft FDP to be finalised early 2021 ■ FDP submitted once unitisation resolved Unitisation Ministry of Energy (SENER) instruction to submit a Unitisation Agreement by Jan. 2021 ■ Zama Development Area determined; Pemex re-engaged Sales process Interrupted by COVID-19 and unitisation November 2020 Long field life to 2040+ Capex payback c.3 years PremierOil P16#18Exploration Significant value to be realised from exploration ■ Focused portfolio targeting emerging plays and discontinuities in proven hydrocarbon basins ☐ PremierOil Significant position in the Andaman North Sumatran Basin; > 12 TCF of amplitude supported gas identified High value, infrastructure-led exploration inventory being matured on new 3D data adjacent to the Tolmount field ■ New 3D datasets over Mexico acreage confirm the potential of Sureste Block 30 and Burgos Blocks 11 and 13 ■ High impact drill ready prospects in Brazil Exploration Portfolio: COS vs Net NPV(10) at sanction vs Net EMV(10) at sanction Burgos Mesozoic Andaman II Bubble size = Net EMV(10) at sanction November 2020 NPV(10) at sanction ($m) Berimbau Greater Tolmount Area Burgos Cenozoic Wahoo South Andaman Tuna Maraca Tatajuba 0% 10% 20% 30% 40% 50% COS 60% 70% 80% 90% 100% Brazil prospect O Indonesia prospect O Mexico prospect UK prospect P17#19Summary Combined group - investment highlights 000 PremierOil A UK-listed E&P joining the US & European peer group of super independents UK largest oil & gas producer with material operated position Diversified and low-cost asset base with an attractive global footprint Strong balance sheet with stable and low cost financing structure Financial flexibility and capacity to realise value from a top tier development portfolio and international exploration Sector leading strategy to reduce carbon footprint Potential to realise significant cost and tax synergies Potential to offer a meaningful dividend for shareholders over time November 2020 P18#20Appendix Highly experienced executive team with deep sector knowledge PremierOil The new company will be led by Linda Cook (currently CEO of Harbour Energy) as CEO, and Phil Kirk (current CEO of Chrysaor) as President. Both Linda Cook and Phil Kirk will also serve on the Board as Executive Directors Linda Cook (MD & CEO Harbour Energy) Phil Kirk (CEO - Chrysaor) " " " Ms. Cook will serve as the CEO of the combined entity post the completion of the transaction She is currently a Managing Director and member of the Executive Committee of EIG Global Energy Partners, and CEO of Harbour Energy She retired from Royal Dutch Shell plc in 2010, at which time she was a member of the Board of Directors and the Executive Committee During her 29 years with Shell, she held positions including CEO of Shell Gas & Power (London and The Hague); Executive Director and CEO of Shell Canada Ltd. (Calgary); EVP Strategy & Finance for Global Exploration & Production (The Hague); and various U.S. Exploration & Production management, operational and engineering roles She received a B.S. in Petroleum Engineering from the University of Kansas and is currently a Trustee for the University's Endowment Association, a member of the Society of Petroleum Engineers, and a Director on the Board of Bank of New York Mellon. In the past she has served on the boards of other major companies including Cargill Inc, Marathon Oil, The Boeing Co., and KBR Inc. Ms. Cook's experience in a large scale public O&G company (Shell) and her years of governance experience will be invaluable in navigating the initial years for the combined entity as a listed company. Moreover, Ms. Cook has been Chair of Chrysaor since 2017 and knows the business and its strategy well Mr. Kirk will serve as the President of the combined entity and CEO Europe post the completion of the transaction He is currently the CEO of Chrysaor After qualifying as a chartered accountant with Ernst & Young in 1991, he joined Hess in 1996 where he served a variety of roles including head of finance, North West Europe In 2002, he set up CH4 Energy with two ex-colleagues where he was joint managing director. CH4 acquired and operated the Markham field and associated satellites on the UK/Dutch median line After selling CH4 to Venture Production in 2006, he founded Chrysaor in 2007 and has led the group since then He has been a member of the Board of Oil and Gas UK since 2013 and is currently co-chair of the Advisory Council. He is also a past co- chair of the OGA UK Exploration Board, one of six boards responsible for driving the industry's response to the OGA's MER UK (Maximising Economic Recovery) strategy. He is also a Fellow of the Energy Institute Mr. Kirk's experience with Chrysaor and across the North Sea, and his relationships with partners, suppliers and the UK government will be of great benefit to the new company November 2020 P19#21Appendix The evolution of Chrysaor PremierOil The Shell & ConocoPhillips North Sea asset acquisitions are the foundation of Chrysaor's current asset base July 2014 November 2017 September 2019 Harbour Energy CHRYSAOR CHRYSAOR Shell UK North Sea ConoccoPhillips UK North Sea 2020 CHRYSAOR Harbour Energy Founded Harbour Energy founded by EIG Global Energy Partners Focused on equity investment in upstream O&G Formed as contrarian play on two key themes: Value in global E&P is more favourable outside the US Priority focus on conventional, producing assets with cash flow Chrysaor's Shell Acquisition Chrysaor (U.K. North Sea company, founded in 2007) acquires a $3.0 billion package of producing U.K. North Sea assets from Royal Dutch Shell (Shell) Equity funding for the acquisition provided by Harbour Energy Debt financing provided by an RBL along with some Seller Financing ConocoPhillips Acquisition Chrysaor acquires ConocoPhillips' U.K. North Sea assets for $2.7 billion Financed by Chrysaor cash and expanded RBL Chrysaor Today Largest O&G producer in the U.K. Highly diverse production base Majority of assets Chrysaor-operated Proven operating and drilling capability Positive cash flow; strong hedging position, low leverage and excess borrowing capacity Numerous value-enhancing organic investment opportunities within the existing portfolio Proven M&A capability; solid pipeline of opportunities in the N. Sea including those with operational and financial synergies Majority (c.90%) owned and controlled by Harbour Energy November 2020 P20#22Appendix Summary of financial and operational KPIs PremierOil H1 2020 KPIs Premier Oil Chrysaor Unaudited Combined Company¹ Production (kboepd) 67 187 254 Operational 2P Reserves (mmboe) Year End 2019 175 542 717 Revenue ($mm) 531 1,230 1,761 EBITDAX ($mm) 352 920 1,272 Financial Opex/boe ($/boe) 11.4 10.2 10.5 November 2020 CAPEX ($mm) 141 317 457 Cash Flow from Operations ($mm) 324 946 1,270 Source: Company Information (subject to adjustment for different accounting treatment between Chrysaor and Premier; simple summation shown) P21#23Appendix Cost control, expenditure minimised Ability to flex expenditure to ensure free cash flow positive through the cycle ■ Maintained tight control of opex and continued cost discipline ■ COP brought forward from loss making fields 2020 Field opex $/boe 15 ■ Ability to flex and control capex as operator 10 5 PremierOil Budget Forecast ■ Discretionary spend, including exploration, deferred Capex with quick pay back prioritised ■ Right sizing future spend (Sea Lion, Tuna) Committed capex (including abex tax credits) $m 0 UK Indonesia Vietnam 2020F capex reduction c. $145 million 2020 capex $m Abex P&D, E&A 400 Group 2020F opex reduction c. $110 million Abex P&D E&A 300 200 100 0 2020 2021 2022 2023 2024 November 2020 200 0 Budget Forecast P22#24Appendix Tuna, Indonesia: significant resource potential ■ Premier 50 per cent¹ interest, operator ■ Premier discovered Tuna in 2014 ■ 104 mmboe gross 2C resource, as per RISC CPR IRR 28% VIETNAM PremierOil Vung Tau NCS Pipeline Chim Sáo Gas Export- 12W Chim Sáo / Dua to Vung Tau ■ Farm down to Zarubezhneft subject to govt approval ■ 2021 two appraisal wells (Premier carried) ■ WHP tied back to FPSO; gas pipeline to Vietnam <3 years payback Natuna Sea Block A MALAYSIA MOU signed for sale of Tuna gas to Vietnam - 115 mmscfd for 5 years; 300 BCF commitment - Gas pricing of 12% Brent ($7/9/mmbtu floor/cap) ■ First gas targeted for 2025 $555m net FCF (2026-2029) Indicative production profile kboepd (net¹) Singapore 'WNTS to Singapore 540km Shuttle Tanker Tuna FPSO Current field development plan 1Reflects post farm down equity November 2020 Sales Gas Pipeline Tuna Wellhead Platform Infield Flowines And Umbilical Future Prospects And Leads 15 10 5 Kakap Tuna discovery INDONESIA VIETNAM MALAYSIA KALIMANTAN ■ Oil Gas !!!!! 0 2025 2026 2027 2028 2029 2030 P23#25Appendix PremierOil Sea Lion Ph.1, Falkland Islands: a basin opening project ■ North Sea operating environment Conventional new build FPSO/subsea development ■ FEED completed - Substantially de-risked - - Best available technology Gas Tee P2 Main Drill Centre P1 FPSO ■ Tier 1 supply chain secured via LOIs prior to downturn Vendor funding agreed ■ Phase 1 optimised: ☐ - - - 250 mmbbls $1.8bn pre-first oil capex 85 kbopd plateau oil rate Rapid payback, high capital efficiency ■ ECA-backed project financing - Discussions on hold due to current macro environment ■ Supportive government with attractive fiscal regime West Flank Gas Well WI1 Casper Gas Well (Contingency) Phase 1 cash breakeven ~$40/bbl Southern Drill Centre P3 Peak annual FCF >$1.5bn Sanction ready project, currently on hold W13 Eastern Drill Centre W12 Water Injection Tee KEY Production Water Injection Diesel Gas Production/Injection Gas Lift Control Umbilical Production Manifold W Water Injection Manifold P Premier continues to work with the Falkland Islands Government on licensing, fiscal and regulator matters The proposed farm-out of the Sea Lion licences to Navitas is subject to FIG and, pursuant to the Merger Agreement, Chrysaor's approval. November 2020 P24#26Appendix Andaman, Indonesia: LNG scale gas resource Andaman II (Premier 40%, op) ■ Partners: Mubadala 30%, BP 30% ◉ Prospective resource: >6 TCF + 200 mmbbls condensate ■ Two main prospective areas: Timpan and Sangar clusters First exploration well planned for 2022 South Andaman (Premier 20%) ■ Partner: Mubadala 80% (op) Prospective resource: c.6 TCF + 200 mmbbls condensate ■ First exploration well planned for 2022 Andaman I (Premier 20%) ■ Partner Mubadala 80% (op) ■ Additional prospectivity identified Premier interests 3D seismic survey Gas pipeline South Andaman 100km Banda Aceh THAILAND Andaman I Songkhla Andaman II Arun Terminal Timpan North DC 7 wells Timpan DC 7 wells 30km Shuttle Tanker NORTH SUMATRA FPSO NSO PSC Medan Malacca Strait MALAYSIA PremierOil 2014 Acquired operatorship of Andaman II JSA 2018 Awarded Andaman II (2017 Licence Round) 2019 9,276 km 3D seismic survey across acreage Commercialise via re-generation of Arun LNG terminal and facilities Sangar Utara DC 8 wells 2020 Farm in for 20% in S. Andaman, Andaman I BP acquires 30% interest in Andaman II ne Sangar DC 8 wells November 2020 -120km 2 New LNG Trains New Onshore Reception & Gas Compression >12 TCF of amplitude supported gas resource (gross) 16" Production Flowline 28" Gas export Pipeline Control Umbilical 6 No. Treating & Liquefaction Units Existing Tank Farm- Arun LNG Terminal 24" Belwan Gas Export P25#27Appendix PremierOil Mexico: new 3D seismic data confirms prospectivity Zama Discovery Block 30, Mexico: new 3D seismic data validates Wahoo potential ■ Premier 30%, WDEA (op.) ■ Water depth of 35-150m ■ New 3D data confirms Wahoo as a low risk prospect with a flat-spot Significant improvement in definition of Wahoo's deeper potential ■ Confirms amplitude supported -200m- 10m Premier interests Oil field / discovery Prospects/leads 3D seismic survey Cabrilla Pike Loro Wahoo Block 30 follow on potential at Cabrilla ■ Drilling targeted for 2022 Amoca 10km Block 7 MEXICO Wahoo Prospect P50-P10 gross resource 77-116 mmbbls PSDM Flat-spot Burgos Blocks 11 and 13: additional upside identified on new 3D seismic reprocessing ■ Premier 100% ■ Shallow water depth of up to 65m ■ 3 Oligo-Miocene prospects ■ (c.30-150 mmbbls each gross) Deeper Jurassic carbonate play analogous to the Arenque field Blocks captured with very attractive PSC terms ■Farm down prior to drilling to manage risk and cost 250 mmbbls Carbonate play gross resource potential Block 11 Premier interests Miocene prospects Jurassic prospects Colibri MEXICO Jacana Oligo-Miocene clastic & Mesozoic carbonate plays W E Sheartail Flamenco Seismic (default) 25000.00 20000.00 15000 00 5000.00 Chacalaca Block 13 Perico 10km Sheartail/Jacana/Chacalaca 15000.00 L-10000 00 -15000 00 Flamenco/Perico Play 25000.00 November 2020 P26#28Appendix PremierOil Block 717, Brazil: high impact, drill ready prospects ■ Acreage secured via Brazil's 11th Round ■ Premier operated, 50 per cent ■ Well deferred from July 2020 to Q1 2022 ■ 600m water depth ■ 2 intervals targeted testing stacked plays within the Upper and Lower Cretaceous ■ Berimbau: 230-450 mmbbls (Pmean to P10) gross resource ■ Maraca: 85-165 mmbbls (Pmean to P10) gross resource ■ Oil charge proven elsewhere on- block ■ Gross well cost c. $45m November 2020 Maraca Berimbau SW Exploration Well NE 1 2km Berimbau Maraca Targeting 100-600 mmbbls (P90-P10, gross unrisked) P27#29November 2020 www.premier-oil.com Premier Oil Plc 23 Lower Belgrave Street London SW1W ONR T: +44 (0)20 7730 1111 E: [email protected] PremierOil PremierOil PremierO → PremierOil