Investor Presentaiton

Highlights 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

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