ORYX PETROLEUM: AN UPSTREAM LEADER IN AFRICA & THE MIDDLE EAST. Investor Presentation - July 2013

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1 ORYX PETROLEUM: AN UPSTREAM LEADER IN AFRICA & THE MIDDLE EAST Investor Presentation - July 2013

2 BUILDING A FULL-CYCLE EXPLORATION, DEVELOPMENT AND PRODUCTION COMPANY A sizeable and diverse portfolio focused on highly prospective oil regions Seven license areas focused on Africa and Middle East Significant recent discovery with further upside 164 MMbbls proved plus probable reserves ($0.8 billion after-tax NPV10) 200 MMbbls contingent resources ($1.5 billion after-tax NPV10) Large prospective oil resource base 1,318 MMbbls unrisked ($9.0+ billion after-tax NPV10) Strong capitalisation $700 million from The Addax & Oryx Group (AOG): a large private diversified investment group $23 million from management and private investors $237 million net proceeds from IPO Cash on hand to fund active drilling and seismic program through mid-2014 Listed on Toronto Stock Exchange (ticker: OXC) Private and Confidential 2

3 PROVEN SENIOR MANAGEMENT TEAM Key management team members successfully established, developed and sold Addax Petroleum Jean Claude Gandur Chairman Former CEO and founder of Addax Petroleum Founder and Chairman of The Addax & Oryx Group Ltd. Recipient of honorary titles and awards from Benin, Nigeria, Senegal and Congo (Brazzaville) $60.00 Addax Petroleum 5th largest producer in Nigeria Pioneer in Kurdistan Region of Iraq C$52.80 (Enterprise Value of C$10.2 billion) Michael Ebsary Chief Executive Officer Former CFO of Addax Petroleum Elf and Occidental $50.00 $40.00 Henry Legarre Chief Operating Officer Former M.D. Middle East Business Unit of Addax Petroleum Chevron (Angola, Nigeria and US) $30.00 $20.00 Equity C$27.25 (Pan-Ocean acquisition) Craig Kelly Chief Financial Officer Former Head of Corporate Finance of Addax Petroleum RBC Capital Markets, Ernst & Young $10.00 $0.00 C$19.50 (Enterprise Value of C$2.4 billion) Addax created C$5.2 Billion in Shareholder Value (34% p.a. return to IPO investors) Private and Confidential 3

4 SUBSTANTIAL IN-HOUSE TECHNICAL EXPERTISE Utilising its technical expertise to extract value and drive the pace of development Operational Team of 30+ Professionals Extensive Industry and Country Experience Led by Henry Legarre (COO) Formerly Managing Director of Addax Petroleum s Middle East operations Led the development of Taq Taq in Kurdistan 20 years with Chevron in Angola, Nigeria and U.S. Geologists Algeria Tunisia Libya Lebanon Egypt Syria Iraq Saudi Arabia Qatar UAE Subsurface engineers Senegal Drilling / facilities engineers Regional operational managers Guinea Bissau Ivory Coast Nigeria Cameroon Gabon Congo Ethiopia Kenya Tanzania New ventures specialists Angola Health, safety and environment specialists Private and Confidential 4

5 OIL FOCUSED IN ESTABLISHED HYDROCARBON BASINS Exploring for oil in low geological risk regions Oryx Petroleum Reserves and Resources (MMbbls) Kurdistan Wasit 404 Iraq 143 Bnbbls of proved oil reserves Kurdistan Region: Accessible emerging basin Wasit Province: Early stage opportunities Nigeria 37 Bnbbls of proved oil reserves Largest production and resources in West Africa AGC (Senegal / Guinea-Bissau) AGC Nigeria 160 Working hydrocarbon system Overlooked shallow water play capitalizing on proven seismic technology Congo (Brazzaville) Proven Plus Probable Reserves Best Estimate Contingent Resources Best Estimate Unrisked Prospective Resources Congo (Brazzaville) 1.9 Bnbbls of proved oil reserves Exploration around large producing fields Opportunities for Independents to build presence Private and Confidential 5

6 DIVERSIFIED AND SIZEABLE ASSET BASE Multiple play types, high average working interest and large scale opportunities Hawler Seven license areas covering 10,602 km 2 OML141 HMA Multiple play types across different geographies Onshore, shallow offshore, deepwater High equity interests and operatorship >30% interest in 6 of 7 licenses Operator/technical partner in 4 of 7 licenses 1.7 billion barrels of reserves and unrisked resources (31/03/2013) (MMbbls, WI) 1P/C 2P/C 3P/C Reserves CR PR - Unrisked 530 1,318 3,023 PR - Risked % oil focused ~80% of prospective resource base is light / medium oil Private and Confidential 6

7 SIGNIFICANT NEAR-TERM DRILLING PROGRAM Recent significant discovery with 14 additional wells planned prior to mid P Reserves 2C Resources Prospective Resources (unrisked) Kurdistan, Iraq Wasit, Iraq Congo (Brazzaville) 1000 AGC Nigeria Working Interest (MMbbls) 200 Q Demir Dagh-2 Q Q Q Q Q Zey Gawra-1 Xiang Ain Al Safra Banan Ma Demir Dagh-3 Gara Kaki Dufriyah North Demir Dagh-4 Nengia Amedi Dome Flore OML-3 0 Private and Confidential 7

8 Unrisked Gross (100%) Prospective Resources HAWLER LICENSE (KURDISTAN REGION OF IRAQ) Successful exploration result to be followed by drilling of three additional prospects in 2013 February 2013 discovery at Demir Dagh (100%) 252 MMbbls 2P reserves (3P: 960 MMbbls) 307 MMbbls 2C resources (3C: 933 MMbbls) Spud: June 2013 Est TD: Oct/Nov 2013 Spud: July 2013 Est TD: Dec/Jan 2014 Spud: July 2012 TD: Dec 2012 Wells Discovery 49 MMbbls unrisked prospective resources 3 additional identified prospects targeting light and heavy oil potential: Total Gross (100%) Prospective Resources: 444 MMbbls (WI: 289 MMbbls) Planned 100 Spud: April 2013 Est TD: Aug/Sept Ain Al Safra Banan* Zey Gawra *does not reflect recent extension of license area Working Interests Work Program 65% Oryx Petroleum (Operator) 20% KRG 15% KNOC 2013: 3 more exploration wells (AAS-1, ZEG-1, BAN-1), 1 appraisal well (DD-3) 1H 2014: 1 planned appraisal well (DD-4) with additional appraisal wells likely Initial production facility and first oil expected in 2014 Private and Confidential 8

9 TRIASSIC JURASSIC CRETACEOUS TERTIARY HAWLER LICENSE (KURDISTAN REGION OF IRAQ) Demir Dagh: Significant oil discovery with further upside potential Proved plus Probable Reserves Pre Drill (MMbbls) WI Post Drill (MMbbls) WI m 1137m 1190m 1305m MD metres Pila Spi Gercus Sinjar Kolosh 1137m 1190m 1305m Upper Cretaceous - Shiranish, Kometan, Upper Qamchuqa Tested 6,700 bbl/d good viscosity crude oil classified as heavy (20 to 22 API) Sweet crude (Low GOR / H2S) Matrix porosity exceeded expectations Reserves & Contingent Resources Contingent Resources Prospective Resources m 1638m 1757m 1766m 2107m 2223m Shiranish Kometan Qamchuqa & Sarmord Garagu 1638m 1757m 1766m 2107m 2223m Upper Jurassic - Najmah Produced fluid at 4,000 bbl/d (10% heavy oil, 90% drilling fluid) (<10 API) Results inconclusive No Reserves or Resources Booked 729m Najmah Middle & Lower Jurassic Naokelekan & Sargelu Produced light oil at surface (29 to 32 API) Testing stopped prematurely due to technical issues 74m 2953m 2953m Naokelekan & Sargelu 3026m 3026m Alan Mus & Adaiyah Tested 2,210 bbl/d light oil (42 API), Tested 2,780 bbl/d light oil (37 API) Testing limited by surface facilities Contingent Resources 80m?m 3302m 3322m 3488m 3711m 3768m Mus Adaiyah Butmah Baluti 3302m 3322m 3488m 3711m 3768m Lower Jurassic / Upper Triassic Butmah Technical issues during open hole testing; Results inconclusive Kurra Chine Not tested Kurra Chine 4018m Prospective Resources Private and Confidential 9

10 HAWLER LICENSE (KURDISTAN REGION OF IRAQ) Demir Dagh Development Planning NSAI Development Assumptions NSAI Development assumptions for 2P+2C (100%): $3.8 billion total capex including: development wells ($1.8 bn) - 30 injection wells ($550mm) km pipeline to Faysh Khabur ($225 mm) - Facilities ($1.0 bn) - Abandonment ($325 mm) $10.19 bbl/d opex over life of field (includes $5-10/bbl/d transportation) $10/bbl/d discount to Brent for 2P First oil in 2014 and peaking at 219,000 bbl/d Next Steps and Phase 1 Development Notification of Discovery delivered to KRG Next step is Appraisal Plan followed by declaration of Commercial Discovery and Field Development Plan Near-term drilling: 2 planned appraisal wells (DD-3 & DD-4) in late 2013 / early 2014 Banan exploration well late 2013 Tendering for 25,000 bbl/d EPF underway Expected to be in place by end of 2013 Lease with total cost of ~$30 million(~$15 million set-up, ~$15 million lease/maintenance costs p.a) First Production from DD-2 and DD-3 in 2Q2014 7,000-9,000 bbl/d(gross) Three rigs to drill throughout ,000 bbl/d by end 3Q 2014 Private and Confidential 10

11 HAWLER LICENSE (KURDISTAN REGION OF IRAQ) Hawler license area well situated for both domestic and export sales ITP 40 & 46 pipelines 600 & 900 Mbbl/d capacity Khurmala Faysh Khabur Planned 40 oil pipeline 1 MMbbl/d capacity Khurmala Dohuk 24 gas pipeline ~600 MMcf/d(300Mbbl/d) Khurmala Erbil Refinery 20 oil pipeline 150 Mbbl/d capacity Domestic demand ~200, ,000 bbl/d Production capacity estimated >400,000 bbl/d by end of 2013 Trucking unable to accommodate excess capacity Two principal export pipeline options both headed for Ceyhan port in Turkey 1) Via Federal Iraq Khurmala Dome to ITP 2) Via Kurdistan Khurmala Dohuk Faysh Khabur a) Converted gas pipeline (300,000 bbl/d) b) Proposed 1 MMbbl/d mainline Ultimate export routes dependent on regional politics and security Kurdistan, Federal Iraq, Turkey, US Faysh Khabur 2b Proposed mainline (1 MMbbl/d) 1 Khurmala Dome > ITP Converted gas pipeline (300,000 bbl/d) 2a Private and Confidential 11

12 Unrisked Gross (100%) Prospective Resources SINDI AMEDI (KURDISTAN REGION OF IRAQ) Large exploration area with high potential yet to be fully established Wells Planned Frontier license area with sizeable structures but high geological risk Light oil prospectivity in multiple reservoirs On trend with Tawke field; nearby drilling at Gara-1 (Hillwood/Marathon) 1 prospect and 2 leads Total Gross (100%) Prospective Resources: 325 MMbbls (WI: 82 MMbbls) Gara Amedi Yakmalah Prospects Leads Working Interests Work Program 30.94% Perenco (Operator) 2013: 2D seismic (180km) 25.31% Oryx Petroleum 1H 2014: 2 exploration wells 25.00% KRG (back in right) 18.75% Third Party (back in right) Private and Confidential 12

13 Unrisked Gross (100%) Prospective Resources WASIT (IRAQ) Unique early stage oil opportunity in large underexplored and underdeveloped Shia province Gazprom Proven active petroleum system: 3 fields under development with 1.3 Bnbbls of estimated reserves Provincial government awarded contracts: right to nominate up to 3,500 km 2 in one or more license areas Fiscal terms similar to 2007 vintage KRG PSCs Total Gross (100%) Prospective Resources: 1,010 MMbbls (WI: 404 MMbbls) CNPC Wells Planned Wasit West Wasit Central Dhufriya North Sa'd Wasit East Leads Working Interests Work Program 40% Oryx Petroleum (Operator) 2013: 2D seismic (540 km) 40% Other shareholders of KPA / Amira Hydrocarbons 1H 2014: 1 exploration well 20% WPG Private and Confidential 13

14 HAUTE MER A & HAUTE MER B (CONGO (BRAZZAVILLE)) Exploration for oil adjacent to large producing fields Wells Planned Spud: July/Aug 2013 Est TD: Sept/Oct 2013 Spud: May 2013 Est TD: June/July 2013 Haute Mer A (WI) Spud: Nov/Dec 2013 Est TD: Jan/Feb 2014 Haute Mer B (WI)* 890 km 2 in 200 1,200m water depth 5 prospects and 11 leads identified targeting 625 MMbbls best estimate unrisked gross (100%) prospective resources (WI: 160 MMbbls) Heavy (Tertiary) and light (Cretaceous) oil potential 3 prospects to be drilled in 2013 Xiang Prospect: Excellent reservoir quality and with heavy oil encountered in prior shallow drilling 86 MMbbls (risked: 39 MMbbls) Ma Prospect: Good reservoir quality and biodegraded oil encountered in prior shallow drilling 70 MMbbls (risked: 7 MMbbls) Kaki Main Prospect: Cretaceous carbonate play 121 MMbbls (risked: 39 MMbbls) On trend with neighbouring large discoveries Moho Bilondo & N kossa - >100,000 bbl/d Chevron: Block 14 (Angola) - 200,000 bbl/d Work Program 20% Oryx Petroleum 30.00% Oryx Petroleum 2013: 3D seismic acquired, 3 exploration wells (XIA-1, MA-1, Kaki Main) 45% CNOOC (Operator) 34.62% Total (Operator) XIA-1 spudded in May % CPC 20.38% Chevron 15% SNPC 15.00% SNPC * Pending Final Government Approval. Private and Confidential 14

15 Unrisked Gross (100%) Prospective Resources AGC SHALLOW (SENEGAL / GUINEA BISSAU) Significant light oil potential with hydrocarbon system established by discovered heavy oil Working petroleum system with two shallow heavy oil discoveries in the 1960s ( MMbbls in place) Wells Planned Deeper targets prospective for lighter oil facilitated by proven seismic technology Sub-salt related structural traps in 100m water depth Analogous to a play on Gulf of Mexico shelf 3 prospects and 2 leads identified to date Total Gross (100%) Prospective Resources: 304 MMbbls (WI: 243 MMbbls) Dome Flore Dome Gea Dome Iris Dome B Dome A Prospects Leads Working Interests Work Program 80% Oryx Petroleum (Operator) 20% AGC 2013: Interpreting 800 km 2 3D seismic acquired in Q and well location selection 1H 2014: 1 exploration well Private and Confidential 15

16 OML141 (NIGERIA) Large underexplored license area within the prolific Niger Delta 3D Seismic 1,295 km 2 in 0-30m water depth Numerous prospects identified 6 light oil prospects included in NSAI Report representing Gross (100%) Prospective Resources: 397 MMbbls (WI 153 MMbbls) Recently completed drilling of Dila prospect (DIL-1) Gross (100%) unrisked Prospective Resources: 189 MMbbls (WI 73 MMbbls) Oil discovered but not in commercial quantities Significant opportunities remain Sizeable prospect inventory Large area with no prior drilling or 3D seismic coverage Working Interests Work Program 38.67% Oryx Petroleum (Technical Partner) 2013: 3D seismic acquisition 33.00% Emerald Energy Resources Limited (Operator) 1H 2014: 1 exploration well, 1 appraisal well 27.00% AMNI Oil & Gas 01.33% Bluewater Oil & Gas Investment Private and Confidential 16

17 PORTFOLIO WITH SIGNIFICANT VALUE POTENTIAL High value portfolio anchored by Demir Dagh discovery 2P+ 2C: ~15% avg. recovery rate Risked Net Present Values (NSAI) Prospective Resources: ~20% avg. recovery rate and 19% geologic risking Oil Price Assumption (Brent) $100 bbl/d Brent in 2015 escalating to $109 in 2021; 2% production escalation after 2021 $10 differential for 2P Key factors not reflected in NPVs Banan extension Potential connection between Demir Dagh and Banan No low API(<15 ) heavy oil in Demir Dagh (Hawler) and AGC or any natural gas % Discount Rate 15% Discount Rate 20% Discount Rate Ent Value $875mm HMA/HMB AGC OML141 Wasit Sindi Amedi Hawler PR Hawler 2C Hawler 2P Current market value implies large discount to NSAI NPV 2P+2C at 15-20% discount rates P 2C PR 2P 2C PR 2P 2C PR Assumes share price of C$14.25 per share, 1.05USD/CAD and net cash of $483 mm Private and Confidential 17

18 WELL FUNDED TO MEET NEAR TERM REQUIREMENTS Exploration and appraisal program fully funded through mid-2014 Iraq 2013 Capital Budget ($ mm) Location License Drilling Seismic & Studies Other Total Hawler $mm Mar 31/13 cash 246 IPO net proceeds Kurdistan Region Wasit Province * Pending Final Government Approval. Sindi Amedi Wasit Nigeria OML Senegal AGC Shallow Congo (Brazzaville) Haute Mer A Haute Mer B* Corporate 1 1 Total Balance of 2013 & 1H 2014: Planned Use of 2013 $325 Million Capital Budget Seismic & studies 15% Other Capital expenditures 408 G&A/business development 28 16% Balance 47 Drilling 69% Private and Confidential 18

19 A COMPELLING INVESTMENT OPPORTUNITY 1. Focused on oil in established hydrocarbon basins Large license areas Large scale resources 2. Sizeable and diversified portfolio with significant near-term drilling program Recent significant discovery Variety of plays Significant working interests / Operator Well funded 3. Experienced management team with strong relationships and successful track record Established through Addax Petroleum 4. Substantial in-house technical expertise Demir Dagh Private and Confidential 19

20 APPENDIX Private and Confidential 20

21 COMMITMENT TO STRONG CORPORATE GOVERNANCE, CORPORATE INTEGRITY AND SOCIAL RESPONSIBILITY Experienced and professional board with six independent directors Board of Directors Our Commitments Member Experience Independent Good Governance a Corporate Priority Jean Claude Gandur Chairman Michael Ebsary Chief Executive Officer Founder and Chairman of AOG Former CEO of Addax Petrolelum Former CFO of Addax Petroleum Elf and Occidental Fully independent Corporate Governance and Audit Committees Anti-Corruption policy and supporting processes Rick Alexander Lead Independent Director Parallel Energy, Alta Gas, Niko Resources, Husky Oil, Gulf Canada Active CSR Program David Codd Addax Petroleum, Texaco, ConocoPhillips Disaster relief in Senegal and Congo (Brazzaville) Michel Contie Evan Hazell Total, John Wood Group HSBC, Citi, Harrison Lovegrove, RBC, Canadian Occidental Community outreach in Kurdistan (education, schools, health services) $40m funding and organisational support for regional flagship Children s Hospital in Erbil Gerry Macey Encana, PanCanadian, Addax Petroleum, PanOrient, Gran Tierra Energy Peter Newman Deloitte, Arthur Andersen, Mobil Corporation Private and Confidential 21

22 DEFINED ACTIVE NEAR-TERM DRILLING PROGRAM 16 well exploration and appraisal program fully funded provides near-term catalysts Field / Prospect (Region) Activity Well Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Exploration Hawler DD-2 Exploration Hawler ZEG-1 Hawler (Kurdistan, Iraq) Exploration Appraisal Exploration Hawler AAS-1 Hawler DD-3 Hawler BAN-1 Appraisal Hawler DD-4 Seismic Acquisition Sindi Amedi (Kurdistan, Iraq) Wasit (Wasit, Iraq) Exploration Sindi Amedi 2 Exploration Sindi Amedi 3 Seismic Acquisition Exploration Wasit 1 Seismic Acquisition OML 141 (Nigeria) Exploration Appraisal * Exploration OML 141 DIL-1 OML 141 OML-3 OML 141 OML-2 AGC (AGC Shallow) Haute Mer A (Congo Brazzaville) Haute Mer B** (Congo Brazzaville) Seismic Acquisition Exploration AGC 1 Exploration HMA XIA-1 Exploration HMA MA-1 Exploration HMB 1 Seismic Acquisition * Appraisal well is based upon successful exploration drilling. ** Pending Final Government Approval. WELL SPUD EXPECTED COMPLETION SEISMIC ACQUISITION Private and Confidential 22

23 PROPERTY SUMMARY Location License Area (km 2 ) Water Depth (metres) W.I. (%) Operator/ Technical Partner Iraq Kurdistan Region Hawler 1,643 Onshore Sindi Amedi 1,574 Onshore Wasit Province Wasit 3,500 Onshore Nigeria OML141 1, AGC (Senegal / Guinea Bissau) AGC Shallow 1, Congo (Brazzaville) Haute Mer A , Haute Mer B , Total 10,602 Private and Confidential 23

24 RESERVES & CONTINGENT RESOURCES (31/03/2013) Heavy Oil Reserves (Mbbl) Future Net Revenue After Taxes (MM$) Company Interest Gross (2) (100%) Category Gross Net (1) at 0% at 5% at 10% at 15% at 20% Proved (1P) 91,329 59,364 23, Proved + Probable (2P) 252, ,907 50,766 1,570 1, Proved + Probable + Possible (3P) 960, , ,336 5,912 3,306 1,996 1, (1) Net reserves are Oryx Petroleum s share of oil production after PSC deductions. (2) Gross oil reserves are based on commercially recoverable volumes within the life of the PSC. Unrisked (1) Contingent Oil Resources Unrisked Net Contingent Cash Flow (2) (MM$) Light / Medium Oil (Mbbl) Heavy Oil (Mbbl) After Taxes Category Gross (2) Company Gross Net (3) Gross (2) Company Gross Net (3) at 0% at 5% at 10% at 15% at 20% Low Estimate (1C) 12,943 8,412 2, ,112 72,223 25, Best Estimate (2C) 65,284 42,437 13, , ,236 49,912 2,338 1,827 1,451 1, High Estimate (3C) 335, ,992 66, , , ,976 7,441 5,050 3,576 2,612 1,952 (1) Contingent resources have not been adjusted for risk based on the chance of commercial development. (2) Does not include net contingent cash flow for gas because there is no existing gas market for these properties. (3) Net contingent resources are Oryx Petroleum s share of oil production after PSC deductions. Private and Confidential 24

25 RISKED PROSPECTIVE RESOURCES (31/03/2013) Country / License Area IRAQ (1) Gross (2) Risked (1) Best Estimate Prospective Oil Resources (Mbbl) Company Gross (2) Net (3) at 0% Risked (1) Net Prospective Cash Flow (MM$) at 5% After Taxes at 10% at 15% at 20% Hawler 161, ,270 28, Sindi Amedi 22,973 7,753 2, Wasit 192,475 76,990 31,508 1,908 1, TOTAL IRAQ (4) 377, ,013 63,052 3,029 1,802 1, NIGERIA OML 141 (5,6) 105,744 40,891 33, SENEGAL / GUINEA-BISSAU AGC Shallow 38,283 30,626 22, CONGO (BRAZZAVILLE) Haute Mer A 47,981 9,596 5, (5) Haute Mer B 38,917 11,675 6, TOTAL CONGO (BRAZZAVILLE) (4) 86,898 21,271 12, TOTAL (6) 608, , ,025 5,057 3,126 1,991 1, (1) These estimates are based on partially risked prospective resources that have been risked for chance of discovery, but have not been risked for chance of commercial development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. (2) Gross prospective oil resources are based on commercially recoverable volumes within the life of the PSC. (3) Net prospective resources are Oryx Petroleum s share of oil production after PSC deductions. (4) The best estimate prospective resources are an arithmetic sum of multiple estimates of resources, which statistical principles indicate may be misleading as to volumes that may actually be recovered. (5) OML 141 is a sole risk license. (6) Includes volumes and cash flow attributable to the Dila prospect: unrisked best estimate gross(working interest) prospective oil resources of 73MMbbl(risked:28MMbbl). Subsequent to March 31, 2013, drilling of the Dila prospect was completed and the DIL-1 well was deemed unsuccessful. Private and Confidential 25

26 DISCLAIMER This document has been prepared by Oryx Petroleum Corporation Limited ( Oryx Petroleum or the Company ) for information purposes only, solely for the use at this presentation and must be treated confidentially by attendees at such presentation and must not be distributed, passed on or otherwise disclosed. This document should be read in conjunction with the supplemented prep prospectus of Oryx Petroleum dated May This presentation contains forward-looking statements which reflect management s current views with respect to certain future events and financial performance. Examples of such forward-looking statements include, but are not limited to, statements regarding plans, objectives and expectations with respect to existing and future operations; statements regarding the business and financial prospects of the Company; statements regarding the performance characteristics of the Company s properties, the Company s potential production levels, exploration work and development plans and the reserve and resource potential of the Company s license areas; statements regarding anticipated financial or operating performance and cash flows; and statements regarding strategies, objectives, goals and targets. No person should rely on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond the control of management and may cause the Company s actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Prospective investors should carefully consider, among other things, the cautionary note regarding forward looking statements, the Reserves and Resources advisory, the risk factors and notice to investors set out in the supplemented prep prospectus of Oryx Petroleum dated May 8, In making the forward-looking statements in this presentation, the Company has also made assumptions regarding the timing and results of exploration activities; the enforceability of the Company s production sharing contracts and risk exploration contracts; the costs of expenditures to be made by the Company; future crude oil prices; access to local and international markets for future crude oil production, if any; the Company s ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the political situation and stability in the jurisdictions in which the Company has licenses; the regulatory, legal and political framework governing the production sharing contracts, the risk exploration contracts, royalties, taxes and environmental matters in the jurisdiction in which the Company conducts and will conduct its business and the interpretation of applicable laws; the ability to renew its licenses on attractive terms; the Company s future production levels; the applicability of technologies for the recovery and production of the Company s oil resources; operating costs; availability of equipment and qualified contractors and personnel; the Company s future capital expenditures; future sources of funding for the Company s capital program; the Company s future debt levels; geological and engineering estimates in respect of the Company s resources; the geography of the area in which the Company is conducting exploration and development activities; the impact of increasing competition on the Company; and the ability of the Company to obtain financing, and if obtained, to obtain acceptable terms. Although the Company considers the assumptions that it has utilized to be based on available information, such forward-looking statements are based on a number of assumptions which may prove to be incorrect. The Company or its advisers or representatives accept no obligation to update any forward-looking statements set forth herein or to adjust them to future events or developments. Further, this presentation contains market, price and performance data which have been obtained from Company and public sources. The Company believes that such information is accurate as of the date of this presentation. The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document. The Company has exercised reasonable care in preparing this document (and in confirming that where any information or opinion in this document is from or based on a third party source, that the source is accurate and reliable). However, to the fullest extent permitted by law, the Company, its affiliates, advisors and representatives make no representation or warranty, express or implied, nor will they bear responsibility or liability as to the fairness, accuracy, adequacy, completeness or correctness of this document (including information provided by third parties), nor as to the reasonableness of projections, targets, estimates or forecasts nor as to whether any such projections, targets, estimates or forecasts are achievable. Nothing in this document constitutes or should be relied upon by a recipient or its advisors as a promise or representation as to the future or as to past or future performance. The Company reserves the right to terminate discussions with any recipient in its sole and absolute discretion at any time and without notice. No person is authorised to give any information or to make any representation not contained in and not consistent with this document and any such information or representation must not be relied upon and has not been authorised by or on behalf of the Company. Past performance is not necessarily indicative of future results. This presentation is for information only and nothing in this presentation is intended as, or constitutes an advertisement, offer, invitation or solicitation to purchase or sell any Oryx Petroleum securities and neither it nor part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. No investment decision should be made on the basis of the information contained in this document. This presentation is not an offer of securities for sale or any solicitation to buy or sell Oryx Petroleum securities in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the US Securities Act of 1933, as amended. This presentation and its contents are confidential and may not be reproduced, redistributed or passed on directly or indirectly to any other person or published, in whole or part, for any purpose and it is intended for distribution in the United Kingdom only to: (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, the Order ; or (ii) persons falling within Article 49(2)(a) to (d) of the Order; or (iii) to those persons to whom it can otherwise be lawfully distributed (all such persons together being referred to as relevant persons ). This presentation is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. The information in this presentation is given in confidence and the recipients of this presentation should not base any behaviours in relation to qualifying investments or relevant products, as defined in the Financial Services Markets Act 2000, or FSMA, and the Code of Market Conduct, made pursuant to the FSMA, which would amount to market abuse for the purposes of the FSMA on the information in this presentation until after the information has been made generally available. Nor should the recipient use the information in this presentation in any way that would constitute market abuse. This document is given in conjunction with an oral presentation and should not be taken out of context. Additional information about Oryx Petroleum is available on Oryx Petroleum`s profile at Private and Confidential 26

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