1

Aladdin Oil & Gas Company ASAEmerging Market Opportunity with Significant Growth Potential

Work Program 2012

May 2012

2

This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it

operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words

“believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking

statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and

forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the

Company or any of the respective group companies or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-

looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the

actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to

conform these forward-looking statements to our actual results.

An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different

from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others,

risks or uncertainties associated with the Company’s business, segments, development, growth management, financing, market acceptance and relations with

customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and

pricing environments, fluctuations in currency exchange rates and interest rates and other factors.

Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those

described in this presentation. The Company does not intend, and does not assume any obligation, to update or correct the information included in this presentation.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and

opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the

Company or any of the group companies or any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this

document.

By attending the investor presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the

Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s

business.

This Presentation is confidential and is being communicated in the United Kingdom to 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 (such persons being referred to as “investment

professionals"). This presentation is only directed at qualified investors and investment professionals and other persons should not rely on or act upon this presentation

or any of its contents. Any investment or investment activity to which this communication relates is only available to and will only be engaged in with investment

professionals. This Presentation (or any part of it) is not to be reproduced, distributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other

person (excluding an investment professional’s advisers) without the prior written consent of the Company.

This Presentation and the information contained herein do not constitute an offer of securities for sale in the United States and are not for publication or distribution to

U.S. persons (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)). The securities proposed to be offered in

the Company have not been and will not be registered under the Securities Act and may not be offered or sold in the United States or to U.S. persons except pursuant

to an exemption from the registration requirements of the Securities Act.

Disclaimer

3

Company Overview and Goals

Assets

Significant reserves and resource base in established Russian oil

provinces

Head Office in Oslo, Norway. Listed at OTC market - AOGC ticker

Two wholly owned Russian subsidiaries holding 9 licenses

LLC Geotechnologia (GT) – 3 Production and 1 Exploration

Licenses near Uktha in the Timan Pechora Basin

LLC Veselovskoye (VES) – 5 Production Licenses near

Orenburg in the Volga-Urals Basin

Current production of over 1,000 boepd

Aims

Russian subsidiaries to achieve positive EBITDA in 2012

Increase production to 1,500 boepd at the end of 2012

Target growth through further acquisitions using local expertise

VES

GT

Timan

Pechora

Volga

Urals

4

2012 Company Realignment and Vision for Future

Current production is continuing to increase to over 1,000 boepd combined oil and

gas and Company aim is to build up production to over 1,500 boepd at the end of

2012;

Loan agreement of USD 7.6 million has been signed with Waterford Finance &

Investment Ltd to implement the current proposed work and investment program;

First time complete Review of Reserves and Prospectivity of our assets was

commissioned in 2011 by independent established consultants TRACS. The

Review was completed in second quarter 2012. The Company believes that the

Review is conservative and forms a sound basic case for future growth;

The Company is committed to continue implementing effective measures aimed at

increasing efficiency and cutting costs. The Russian subsidiaries intends to achieve

operating profit in 2012.

5

Company Profile – A solid foundation to build future growth

Solid reserves base with significant

exploration upside

Stable current production and

significant growth plans

Strong governance

structure and investor protection

Attractivevaluation

Recent financial restructuring

Significant potential for production growth based on currently existing resources.

Currently producing over 1000 boepd

Realizable opportunities to materially increase reserves through

exploration and appraisal as well as acquisition of new assets

Strong financial support from strategic shareholders

Team of experienced international professionals and local management. Good

Corporate Governance with established Board of Directors.

The Company hydrocarbon production is continuously increasing. (Share price

however currently trading at historic lows )

6

Work program 2012 (the main objectives)

Object Q1 Q2 Q3 Q4 Total, $ MM target

Orenburg

Voinsk

#96 sidetrack

Drilling, completion,

start production $ 2.0

Forecasted daily

production rate of ~300

bopd

Nikiforovskoe

#57 sidetrack

Drilling, completion,

start production

Water injection

implementation.

Proposed injector –

well #61.

$ 2.2 Forecasted daily

production rate to ~150

bopd, maintain pressure,

hydrodynamic studies

Ukhta

Sredne-Sedelsk

#10A exploration well

Drilling, and testing

$ 0.600

License obligations

fulfillment. Discovery new

field and add reserves

Sredne-Sedelsk

#12 production well

Drilling, completion Facility construction

(pipelines, etc.)

Start production

$ 1.200

Forecasted daily

production rate of 200

boepd of gas

Sredne-Sedelsk

#14 exploration well

Drilling, testing . start production

in 2013 if discovery $ 0.700

Forecasted production

rate of 150 boepd of gas,

new field discovery,

license obligations

fulfillment

7

TRACS report 2012. Structure of reserves.

*- SPE PRMS classification at the official website:

http://www.spe.org/industry/docs/Petroleum_Resources_Management_

System_2007.pdf

**- 3UC For West-Uchtinskoe

Name

Tracs Consult, Due diligence, 2012

(SPE* standard)

units 1P 2P 3P 3C**

Komi region

Mid-Sedelskoye (gas) MMm3 104,88 235,14 383,5

Mid-Sedelskoye (cond) Mtonn 0,3 0,7 1,1

Suskinaelskoe (gas) MMm3 17,5 115,42 162,5

Suskinaelskoe (cond) Mtonn 0,0 0,1 0,1

West-Uktinskoye (oil) mmbbl 10,5

Total Komi oil mmbbl 10,5

Total Komi gas MMm3 122,4 350,6 545,9

Total Komi condensate Mtonn 0,3 0.8 1,2

Orenburg region

Voinskoye (oil) mmbbl 0,0 0,8 1,1

Voinskoye (gas) MMm3 0,2 3,8 5,5

Besedinskoye (oil) mmbbl 1,6 3,1 3,6 1,3

Besedinskoye (gas) MMm3 19,6 37,0 43,2 7,1

Nikiforovskoye (oil) mmbbl 2,7 7,5 8,6

Nikiforovskoye (gas) MMm3 41,6 114,2 131,7

Veselovskoye (oil) mmbbl 5,4

Veselovskoye (gas) MMm3 205,8

Khersonskoye (oil) mmbbl 0,1 0,3 0,4

Khersonskoye (gas) MMm3 0,4 1,2 1,4

Total Orenburg oil mmbbl 4,5 11,6 13,7 6,7

Total Orenburg gas MMm3 61,9 156,2 181,8 212,8

TOTAL ALADDIN OIL & GAS COMPANY ASA

Total oil mmbbl 4,5 11,6 13,7 17,2

Total gas MMm3 184,2 506,7 727,7 212,8

Total condensate Mtonn 0,3 0,8 1,2

General summary:

- 1P reserves including gas = 5,6 mmboe;

- 2P reserves including gas = 14,7 mmboe;

- 3P reserves including gas = 19,4 mmboe;

- 3C resources including gas = 18,5 mmboe.

Prospective resources (middle estimated):

- 2,65 MMtonn (~ 19,3 mmbbl) of oil at the

Veselovskiy license block

with POS=0,3;

- 866,5 MMm3 (~ 5,3 mmboe) of gas at the

Sredne-Sedielskiy license block

with POS=0,47.

8

Summary of target result

140

290

0

100

200

300

400

500

2011* 2012*

Ukhta gas production, Mboe

60,0

100,0

0

20

40

60

80

100

120

2011* 2012**

Orenburg oil production, Mbbl

1 900

3 650

0

1000

2000

3000

4000

5000

2011* 2012**

Ukhta revenue, '000 USD

2 900

4 800

0

2000

4000

6000

2011* 2012**

Orenbourg revenue, '000 USD

• 2011 figures are based on unaudited management accounting data (financial audit is expected to complete by end of May 2012)

• 2012 data is the best estimations. May vary depending on working program execution success and financing.

9

Summary of 2012 annual forecast targets for Russian subsidiaries

150

500

850

1000

0

300

600

900

1200

1500

1800

Current Production Production target of YE 2012

Bo

e/d

Daily production

GT

VES

• Daily Production increasing to 1,500

boepd (see fig.)

• Annual revenue reaching ~ $ 8.5m

• Annual EBITDA of ~$ 1.3m

• December 2012 revenue reaching

~$1.0m (EBITDA $ 0.25m)

10

Company Ownership – strong support from strategic investors

Shareholder

Number of

shares held Stake

Waterford Finance & Invest Limited 25,903,581 40.4

Soyuzneftegas Capital Limited 13,606,000 21.2

MP Pensjon PK 2,730,617 4.3

Paal Hveem 2,502,294 3.9

Euroclear Bank S.A./N.V. ('BA') 2,213,702 3.5

RBC Dexia Investor Service Trust 2,000,000 3.1

Ivar Erik Tollefsen 1,352,977 2.1

Vladimir Andoskin 1,323,916 2.1

Citibank NA London Branch 1,318,000 2.1

Deutsche Bank AG London 1,259,245 2.0

Hadeem invest AS 1,173,506 1.8

Six Sis AG 832,527 1.3

Fairview Finance & Invest Limited 782,450 1.2

Roger Francis Van Baal 525,325 0.8

Clearstream Banking S.A. 428,375 0.7

Lars Hagen 363,843 0.6

Georgina Campbell Fyffe 310,550 0.5

Cheviot Capital Client Account 249,975 0.4

Stormskjold Regnskap AS 246,142 0.4

Totenkopf AS 238,142 0.4

Top 20 shareholders 59,361,167 93%

Other shareholders 4.720.169 7%

Total number of shares 64.081.336 100%

WF & I LTD SNG CAPITAL LTD

TOP 19 SHAREHOLDERS OTHER SHAREHOLDERS

11

Strong Management Team – Experienced professionals and local expertise

Alexey Kruzhkov, Chief

Executive Officer

Has more than 20 years of experience in natural resources industry. Alexey has served as CFO of Waterford Finance &

Investments Ltd since 2003. He has been involved in a variety of international oil and gas projects being responsible for

financing, investor relations, reporting and control. Prior to joining Waterford Alexey held senior management and Board

positions in a number of private and public entities including SINCO, Oxoil and Thistle Mining Plc. Alexey has a MBA from A.

B. Freeman School of Business of Tulane University and Master Degree from Moscow Power Engineering University.

Nikolay Piskun, Managing

Director for Aladdin Group

Companies

Has joined Aladdin after 18 years of successful career in GaspromNeft (previously Sibneft) where he held a number of senior

executive positions including Director for Business Development, General Director of Gazpromneft’s oil producing subsidiary

Gazpromneft-Angara and Senior Manager for Eastern Siberian Assets. Nikolay holds a degree from Gubkin State University

of Oil and Gas.

Marina Tikhonenko CFO

Group Companies

Joins Aladdin as CFO after spending two years as an international consultant working in London for WFS Europe and as

CFO with Canadian Group GPCP for Gazprom in Orenburg. She graduated from the University of Moscow Finance

Academy (year 2001 diploma with distinction) after completing her BSC engineering diploma at Gubkin State Oil and Gas

Academy. She has over 10 years experience in the international oil and gas industry in Russia with previous positions in

Petrofac, Wintershall, Imperial Oil, and more recently with JKX Oil & Gas in London.

Ilya Ulyanov

Chief Geologist

Has more than 10 years experience of working in oil and gas industry for various Russian and international projects. Joins

Aladdin after Gazpromneft’s project in Venezuela. Ilya holds a degree from Gubkin State University of Oil and Gas.

Roman Krotov, General

Director in Orenburg

Нas 10 years of oil and gas experience. He has worked in subsidiaries of oil and gas majors including Russneft and Lukoil.

Before joining Aladdin Roman was a General Director of a well-established independent oil producer Yukola-Neft in Saratov

region. Roman holds a degree from Samara State Technical University.

Nikolai Zateev, General

Director in Ukhta

Нas experience of work in oil producing and refining companies and has substantial experience and contacts in Uchta

region. In particular, he worked as Director of Strategic Communications and Information of North Oil, General Director of

UrengoiGeoResource, Strategic Director of Trading House Platan-Sever. Before joining the Company Nikolay held a position

of Deputy Director General on oil and gas in Lakeshore International Management where he was involved in several projects

Espen Glende, Chief

Operating Officer

Has held senior positions within the Company since 2006 and has 6 years experience from the Russian Oil & Gas sector for

small independents. Previously worked as an entrepreneur and investor focusing on real estate and commodities.

Experience from project management, financial markets and economical analysis focusing on the oil & gas sector. Espen

holds a MSc from The Norwegian University of Life Sciences

12

Board of Directors – Established and Experienced

Fred Ponsonby, Chairman of

the Board

Lord Ponsonby is a physicist by education and has served on the Board and as Chairman of a variety

of oil companies incl. Emerald Energy PLC, Rosehill Energy PLC, and has worked for Phibro, Lasmo

and Petrofina.

Michael Alyautdinov: Mr. Alyautdinov has significant M&A and project management experience in oil and gas and natural resources.

He joined SoyuzNefteGaz in 2004 as Head of M&A. Currently Mr. Alyautdinov is a Deputy CEO and Head of

M&A of SoyuzNefteGaz.. In 1997-2004 he worked as a senior lawyer at Clifford Chance.

Einar Lyche Mr. Lyche graduated in 1983 with a Bachelor of Science degree in Business Administration, in finance and

marketing, from University of the Pacific, Stockton, California. He has spent most of his career in international

companies. Now he is one of the founders of Lyche, Holst & Partners. Before that Mr. Lyche held management

positions in such organizations as Morgan Stanley, London, Commerzbank, London, HSH Nordbank, Oslo.

Katherine H. Støvring Ms. Støvring is Vice President, Major Subsea Projects in Aker Solutions ASA. Previously she has held the

positions as Senior Lawyer at Simonsen Advokatkontor, CEO Fred. Olsen Renewables ASA, Vice President

International Exploration and Production in Statoil, and Planning and Performance Manager in the Gas, Power

and Renewables division of BP plc in London. Ms Støvring graduated from London Business School (Sloan

Programme) in 2001. In addition she is a member of the Norwegian Bar and a Solicitor Admitted to the Rolls of

England and Wales. Ms Støvring is a Norwegian and US citizen and resides in Oslo, Norway. She serves as a

non-Executive Director of Norse Energy Corporation ASA (OSE) and Panoro Energy ASA (OSE).

Linda Dowding Ms. Dowding was born in Huddersfield, West Yorkshire England. She has lived in Guernsey since 1974, married,

has two sons. Linda joined Weighbridge Trust Limited in September 1987and was appointed as a Director in

2006. Her work with Weighbridge Trust Limited has involved the administration of trusts and private and public

companies in various jurisdictions, particularly property purchases and management of properties. Linda has

extensive experience in stocks and shares in both listed and private companies worldwide.