October 22nd 2015

2

Capital structure

Market Cap £1.63million*

Notes:

* Market Cap as at 20/10/2015

** Warrants have an average volume weighted exercise price of 1.47p/share

*** Options have an average volume weighted exercise price of 2.93p/share

Major Shareholders

Management 16.9%

Legal and General 4.6%

AXA Investment

Managers 4.1%

Key Data

Market AIM

Ticker IRG

Capital Structure

Current Shares 203mm

Warrants 52.7mm**

Options 5.5mm***

3

Management team: Biographies

Roberto Bencini Feilim McCole Owain Franks Brian Hepp

Feilim McCole Financial Director

Owain Franks Commercial Director

Brian Hepp COO

Kevin Dean Technical Director

Greg Coleman has over 35 years of experience in the oil and gas industry, 20 of which were gained

at BP where he was Group Vice President. He worked as Managing Director for BP Norway

following the merger of BP and Amoco. He then led BP's Investor Relations team and was Group

Vice President for Health, Safety, Security and Environment. He then founded Canamens Ltd (a

private equity backed company). In 2007 which successfully appraised the Kraken field in the North

Sea as well as building a portfolio of interests in North Africa and Central Asia.

Feilim McCole is a Chartered Accountant with significant quoted company and corporate finance

experience. He spent six years in the corporate finance teams at Andersen and Deloitte, leading

AIM IPOs and acting as Nomad and financial adviser to AIM and Main Market companies, before

spending three years focused on private equity advisory. Before joining IRG he was the interim

Finance Director of a £35m turnover support services company and prior to this, Finance Director of

a quoted property company with a £125m portfolio. He qualified with EY.

Kevin Dean has over 35 years of upstream experience around the globe including East and

Northern Africa, Russia and the North Sea. He led the effort to evaluate and drill the Rabeh East

Field in the Egyptian Eastern Desert which proved c.40mmb of reserves, led assessment of a

corporate acquisition in Colombia and the redevelopment of several multi million barrel fields in

Azerbaijan.

Owain Franks is a former PricewaterhouseCoopers partner and was on the PwC UK Management

Board for 7 years. He is by background a legal and tax advisor with 25 years of M&A and

performance improvement experience and has over 15 years of specialisation in the Oil and Gas

Industry and over 30 years experience in the commercial financial sector.

Brian Hepp has over 31 years of upstream oil and gas operations in North America, Russian

Federation, Europe, North Africa and South America. His record and experience encompasses all

aspects of field operations and asset management and optimisation, and he was instrumental in

increasing production on a development in the West Esh El Mallaha ("WEEM") field in the Gulf of

Suez in Egypt from 450 to 6,000 bopd, in less than 18 months from initial involvement.

Greg Coleman CEO

4

Strategy

Acquire initial cornerstone production assets with scope for

application of modern technology, operational excellence and

development upside

• Innovative investment approach and structures

• Seek synergies between assets

Investments

• Production enhancement through operational improvement and

appraisal / development of identified structures

• Execute two to three complementary transactions (number of MoUs

being negotiated) to give additional production / cash flow

• Identify further acquisitions with opportunities for production

enhancement

• Cash flow and debt financing to fund acquisitions and Capex

Growth of Production

Portfolio

• Mix of acquisitions and organic growth to drive production up to

25Mboepd

Organic & Inorganic

Growth

5

Egypt: Current Situation

• Political situation is stabilising

• The government is determined to attract new foreign

investment- New investors/operators will be welcomed with

open arms.

• Fuel subsidies have been reduced and further moves in that

direction are on the table to reduce the fiscal deficit

• The country is now a net importer of oil and oil products.

Hence the need to move to competitive international pricing.

Due to local shortages, premium prices for imports are

being realised.

• EGPC reduced outstanding receivables to oil companies by

$2.1bn at year end 2014 and continuing…

• 2 licence rounds have been completed in the last year with

EGPC expected to announce a further western desert

acreage round.

• Service costs are coming down

6

Recent Egypt Oil & Gas Transactions

Buyer Seller Deal Type Date Country Transaction Value ($MM) $/1P bbl $/2P bbl

Sea Dragon Energy Madison Petrogas Corporate Aug-15 Egypt 20.9 - 4.5-6.8*

Rockhopper Beach Energy Asset Aug-15 Egypt 22.0 - 4.5

Sacoil MENA Hydrocarbons Asset Sep-14 Egypt 14.1 - 2.3

Undisclosed Sea Dragon Asset Sep-13 Egypt 6.0 - 9.2

SINOPEC Apache Asset Aug-13 Egypt 3100.0 34.1 7.3

Sea Dragon Energy National Petroleum Company Corporate Dec-12 Egypt 3.3 1.4 1.2

Petroceltic Melrose Resources Corporate Aug-12 Egypt 492.3 8.6 6.0

Transglobe Cepsa Egypt Asset Jul-12 Egypt 4.7 - -

Transglobe EP Energy Asset Jun-12 Egypt 21.7 - -

Sea Dragon Energy National Petroleum Company S.A. Corporate Jan-12 Egypt 80.9 14.7 8.6

MENA Hydrocarbons Hess Asset May-11 Egypt 7.5 - -

Transglobe Egyptian Petroleum Development Asset Mar-11 Egypt 60.0 8.1 6.8

Average 307.95 13.23 5.63

Independent Resources Transglobe Inc. Corporate Sep-15 Egypt 1.75 11.40 3.47

Company Market Cap (US$MM) EV/2P bbl (US$/bbl) * Based on IRG estimated value of net cash of Madison

Transglobe 204.5 3.94** ** Based on EV as of 19 Oct 2015, debt, cash & reserves from 2014 Annual Report

SDX Energy 27.6 5.62*** *** Based on EV as of 19 Oct 2015, debt & cash from 2014 Annual Report. Reserves from Operations page on web site (19/10/2015)

7

Nostra Terra partnership

Strategic agreement to explore Egyptian investments

- 50:50 investments

- Cost sharing approach

NTOG:

- Producing company – Texas, Oklahoma, Kansas, Colorado and Wyoming

- AIM quoted

Experienced in field development techniques relevant for Egypt

Key personnel

- Ewen Ainsworth – Chairman

- Matt Lofgran – CEO

- Alden McCall - COO

8

East Ghazalat

Acquisition

9

East Ghazalat Acquisition

Transaction

Acquire 25% working interest in producing East Ghazalat licence in the Egyptian Western

Desert

US$0.5M cash payment upon purchase, US$1.25M loan note repayable in 2 years with 10%

pa coupon

Rationale For Transaction

Immediate net production to IRG of circa 220bopd

Generate c.US$2.0m pa of operating cash flow (pre-investment capex) from 2017 even at

current low oil prices

Significant upside can be recognised immediately on any further oil price recovery

Significant cost recovery potential based on historic investments made by the Vendor in the

JV to the Operator

Further Upside

IRG share of 2P Reserves of approximately 0.5mm bbls

Management expects to more than double net production through low risk workovers and

development drilling

Significant undeveloped gas resource of 140,000 Boe (2C resources)

10

East Ghazalat Asset

Degolyer& McNaughton CPR (Prepared as of 30 June 2015)

25% WI 1P 153,000 bbls 1P+ 2P 500,000 bbls 1P+2P+3P 632,000 bbls

2C contingent: 140,000 BOE

Mgmt Case 1,900,000 bbls (plus upside in gas development

11

East Ghazalat Wells & Facilities

Sabbar NW-1 well Sabbar 1X well

Manifold

Production

Storage

Tanks

12

East Ghazalat Structure

13

East Ghazalat - Revenue per bbl Analysis at US$50/bbl

$45.98 Net

per bbl

$4.02

$11.49 Cost Oil

$27.59 EGPC

Profit Oil Includes Egyptian

Tax & Royalty

$50.00 Gross

per bbl $6.90

Profit Oil

At US$50 per bbl the Contractor receives $18.39 per bbl to meet all costs and G&A

Western Desert Discount Fixed $2.15 per bbl + 3.75% Remainder

25% Net 20% Profit (15% Net)

80% Profit (60% Net)

Production Sharing Contract – Approved by Egyptian Parliament 25% cost recovery

20% profit share of remaining revenue Opex recovered in current year

Capex recoverable over 5 years

No further corporation tax or Government royalties due

At 880 bbl per day revenue available to the Contractor is

$5,906,868 per year

14

East Ghazalat - Single Well Economics

Production: 636,000 bbls

Even at $50 per BBL the returns from new well investment are excellent.

Payback is less than 2 years

15

Tunisian Assets

16

Ksar Hadada

Permit

Overview

Onshore exploration licence on Tunisia’s eastern

border. Main prospects on the licence are Sidi Toui

and an Acacus play. Sidi Toui has three wells

showing hydrocarbons but not tested. IRG is

operator with 86.345% working interest

Upcoming work programme involves acquisition of

200km2 of 3D seismic, re-entry of one existing well

and the drilling of a new well to the Ordovician.

IRG plans to farm down their working interest to

reduce capital commitment on the licence

Analogue: Bir Ben Tartar (Medco)

Production (2014) 2,800 bopd

Gross 2P remaining 10.5MMboe †

Cumulative production 3.4 MMboe †

IRG interest in permit 86.345%

Gross Recoverable Resources (Unrisked)

Oil 98.3 MM BBLs Pmean

Gas 57.6 BCF Pmean

NPV10 of IRG interest ($75 per BBL)

Unrisked US$590m

Risked US$186m

Implied Valuation per IRG Ord Share

Unrisked 189p

Risked 59p

Work Programme (2 years)

Cost (est.) $18MM

Access cost / boe $0.17

* - Based on 202.6m shares currently in issue

† - Most recently available as at 30 September

2014

Oil price sensitivity

Revised economic analysis

confirms project remains

viable at prices approaching

$30 per BBL

Tunisia: Ksar Hadada

Additional prospects identified by Scotforth RSDD-H survey

17

Map of the Ksar Hadada block

NE boundary of the

prolific Ghadames Basin

Located on the

Talemzane Arch – focus

for Oil & Gas along its

length

Under Explored

• Nine wells 1958 – 2010

• One well per 250 km2

• No 3D led exploration

Offset Ordovician fields

• Bir Ben Tartar 50 km

SW

• Sabria and El Franig on

Talemzane Arch NW

along strike

18

Ksar Hadada Work Programme - Updated

Farm-out marketing continues with Envoi

Refined appraisal of subsurface prospectivity

has highlighted Acacus opportunity

19

East Ghazalat

• Brings immediate production of 220bopd into IRG

• Potential to significantly increase revenues and profits with recovery in oil price

• Further increased profitability on intended production expansion through workovers and

additional wells

Newsflow

• Production uplift at East Ghazalat

• through workovers

• drilling in 2H 2016

• Updated CPR for East Ghazalat

• Further acquisitions of producing assets

• Farm-out of Ksar Hadada

• Drilling activity at Ksar Hadada - 1H 2016

• Development approval of North Dabaa

Summary

20

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