Investor Presentation

November 2014

Forward looking statements

November 2014 | P2

This presentation may contain forward-looking statements and information that

both represents management's current expectations or beliefs concerning future

events and are subject to known and unknown risks and uncertainties.

A number of factors could cause actual results, performance or events to differ

materially from those expressed or implied by these forward-looking statements.

Government approval received from DECC

Building on our track record anddelivering our short term targets

November 2014 | P3

Production guidance 58-63 kboepd

Catcher sanction

Refinance 2015 bank facility

Exploration

Disposal programme

Solan on-stream

Sea Lion progress

~4 kboepd above guidanceDua, GSA5, Kyle, Pelikanand Naga

Refinanced on improved terms; facility increased to $2.5bn

~100 mmboe discovery on Tuna Block; continued licence divestment in UK & Norway; 2015/16 prospects matured

$190m of non-core asset sales announced

On course to achieve$300m target

Facilities successfully installed

First oil following completion of commissioning programme

<$2bn capex solution being progressed

Farm down process on-going

Production

Production – higher operating efficiency

November 2014 | P5

Indonesia• GSA1 market share 45%;

above contractual shareof 39.4%

• Additional 40 Bbtud via domestic swap agreement

• Naga on-stream

0

5

10

15

20

2013 2014 ytd

Vietnam• Chim Sáo achieved

25 mmbbls milestone• Dua on-stream

0

5

10

15

20

2013 2014 ytd

Group

• Improved operating

efficiency

• Higher liquids

production

• Growing cash flows

Group

• Improved operating

efficiency

• Higher liquids

production

• Growing cash flows

0

10

20

30

40

50

60

70

2013 2014 ytd

Guidance

ytd 2014

average:

64.0

kboepd

North Sea• Strong performance from

B-Block and Wytch Farm• Higher production from

Huntington and Rochelle

05

10152025

2013 2014 ytd

Pakistan• In-line with expectations• New Kadanwari wells

brought on-stream• Bhit compressor project

underway

0

5

10

15

20

2013 2014 ytd

OE

75%

OE

83%

OE64%

Production (kboepd)Production (kboepd)

Production (kboepd)Production (kboepd)

OE71% OE

70%

OE83%

OE90%

OE95%

OE96%

OE96%

November 2014 | P6

Chim Sáo – significant operational improvements

Operating efficiency improved from 70% in 2013 to c. 83% ytd 2014

Persons on boardincreasedBoilers upgradedDua on-stream

Operations

improvement

project

Additional diesel generators installed

November 2014 | P7

Balmoral –improving operating efficiency & delivery capacity

Production ytd 2014 up c. 30% on 2013

Operations improvement project

Power generatorsrecommissioned

Reinstatementof wells

>1 million

man-hours

without a

LTI

November 2014 | P8

Indonesia – highest priced gas delivered by pipeline

GSA1• DCQ 341.25 bbtud; 90% ToP

• 15% premium to HSFO

• Contractual share:

– NSBA – 39.4%

– Kakap – 14.5%

– Block B – 46.1%

• Actual market share ytd14:

– NSBA – 45%

• Premier equity:

– NSBA – 28.67% (op.)

– Kakap – 18.75%

• Term – 2029

• Anoa, Pelikan

ToP – Take-or-PayHSFO – High Sulphur Fuel OilDCQ – Daily Contracted Quantities

GSA2• DCQ 90 bbtud; 90% ToP

• 10% premium to HSFO

• Premier 28.67% (op.)

• Term – 2028

• Gajah Baru, Naga

Domestic Gas Swap• Up to 40 bbtud

• Domestic prices

• Replaces GSA3 & GSA4

• Gajah Baru

1H14

average

gas price

~$17/mcf

Development

Development – sustained growth

Catcher (50% op.)• 96 mmboe

• ~50 kbopd at peak

• $2.25bn capex

• IRR >20% ($85/bbl)

Solan (60% op.)• >40 mmbbls

• 24 kbopd at peak

• $1.3bn capex spent to date

Bream (50% op.)• 40 mmbbls

• $1bn capex

• Progressing through

FEED

Pelikan & Naga

(28.7% op.)• Backfill our existing

contracts

• Naga on-stream

Sea Lion Phase 1a

(60% op.)• c. 160mmbbls

• <$2bn capex pre-first oil

• 50-60 kbopd

Increasing

delivery

into

Singapore

November 2014 | P10

Progressing

phased,

lower capex

solution

Future

growth

potential

Monetising

high value

UK tax pool

November 2014 | P11

Solan – offshore installation complete

Hook up

completed;

commissioning

underway

Subsea tank,

jacket and

topsides

installed

Good flow

rates

achieved at P1

and W1

completed

November 2014 | P12

Catcher – execution phase progressing to schedule

Drilling• Contract awarded to Ensco

• Commence mid-2015

• 14 producers, 8 water

injectors

Model tanktesting

successful

Mooringsite surveycompleted

Subsea• EPCI: Subsea 7

• Template: Aquaterra

• Xtree and well production

systems: Dril-Quip

FPSO• Contract awarded to BWO

– 7yrs + options

– BWO financing in place

• Key sub-contracts awarded

– Hull: IHI

– Topsides design: Aibel

– Turret & mooring system: APL

Well sequencing

agreed

Fabricationcommenced

Carnabydiscovery

FPSO and SURF design and fabri-

cation commences

Formal concept select

Burgman and Varadero

discoveries

Catcher – look ahead

November 2014 | P13

Acquired acreage as part of Oilexco

Catcher discoveryBonneville discovery

FPSO and SURF HUC

DECC approval Increased interest to 50% following

EnCore acquisition

• Experienced project team– >250 years project delivery experience across

leadership team • Cost certainty

– Leased FPSO– Lump sum contracts– 95% of contracts awarded or issued for tender

• Future opportunities– Reservoir upside– Bonneville and Carnaby– Exploration wells planned

for 2016

2009-2011 2012 2013 201620152014 2017 2018

SURFinstallation

Exploration

Development drilling

First

oil

Today

November 2014 | P14

Bream – development plan outlined

Key milestones

• Concept select

• Award FEED

• Investment decision – year end

Development plan:

• Focus on Bream

• Mackerel and

exploration

upside

Capex ~$1bn

40 mmbbls

Robust project

economics

Sea Lion – phased, lower capex solution

November 2014 | P15

Subsequent phases

• Phase 1b: recover

remainder of PL032

resource

• Phase 2: recover

resource on PL004

(including satellites and

exploration success)

• Phase 3: determined by

outcome of Isobel Deep

Phase 1a

• Targets north east area

– Reduced well count

(8 Prod. & 5 Inj.)

– 1 subsea drill centre

– c. 160 mmbbls in 15

years

– Plateau rate of

c. 50-60 kbopd

• Likely FPSO solution

• <$2bn (gross) capex

• A 1 year extension to

the FDP submission

date is being discussed

Exploration

Exploration drilling schedule

November 2014 | P17

All well timings are subject to revision for operational reasons

November 2014 | P18

Indonesia – Tuna

Development

concepts under

evaluation

Kuda Laut/Singa Laut Discovery

• Premier 65%

• Oil and liquid-rich gas discovery

• Estimated resource

– 83- 110-160 mmboe

• Plan is to appraise in 2015 , subject to rig

availability

Kuda Laut/Sing Laut

Structure Map

Kenya – Block 2B, southern Anza Basin

• Premier equity 55%

• Play opening test of the Tertiary

• Badada prospect

– Robust closure confirmed by

new 2D

– Premier gross resource

estimate: 13-90-363 mmbbls

(high value barrels)

– Spud late 2014 or

early 2015

A B

Badada-1~Base Quat

Mid Paleog

Base Neog

Mid Neog

Anza BasinAll 10 wells drilled

have oil / gas shows

Albertine Basin2.5 Bbbls discovered in

Tertiary fields

Lokichar Basin2 Bbbls discovered in

Tertiary fields

A

B

Look-a-like plays

to those proven

in Albertine and

Lokichar Basins

November 2014 | P19

Muglad Basin4 Bbbls discovered in

Cretaceous fields

Norway – Mandal High

November 2014 | P20

• Myrhauk well – Q3 2015

– Play opening test

– Robust closure

– Gross prospective resource:

10-50-135 mmboe

• Significant running room

– >500 mmboe unrisked gross

prospective resource

Similar play

elements as at

Utsira High

North Falklands Basin –a proven, well calibrated petroleum system

Mature oil source kitchen area

Brown = oilgeneratingsource rock

50k

m

F3 reservoir distribution

Zebedee

Chatham

Jayne-East

Isobel-Deep

Basement structure

Blue = DeepRed = Shallow

Sea Lion and satellites

November 2014 | P21

North Falklands Basin –2015 drilling: potential for up to 2.1 Bbbls

November 2014 | P22

Phase 1

Phase 3

Phase 2

Chatham• Sea Lion western gas cap

appraisal

• If no gas, adds 60 mmbbls to

Phase 1

• Exploration tail targets

4-19-80 mmbbls1

Zebedee• Low risk / high value prospect

• Targets 61-165-432 mmbbls1

to Phase 2

Jayne East• Low risk / high value prospect

• Adds 23-73-232 mmbbls1 to

Phase 2

Isobel Deep• Designed to derisk un-drilled

Southern Area of PL004

• 55-243-933 mmbbls11 Volumes quoted are grossunrisked prospective resources

(mmbbls) DiscoveredMost likelyprospective

Upside prospective

Phase 1 308 387 448

Phase 2 87 325 751

Phase 3 - 243 933

ZebedeeIsobelDeep

Jayne East

Chatham

1. SL western gas cap app.

2. Extend F2 play south

3. Deepen play into F3

4. Prove-up southern area

Indonesia – Lama

October 2014 | P23

>1 TCF

gross

prospective

resource on

blockDeep Anoa Deep

appraisal

and new 3D

planned for

2015

• Proven by Premier’s Anoa Deep in 2012

– 17 mmscfd

• Identified look-a-like opportunities from

shows in existing wells

Anoa North

Anoa West

Ratu Gajah EastProspect Kuskus Lead

UK – Bagpuss/Blofeld

November 2014 | P24

>2 Bbbls

gross

STOIIP

• Well defined basement high

within the Inner Moray Firth

• Discovery in 1981 proved play

but not cored or tested

• Heavy oil targets located on

the Halibut Horst

Appraisal

well planned

for 2015

Brazil – Ceará Basin

November 2014 | P25

Under-explored

emerging plays

in a proven

rift basin

3D seismic 3D seismic

being

acquired in

2015

• Potential pre-drill

farm down to

manage capital

exposure

• Two well

commitment; first

well likely 2017Pecem Discovery

• Discovered by Petrobras

in 2012

• Largest structure in basin

• Gross STOIIP range 250 –

1500 mmstb

Finance

6 months to30 June 2014

6 months to30 June 2013

Working Interest production (kboepd) 64.9 58.6

Entitlement production (kboepd) 59.8 53.1

Realised oil price (US$/bbl) - pre hedge 109.4 107.2

Realised gas price (US$/mcf) - pre hedge 9.1 8.7

US$m US$m

Sales and other operating revenues 885 758

Cost of sales (646) (472)

Gross profit 239 286

Exploration/New Business (50) (22)

General and administration costs (13) (9)

Operating profit 176 255

Disposals (84) -

Financial items (41) (40)

Profit before taxation 51 215

Tax credit/(charge) 122 (54)

Profit after taxation 173 161

Increasing profitability

Operating costs (US$/bbl)

1H 2014 1H 2013

UK $35.0 $39.0

Indonesia $10.3 $9.4

Pakistan $2.9 $2.6

Vietnam $15.4 $14.4

Group $18.5 $16.0

Includes impairment charge of US$55m

(after tax) for Balmoral area and Huntington

Accounting profit from Scott area and Luno

II disposals will be booked on completion

offsetting recorded Block A Aceh disposal

UK tax credits for small field allowances for

Catcher fields and ring-fence expenditure

supplement

Liquids hedging

2H 2014 1H 2015

% hedged 53% 35%

Average price $103 $106

($/boe)

November 2014 | P27

Capital expenditure ($m)

1H 2014 FY 2014(e)

Exploration $91 $180

Development $415 $1,000

Total $506 $1,180

Will be repaid from enhanced share of

cash flows post first oil

Block A Aceh ($40 million), Scott area

($130 million) and Luno II ($17.5 million)

disposals to complete in 2H 2014

Strong, rising cash flows

6 months to30 June 2014

US$m

6 months to30 June 2013

US$m

Cash flow from operations 609 488

Taxation (110) (117)

Operating cash flow 499 371

Capital expenditure (506) (436)

Partner funding (Solan) (104) (51)

Disposals - -

Finance and other charges, net (48) (49)

Dividends/share buy back (77) (40)

Net cash out flow (236) (205)

Record first

half operating

cash flows

November 2014 | P28

Liquidity and balance sheet position

November 2014 | P29

At30 June 2014

$m

At31 Dec 2013

$m

Cash 255 449

Bank debt (721) (686)

Bonds (997) (992)

Convertibles 1(226) (224)

Net debt position (1,689) (1,453)

Gearing2 43% 41%

Cash and undrawn facilities 1,430 1,600

1 Maturity value of US$245 million2 Net debt/net debt plus equity

Drawn debt maturity profile (including

Letters of Credit)

Average debt costs of 4.8% (fixed) and

2.2% (floating)

Cash and undrawn facilities increased to

$2.7 billion after refinancing in July 2014

-

100

200

300

400

500

600

700

US

$ m

illi

on

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Premier Oil Plc

23 Lower Belgrave Street

London

SW1W 0NR

Tel: +44 (0)20 7730 1111

Fax: +44 (0)20 7730 4696

Email: premier@premier-oil.com

www.premier-oil.com

November 2014