SEVEN ENERGYFIRST HALF RESULTS PRESENTATION 2016

26 August 2016

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Bruce BurrowsChief Financial Officer

• Joined Seven Energy in October 2011

• Former finance director of JKX Oil & Gas for 14 years

• Previously worked for Ernst and Young in various positions in London (UK) and Wellington (New Zealand)

• BSc Honours from Canterbury University (New Zealand)

• Member of the Institute of Chartered Accountants of New Zealand

Presenter

Aug-16

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in the United States or Nigeria or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful. The information contained in this announcement has not been audited by independent auditors or other third parties and is based on internal records and reporting systems.Certain statements in this report regarding our prospects, plans, financial position and business strategy may constitute forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe” or “continue” or the negative of these terms. All forward-looking statements, including discussions of strategy, plans, objectives, goals and future events or performance, involve risks and uncertainties. While we believe these statements to be reasonable, they are merely estimates or predictions and cannot be relied upon. We cannot assure you that future results will be achieved. Factors, risks and uncertainties that may cause actual outcomes and results to be materially different from those indicated, expressed, projected or implied in the forward-looking statements used in this report include, among others:

• the concentration of our primary reserves and resources in one geographic region pursuant to one agreement, the Strategic Alliance Agreement;• allegations that negatively portray our business, operations and assets, including but not limited to the Strategic Alliance Agreement, our interest in the OMLs and relationships with third-parties;• a failure to agree upon the interpretation or application of certain contractual terms with our contractual counterparties with respect to the Strategic Alliance Agreement;• logistical and operational difficulties associated with operating in Nigeria;• changes in governmental regulation, including regulatory changes affecting the availability of permits, and governmental actions that may affect operations or our planned expansion;• the exposure to increased market risk and uncertainty as a result of operating in an emerging market;• the inability to obtain funds to maintain our ongoing operations, grow our business and complete planned projects;• delays, disruptions and disputes with third-party operators, partners and other project participants;• limited growth in Nigerian domestic demand for gas;• price fluctuations in oil, gas and refined products markets and related fluctuations in demand for such products.

This list of important factors is not exhaustive. When relying on forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social, and legal environment in which we operate. Such forward-looking statements speak only as of the date on which they are made. Accordingly, we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. We do not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely scenario. These cautionary statements qualify all forward looking statements attributable to us or persons acting on our behalf.

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Disclaimer

Aug-16

Aug-164

Introduction

Backdrop in 2016

• Challenging economic situation in Nigeria

• Naira devaluation and convertibility

• Prolonged shutdown of Forcados export terminal

• Gas customer demand build up remains slower than anticipated

• Unicem Cement plant expansion being commissioned

• Heightened security risk

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FIRST HALF 2016

Aug-16

HIGHLIGHTS

95 MMcfpdSouth east gas deliveries

67% increase

(H1 2015: 57 MMcfpd)

$5 millionLoss after tax

Impacted by $40 million FX gain

(H1 2015: $53 million)

29,900 boepdNet production

23% increase

(H1 2015: 24,400 boepd)

$44 millionCapital additions

68% reduction

(H1 2015: $138 million)

$66 million EBITDAX

(H1 2015: $66 million)

49% production from south east

14,800 boepd

(H1 2015: 9,000 boepd)

South east overview

Gas sales (MMcfpd)

Reserves and resources split (net)*

Total: 156 (MMboe) 2P 2C

Oil 10 2

Gas 89 55

6 Aug-16

Net production (boepd)

11 18 19 20 20 2620 16 15 13 23 1213 15 8 6

183

10 15 15

7

16

11 21 34

3333

44

7077

87101

89

Q1 2 0 1 5

Q2 2 0 1 5

Q3 2 0 1 5

Q4 2 0 1 5

Q1 2 0 1 6

Q2 2 0 1 6

Ibom Unicem Notore Calabar Alaoji

9,00014,800

15,400

15,100

H 1 2 0 1 5 H 1 2 0 1 6

South east North west

EBITDAX contribution ($ million)

Reserves and resources split (gross)*

Total: 250 (MMboe) 2P 2C

Oil 28 3

Gas 123 96

Segment H1 2016

H1 2015

Δ%

South east 32 12 63

North west 43 64 -33

Corporate (9) (10) 10

Total 66 66 037%

49%

* Reserves and resources as at 31 December 2015 (source: Senergy CPR report February 2016)

North west overview

H1 2016 Highlights

Reserves and resources split*

47%

53%

Gas

Oil

Total: 231 (MMboe) 2P 2C

Oil 72 57

Gas 81 21

Seven Energy entitlement – 15,100 bopd daily average net entitlement (H1 2015:

15,400 bopd)

Gross production – 18,800 bopd daily average gross oil production (H1 2015: 47,200

bopd)

Shutdown at Forcados terminal and declared force majeure by Shell significantly impacts

production; repairs forecast to through to the end of the third quarter

$14 million total capital additions (H1 2016: $62 million)

7 Aug-16

EBITDAX contribution ($ million)

Segment H12016

H1 2015

Δ%

South east 32 12 63

North west 43 64 -33

Corporate (9) (10) 10

Total 66 66 0

* Reserves and resources as at 31 December 2015 (source: Senergy CPR report February 2016)

Income statement

$ million H1 2016 H1 2015

Revenue 67 145

Change in underlift 89 58

Net revenue 156 203

Production expenses (67) (109)

Depletion (59) (78)

Gross profit 29 16

Depreciation and amortisation expenses

(1) (1)

Other operating expenses (1) (2)

Restructuring expenses (8) -

Administrative expenses (13) (26)

Operating profit / (loss) 5 (14)

Finance costs (52) (47)

Foreign exchange gains 40 6

Loss before tax (7) (55)

Tax credit 2 2

Loss for the period (5) (53)

EBITDAX 66 66

8 Aug-16

40

60

5

7

100 58

89

H1 2015

H1 2016

0 50 100 150 200$m

Gas South East Oil SAA Oil Oil (underlift)

Increased gas sales revenue contributions

Underlift increase due to shutdown

1 57

89

H1 2015

H1 2016

0 20 40 60 80 100$m

South east North west

Administrative expenses reduced

Cost saving initiatives realised $13 million reduction in first half; partially offset by $8mn one-off restructuring expenses

Continued G&A savings forecast during 2016 between 20%-30%

Foreign exchange gain

$40 million gain from foreign exchange as a result of the weakening Naira

Cash flow

$ million H1 2016 H1 2015

Net cash provided by operating activities 41 83

Net purchase of property, plant and equipment and intangible assets

(72) (72)

Acquisition of subsidiaries - (1)

Net cash used in investing activities (72) (74)

Interest and financing fees paid (50) (57)

Repayments of borrowings (14) (6)

Proceeds from borrowings - 82

Proceeds from equity 100 -

Net cash provided from financing activities 36 13

Net increase in cash and cash equivalents 6 22

Cash and cash equivalents at beginning of year

30 38

Effect of foreign exchange rate changes (3) (1)

Cash and cash equivalents at end of period 33 60

9 Aug-16

Reduction in cash from operations

Period-on-period reduction of $42 million due to no liftings from OMLs

Cash receipts from south east $57 million; a $13 million period-on-period increase

Increase on capex spend

Interest and finance fees reduced

Period-on-period reduction of $7 million due to finance fees paid in the first half of 2015

Interest paid increased period-on-period reflecting the increased gross borrowing base

Successful equity raise

$100 million raised in first half of 2016 demonstrating the continued international investor support for Seven Energy’s vision to bring Nigeria’s gas resources to Nigeria’s domestic market

9

29

63

43

H1 2015

H1 2016

0 10 20 30 40 50 60 70 80$m

South east North west

Balance sheet

$ million 30 June 2016

31 December 2015 (audited)

Intangible assets 106 105

Property, plant and equipment 1,707 1,725

Other non-current assets 72 67

Non-current assets 1,885 1,897

Inventories 318 229

Trade and other receivables 101 119

Cash and cash equivalents 33 30

Current assets 452 378

Trade and other payables (572) (585)

Borrowings (400) (424)

Other current liabilities (24) (1)

Current liabilities (996) (1,010)

Borrowings (423) (421)

Deferred revenue (56) (79)

Other non-current liabilities (184) (121)

Non-current liabilities (663) (679)

Net Assets 678 586

10 Aug-16

Total gross indebtedness

Facility Amount ($m) Maturity

Accugas IV 377 Sep 2019

Bond and loan notes 400 Oct 2021

Senior Secured Term Loans 52 Jun 2020

Working Capital Facility 21 Annually, to 2019

Other debt 19 up to Dec 2018

Total 869

Capital expenditure reduced by 72%

$138mn

$44mn

First half 2015

First half 2016

Midstream $7mn

OMLs $62mn

Anambra basin$45mn

OMLs $14mn

Midstream $28mn

Upstream $22mn

• Seven Energy faces macro challenges in the near term as described at beginning ofpresentation

• 2016 capital structure initiatives• Develop a long-term capital structure for Seven Energy which is sustainable in light of market

volatility in hydrocarbon pricing• Align the Company’s existing bank debt with the cash flows of its infrastructure assets• Provide a stable financing platform for completion of the Company’s infrastructure investments in

Nigeria

• Ongoing work-streams• Engagement with Accugas lenders; 6 of 7 consents received

• Revised amortisation schedule for the Accugas IV facility; deferring principal repayments of$13m in 2016 and $107m in 2017

• Amendment of financial covenants• Replace Accugas Debt Service Reserve Account (DSRA) with Debt Service guarantee ($50m)

• Frees up cash otherwise to be deposited in DSRA• Redraw $6m of promissory note in July• Long term initiatives

• Dialogue ongoing with DFI and International banks ($200m)• Short term initiatives

• New working capital facility ($15m)

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2016 Capital Structure Initiatives

Aug-16

2016 key initiatives – as previously stated

12 Aug-16

• Complete construction of Oron to Creek Town gas pipeline to integrate our midstream infrastructure

• Increase gas deliveries as customer demand builds to 150 MMcfpd by year end

• Conclude Partial Risk Guarantee for NIPP Calabar take-or-pay contract

• Secure additional gas contracts including low volume, high value ‘last-mile’ customers in vicinity of our infrastructure

• Reduce SAA underlift position (subject to Forcados terminal re-opening)

• Conclude/ progress capital structure initiatives

Q&A

13 Aug-16

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