Slide 1: Half-year results 2018
— 2 Half-year results 2018 7 August 2018
Slide 2: Disclaimer
ma DISCLAIMER These materials are being supplied to you by Genel Energy pic (the “Company") solely for your information and for use at this presentation and does not constitute a prospectus or offering memorandum or an offer in respect of any securities. All numbers and charts included in this prese
Slide 3: 2018 Focus
ma 2018 FOCUS * Genel has a clear focus: - Maximising the generation of free cash flow from our oil assets - Continuing disciplined capital allocation - Progressing material value-accretive growth opportunities (Dgrmenier HALF-YEAR RESULTS - 7 AUGUST 2018 3
Slide 4: Delivering on our focus
= DELIVERING ON OUR FOCUS ¢ Maximising the generation of free cash flow from our oil assets — Production of 32,100 bopd, in line with guidance - $151 million of cash proceeds received - Free cash flow generation of $70 million (after interest), up 28% ¢ Continuing disciplined capital allocation - Ta
Slide 5: Growth expected on all key metrics
=== GROWTH EXPECTED ON ALL KEY METRICS ¢ Production forecast to increase throughout H2 — Eight wells expected to be completed and contributing to production by the end of the year * Cash position set to increase - As production rises, our disciplined capital allocation will continue to ensure a rapi
Slide 6: Significant ongoing cash generation
Significant ongoing cash generation 4) Genel Energy Ys
Slide 7: Rising monthly payments
me RISING MONTHLY PAYMENTS GENEL NET PAYMENTS RECEIVED FROM THE KURDISTAN REGIONAL GOVERNMENT Short 35 pipeline prvcesecescoscnen . {outage 30 : NoRSA ; ' affects | paymentas ! ! timing of | ! timings; 1: Tawke 25 : aligned with j ' : PSC H ; entitlement 4 § ee OM Me lol = fsa] E = ~ “5 2 eh, lhlULS
Slide 8: Significant free cash flow
me SIGNIFICANT FREE CASH FLOW CASH WATERFALL - H1 2018 ($ million) 400 4 » 3 350 ot ro) N t ° Zo 300 — ~ ” 2 3 5 — = 2 a 250 gw 5 28 — = oT = 200 2 — ” 150 100 50 | o4 YE2017 cash Proceeds CBP Opex G&A and Producing Bina Bawi / Interest HY2018 cash cost payment of asset Miran expense recovered accru
Slide 9: Disciplined capital allocation
m= DISCIPLINED CAPITAL ALLOCATION * Capital allocation concentrated on assets that can create CAPITAL EXPENDITURE H1 2018 most value for shareholders, with focus on cash ($ million) generation ¢ H1 2018 funds allocated to minimise timing gap for $34 revenue generation versus spend ~ * Peshkabir has
Slide 10: Financial outlook
we FINANCIAL OUTLOOK * Genel expects to be in a net cash position around the end = ToTAL DEBT of 2018 ($ million) * Net production guidance unchanged at close to Q4 2017 levels of 32,800 bopd - Ongoing success of the Peshkabir appraisal campaign, and the resumption of drilling at Tawke and Taq Taq,
Slide 11: Highly cash-generative oil production
Slide 12: Tawke PSC production
104 5 92 15 88 | 15 (kbopd) Juli? Augi7 =Sep17 Oct17 Novi7 Deci7 Jani8 Feb18 Mari8 Apri8 May18 Juni8 = Current me TAWKE PSC PRODUCTION PRODUCTION (GROSS) 100 80 60 40 20 fe) ¢ Tawke PSC production averaged 105,800 bopd in Hi 2018 ¢ Peshkabir contributed 15,200 bopd, currently producing c.35,000 bopd
Slide 13: Tawke field - drilling to resume
mm TAWKE FIELD - DRILLING TO RESUME Field development plan completed and agreed ¢ Up to four wells to be drilled in H2 2018 ¢ Two Jeribe producers * Up to two Cretaceous producers - Tawke-48, drilled in the Cretaceous in Hi, had very positive results - Currently prioritising less drained, stable pro
Slide 14: Tawke PSC - Peshkabir delivering
me TAWKE PSC - PESHKABIR DELIVERING * Six well programme progressing at Peshkabir ¢ Peshkabir-4 well tied in to production at stable rate of 12,000 bopd * Peshkabir-5, which proved the westward extension of the field, moved production past operator target of 30,000 bopd by summer 2018, to 35,000 bop
Slide 15: Tawke PSC - Peshkabir reserves
me TAWKE PSC - PESHKABIR RESERVES Peshkabir gross booked reserves as at 31 December 2017 - 1P: 13 MMboe - 2P: 75 MMboe - 3P: 292 MMboe * Peshkabir-4 and Peshkabir-5 wells drilled in areas designated P3 (possible) reserves * Should production continue to match current expectations then it would lead
Slide 16: Taq Taq production
== TAQ TAQ PRODUCTION PRODUCTION (GROSS) (kbopd) 16 2 2 12 ey @) @) @ @) a a 10 ie) Jul17 Aug17 Sep17 Oct17 Novi7 Dect? Jani8 Feb18 Mari8 Apri8 May18 Juni8 Current KR DOD Ow N Tag Taq field production averaged 12,800 bopd in H1 2018 Work in H1 continued well intervention and production optimisation
Slide 17: Taq Taq - a five well programme
me TAQ TAQ - A FIVE WELL PROGRAMME ¢ Field development plan completed and agreed with partners and MNR ° Phase one - Five well programme, starting towards the end of Q3, targeting the flanks of the field - TT-32 well to extend from the TT-29w site, before rig moves to western and southern flanks * D
Slide 18: Material value-accretive portfolio opportunities
Slide 19: Bina Bawi oil - field development plan
=a BINA BAWI OIL - FIELD DEVELOPMENT PLAN * Field Development Plan to be submitted to Ministry of Natural Resources in Q3 2018 * c.34 MMbbIs of light oil recoverable under the FDP, and set to be converted into 2P reserves at Final Investment Decision * Potential for first oil within 6 months of Fina
Slide 20: Bina Bawi oil - field development plan
=a BINA BAWI OIL - FIELD DEVELOPMENT PLAN * Phase 1 will develop two Mus production wells - Workover and recompletion of the existing BB-3 well, which flowed c.3,500 bopd on test - Ahighly deviated side-track on the BB-1 well ¢ Phase 2, targeting a production plateau of 10-15,000 bopd, will develop
Slide 21: Gas - value-creation potential
mm GAS - VALUE-CREATION POTENTIAL * Unlocking value in Bina Bawi and Miran * Field development plans to be submitted to Ministry of Natural Resources for gas projects at Bina Bawi and Miran in H2 2018 ¢ Reservoir engineering has increased expected gas production rates per well — This halves the numb
Slide 22: Somaliland - defining the opportunity
= SOMALILAND - DEFINING THE OPPORTUNITY ¢ First seismic shot in highly prospective Somaliland for over 25 years, c.3,500 km * Evidence of a significant Mesozoic rift section akin to Yemen * Seismic processing almost complete, preliminary analysis and interpretation underway * Prospect inventory to b
Slide 23: Morocco - seismic underway
mm MOROCCO - SEISMIC UNDERWAY * Seismic work to materially de-risk the prospectivity of the Sidi Moussa licence (Genel 75% working interest) is now underway * Acquisition of multi-azimuth 3D seismic survey being carried out by Shearwater - Seismic activity is set to complete in the middle of Q4 2018
Slide 24: Outlook
Slide 25: Summary of H2 2018 activity
me SUMMARY OF H2 2018 ACTIVITY ¢ 11 wells set to be under drilling operations in the KRI in H2 2018, with eight expected to be complete contributing to production by the end of the year * Focus on highly cash-generative production Jul18 Aug18 Sep18 Oct-18 Nov-18 Dec18 27 28 29 30 31 32 33 34 35 36 3
Slide 26: Outlook for 2018
=a OUTLOOK FOR 2018 * Company focus remains unchanged * The Company expects to continue generating over $10 million a month in H2 2018, moving into a net cash position around the end of the year * Active drilling campaign expected to increase production ¢ High-value opportunities to be progressed *
Slide 27: For further information please contact investor relations
da ! For further information please contact investor relations (A)ere' Energy Andrew Benbow, Head of Communications _ ! andrew.benbow@genelenergy.com