Navitas Petroleum Lp · TASE:NVPT
Navitas Petroleum Lp — Navitas Petroleum Limited Partnership — Q2 2026 Earnings Presentation
31 slides from Navitas Petroleum Lp's earnings presentation, September 2026
Slide 1: Investor Presentation - Q2 2026
Investor Presentation - Q2 2026
Slide 2: Record Results - H1 2026
Record Results - H1 2026 $80M $165M 56 MBOE/D Net income Net income excluding exchange rate Daily production differences and loss on early redemption average $424M 3,430% YoY $517M 1,350% YoY EBITDA Revenues 2
Slide 3: Record Results - Q2 2026
Record Results - Q2 2026 $77M $106M 52 MBOE/D Net income Net income excluding Daily production exchange rate differences average $1.1B $236M 3,200% YoY $279M 1,440% YoY Available EBITDA Revenues liquidity 3
Slide 4: Value-accretive projects
Value-accretive projects Post tax discounted cash flows Total reserves and Navitas’s share (NPV10) contingent resources Navitas’s share Project USD million Shenandoah (2P)* 3,547 Sea Lion (2P+2C)** 5,160 873 Sea Lion Buckskin (2P)* 255 207 Shenandoah Total Monument (2P)* 303 32 Monument Tiberius (2P
Slide 5: Selected Projects
(Selectec Projects 5 QYYIAS
Slide 6: Gulf of America
Gulf of America GoA Onshore projects Denbury | Neches Key offshore projects Shenandoah | Monument | Shenandoah South | Buckskin | Tiberius | Logan 6
Slide 7: Shenandoah
Shenandoah Navitas’s share $3,547M 207 MMBOE 49% NPV10 2P 2P Working interest $224M 48 MBOE/D $9 88% EBITDA Average daily production OPEX/BOE Cash margin Q2-2026 Q2-2026 Q2-2026 Q2-2026 7
Slide 8: Shenandoah
$690M EBITDA 60% ROI 17.2MMBOE Barrels produced 7.7 % Rate produced from total reserves Shenandoah First year of production 98% FPS Up Time Navitas’s share 8
Slide 9: Shenandoah HUB
Shenandoah HUB Accelerated work schedule 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Continued Increasing the Installing a subsea production and FPS’s capacity to Drilling of a Drilling of Shenandoah pump to boost optimization of approx. 140 MBOD fifth well a sixth well production volume well
Slide 10: Tiberius & Logan
Tiberius & Logan Buckskin Lucius Lucius Navitas’s share Hadrian Hadrian Tiberius Take advantage of a business Logan opportunity Phobos • Ground floor cost entry into proven discoveries 27 33.3% • Partnering with industry leaders: Oxy and Kosmos • Tie-back Lucius platform – the established facility u
Slide 11: Islands
Falkland Islands Offshore projects PL001 | Sea Lion 11
Slide 12: Sea Lion
Sea Lion Navitas’s share $5,160M 873 MMBOE 65% $1,800M NPV10 2P+2C 2P+2C Working interest Phase NDA1 - development budget (100%) 03/28 35 MBOE/D NAVITAS Expected first oil Expected average daily production Operator from NDA Phase 1 12
Slide 13: Development Progress
Sea Lion – NDA 1 Development Progress Drilling rig load-out Access causeway to jetty completed Access causeway concrete works Subsea pipeline production 13
Slide 14: Sea Lion - A Phased Development Plan to Increase Production
Sea Lion - A Phased Development Plan to Inccrease Production First oil: 03/2028 First oil: 12/2030 OSX1 NDA NDA (Phases 1,2,3) (Phases 1,2,3) + CDA (Phases 1, 2) • Purchase of FPSO2 for the project • Enables acceleration and increase of expected production • Expected investment 2026–2027 (incl. purc
Slide 15: Sea Lion - significant increase in production rates and NPV
Sea Lion - significant increase in production rates and NPV NDA CDA Sea Lion - production rate in MBBL/d (100%) 200 MBBL/d 160 120 80 40 - 2026 2027 2028 2029 2030 2031 2032 2033 2034 Discounted cash flow (NPV10), Navitas share, USD billion +39% • $1.1B - the NPV10 uplift is due to the revised CDA d
Slide 16: Exploration - Sea Lion and PL001
Exploration - Sea Lion and PL001 Navitas’s acreage - 3,800 sqkm • NDA - 420 MMBOE - reserves & resources (2P+2C) • CDA - 403 MMBOE - reserves & resources (2P+2C) • SDA and other areas - 521 MMBOE - reserves & resources (2P+2C) • 50 approved prospects - ~2,500 MMBOE NDA • 80 additional prospects – no
Slide 17: Potential of Sea Lion Project HUB
Potential of Sea Lion Project HUB MMBOE PL001 - prospective resources (2U) 100% Sea Lion - prospective resources (2U) Sea Lion - contingent resources (2C) Sea Lion - cash flow (2P+2C) 17
Slide 18: Potential of Sea Lion Project HUB
Potential of Sea Lion Project HUB MMBOE 100% Total 18
Slide 19: Exploration in South Africa
Graff Appraisal well - 2026 Exploration in South Africa Capricornus 37.5% Expected FID - 2027 Venus FID expected in 2026 Navitas’ acreage Working interest (subject to completion of the acquisition) Northen Cape Appraisal well - Volstruis 2026 Appraisal well - 2027 NAVITAS Nayla Operator Appraisal we
Slide 20: Navitas's Strategy 2.0
/ Navitas’s Strategy 2.0 PETROLEUM
Slide 21: Navitas's Strategy 2.0
Navitas’s Strategy 2.0 More & Beyond Acquisition of OSX-1 – Increasing and accelerating Navitas as a capable operator - originating, expected production from the Sea Lion project Acquisition of interests in the Tiberius and Logan fields in identifying and developing further the Gulf of America - cap
Slide 22: Tight market, supply at risk
Tight market, supply at risk Supply disruptions in the Middle East increase the value of Navitas’s assets Impact on the global oil market 1. Shipping disruption 2. Supply disruption 3. Market tightening 4. Re-balancing Sharp decline in cargo traffic Oil production from the Gulf The result: strategic
Slide 23: Financial information
4 Financial information / ANS PETROLEUM
Slide 24: Financial forecasts
Financial forecasts Daily production rate EBITDA MBOE/D USD million 183 181 3,293 3,315 123 120 1,962 1,923 100 1,483 76 63 993 759 2026 2027 2028 2029 2030 2031 2032 2026 2027 2028 2029 2030 2031 2032 Sea Lion Shenandoah Monument Buckskin Tiberius Shenandoah Onshore assets 24 and Logan South
Slide 25: Operating results
Operating results For the six-month period For the three-month period ended June 30 ended June 30 2026 2025 2026 2025 In USD millions Revenues from oil and gas sales, net of royalties 517 36 279 18 Operating profit 313 4 181 2 EBIDTA 424 12 236 7 Finance expenses, net (173) (42) (72) (55) Income tax
Slide 26: Net financial debt
Net financial debt In USD millions June 30, 2026 Liabilities Convertible Debentures (Series D) (24) Debentures (Series F) (160) Debentures (Series G) (336) Debentures (Series H) (306) Reserve-based lending (RBL) (1,102) Project financing (Monument) (69) Total liabilities (1,997) Assets Cash and inve
Slide 27: Hedging Transactions Status
Hedging Transactions Status (September 2026) September to 2027 2028 January to December 2026 September 2029 0.55 3.10 3.4 7.1 4.2 1.9 MMBO MMBO MMBO MMBO 4.00 3.65 3.40 1.9 Strike price Strike price Strike price Strike price Avg put 62 Avg put 62 Avg swap 61 Avg Swap 62 Avg CW Floor 55 Avg CW Floor
Slide 28: Thank you!
NAVITAS PETROLEUM 28
Slide 29: Limitation of Liability
Limitation of Liability This presentation was prepared by Navitas Petroleum Limited Partnership (hereinafter - “Navitas” or the “Partnership”). This presentation does not purport to be comprehensive or to include all information that may be relevant with respect to making an investment decision invo
Slide 30: Limitation of Liability
Limitation of Liability Following are forecasted Brent prices used in the NSAI report regarding the Sea Lion oil asset. Price of oil - End of period USD/barrel 2028 onwards 75.95 Set out below are the oil and gas price forecasts used in the Ryder Scott reports for the Tiberius oil asset Period of on
Slide 31: Limitation of Liability
Limitation of Liability The presentation contains information regarding the Partnership’s strategy, which reflects the Partnership’s strategic intentions solely as of the presentation date and does not constitute a commitment to implement such strategy. The realization of the strategy is subject, in
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