Production led growth, high impact upside

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2 Production led growth, high impact upside Northern Petroleum Corporate metrics Shares in issue: 315.8m fully diluted Market Cap: 13m $3.5m in cash ( ) further $0.7m on deposit $3.0m due from Italian transaction $0.4m in debt Key shareholders (60%) High Power Petroleum Cavendish Asset Management City Financial Production led growth from conventional light oil in Alberta, Canada low risk, low cost production across substantial existing facilities High impact exploration through Italian appraisal and exploration up to $69m of work programme carry from two partners Lean organisation with low G&A Technically driven Board with necessary experience Institutionally backed Strategic partner to pursue production acquisitions in Canada October

3 The Board Skill set Geologist Reservoir Engineer Production Engineer Mergers & Acquisitions Chartered Accountants Equity Capital Markets FTSE 250 Experience Venture Production Faroe Petroleum Lasmo Hess E.ON BP Tristone Capital HSBC Investment Bank National Nuclear Laboratory FirstGroup Plc Schlumberger Nick Morgan Finance Director Over 14 years experience in international energy investment banking. Advising on equity capital markets, specialising in mergers and acquisitions for global energy companies. Chartered accountant. Joined Cabot in 2012 Jon Murphy Chairman 30 years experience in mid cap oil and gas operations. Previous COO of Venture Production and Non executive of Trinity Exploration and Production. BSc Geologist. Joined Cabot in 2013 Iain Lanaghan Non executive Director Specialises in growing and financing companies. Previous Finance Director of Faroe Petroleum and First Group. Currently Non executive Director at Scottish Water and UK MOD DE&S. Chartered accountant. Joined Cabot in 2014 Campbell Airlie Non executive Director Over 35 years experience in upstream field development strategy and production engineering. Previously management for BP, Schlumberger and EPS. Campbell represents the interests of H2P. Petroleum Engineer. Joined Cabot in 2016 Keith Bush Chief Executive Officer Over 25 years operational experience with a focus on production and reservoir engineering. Management positions include Hess, E.ON and Burlington. Reservoir Engineer. Joined Cabot in 2012 October

4 Low risk Canadian production growth Land position 58,000 acres 170 mmbbls STOOIP Low recovery to date 19% 1.9 mmbbls 2P (100%) CAB have 75% WI Facilities Substantial tank storage Fluid separators Produced water disposal Tie in sales point to national pipeline infrastructure Originally developed in the 1960s and 70s Light conventional oil production from carbonate reefs Established operating platform with substantial infrastructure minimal facilities capex required as production grows incremental production barrels decrease fixed opex per barrel Production growth well workovers / recompletions well side tracks new wells into existing reefs October

5 Producing horizons Initial production targets Keg River Reef Zama Current main producing horizon is from Keg River reefs Devonian carbonate reefs almost 1,000 reefs in the region conventional light oil (35 to 38 degree API) Zama member and other upper horizons have significant potential October

6 Current operations Current production: approx. 800 bopd (gross) Year end production forecast: 800 1,000 bopd (gross) Winter work programme starting December / January Two programmes undertaken in 2017 Winter programme increased production from 325 to 500 to 600 Summer programme taking production to forecast exit rate of 800 to 1, winter work programme now being planned Side tracks and well workovers October

7 Side tracks side track side track well Near virgin reservoir pressure 680 bopd on test side track planned to be drilled in Dec 17 drilled out from existing well bore at 1,420 subsurface 200 metres of new deviated well bore intersected targeted high permeability section of reservoir near virgin reservoir pressure 24 hour test period on natural flow 573 barrels of oil produced on clean up rate of 680 bopd at end of test period forecast initial production rate on pump of bopd to best manage reservoir performance side track side track well planned to be drilled in Dec 17 targeting an undrilled reef 3.9 million barrels of oil estimated to be in place Planned side track October

8 Virgo area mapping project Future production from Zama horizon Draped over Keg River reefs Zama drape Keg River reefs Water leg Virgo acreage to the north Targeting both Keg River reefs and Zama drape Oil production from longer horizontal well bores Dry oil with little water production October

9 300 mmbbls onshore exploration prospect carried by Shell, the operator Strategic offshore position southern Adriatic Onshore gas production with operational capability to pursue further onshore gas assets Italy high impact exploration and appraisal high margin onshore gas production Company changing exploration and appraisal portfolio Large onshore exploration project carried by Shell Strategic position offshore in the southern Adriatic discovery requiring flow test to proceed to development large prospect to be drilled High margin onshore gas production Further development potential Cygnus & Giove Cascina Alberto Civita October

10 Offshore Italy Company changing opportunities Hydrocarbon rich region Giove discovery Contingent resource of 26 mmbbls Requires appraisal well flow test Well being planned for 2019 Southern Adriatic 3D seismic planned Q Cygnus prospect 446 mmbbls prospective resource 12 kms from producing Aquila oil field If connected to Aquila, volumes are much larger Medusa deep prospect Analogous to Giove, 47 mmbbls prospective resource Oil discovered with original well Possible well in same campaign as October Giove

11 Onshore Italy Large exploration opportunity Longer term view to build material onshore gas production Cascina Alberto Company changing exploration 300 mmbbls onshore exploration prospect Analogous to Villafortuna Trecate, 25km southeast Farmed out to Shell for cash, seismic acquisition and exploration well carry Seismic acquisition consultation underway Acquisition of Civita gas field and other permits from Rockhopper Civita producing at 130 boepd Internally estimated reserves of 1 bcf Two further development opportunities being analysed Operations base as part of acquisition Other onshore gas development acquisition opportunities Civita high margin gas production and cashflow October

12 Strategic partner High Power Petroleum Significant partner to help accelerate growth Aligned with management and shareholders to build significant E&P business H2P is part of I Pulse Inc. large private technology company commercialising high pulse power solutions across industries, incl. E&P and mining Farmed in / acquired an interest in each Group asset option to increase WI in each asset with further cash consideration / work carry Three year AMI with H2P acquisitions in Alberta or Saskatchewan 50/50 investment conventional light oil Large E&P companies still divesting non core assets in Canada Significant opportunity to acquire new production assets and leverage off existing Calgary based team October

13 Investment opportunity Core value to be underwritten by production and reserves growth Significant upside through exploration and appraisal success in Italy Cabot is building economic production and cashflow abundant hydrocarbon in place low levels of capital required low operational risk improving profitability with increased production volumes Minimum overhead with small central team Strong board and management team experienced in driving production growth Existing asset base can support significantly higher production rates 5,000 + bopd High impact exploration and appraisal opportunities over medium to long term potential for step changes in value alongside low risk, core value production growth October

14 Disclaimer These presentation materials (the "Presentation Materials") are being solely issued to and directed at persons having professional experience in matters relating to investments and who are investment professionals as specified in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotions Order") or to persons who are high net worth companies, unincorporated associations or high value trusts as specified in Article 49(2) of the Financial Promotions Order ( Exempt Persons ). The Presentation Materials are exempt from the general restriction on the communication of invitations or inducements to enter into investment activity on the basis that they are only being made to Exempt Persons and have therefore not been approved by an authorised person as would otherwise be required by section 21 of the Financial Services and Markets Act 2000 ( FSMA ). Any investment to which this document relates is available to (and any investment activity to which it relates will be engaged with) Exempt Persons. In consideration of receipt of the Presentation Materials each recipient warrants and represents that he or it is anexempt Person. The Presentation Materials do not constitute or form any part of any offer or invitation to sell or issue or purchase or subscribe for any shares in Cabot Energy Plc ( Cabot Energy ) nor shall they or any part of them, or the fact of their distribution, form the basis of, or be relied on in connection with, any contract with Cabot Energy relating to any securities. Any decision regarding any proposed purchase of shares in Cabot Energy must be made solely on the basis of the information issued by Cabot Energy at the relevant time. Past performance cannot be relied upon as a guide to future performance. The Presentation Materials are being provided to recipients on the basis that they keep confidential any information contained within them or otherwise made available, whether orally or in writing in connection with Cabot Energy or otherwise. The Presentation Materials are not intended to be distributed or passed on, directly or indirectly, whether to Exempt Persons or to any other class of persons. They are being supplied to you solely for your information and may not be reproduced, forwarded to any other person or published, in whole or in part, for any other purpose. In particular they, directly or indirectly, must not be distributed to persons in the United States of America, its territories or possessions or Australia or Canada or Japan or the Republic of Ireland or South Africa. Any such distribution could result in a violation of law in those territories. The Presentation Materials do not constitute or form part of a prospectus prepared in accordance with the Prospectus Rules (being the rules produced and implemented by the Financial Conduct Authority ( FCA ) by virtue of the Prospectus Rules Instrument 2005) and have not been approved as a prospectus by the FCA (as the competent authority in the UK). The Presentation Materials do not contain any offer of transferable securities to the public as such expression is defined in section 102(b) FSMA or otherwise and do not constitute or form part of any offer or invitation to subscribe for, underwrite or purchase securities nor shall they, or any part of them, form the basis of, or be relied upon in connection with, any contract with Cabot Energy relating to any securities. October