INVESTOR MEETINGS. March 2015

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1 INVESTOR MEETINGS March 2015

2 DISCLAIMER THIS PRESENTATION IS BEING SUPPLIED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. This presentation may contain forward-looking statements which are made in good faith and are based on current expectations or beliefs, as well as assumptions about future events. All statements, other than statements of historic fact, included in this presentation regarding our strategy, future operations, future financial position, future sales, future oil and gas production, projected expense, prospect and plans and objectives of management are forward-looking statements. By their nature, forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to factors that could cause the actual information to differ materially from those expressed or implied by these statements. The Company undertakes no obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. Nothing in this presentation shall constitute or form part of, and should not be relied upon in connection with, any offer or invitation to sell, underwrite, acquire or solicit, or any other offer to purchase or subscribe for shares or any other securities, nor may it or any part of it, or the fact of it being made available to any person, form the basis of or be relied upon in connection with any contract. No reliance may be placed for any purpose on the information and opinions in this presentation. No representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions in this presentation, by or on behalf of the Company (including, without limitation, its directors, officers, employees, partners, agents, representatives, members, affiliates and advisers) and (to the fullest extent permitted under law) no liability or responsibility, is accepted by such persons for: (i) the accuracy, fairness or completeness of any such information or opinion; or (ii) the use of this presentation by recipients. The information in this presentation has not been independently verified. Securities in the Company have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the Securities Act ), or registered or qualified for sale under the law of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the registration or qualification requirements of any such state or other jurisdiction. Neither the United States Securities and Exchange Commission nor any other regulatory body has approved or disapproved of such securities nor passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offense. The distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. The Company has not authorized anyone to provide any information other than that contained in this presentation. Moreover, no information contained in this presentation nor any copy of it may be viewed, taken, transmitted or distributed in or into any jurisdiction where to do so may lead to a breach of the law or any regulatory requirements. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Any person who receives this presentation in violation of such restrictions should not act upon it and should return it to the Company immediately. None of the Company s affiliates, agents or advisors are registered broker-dealers under the federal or state securities laws of the United States. No offering of securities can be made by such persons in the United States without compliance with such laws. For investors outside the United States, the Company has not done anything that would permit the offering of any of its securities or the possession or distribution of this presentation in any jurisdiction where action for that purpose is required. 1

3 WHO WE ARE Eland is a listed independent oil and gas company focused on production and development in West Africa particularly the highly prolific Niger Delta region of Nigeria. OML 40 in Nigeria is Eland s core asset (in partnership with NPDC/Starcrest) 81.4 mmbbl gross 2P reserves* (net 25.3 mmbbl) Normalised gross production over 3,100 bopd (net 1,395 bopd) Shell carried 2P of 180 mmbbls for OML 40 pre acquisition Ubima Field acquired in August mmbbl gross 2C resources** (net 13.6 mmbbl) Large upside 41.2 mmbbl gross 2C resources and mmbbl gross prospective resources on OML 40* 66.9 mmbbl gross 3C resources on Ubima*** AIM listed (ticker: ELA) with market capitalisation of circa. $105million *Netherland Sewell & Associates Inc. June 2014 **AGR TRACS July 2014 ***Company estimate 2

4 WHY INVEST IN ELAND Producing company with significant growth potential OML 40 - greenfield core asset Significant, only partly developed, reserve base with outstanding upside of 41.2 mmbbl gross 2C resources and mmbbl gross best estimate prospective resources Development plan funded through own cash flow supported by debt facilities with no requirement for further equity funding Cash generative asset producing over 3,100 bopd (net 1,395 bopd) $75 million Reserves Based Lending facility executed with Standard Chartered Bank to fund development. $35 million committed and in place with Standard Chartered Bank, currently undrawn. The marketing and syndication of the remaining $40 million has begun and commitments expected by end of April Leverage opportunity to develop other assets. Beneficial tax status on OML 40 no petroleum tax for 5 years Each new development well pays back within 6 months Incentivises further investment and accelerated development of OML 40 Creates potential for shareholder dividend in short to medium term 3

5 Performance versus market (rebased to Eland share price at 1 Jan 2014) ELAND SHARE PRICE DISCOUNTED NAV OPPORTUNITY Shares in Issue: 145,263,214 Share Price (17 March 2015) 46p Market Cap (17 March 2015) 67 million Analyst Coverage: Canaccord Genuity Cantor Fitzgerald CSL Stockbrokers Davy First Energy Northland Capital Renaissance Capital Standard Bank Westhouse Securities Buy Buy Buy Outperform Outperform Buy Buy Hold Buy ELAND OIL & GAS PLC FTSE AIM OIL & GAS Average Target Price 159.1p Average Core NAV 156.4p 4

6 Eland Share Price (pence) Market Cap. (millions) DECEMBER 2014 MARCH 2015 PRESSURE CHART A B C D E 5 F /12/ /01/ /02/ /03/2015 Market Cap. Share Price 40 Date Company Announcement Date Peer Announcement 1 17/12/2014 Crude Oil Sale Update 12/01/2015 AFREN: Update on Kurdistan 18/12/2014 Director/PDMR Shareholding 27/01/2015 AFREN: Review of Capital Structure 2 02/01/2015 Appointment of Non-Executive Director 30/01/ AFREN: Update on extension to Afren s Capital Structure deadline 08/01/2015 $75 million RBL facility agreed 13/02/2015 AFREN: Offer Talks Terminated 4 11/03/2015 Operations and Corporate Update 04/03/2015 AFREN: Update on the Review of Afren s Capital Structure 5 A B C D E F 13/03/2015 AFREN: Trading statement and operations update 5

7 WHY INVEST IN ELAND 2010 Seed funding raised of 4.5 million and operational activities commence 2012 Completion of acquisition of an interest in the OML 40 license Flotation of AIM raising 118 million and valuing the Company at 135 million Secured $22million debt package with Standard Chartered Bank 2014 Commencement of production on the Opuama Field (OML 40) Acquisition of 40% interest in the Ubima field Access to $22 million debt facility with Standard Chartered Bank 2011 Preferred bidder for OML 40 in Shell divestiture auction 2013 Laying of 3km of replacement flowlines to the two existing productivity wells Repair of the 36km export pipeline Re-commissioning of the existing production flowstation facilities New CPR increasing gross 2P reserves to 81.8 mmbbls 2015 $75 million reserves based lending facility agreed on OML 40 6

8 NIGERIA AT A GLANCE Reserves and Resources: Africa s largest oil producer. Daily production exceeds 2.3 mmbbls per day* Over 1,000 fields discovered with the majority not yet in production Remaining reserves in Nigeria of over 37 billion barrels of oil and 179 tcf of gas* Opportunities: Unique opportunity to access a wide range of assets IOCs continue to rationalise their portfolios within Nigeria Numerous undeveloped fields exist within Nigeria creating an opportunity for partnership with indigenous companies *Source: BP Statistical Review of World Energy 2014 Operating Environment: Nigeria is geologically low risk with exceptional opportunities in exploration and production Reservoir properties (unconsolidated sands) and the oil recovery rates (50%+) are amongst the best in the world 3D seismic, stacked reservoirs and deviated wells offer a very high chance of success (typically 75-90%) Large established pipeline network with third party access and export infrastructure with available capacity Nigeria 37.1 Equatorial Guinea 1.7 Proved reserves* (billion bbls) Gabon 2.0 Chad 1.5 Sudan 1.5 South Sudan 3.5 Congo Brazzaville 1.6 Angola

9 OML MAP Shell s original interpretation of OML 40 had 2P 180 mmbbls. Polobo was deemed to be a dry hole. Hydrocarbons were however discovered just in a different structure to what was expected. Since acquisition the Company has purchased and reviewed additional off-block well data as well as reprocessing 3-D seismic on the Western flank of the license block. This has lead to the identification of additional potential reservoirs and oil bearing reservoirs in the newly acquired well data which has increased the potential undiscovered original-in-place for existing prospects (Polobo and Amobe) and increased the chance of discovery of hydrocarbons. 8

10 OML 40 A PORTFOLIO IN A LICENCE Licence area 498km 2, located in the Niger Delta, approximately 75km north-west of Warri Gross 2P oil reserves of 81.4 mmbbl (net 25.3 mmbbl) are found in the Opuama and Gbetiokun fields Primary contingent resources lie in the Polobo and Abiala fields with gross unrisked 2C resources of 41.2 mmbbl Normalised gross production from Opuama over 3,100 bopd (net 1,395 bopd) Crude is transported via a dedicated (OML 40 owned) line injected into the Trans Escravos pipeline network 9

11 OML 40 INFRASTRUCTURE AND EXPORT PIPELINE Export and transport of crude Crude oil is pumped from the Opuama Flow Station via a 36km pipeline to Otumara Injection point to the Trans Escravos pipeline is at Otumara (custody transfer point) Oil is exported from Forcados and sold as Forcados Blend Eland sells all of its produced crude through an agreement with Elcrest and Shell Trading. Elcrest sold a total of 115,722 bbls gross of crude oil for an average price of $103.8 per barrel in In first quarter 2015, Elcrest completed the loading and sale of 59,290 bbls gross of crude with a further oil lifting of 36,000 bbls scheduled for early April

12 OML 40 RESERVES Oil Reserves (MMB) Net Oil Reserves (mmbbl) Category Before Royalties Gross After Royalties Net Entitlement (Eland) Before Royalties % Proved (1P) % Proved + Probable (2P) Proved + Probable + Possible (3P) % % P 2P 3P Net Entitlement (MM$)** NPV to Eland at 12.5% (mm$)** Category Undiscounted Present Worth at 12.5% Proved (1P) Proved + Probable (2P) Proved + Probable + Possible (3P) *Netherland Sewell & Associates Inc. June 2014 **$101 bbls oil price 1P 2P 3P 11

13 CONTINGENT AND PROSPECTIVE UPSIDE A Portfolio in a Licence OML 40 has a large upside; containing both significant contingent and prospective resources The majority of OML 40 s contingent resources lie in the Polobo and Abiala fields Polobo gross 2C of 17.4 mmbbl Abiala gross 2C of 16.1 mmbbl OML 40 total gross best estimate prospective resources of mmbbl Contingent Resources (mmbbl) C 2C 3C Large number of prospects in the eastern and western areas of the licence covered by 3D seismic surveys Largest prospect on OML 40 is the Amobe structure in the northwest with gross best estimate of 78.4 mmbbl and a high estimate of mmbbl Prospective Resources (mmbbl) Other significant prospects include Tsekelewu Northwest, Polobo and Gbetiokun West Low Best High *Netherland Sewell & Associates Inc. June

14 OML 40 OPUAMA SURFACE LAYOUT Planned development wells will be drilled from a central location near the flow station Wells 1 and 3 normalised gross production totaling over 3,100 bopd Initial operations for the re-entry of wells 5 and 7 are due to begin in April. Completion of Opuama 5 workover expected during May, with potential to produce between bopd. 5 3 Each new well expected to produce 4,500 to 5,500 bopd Producing wells Closed-in wells, potential work-over candidates New development wells Abandoned wells 13

15 OML 40 OPUAMA RE-DEVELOPMENT Opuama 1 is still producing over 1,700 bopd after >30 years without showing any significant decline New wells on Opuama are expected to deliver high flow rates and high oil recovery through accurate well placing as a result of state of the art 3D seismic imaging and modern drilling techniques Each new well expected to produce 4,500 to 5,500 bopd Oil recovery factors of well beyond 50% are expected as the Opuama reservoirs contain very light oil sustained by a strong water-drive Average recovery factor of 40% as presently assumed in the NSAI CPR creates potentially, in the medium and long term, a material upward reserves revision opportunity 14

16 UBIMA ASSET OVERVIEW OPERATING CONTROL The license area is 64km 2, located onshore in the northern part of Rivers State and has been carved out of OML 17, operated by the Shell Petroleum Development Company 2C resource estimates of 33.9 mmbbl of oil* Significant upside 3C resource estimate of 66.9 mmbbl of oil and 144 Bcf of nonassociated gas** The Ubima Field has 3D seismic coverage (1997) and four wells have been drilled in the field between 1963 and 1981 Hydrocarbons were encountered in all four wells in multiple stacked reservoirs from approximately 5,000ft to 10,000ft Ubima and OML 40 reservoirs occur in a similar geological setting and have very comparable sands, seals and traps 0 25km *Independent Report by AGR TRACS July 2014 **Company estimate 15

17 Ubima OML 40 WORK PROGRAMME Q2 Q3 Q4 Q1 Q2 Q3 OML 40 West Opuama-5 Workover Opuama Development Drilling Programme OML 40 East Gbetiokun Development OML 40 Infrastructure Sectional Replacement on Export Pipeline (4km) Replacement Export Pipeline Ubima Ubima-1 Re-entry Ubima Development Development Drilling Well Re-entry Facilities & Pipelines Ubima Development 16

18 HOW WE FUND OUR ASSETS 2014/2015 Key Funding Points Cash as at 1 March 2015 of $8.2 million, with planned receipts of $2.4 million for settlement of cargoes due in March. No debt has been drawn. Debt funding $75 million Reserved Base Lending facility executed with Standard Chartered Bank to fund development. $35 million committed and in place with Standard Chartered Bank, currently undrawn. The marketing and syndication of the remaining $40 million has begun and commitments expected by end of April Eland have no existing work programme commitments Cash flow from our assets Current cash flow from OML 40 with normalised production of over 3,100 bopd (net 1,395 bopd) Higher production rates (through development drilling) significantly enhances cash flow No capex commitment to be made until debt lines are accessible 17

19 CLOSING THE DISCOUNT NEAR TERM VALUE DRIVERS $75m RESERVE BASED LENDING FACILITY $75m Reserve Based Lending facility with Standard Chartered Bank provides funding required for the planned drilling programme on OML 40 OPUAMA-5 WELL RE- ENTRY Operations to re-enter Opuama-5 due to begin in April with production expected during May of 400 to 600 bopd. COMMENCE DRILLING CAMPAIGN Increase cash flow through production from new wells, with each new well expected to produce 4,500 to 5,500 bopd. INCREASE PRODUCTION AND RESERVES Through data acquisition from new wells and production performance of new and existing wells FIELD DEVELOPMENT PLAN FDP s for the Gbetiokun and Ubima fields in conjunction with the finalisation of applications to drill 18

20 WITH THANKS Aberdeen Seabrokers House Prospect Road Westhill Scotland AB32 6FE Tel: Nigeria 10 Osun Close Off Osun Crescent Maitama Abuja Tel: London 2 nd Floor New Bond Street London UK W1S 2SA Tel: info@elandoilandgas.com

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