Angus Energy : Investor Presentation 26th March 2024

Disclaimer

This document is a confidential investor presentation which has been prepared by, and is the sole responsibility of, the directors of Angus Energy plc (the "Company") and has been prepared in connection with the proposed placing of ordinary shares in the capital of the Company (the "Transaction"). The information and opinions contained in this document and any other material discussed verbally are provided as at the date of this document are subject to updating, completion, revision, verification and amendment and as such they may change materially. This document is incomplete without reference to the oral presentation, discussion and any related written material that supplement it. In furnishing this document and giving the presentation to which, this document relates, none of the Company, WH Ireland Limited ("WH Ireland") or their respective advisors and/or agents undertake any obligation to provide the recipient with access to any additional information or to affirm or update this document or any additional information which may be provided to the recipients or to correct any inaccuracies in this document or any such information which may become apparent. This document has not been approved by the UK Financial Conduct Authority (the "FCA") or by any regulatory body in any other jurisdiction. This document and the presentation to which this document relates do not purport to be comprehensive, all-inclusive or contain all the information that prospective investors may require, request or desire in connection with deciding whether or not to participate in the Transaction. The summary information contained herein has been collated to assist recipients in making their own evaluation of the Transaction. Prospective investors should conduct (at their cost) their own independent investigation and analysis of the Transaction and the Company's business and prospects and should seek their own independent professional financial, legal, tax and/or other advice in relation to the same. Some of the information in this document is in draft form and has not been legally verified and will only be finalised in an announcement by the Company relating to the Transaction. WH Ireland has not independently verified any of the information set forth herein, including any statements, estimates, targets or projections with respect to future prospects of the Company or the assumptions on which such statements are based, and does not undertake any obligation to do so. To the fullest extent permitted by law, neither the Company nor WH Ireland accept any duty of care or disclosure or otherwise make any representation or warranty or other assurance, express or implied, as to the accuracy or completeness of this document, the information contained herein or the presentation to which it relates and to the fullest extent permitted by law, neither the

Company nor WH Ireland shall have any liability (direct, indirect, consequential or otherwise) for the information contained in, or any omissions from, this document or the presentation to which it relates, nor for any of the written, electronic or oral communications transmitted to the recipient in the course of the recipient's own investigation and evaluation of the Transaction. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this document. The information contained in this document is not to be relied upon for any purpose whatsoever. WH Ireland, which is authorised and regulated by the FCA, is acting as broker for the Company in connection with the proposed Transaction and for no-one else in connection with the proposed Transaction and will not be responsible to anyone other than the Company for providing the protections afforded to customers of WH Ireland, nor for providing advice in relation to the Transaction or any matter referred to herein. Further, WH Ireland has not authorised the contents of, or any part of, this presentation.

In the interests of providing potential investors with information regarding the Company, this document, the presentation to which it relates, and the materials distributed in connection with this document may contain certain "forward-looking statements" with respect to certain of the Company's current plans, intentions, goals or expectations relating to its future financial condition and performance and which involve a number of known and unknown risks, uncertainties and assumptions. Forward looking statements are typically identified by the use of forward looking terminology such as 'aims', 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'intends', 'estimates', 'plans', 'assumes', 'envisages', 'projects' or 'anticipates' or the negative thereof or other words of similar meaning. Examples of such forward-looking statements include, among others, statements or discussions regarding the Company's business, financial or investment strategies, estimates of expenditure, present or future plans or events, prospects, growth, objectives for future operations and estimates. Such forward looking statements include matters that are not historical facts and are subject to a number of risks and uncertainties, many of which are beyond the Company's control and all of which are based on the Company's current beliefs, intentions or expectations about future events. Such statements are, by their nature, subject to a number of known and unknown risks, uncertainties, assumptions and other important factors that could cause actual results, performance or achievements to differ materially from any expected future results, performance or achievements expressed or implied, by the forward-looking statement. Neither the Company nor any person gives any representation, assurance or guarantee that the occurrence of the event expressed or implied in any forward-looking statements in this document will actually occur and you are cautioned not to place undue reliance on such forward-looking statements. Factors that might cause forward-looking statements to differ materially from actual results, performance or achievements include, among other things, the following: global economic conditions, economic conditions in jurisdictions in which the Company may operate or invest, credit markets, legislative fiscal and regulatory developments, the effects of continued volatility in markets and exchange rate fluctuations. The forward looking statements contained in this document speak only as of the date this document and each of the Company, WH Ireland and their respective directors, officers, employees, agents, representatives and/or advisers expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this document.

Neither the receipt of this document or the presentation to which it relates by any person, nor any information contained herein or supplied herewith or subsequently communicated in written, electronic or oral form to any person in connection with the Transaction constitutes, or shall be relied upon as constituting, the giving of investment advice by the Company or WH Ireland to any such person. This document has been prepared solely for information purposes and is not to be construed as solicitation or constitute or form any part of any offer or invitation or considered as a recommendation by the Company, their affiliates, representatives, officers, employees, agents or by WH Ireland, to participate in the Transaction. This document does not create an obligation on the Company to consider any offer received in respect of the Transaction. The Company reserves the right, without prior notice and without giving reasons, to reject any or all proposals, to change or terminate the process, and/or to negotiate with any prospective investor on any terms (and whether individually or simultaneously with any other prospective investor) with respect to any transaction.

Agenda

1. The Way Forward

• 2. HSE & Operational Update

• 3. Refinancing

• 4. Financial Results

• 5. Development Plans

• 6. Strategy and Future Plans

• 7. Board of Directors

• 8. Q&A

• • Production stabilised

• • Strong Management Team

• • Sustainable Balance Sheet

• • Healthy Reserves

• • Organic Growth Opportunities

• • Inorganic Growth Opportunities

Strong Foundation built for Growth

Saltfleetby HSE Update

• • For Angus HSE is a paramount objective

• • No recordable injury since December 2022

• • No regulatory breaches YTD

• • Flare consent limits met with an agenda of reducing emissions on a continuous basis

• • Noise management program underway with installation of permanent monitoring stations and planned acoustic hoods on compressors

Saltfleetby Operations Update

Operations

• • Forecast Q1 2024 daily sales gas production averaging 6.9 mmscf with stabilised forward production of 7-8 mmscf/d

• • Equivalent to 6.8-6.9 million therms in the quarter or 2.3 million therms/month - 35% of production unaffected by legacy hedges rising to 45% after June 2024

• • Operational Efficiency within the quarter is forecast to be over 90% and improving

• • Opex reduced by over £100k/month since installation of permanent flowline to c. £13.50/boe

• • Booster Compressor ordered for installation in 4Q 2024 to sustain production and maximise recovery from the field

Booster Compressor

Update on Refinancing

• • £20m debt facility signed with Trafigura in February to refinance existing debt and fund additional capex projects

• • Five-year amortising term with one year grace period for principal repayment and cash sweep for accelerated repayment

• • Substantial reduction in interest rate compared to previous debt - at SONIA plus 8% currently c. 13% but coming down

• • Trafigura will act as offtaker of the sales gas produced at the Saltfleetby Field for a 5-year period on terms in line with Angus's previous offtake agreements

• • Existing hedges novated to Trafigura until expiry in June 2025 with a rolling hedging strategy thereafter

• • Forum Energy Services Limited ("Forum") deferred consideration reduced to £2.9m with a payment plan to clear by June 2025

• • Repayment of original senior debt has triggered an 8% royalty payment to former lenders from 1st March 2024 applied only to existing wells

Financial Results - YE Sept 23

• • Revenue from oil and gas production of £28.2m (2022: £3.1m) on production of 25,228,853 Therms of sales gas and 32,750 bbls of condensate (2022: 1,273,994 therms of sales gas and 1,378 bbls of condensate)

• • The Group recorded a profit of £117.8m, which included a derivative profit of £137.0m in relation to the derivative instrument and an impairment of £(3.7m)

• • EPS of 3.4p/share

• • EBITDA for the period was £17.0m (2022: £(0.9m) loss)

• • The Group recorded an Operating Profit of £4.8m (2022: £(1.4m) loss)

Saltfleetby Development Plans

Refine reservoir evaluation

• • Completion of new CPR assessing connected reserves Oct. 2023

• • 3D seismic reprocessed and reinterpreted - generating higher resolution top structure map

• • New Stratigraphic correlation of reservoir units

• • Revised Petrophysical Evaluation of well logs

• • Probabilistic evaluation of volumetrics indicating areas of potential upside

Define drilling locations for accelerating production and increasing reserves

• • Reservoir Evaluation work will be fed into a renewed geological model

• • Dynamic modeling to forecast production and refine development opportunities

• • Evaluating suspended well re-use for sidetracks

• • Planning application to be submitted to the Lincoln County Council for permission to drill additional wells in near future

Future Gas Storage Potential

• • Angus has signed a Memorandum of Understanding with Trafigura to evaluate the medium/long term gas storage potential of the field with results in the next 18-24 months

• • Dynamic reservoir model will be used to assess future gas or CO2 storage potential

Competent Person Report (CPR- 2023)

• • The October 2023 CPR for the Saltfleetby field determined the reserves and resources of sales gas and associated liquids (Condensate) for the Saltfleetby field

  Saltfleetby Field P50 Gross Reserves and Contingent Resource as at August 1, 2023	1P	2P	2C
  Sales Gas (Bcf)	24	27	17
  Sales Liquids (Mstb)	357	447	238
  Total (Mboe)*	4,495	5,102	3,204

  *Energy equivalent factor 5,800 cubic feet of per boe

• • The CPR determined a net present value, which utilises production from the 3 current producing wells and the addition of 2 further development wells in 2025 and 2026

Net Cash Flow Attributable to the Company	NPV10 Attributable to the Company
Scenario	1P	2P	1P	2P
Pre-Tax	£125.4m	£153.5m	£86.9m	£104.1m
Post-Tax	£78.9m	£90.6m	£57.1m	£64.3m

The full CPR is available for download in the "Presentations" section of the Company's website (www.angusenergy.co.uk/media/presentations).