Cairn Energy : Analyst Presentation - Part 1

Egypt Western Desert Information Pack

June 2021

CNE Egypt Western Desert

Introduction

• Cairn is pre-releasing the CPR from the circular in order to help analysts assess the proposed acquisition
• The reserves, resources, production projections and cost profiles within the CPR and presentation are consistent with the information published when the proposed acquisition was announced on 9 March 2021, supplemented with annual 2C production profiles and associated costs based on Cairn preliminary estimates
• As previously guided, actual production in March 2021 is expected to be in the range of 33,000 - 38,000 boepd as a result of reduced drilling activity during 2020 and 2021 compared to historical levels; more detailed guidance on the expected near term ramp up in production will be provided following completion of the proposed acquisition
• All numbers are Cairn Working Interest unless otherwise stated
• The report's scope considers a five year investment programme across the assets from 2020-2024 only; thereafter it projects decline curves, although the history of the assets is one of continued infill drilling, development and exploration activity that has sustained production levels over an extended period
• The presentation also includes Cairn's current view of the exploration prospectivity, prior to acquiring and/or re- processing new seismic on several concessions

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CNE Egypt Western Desert

Western Desert Asset Map

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CNE Egypt Western Desert

Key Producing Areas

Existing production areas

Obaiyed

(includes Obaiyed and NUMB)

Cheiron 50%	Cairn 50%

NEAG

(includes NEAG Tiba and NEAG Extension)

	Cheiron	Cairn	Apache	Sinopec
	26%	26%	32%	16%

Near term developments

NM

(located in Obaiyed area)

Cheiron 50%	Cairn 50%

BED

(includes BED fields and Sitra)

Cheiron 50%	Cairn 50%

AESW

	Cheiron	Cairn	Zhenhua	Neptune
	20%	20%	35%	25%

NAES

(located in BED area)

Cheiron 50%	Cairn 50%

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Egypt Western Desert Information Pack, June 2021

CNE Egypt Western Desert

Historic Production

Historic Production by Production Area

	60
	50
	40
Mboepd	30

20

10

0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Obaiyed Area		BED Area		NEAG Area		AESW

Historic Production by Hydrocarbon Type

	60
	50
	40
Mboepd	30

20

10

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Oil Gas

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