2017 05-02, Production led growth from conventional light oil in Alberta, Canada - low risk, low cost production growth across existing substantial facilities ▪ High impact exploration through Italian appraisal and exploration - up to $69m of work programme carry from two partners ▪ Well funded ▪ Lean organisation with low G&A ▪ Technically driven board with necessary experience ▪ Institutionally backed ▪ New strategic partner to pursue production acquisitions in Canada

1. Northern Petroleum Plc
Analyst Presentation
May 2017

2. Northern
Petroleum
Northern
Petroleum
▪ Production led growth from conventional light oil in Alberta,
Canada
➢ low risk, low cost production growth across existing substantial
facilities
▪ High impact exploration through Italian appraisal and
exploration
➢ up to $69m of work programme carry from two partners
▪ Well funded
▪ Lean organisation with low G&A
▪ Technically driven board with necessary experience
▪ Institutionally backed
▪ New strategic partner to pursue production acquisitions in
Canada
Production led growth
High impact upside
May 2017
2
Key stats
▪ Shares in issue: 314.7m
– 323.0 fully diluted
▪ Market Cap: £13m
▪ $7.2m in cash
– further $0.7m on
deposit
– $0.4m in debt
▪ Key shareholders (61%)
– High Power
Petroleum
– Cavendish Asset
Management
– City Financial

3. Northern
PetroleumThe Board
May 2017
3
▪ 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 Jon Murphy Iain Lanaghan Campbell Airlie Keith Bush

4. Northern
PetroleumRainbow, Virgo, Zama – north west Alberta
May 2017
4
▪ Originally developed in the 60s and 70s
▪ Light conventional oil production from carbonate reefs
Amber Virgo
Sousa
Rainbow
Zama
Larne
Shekilie
Shekilie
West
Kotcho
Black
Rainbow
South
Land position
▪ 58,000 acres
▪ 170 mmbbls STOOIP
▪ Low recovery to date
– 19%
▪ 1.9 mmbbls 2P (100%)
– NOP have 75% WI

5. Northern
PetroleumGood infrastructure / access
May 2017
5
▪ Well served by Plains Pipeline System
▪ Industry service companies based locally in industry evolved
towns (High Level, Zama City)
▪ Good access except during ‘Break up’
➢ annual wet season during spring thaw
➢ heavy truck movements banned
➢ four to eight weeks during April and May
Northern acreage
Legend
Gas
Oil

6. Northern
PetroleumLow risk production growth
May 2017
6
▪ Established operating platform with substantial facilities,
infrastructure and operating capacity
➢ minimal facilities capex required as production grows
➢ incremental production barrels decrease fixed opex per barrel
▪ Production increase:
➢ well workovers / recompletions
➢ well side-tracks
➢ new wells into existing reefs
Facilities
▪ Substantial tank
storage
▪ Fluid separators
▪ Produced water
disposal
▪ Tie-in sales point to
national pipeline
infrastructure
Capacity
▪ 10k to 15kb/d of fluid

7. Northern
PetroleumWinter work programme
May 2017
7
▪ Rainbow well workover
programme
▪ 23 wells worked over including
➢ four wells from recent production
acquisition
➢ three ‘opex wells’
– maintenance on existing producers
▪ Cost of programme below
budgeted $2.5m (100%)
▪ 300 b/d production increase
achieved (100%)
▪ Current production restricted
➢ Break Up
➢ pipeline re-certification approvals
▪ Full Production – 500 to 700 b/d – expected towards end of Q2 (100%)

8. Northern
PetroleumFuture production potential
May 2017
8
▪ Current well programme targets Keg River in Rainbow and Virgo
▪ Quantification project for area potential underway
➢ mapping of all reservoir intervals in Zama, Virgo and Rainbow areas
➢ current land position had original oil in place of 180 mmbbls in Keg
River – average 19% recovery factor
➢ 5% improvement in recovery factor is 9 mmbbls reserves
➢ further upside from other hydrocarbon prone horizons – Zama,
Sulphur Point, Slave Point
Orange – OP land position
Red – 3D seismic coverage
Seismic coverage over
30% of land position
Oil Gas

9. Northern
PetroleumSummer 2017
May 2017
9
▪ Expanded summer programme being
planned
▪ Targeting
➢ one to two recompletions, incl. Virgo
wells
➢ one to two side-tracks
➢ remaining well workover candidates
▪ Initial budgetary estimates $3m
(gross)
▪ Increase production by 300 b/d
(gross)
2018
▪ New wells into existing reefs
➢ mainly Virgo
▪ Evaluation of other producing horizons

10. Northern
PetroleumItaly
May 2017
10
Cascina Alberto
▪ 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
▪ 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
▪ Environmental approval received for seismic
➢ commencing tendering process
➢ Q4 / Q1 acquisition timetable
➢ permit application awards expected in Q2
➢ initiate approval process on Giove appraisal well
Cascina
Alberto
Cygnus &
Giove

11. Northern
PetroleumItaly – Southern Adriatic
11
Oil discovery
Gas discovery
Awarded Exploration Permit
Exploration Permit Application
Giove discovery
▪ Offshore discovery, contingent
resource of 26 mmbbls
▪ Requires appraisal well with flow
test
▪ Well being planned for 2019
Cygnus prospect
▪ Offshore target, 446 mmbbls
prospective resource
▪ 12 kms from producing Aquila oil
field
▪ If connected to Aquila, volumes
are much larger
Southern Adriatic
Medusa deep prospect
▪ Offshore target, analogous to Giove,
47 mmbbls prospective resource
▪ Oil discovered with original well –
not able to test due to well issues
▪ If Giove works, possible well in same
campaign

12. Northern
PetroleumProduction economics / Balance sheet
May 2017
12
Fixed opex
Variable opex
Discount /tariff
Royalty / GORR
2016 actual 2017 illustrative
$9
$12
$10
$4
$8
$9
$5
$10
$5
$24
Operating netback
2016 actual
▪ 106,000 bbls produced
▪ 290 bbls/d
▪ WTI averaged $43
2017 illustrative
▪ WTI average $53
– $52 year to date
▪ Average 700 bbls/d
Further opex incurred in 2016
▪ $1 per barrel ongoing repairs and maintenance
▪ $5 per barrel workover repairs – pipeline reinstatement repairs
▪ $7.2 million in cash as at 31 March 2017
➢ excluding $0.7m on deposit with Alberta Energy Regulator
➢ excluding $0.5m subject to Italian regulatory approval of farm out

13. Northern
PetroleumStrategic partner – High Power Petroleum
May 2017
13
▪ 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 further cash consideration / work carry
▪ Three year AMI with H2P
➢ Alberta or Saskatchewan
➢ 50/50 investment
➢ Conventional light oil
▪ Large E&P companies still divesting non-core assets
▪ Significant opportunity to acquire new production assets
and leverage off existing Calgary based team

14. Northern
PetroleumInvestment opportunity
May 2017
14
▪ Northern is building economic production and cashflow
➢ relatively low levels of capital required
➢ relatively low risk
▪ Minimum overhead and small central team
▪ Well funded and supported
▪ Existing asset base can support significant production
growth
➢ 4,000 - 5,000 b/d
▪ Alongside low risk core value growth
➢ high impact upside will be matured over medium to long term

15. Northern
Petroleum
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 an
Exempt 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 Northern Petroleum PLC (“Northern Petroleum”) 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 Northern Petroleum relating to any securities. Any decision
regarding any proposed purchase of shares in Northern Petroleum must be made solely on the basis of the information issued by
Northern Petroleum 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 Northern Petroleum 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 Northern Petroleum relating to any securities.
Disclaimer
May 2017
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