IntroductiontoIndependent Oil & Gas plc

July 2014

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Disclaimer

3

The information contained in this confidential document (“Presentation”) has been prepared by Independent Oil and Gas plc (the “Company”).

While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisersgive, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of theinformation in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (allsuch information being referred to as “Information”) and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors,officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory orotherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for anyloss, howsoever arising, from the use of this Presentation.

This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially fromthose expressed or implied by these statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectationsconcerning, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. Bytheir nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to theseforward-looking statements to reflect events or circumstances after the date of this Presentation.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction andthe right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses orexpenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to anyobligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, thisPresentation which may become apparent.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Inparticular, this Presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained hereinshall form the basis of any contract or commitment whatsoever. Each party to whom this Presentation is made available must make its own independent assessment of theCompany after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained hereinnecessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa or the UnitedStates of America (each a “Restricted Territory”), their territories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United StatesSecurities Act of 1933 (as amended)) or (c) distributed to any individual outside a Restricted Territory who is a resident thereof in any such case for the purpose of offer forsale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any suchcase except in compliance with any applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law andpersons into whose possession this document comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions mayconstitute a violation of the laws of the relevant jurisdiction.

www.independentoilandgas.com

Summary

4

• Clearly defined strategy– Develop production hubs with only modest

exploration near to the hubs

• Proven Board and Management Team– History of delivering excellent shareholder

returns, first class technical team

• Funding Flexibility– Senior loan, junior loan potential, Darwin

equity funding, farm down potential

• Growth Strategy– 28th Round potentially transformational– Corporate combinations / M&A

• News flow– 28th Round, Operatorship, Cronx completion,

Cronx and Skipper wells, Blythe FDP

The team and assets are in place to grow into a significant North Sea player

0

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10,000

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25,000

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ep

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Year

Ten Year Production Target

Target

Blythe (3.0 MMBoe)

Cronx (3.4 MMBoe)

Skipper (13.1 MMBbls)

Key Events since AIM Admission

• December 2013

– ‘Blythe East Area’ licence awarded including the Harvey discovery and Truman prospect

• February 2014

– Sale and refinancing of Blythe & Skipper operator completed

– 18 month licence extensions granted on Blythe & Skipper

– Gas sales agreement for Blythe with BP Gas Marketing

– $50m debt facility approved with a substantial US financial institution†

• March 2014

– Charles Stanley initiates research on IOG at a target price of 100.4p

– Acquisition of Cronx* licence announced

– Subject to the Cronx acquisition Charles Stanley updates IOG target price to 105.6p

– Operatorship application submitted to DECC

– New Non-exec Director Paul Murray appointed

• April 2014

– Cronx Licence extension to 31st December 2014

– Applications for three licences in the 28th Licensing Round

• June 2014

– Skipper appraisal well now scheduled in summer 2015 subject to partner confirmation

– Equity swap and loan agreed with Darwin Strategic

5 *Acquisition of Cronx subject to completion † Debt facility subject to final documentation

Introduction to IOG

6

EXPERIENCED TEAM

NORTH SEA FOCUS

Development

Production

Development5 North Sea Licences*

2P: 3 MMBOE, 2C: 16.5 MMBOE

Hub Strategy

nearby fields to be tied back

small fields to be developed with improved economics

IOG is a development and production company with a modest exploration exposure

39.4 MMBOE

Exploration Exploration

Today 2016

Management owns 55.8% of IOG

Blythe, Cronx* & Skipper CPR NPV10: £211.4 Million

*Acquisition of Cronx subject to completion

IOG Strategy

7

IOG will unlock shareholder value by:

Cronx*Blythe

3D seismic

1st Discovery

Appraisal

FID

First Production

Life Cycle of E&P

Valu

e

Skipper

IOG’s primary focus: Development & Production

IOG’s Current Portfolio

TheakstonMoorhouse

TrumanHarvey

Skipper Maureen & Dornoch

* Acquisition of Cronx subject to completion † Debt facility subject to final documentation ‡ Significant discoveries applied for in 28th Round

Funding at corporate or asset level (farm-downs)

Growing organically and via Licence Rounds‡

Using the debt facility† to acquire producing assets

Converting contingent resources into proven reserves

Bringing proven reserves into production

Corporate combinations / M&A

Operations Director

Richard Jameson

Project management experience with Hess & others

IOG Board & Operational Team

8

• An experienced management team with a strong and knowledgeable board

Technical Director

Chris Brown

Former Exploration Manager for Enterprise Oil

Chief Geoscientist

Brian Oldfield

Formerly with Conoco, Zapata, Total, Statoil & Agip

Petroleum Engineer

Colin Jones

Former Chairman of Oslo Society of Petroleum

Engineers

Drilling Manager

John Boyle

Also Drilling Manager with Cairn Energy

IOG Board

Non-Executive Director

Marie-Louise Clayton

Former CFO of Venture Production

CEO

Mark Routh

Former founder and MD of CH4 Energy Ltd*

Non-Executive Chairman

Mehdi Varzi

Former Vice-Chairman of Gulf Keystone

Non-Executive Director

Mike Jordan

CEO of Acura Investments Ltd

CFO

Peter Young

Former oil & gas banker at Standard Chartered, Mitsui & RBS

*CH4 Energy was formed with £1M from 3i + Management in 2002 & sold for £154.4M in 2006 to Venture Production

Non-Executive Director

Paul Murray

Former FD of Lasmo & CarltonChair of Audit Royal Mail & QinetiQ

IOG Portfolio

9

Skipper 9/21a (50%)

Blythe 48/22b & 48/23a (50%)

Map: Wood Mackenzie

PathFinder

Skipper West Area – 8/20a & 8/25a (100%)

Blythe East Area - 48/23c & 48/24b (100%)

IOG 27th Round Award

IOG Developments

IOG 27th Round Award

IOG Developments

Cronx 48/22a (100%)

IOG Acquisition (terms agreed)

Indicative Development and Appraisal Schedules

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Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Skipper (50%)EWT*

Development* Development Dril l ing*First*

Oil

Cronx (100%) (subject to completion)

Site

Survey Development Drill ing

First

Gas

Blythe (50%)Site

Survey Development Drill ing

First

Gas

Truman & Harvey (Blythe East Area - 100%)

Seismic Reprocessing / StudiesDrill or

Drop

Theakston & Moorhouse (Skipper West Area - 100%)

Seismic Reprocessing / StudiesDrill or

Drop

FDP + EIA Application FDP Approval Appraisal Well Extended Well Test * Subject to successful Skipper appraisal well

2017 20182014 2015 2016

Blythe Hub – Blythe, Cronx, Truman & Harvey

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Opportunity

• Defines IOG’s first Hub

• Blythe is a proven discovery with gross 2P reserves of 34.3 BCF (17.2 BCF net to IOG)[1]

• Cronx (IOG 100%) is a discovery with 2C resourcesof 17.6 BCF[2] which may be tied back to Blythe

• Truman & Harvey (Blythe East Area - 100% IOG) have gross 2C resources of 41 BCF[3] which may be tied back to Blythe

• Economics boosted from shared infrastructure and joint development

• All fields benefit from small field allowance

• Blythe + Cronx NPV10 net to IOG = £74.4m[1],[2]

Upside

• Further upside potential to frack the Carboniferous beneath Blythe (70 – 310 BCF GIIP)[4]

• Oil was also tested from the Hauptdolomite above Blythe at rates of up to 1,000 bopd, estimated STOIIP of 2-4MMBbls[4]

Sources: [1] Competent Person's Report: ERC Equipoise - September 2013[2] ERC Equipoise CPR July 2012[3] IOG internal estimate[4] Tullow 48/23a Relinquishment Report May 2009

48/23-3

48/23a-4

ERCE_Top_A_1

ERCE_Top_A_2

ERCE_Top_A_3

ERCE_Top_A_4

ERCE_Top_A_5

ERCE_Top_Layer_B_(SB_B)

ERCE_Top_Layer_C_(SB_C)

ERCE_Top_D_1

ERCE_Top_D_2

ERCE_Top_E_1

ERCE_Top_E_2

ERCE_Top_E_3

Top_Carboniferous

ERCE_Top_A_1

ERCE_Top_A_2

ERCE_Top_A_3

Top Rotligendes

Top Rotligendes

ERCE_Top_A_4

200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 1000 1050

200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 1000 1050

-745

0-7

400

-735

0-7

300

-725

0-7

200

-715

0-7

100

-705

0-7

000

-695

0

-7450-7400

-7350-7300

-7250-7200

-7150-7100

-7050-7000

-6950

Zone 1WeissliegendeA1A2A3A4A5BCD1D2E1E2E3

Zones48/23-348/23a-4

NWSE

Possible top of Residual HC Layer

GWC @ 7283ft ss

48/23-3 Perforated Intervals

Possible Top Residual Hydrocarbons 7200 ft ss (Palaeo Gas Oil Contact)

Gas Water Contact 7283 ft ss

Top Rotliegendes 7130 ft ss

Blythe Horizontal Tri-lateral Development Well

A4

A5

A3

B

C

D1

A2A1W

SE NW

Source: ERC Equipoise – Blythe Reservoir Development Study July 2012

Source: IOG internal estimates

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36

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cfd

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Blythe Production (6.1 MMBoe)

IOG Net (50%) 3.0 MMBoe

Alpha Net (50%) 3.0 MMBoe

Blythe

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Location Southern North Sea - Blocks 48/22b and 48/23a (P1736)

Partners Alpha Petroleum Resources 50% (Operator), IOG 50%

Gross Reserves[1] 1P/2P/3P : 22.3/34.3/47.5 BCF. Two wells tested at 15 MMcfd from the Rotliegendes

Gross GIIP[1] P90/P50/P10 : 38.8/52.3/84.2 BCF

Gross NPV10[1] £56.0m (2P reserves, @60p/therm)

Upside[2] Prospective GIIP of 70 – 310 BCF in Carboniferous – tested at 0.9MMcfd

Licence Status Commitment to submit Field Development Plan before 30th September 2015

FDP[3] Field Development Plan submission targeted Q4 2014

First Gas Target end Q2 2016.[3] Long term gas sales agreement with BP Gas Marketing

Development Plan Small unmanned platform, single tri-lateral horizontal well. Export expected via a 1km pipeline to LAPS hot-tap. Net Capex £35.1m[1]

Tax Small field allowance provides tax benefit of £150m

Sources: [1] Competent Person's Report: ERC Equipoise - September 2013 [2] Tullow 48/23a Relinquishment Report May 2009 [3] IOG internal estimate

Cronx

Harvey

Truman

Expected export Route : LAPS (Perenco)

Hot Tap from Blythe NUI into 20”

Lancelot - Bacton pipeline : < 1 km

Map: Wood Mackenzie PathFinder/IOG

[1]

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9

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1,500

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3,000

3,500

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Cronx Production (3.4 MMBoe)

IOG Net (100%) 3.4 MMBoe

Cronx (Pending Completion)

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Location Southern North Sea - Block 48/22a (P1737)

Partners IOG 100%

Gross Resources[1] 1C/2C/3C : 7.7/17.6/40.4 BCF Contingent Resources

Gross GIIP[1] P90/P50/P10 : 10.9/24.9/56.3 BCF

Gross NPV10[1] £46.4m (2C resources, @60p/therm) net of staged payments to Swift

Upside[2] Connection with the 48/22-4 discovery (10-20 BCF)

Licence Status Extended to 31st December 2014. Acquisition contingent upon IOG Operatorship approval and well commitment

Field Work[2] Targeting pilot well in late 2014 / early 2015 – cost estimate £6.25m. Re-mapping, reservoir modelling & well design

FDP[2] Field Development Plan submission targeted Q4 2015

First Gas[2] Targeting Q1 2017

Development Plan Single multi-lateral horizontal well drilled from suspended pilot well, tie back to Blythe. Capex estimate extra £22m[1],[2]

Tax Small field allowance provides tax benefit of £150m

Sources: [1] ERC Equipoise CPR July 2012 [2] IOG internal estimate

[1]

Cronx

Harvey

Truman

Export Route : Subsea well

tied back 15 km to Blythe NUI

Map: Wood Mackenzie PathFinder/IOG

Blythe East Area – Truman & Harvey

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*Source: IOG internal estimates

LocationSouthern North Sea – 48/23c & 48/24b (P2085)

Application RationaleBlythe Hub tie-back on successful appraisalPromote Licence IOG 100% Working Interest

IOG Mid Case GIIP Estimate*

Truman 36 BCFHarvey 22 BCF

IOG Mid Case Contingent Resource Estimate*

Truman 25 BCF - CoS 36%Harvey 16 BCF - CoS 36%

Water Depth* 24m

Well CommitmentCommit to drill one well to 2500m by February 2016 or drop the licence

Proposed Work Programme

Acquisition & reprocessing of 85 km2 of existing 3D seismic data

Potential Capex* ≈£12m for well

TaxSmall field allowances would provide net tax benefit of £150m

Cronx

Harvey

Truman

Export Route : Subsea well

tied back 11 km to Blythe NUI

Map: Wood Mackenzie PathFinder/IOG

Skipper Hub

15

Opportunity

• Defines IOG’s 2nd hub

• Skipper is a discovery with 2C resources of 26.2 MMBbls (13.1 MMBbls net to IOG)[1]

• Appraisal well in Q2/Q3 2015 to confirm commerciality

– Well cost approximately £13m (£6.5m net to IOG)[2]

– Will also test exploration targets beneath Skipper that could add another 4.4 MMBbls net reserves[2]

• Theakston and Moorhouse (IOG 100%) to the west of Skipper have mid-case contingent resources of 28 MMBbls net to IOG[2]

• All fields benefit from heavy oil field allowance

3,447 ft

Nominal OWC 3,810 ft

3,745 ft

5,214 ft

~ 5,600 ft

9/21a-C 9/21-2

4,157 ft

OWC 3,567 ft

3,518 ft

3,816 ft

5,597 ft

5,904 ft

4,228 ft

LCC 5,340 ft

70 ft

412 ft

307 ft

N S

3,588 ft

NB. Not to scale

Maureen Formation

Skipper Sand

Dornoch Sand

11,165 ft (2.1 miles)

3,517 ft

1990 Discovery Well2014 Appraisal Well

Sources: [1] AGR Tracs Competent Person's Report - September 2013 [2] IOG internal estimate

Source: Skipper Operating Committee Meeting June 2011

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Skipper Production (26.2 MMBbls)

IOG Net (50%) 13.1 MMBbls

Alpha Net (50%) 13.1 MMBbls

Skipper

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Location Northern North Sea : East of Shetlands - Block 9/21a (P1609)

Partners Alpha Petroleum Resources 50% (Operator), IOG 50% (1.5% carried interest with a third party)

Gross Resources[1] 1C/2C/3C : 17.9/26.2/34.9 MMBbls Contingent Resources. Low recovery factor (19%) in Competent Person's Report

Gross STOIIP[1] P90/P50/P10 : 123.1/136.5/150.8 MMBbls

Gross NPV10[1] £274m (2C resources @ $81/Bbl =10% discount to $90/Bbl Brent)

Upside[1] Appraisal well will also explore deeper Dornoch & Maureen sands, P50 STOIIP 46 MMBbls

Licence status Commitment to drill an appraisal well before 30th September 2015

Field Work[2] Appraisal well: target Q2/Q3 2015. Net cost £6.5m.

FDP[2] Submission targeted Q3 2016. Contingent development 13 wells (11 producers, 2 injectors), platform or FPSO. Net cost ≈ £200.6m[2]

First Oil[2] Q3 2018. Offtake via FSU. Crude offtake agreement agreed with BP Oil

Crude Quality[2] Believed to be approximately 15° API. Viscosity uncertain, expected range 50 -150cP

Tax Heavy Oil field allowance provides tax benefit of £800m

Sources: [1] AGR Tracs Competent Person's Report - September 2013 [2] IOG internal estimate

Theakston

Moorhouse

Map: Wood Mackenzie PathFinder/IOG

[1]

Skipper West Area – Theakston & Moorhouse

17

*Source: IOG internal estimates

Location Northern North Sea – 8/20a & 8/25a (P1941)

Application Rationale

Skipper Hub tie-back on successful explorationPromote Licence IOG 100% Working Interest

IOG STOIIP Estimates*

Theakston Low/Mid/High 5/20/120 MMBbls Moorhouse Low/Mid/High 64/119/157 MMBbls

IOG Contingent Resource Estimates*

Theakston 1/ 4/24 MMBbls - CoS 23%Moorhouse 13/24/31 MMBbls - CoS 49%

Water Depth* 110m – 130m

Well Commitment

Commit to one well to 1700m by May 2015or drop the licence

Work Programme

Acquisition & reprocessing of 300 km2 of released 3D seismic dataOil migration study

PotentialCapex*

≈£15m for well

TaxHeavy Oil field allowances would provide net tax benefit of £800m

Theakston

Moorhouse

Export Route : Subsea well

tied back 4.5 km to Skipper

Map: Wood Mackenzie PathFinder/IOG

Summary

18

• Clearly defined strategy– Develop production hubs with only modest

exploration near to the hubs

• Proven Board and Management Team– History of delivering excellent shareholder

returns, first class technical team

• Funding Flexibility– Senior loan, junior loan potential, Darwin

equity funding, farm down potential

• Growth Strategy– 28th Round potentially transformational– Corporate combinations / M&A

• News flow– 28th Round, Operatorship, Cronx completion,

Cronx and Skipper wells, Blythe FDP

The team and assets are in place to grow into a significant North Sea player

0

5,000

10,000

15,000

20,000

25,000

30,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Bo

ep

d

Year

Ten Year Production Target

Target

Blythe (3.0 MMBoe)

Cronx (3.4 MMBoe)

Skipper (13.1 MMBbls)