Somalia Oil & Gas Summit

20 October 2014, London, UK

Unlocking Somalia’s Potential

This presentation may contain forward-looking statements which are made in good faith and are based on current expectationsor beliefs, as well as assumptions about future events. By their nature, forward-looking statements are inherently predictive andspeculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in thefuture. You should not place undue reliance on these forward-looking statements, which are not a guarantee of futureperformance and are subject to factors that could cause the actual information to differ materially from those expressed orimplied by these statements. The Company undertakes no obligation to update any forward-looking statements contained inthis 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 orinvitation to sell, underwrite, acquire or solicit, or any other offer to purchase or subscribe for shares or any other securities, normay 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 connectionwith any contract. No reliance may be placed for any purpose on the information and opinions in this presentation. Norepresentation, warranty or undertaking, express or implied, is made as to the fairness, accuracy or completeness of theinformation 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 informationor opinion; or (ii) the use of this presentation by recipients. The information in this presentation has not been independentlyverified.

The distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons into whosepossession this document comes should inform themselves about and observe any such restrictions. No information containedin this presentation nor any copy of it may be viewed, taken, transmitted or distributed in or into any jurisdiction where to do somay lead to a breach of the law or any regulatory requirements. Any failure to comply with this restriction may constitute aviolation of relevant local securities laws. Any person who receives this presentation in violation of such restrictions should notact upon it and should return it to the Company immediately.

Disclaimer

Introduction

2

► Focussing on offshore Somalia Soma Oil & Gas is focused on exploring for hydrocarbons offshore in the Federal Republic of Somalia

Led by a Board and Management team with extensive experience in oil and gas, finance and international relations

► First mover in last offshore frontier in Africa Located in East Africa, a highly prospective and increasingly active oil and gas region

Access to acreage with significant resource potential

Completed the first major offshore seismic acquisition survey in the Federal Republic of Somalia since 1989

► A geopolitical inflection point Somalia has been on a path to greater stability since the election of President Hassan Sheikh Mohamud in September 2012

Federal Government of the Republic of Somalia is first to gain international recognition following two decades of state failure andhas particularly strong support from the UK, US, EU, UN and African Union

► Signed Seismic Option Agreement in August 2013 Committed Soma Oil & Gas to invest in the gathering and digitisation of all available geological information, the reprocessing of

existing seismic data, and

Acquisition and processing of new seismic data offshore Somalia across 185,000 km2 Evaluation Area and Reconnaissance Area

In return, Soma Oil & Gas has the right to apply for concession areas of up to 60,000 km2 based on an agreed form templateProduction Sharing Agreement

Rationale for Hydrocarbon Exploration Offshore Somalia

3

► Significantly under-explored due to historic security issues – all PSCs in Force Majeure since 1990-91

Only 6 offshore wells along the entire length of the eastern offshore basin

Only 1 offshore well near Soma Oil & Gas offshore area of interest, drilled by Exxon in 1982 in shallow water

Deep water entirely unexplored; historic seismic mainly limited to water depths of less than 1,000 m, while Soma Oil & Gas Evaluation Area extends to approximately 3,000 m water depth

► Hydrocarbon plays – source and reservoir rocks – proven in adjacent sedimentary basins

Tullow Oil, Eni, BG, Ophir Energy, Anadarko and Statoil have all added considerable value from recent finds in East Africa

USGS estimate Undiscovered Resources of 16 billion barrels of oil and 260 Tcf gas in three provinces bordering south Somalia offshore – Tanzania/Kenya, Madagascar and Seychelles

Early-Mid Jurassic plate reconstruction places offshore Somalia adjacent to Madagascar where Jurassic source rocks are present in well penetrations

► Encouraging industry activity in adjacent Kenya offshore

Likely to indicate strong technical interest in southern parts of Somalia offshore

Anadarko, Total and Eni all entered adjacent Kenya offshore

Oil and gas columns reported to be present in Sunbird-1 well, drilled in 2014 by BG Group in Block L10A

.

India

Madagascar

Kenya

Seychelles

India

Seychelles

Mid Jurassic Plate Reconstruction

Somalia Plate Reconstruction in Jurassic

► Mid Jurassic plate reconstruction places Somalia immediatelyopposite north-west Madagascar and Seychelles during the criticalperiod of hydrocarbon source rock deposition

► Present daypositioning ofcontinents andage of oceancrust

4

USGS Estimated Undiscovered Resources (2012)

Source: http://energy.usgs.gov/OilGas/AssessmentsData/WorldPetroleumAssessment/tabid/558/lapg-7429/2/Default.aspx

► USGS estimate total Undiscovered Resources of 16 billion barrels of oiland 260 Tcf gas in provinces bordering Soma Oil & Gas OffshoreEvaluation Area in Somalia offshore waters

► Plate reconstruction to Lwr. Jurassic – time of deposition of hydrocarbonsource rocks – emphasises the relevance of the adjacent data

Morondava 10.8 Bbo +

170 Tcf

Tanzania 2.8 Bbo +

70 Tcf

Seychelles2.4 Bbo +

20 Tcf

Soma Oil & Gas Offshore

Evaluation Area

10.8 Bbo + 170 Tcf

2.8 Bbo + 70 Tcf

2.4 Bbo + 20 Tcf

>100 Tcf already discovered

Jurassic Plate Reconstruction

Soma Oil & Gas Offshore

Evaluation Area

5

South Somalia Offshore vs North Sea

6

Soma Oil & GasOffshore Evaluation

Area is comparablein size to productive areas of North Sea

Soma Oil & Gas Offshore Evaluation

Areac. 114,000 km2

Soma Oil & Gas Reconnaissance

Areac. 185,000 km2

Hydrocarbons in South Somalia & Adjacent Areas

Offshore oil slick

Coriole-1 (1960)2 MMcf/d + 100 bopd 36o API from Palaeoc.

Merca-1 (1958)Gas shows &

Bitumen in Eocene

Afgoi-1 (1965)7 MMcf/d + 42 bcpd from

U. Cret - Palaeocene

Galcaio-2 (1962)Oil shows, U. Jurassic

El Hamurre-1 (1961)Oil shows, Eocene

► Historic drilling in south Somalia Most wells date from1956 to 1970 Only 8 exploration wells since 1970 Last well: 1990

Gira-1 (1956)Oil shows U. Cretaceous

Soma Oil & Gas Offshore Evaluation Area

Meregh-1 1982 (Esso) Only offshore well near Soma Oil & Gas Offshore

Evaluation Area. No reservoir development

Calub & Hilala Fields4 Tcf Resources

Duddamai-1 (1959)Gas shows

7

8

Industry Activity in Offshore Kenya

► Recent offshore Kenya licensing Anadarko L-5, 7,11,12 PSC, 2009

Total farmin for 40% in 2012

Total L-22; PSC, Sept. 2011

Eni L-21, 23, 24. PSC, July 2012

Sunbird-1, BG Group 2014, WD>700m, 30 m gas and 14 m oil columns in Miocene reefal reservoir

Kiboko-1, Anadarko 2013, WD c.2,500 m,“Well developed reservoir sands….. and indications of

working petroleum system”

Kubwa-1, Anadarko 2013, WD >2,000 m,“Non commercial oil shows in reservoir quality sands…

Presence of a working petroleum system”

Mbawa-1, Apache 2012, WD 1,000 m, Gas discovery, 52m net pay, in Cretaceous sandstones

Pomboo-1, Woodside 2007, WD >2,000 m, Good quality reservoir present but no shows

Key Milestones & Achievements

9

Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

SOA

Regional Evaluation

Preparation for 2D Seismic Programme

2D Seismic Acquisition

Capacity Building Support

Processing of 2D Seismic Data

Financial Results

Seismic Option Agreement Signed – August 2013

Somali Minister of National Resources Abdirizak Omar Mohamed shakes hands with Lord Howard of Lympne CH, QC after signing the Seismic Option Agreement in Mogadishu on August 6, 2013

► Soma Oil & Gas will undertake an Exploration Programme in Somalia lasting for 18 - 24 months including: Gathering and digitisation of all available geological information and the reprocessing of seismic data

The acquisition and processing of new 2D seismic data over an agreed Evaluation Area offshore Somalia

Data will be assembled in a Dataroom for the Somali Ministry of National Resources (now Ministry of Petroleum & MineralResources)

► In consideration for the Exploration Programme Soma Oil & Gas has the right to apply for concessionareas of up to an aggregate of 60,000 km2 and negotiate upto 12 individual PSAs of 5,000 km2 each

Signing of the Seismic Option Agreement

Lord Howard of Lympne CH, QC with Robert Sheppard during the signing of the Seismic Option Agreement in Mogadishu on August 6, 2013

10

Mogadishu, 6 August 2013

Regional Evaluation Completed – April 2014

11

► Data Acquisition and Compilation Purchase of 4,270 km of existing onshore seismic and 7,416 km of existing offshore seismic

Purchase of data on 20 onshore wells and 2 offshore wells

Purchase of available consultant and oil company reports on oil exploration activities in Somalia

Download of data on relevant DSDP wells offshore Somalia

Download of Lamont-Doherty 1980-81 academic seismic relevant to offshore Somalia

► Studies Study and interpretation of all of the purchased data listed above

Public domain research into regional geology of surrounding East African countries

Plate tectonic reconstructions for western Indian Ocean

► Report Report documenting the compiled data and study results was completed April 2014

Seismic Acquisition Plan – February to May 2014

► On 3 February 2014, Soma Oil & Gas signed a contract with SeaBird Exploration, a global provider of marineacquisition for 2D and 3D seismic data for the oil and gas industry

12

Survey Design Criteria Time window: Feb-May – constrained

by onset of SE monsoon in May

10 x 20 km basic grid – 17,700 line km,feasible within the available timewindow in 1H 2014

North limit: Transform fault zone near toborder with Puntland

South limit: north edge of Kenyadisputed zone

Inboard limit: constrained by PectenPSAs under force majeure

Outer limit: main survey out to waterdepth of c.3,200 m

Reconnaissance lines into deeper water

Acquisition Strategy Interpret on-board processed data

Infill basic grid to be acquired wheregood prospectivity is recognised

2D Survey Basic Grid Plan

Seismic Acquisition Programme – February to June 2014

13

2D Survey Basic Grid Acquired Survey Acquired Time window: Feb-May – shutdown late May as

expected due to strong currents generated by SEmonsoon

10 x 20 km basic grid largely acquired as planned –16,550 line km, c. 1,150 km less than plan

Main difference: unable to acquire data within 12nautical miles of coast

Infill Acquisition Successful interpretation of on-board processed data

– allowed areas of interest to be identified, and infilllines to be acquired in real time

Total of c. 4,000 line km of infill lines acquired overprospective areas (not shown on map)

Completion of the 2D Seismic Acquisition – June 2014

► The seismic acquisition programme was successfully concluded in June 2014, within 10 months of signing theSOA

► Over 20,500 km lines of 2D seismic data having been acquired across 185,000 km2 Offshore Evaluation Area andReconnaissance Area Two seismic vessels and eight support vessels

110 days to complete

72% operational time; 28% downtime (including crew changes, excluding Mob/Demob)

Zero security and HSE incidents

14

Northern Explorer Hawk Explorer

Preliminary Structural Leads Mapped

15

► Regional interpretation was carried out during acquisition using on-board processed data Objective: To identify prospective areas to target for infill data acquisition

► Preliminary assessment of Prospectivity completed May-Sept 2014 based on on-board processed data Regional stratigraphic framework developed – tied to available wells

Regional tectonic framework mapping completed

Structural leads mapped – some of very large size

Preliminary hydrocarbon volumetrics calculated

► Ongoing and future Interpretation Re-interpret seismic data using final PSTM processed data

Analyse amplitude and AVO data for indications of hydrocarbon presence

Use gravity & magnetic data to influence final interpretation

Modelling of source rock maturity

Play fairway mapping

Prospect and Lead mapping and depth conversion using seismic velocities

Prospect and Lead hydrocarbon volume assessment

Prospect and Lead risking analysis

Prospect Example 1

16

High amplitude Tertiary channel & fan sands draping over large structures

Multiple toe-thrust structures formed by regional gravitational collapse Cretaceous delta system. Potential for stacked pay trapping.

10 km

► Deep water NW-SE dipline across Cretaceous toe-thrust structures

Prospect Example 2

17

Mid Jurassic carbonate reef on crest of fault block. Good potential for karst reservoir development.

Permo-Triassic Karoo clastics in large rotated fault block.Karoo reservoir and source possibilities

5 km

► Deep water NW-SE dipline over large scale Jurassic fault block (>200 sq.km mapped closure area)

Anticipated source rocks in Lwr Jurassic syn-rift

Preparation for PSA Applications

18

► Soma Oil & Gas hopes to be in a position to make PSA applications

► Ministry of Petroleum & Mineral Resources is getting ready to receive PSA applications

Quad & Block Design and PSA Definition rules being approved

Schematic Example of PSA Definition Quad & Block Design

PSA might encompass several Prospects and Leads

Capacity Support & CSR – April 2014 and Ongoing

► Capacity Building Paper signed 29 April 2014

Capacity support salaries for Ministry staff and experts, and

Contribution towards office equipment and outfitting

In addition, Soma Oil & Gas contributing towards the rehabilitation and refurbishment of Ministry building to create the Dataroomas per the SOA obligation

► Corporate Social Responsibility

Soma Oil & Gas will identify and support projects relating to Health, Education and Environment within the Federal Republic ofSomalia

► Near term positive impact of the Oil & Gas Sector in Somalia

Soma Oil & Gas has established a Mogadishu office which will provide employment opportunities

Our work with the Ministry will encourage other companies to explore for hydrocarbons in the Somalia

Under each PSA there will be explicit annual Training Fees and Local Community Benefit payments

19

Financial Results and Commitment – September 2014

20

► Soma Oil & Gas published its Annual Reports and Financial Statements on 17 September 2014

► Approximately US$37 million expenditure on Exploration Programme to date vs US$15 million commitment underthe terms of the SOA

Breakdown of Expenditure on Exploration Programme

Regional Evaluation 5%

Seismic Acquisition86%

Seismic Processing & Interpretation 7%

Capacity Building Support 1%

Mogadishu Office 1%

Total to date: US$37 million

Conclusions

21

► Soma Oil & Gas and the Federal Government of Somalia agreed a Seismic Option Agreement to acceleratedevelopment of hydrocarbon regime

► Soma Oil & Gas completed Phase 1 of the SOA in April 2014, within 8 months of signing the SOA

► As part of the SOA, Soma Oil & Gas completed over 20,500 km lines of 2D seismic data having been acquiredacross a 185,000 km2 Offshore Evaluation Area and Reconnaissance Area

► Federal Government of the Republic of Somalia and Soma Oil & Gas agreed a capacity building supportprogramme in April 2014

► On track for submission of Phase 2 processed 2D data to the Federal Government of the Republic of Somaliaaround year end followed by PSA applications on prospective areas

Thank you for your attention

Unlocking Somalia’s Potential