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Challenger Energy Group PLCPresentation to UK Investor Magazine25 May 2021

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Disclaimer

This presentation (“Presentation”) has been prepared by Challenger Energy Group PLC (“Challenger” or the “Company”) solely for purposes of providing introductory information on the Company and its projects. This Presentation should not beconsidered as the giving of investment advice by the Company or any persons, including to any of its shareholders, officers or advisers. If you are in any doubt about the contents of this Presentation or the action you should take, you should consult anindependent adviser authorised to render such advice.

This Presentation has not been independently verified and is subject to material updating, revision and further amendments without notice. The Presentation does not purport to contain all information that an investor in the Company or its projectsmay wish to receive for the purposes of assessment or valuation of that investment and is not intended to form the basis of any investment decision.

While the information contained herein has been prepared in good faith, neither the Company nor its shareholders, directors, officers, agents, employees, or advisors give, has given or has authority to give, any representations or warranties (expressor implied) as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns contained in this presentation, or in relation to the accuracy, reliability or completeness of the information in thisPresentation, or any revision thereof, or of any other written or oral information made or to be made available to any investor (all such information being referred to as “Information”).

So far as permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability in respect of, the accuracy, reliability or completeness of theInformation or for any loss, howsoever arising from the use of this Presentation. In furnishing this Presentation, the Company does not undertake any obligation to provide any additional information or to update this Presentation or to correct anyinaccuracies in, or omissions from, this Presentation which may become apparent.

This Presentation contains certain statements which may constitute forward-looking statements. All statements in this Presentation, other than statements of historical facts, that address future activities and events of developments that the Companyexpects, are forward-looking statements. Although the Company believes that the expectations reflected in these statements are based on reasonable assumptions, such statements are only predictions and are subject to inherent risks anduncertainties and changes in the underlying assumptions which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements. Factors that couldcause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any suchstatements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements.

The Company will not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this Presentation, except as required by law or byany appropriate regulatory authority. Nothing in this Presentation or in documents referred to in it should be considered as a profit forecast. Past performance of the Company or its shares cannot be relied on as a guide to future performance.

This Presentation does not constitute, or form part of or contain any offer or invitation to sell or issue, or any offer to subscribe for, underwrite or otherwise acquire, or dispose of, any securities in the Company in any jurisdiction and is directed at, andis only for distribution in the United Kingdom to persons reasonably believed to fall within Article 19 (Investment professionals) or Article 49 (High net worth companies, unincorporated associations etc.) of the Financial Services and Markets Act 2000(Financial Promotion) Order 2005 (SI 2005/1529) or to whom this Presentation may otherwise lawfully be distributed.

Neither this Presentation nor any part of or copy of it may be taken or transmitted, directly or indirectly, into the United States of America or Canada or distributed or re-distributed directly or indirectly, in the United States of America, its territories orpossessions, or Canada, or to any resident thereof except in compliance with applicable securities laws. Any failure to comply with these restrictions may constitute a violation of applicable U.S. or Canadian securities laws. This Presentation and theinformation contained herein do not constitute an offer of securities for sale in the United States. By accepting this Presentation, the recipient represents and warrants that it is a person to whom this Presentation may be delivered or distributedwithout a violation of the laws of any relevant jurisdiction. This Presentation is not to be disclosed to any other person or used for any other purpose and any other person who receives this Presentation should not rely or act upon it.

The delivery or distribution of this Presentation in or to persons in certain jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Anyfailure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

By attending a meeting where this Presentation is made or distributed, or by reading the Presentation slides, you agree to be bound by these provisions.

Challenger Energy – Presentation to UK Investor Magazine – 25 May 2021

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Agenda

1 Why invest in Challenger Energy? An attractive value proposition

2 What to look out for in 2021?An active period of work across the portfolio

3 What will 2021 success look like for Challenger Energy?Increasing production and thus cashflow = underlying value growth

4 Update on progress of the corporate ‘reset’ Positioning to restore and thereafter build value


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The Challenger EnergyInvestment Proposition

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Business overview

The Bahamas: offshore longer-term upside

Trinidad and Tobago – Saffron project and onshore producing fields: growing production and cashflow

Suriname – onshore Weg Naar Zee project:infrastructure-led sales and cashflow

PRODUCTION & CASHFLOW ASSETS

Trinidad and Tobago: onshore SWP – ‘on the doorstep’

EXPLORATION ASSETS

Uruguay: offshore low cost optionality


PORTFOLIO E&P BUSINESS FOCUSSED ON CARIBBEAN

& ATLANTIC MARGIN

• 4 countries• 13 licences• Existing production• Clear route to production

and cashflow growth• Long-term, low cost

exploration upside

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Competitive ‘edge’

PRODUCING ASSETS

• Existing production and income that underpins value

• Scope to grow production from existing producing assets and known discoveries

• Saffron: could add material production, leading to full field development and meaningful cashflow

ATTRACTIVE PORTFOLIO

• ‘Hopper’ of development, appraisal and growth options

• Portfolio spreads risk and offers multiple routes to value

• Ability to retain exposure to high-impact exploration at low cost; with production success can be self-funding

STRONG CAPABILITY

• Committed, experienced management team

• Strong industry capabilities

• Transactional and operational track record

• Operational team in place, largely in-country


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Route to value

2021 2022 - 2024 Longer term

PRODUCTION & CASHFLOW GROWTH

EXPLORATION UPSIDE & BUSINESS DEVELOPMENT DRIVEN GROWTH

BASELINE PRODUCTION

BASELINE MAINTENANCE ACTIVITIES

400 – 500 bopd~US$3M p.a. cash

SAFFRON-2

WEG NAR ZEE APPRAISAL / EWT

INITIAL DEVELOPMENT WELLS

INFILL PRODUCTION WELLS

TRINIDAD SOUTH WEST PENINSULA EXPLORATION

CONSOLIDATION; 90MMBBL/D SECTOR;OIL PRICE LEVERAGE; ENERGY TRANSITION

BUSINESS DEVELOPMENT / ACQUISITIONS

BAHAMAS AND URUGUAY OPTIONALITY

PRODUCTION GROWTH ENGINE

POTENTIAL: >4,000 BOPD

Existing assets; known discoveries


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0102030405060708090

100

May-16 May-17 May-18 May-19 May-20 May-21

Bren

t cru

de (U

S$ /

bbl)

Value proposition

Oil ‘Supercycle’?

-

25

50

75

100

125

Goudron InnissTrinity

South Erin Icacos,Cedros &Bonasse

Totalproduction

assets

Saffron Weg NaarZee

G&A andnet cash

Core NAV Riskedupside

NAV

(US$

m)

Note: Based on the average risked NAVs from Auctus Advisors (26 April 2021) and Investec (16 February 2021) research notes

Market cap at open offer price

Pro-forma value is fully underpinned by producing assets, with near-term upside potential from drilling at multiple locations over next 3–6 months


Shares outstanding (post-consolidation) c. 789m

Market capitalisation(at open offer price) c. £28m

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Work Program to Deliver Value

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Saffron

• Saffron-1 well (March 2020) resulted in a discovery— Located in South West Peninsula of Trinidad

• Saffron-2 appraisal well May/June 2021, to assess field producibility— High CoS given drilling a known discovery, same location as Saffron-1— Field activity underway— 30-day drilling timetable; production leads directly to sales

• Successful Saffron-2 well will enable a full Saffron field development

Saffron core metrics (projections)

Saffron-2• Production: 200 - 300 bopd• Cost: US$3m• CF: US$1.8m - US$2.6m p.a.• ROI 200%+ | payback < 2 years

Initial phase post Saffron-2• Wells: 5 - 9 additional in 2021• Production: 1,000 - 1,500 bopd• Gross capex: US$15m - US$20m• CF: US$8 – US$12m p.a.

Saffron field-life metrics (15-years)• Production: 4,000 bopd (peak)• Wells: up to 30 wells | 11 mmbbl field• Gross capex: up to US$60m• CF: US$25m+ p.a. (first 5-year average) • Total net CF: US$200m+• ROI ~90% | Payback <3 years


Note: cash flow estimates presented are based on US$60 / bbl oil price

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Weg Naar Zee


• Weg Naar Zee (WNZ) PSC in Suriname secured in 2019— 70 historic wells; modest 2D seismic coverage; up to 24 mmbbls STOIIP

identified in 8 pools (c. half in a single pool)

• WNZ well and EWT scheduled for July 2021, to establish producibility— Operations support from Trinidad— Production leads directly to refinery sales in proximity

• A successful well will enable a broader WNZ development

WNZ core metrics (projections)

WNZ initial phase• Production: 100 bopd• Cost: appraisal well and EWT - US$0.75m |

4 additional production wells post EWT - US$2m• CF: US$1m pa• ROI 100%+ | Payback < 3 years

WNZ field-life metrics (~20-year)• Production: 900 – 1,000 bopd (peak)• Wells: up to 50 wells | 3.5 mmbbl 3C resource• Gross capex: up to US$15m• CF: US$2.5m+ p.a. (first 5-year average)• Total net CF: US$35m+• ROI ~70% | Payback <3 years


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Organic production growth

Number(#)

Production(bopd)

Cost(US$k)

Well remediations Up to 10 Up to 30 per well 10 - 50 each

Additional perforations 5+ Up to 20 per well 25 - 50 each

Infill drilling locations 10+ 50+ per well 1,500 per well

Disciplined technical work is being applied across the Trinidad portfolio in pursuit of production growth

Sustaining and growing existing baseline production

• Remediation of existing wells• Incremental production from existing wells• New infill wells• Automation - Weatherford/CEG automation trial • Projects - CO2 injection in AT5X

New production from ‘ready to go’ projects in known, discovered fields

• Seeking to mature two new field developments within existing producing fields

• Remodel existing wells; assess pressure compartments• New wells to access undrained resource


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Exploration

TRINIDAD

• Play analogous to offshore Guyana and Suriname. Existing wells and data

• US$800,000 commitment over 4 years initial term. No drilling obligation

• ANCAP mapped Early Cretaceous alluvial (lacustrine) fan (Lenteja) prospect, estimated resource volume (EUR P50) = 1.4 bnboe

BAHAMAS URUGUAY

• P1 validated a competent seal, good reservoir quality, charge & the structural model; working petroleum system points to hydrocarbon potential remaining in independent, untested play systems and structures

• Focus shifted to high graded Jurassic subsalt• Integrate P1 data, refresh prospect inventory, renew

licences and farm-out process based on Jurassic play

• 9 Saffron ‘lookalikes’ identified; c.230 mmbbl prospect inventory

• Targeting potential new fields capable of each producing at least 2,000 bopd

• Confirm prospect validity and mature to drillable status

• ‘On the doorstep’• Significant prospect inventory to work with

• Post Perseverance-1, seeking farm-in• Licence renewal

• Low-cost optionality• Farm-in potential


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Activity summary

1H 2021 2022

Licences (activity)

SWP (Saffron appraisal)

SWP (Saffron development)

Goudron(Production enhancement / water injection)

Inniss-Trinity (CO2 pilot)

Trinidad exploration (3D reprocessing)

Weg Naar Zee (Extended well test)

Weg Naar Zee (Development wells)

T&T production fields (Development / infill wells)

Bahamas (Farmout , licence renewal)

Bahamas (Exploration – drill or drop)

Uruguay: OFF-1 (Early stage exploration / seismic reprocessing)

NOTE: 2021 / 2022 indicative schedule subject to change and further operational announcements by the Company MilestonesOnshore drilling

2H2021


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ESG

Company Core ESG Values

ESG

Trinidad: STOW (Safe To Work) 2-year Accreditation

Suriname: NIMOS approval for EWT

Bahamas: Ministry and DEPP EA approval and successful Perseverance #1 monitoring

• Define impact reduction and continuous improvement targets

• Engagement and buy-in of staff to values and metrics

• Promote company-wide diversity

• Skills and competency development delivered through training, on-the-job experience and opportunities

• First comprehensive ESG report in 2021

KEY 2021 PLANS and FOCUS

Active commitment to implementing an aligned ESG operating and reporting framework, consistent with and guided by Global Reporting Initiative (GRI) Sector Standards for Oil & Gas

Transparency & Governance

Health & Safety

Environment & Biodiversity

Climate Change &

Energy

Employment

Communities

Accountability

Engagement

Inclusion

ZeroIncidents

No Harm

Efficiency


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Corporate Reset Update / Financial Information

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The corporate reset

FOCUS SHIFT CHANGE OF NAME CAPITAL RESET RECAPITALISATION TRANSITION

c. US$10 MILLION OPEN OFFER / PLACING

CONVERTIBLE NOTE RESTUCTURE

CHANGES TO BOARD & MANAGEMENT

COST REDUCTION PROGRAM

PRODUCTION & CASHFLOW GROWTH

CHALLENGER ENERGY GROUP PLC

1:10 SHARE CONSOLIDATION

REFRESHED SHARE ISSUANCE AUTHORITY

• Focus on lower-risk cash flow generation

• Complemented by longer term exploration upside

• Reflects the portfolio nature of the business going forward

• Investable share price with less volatility

• Ability to respond quickly and flexibly to capital needs and corporate opportunities

• Recapitalised business

• Simplified balance sheet

• Preserve funding sources

• Consistent with corporate refocus

RATIONALE RATIONALE RATIONALE RATIONALE RATIONALE

ONGOING COMPLETE COMPLETE COMPLETE ONGOING


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2021 potential capital deployment profile

Production (projected)

Cashflow (potential p.a.)

Capital costs (estimates)

Current Trinidad production 450 - 500 bopd $3m+ -

Incremental production programs 100 bopd $0.9m ~$1m

Infill drilling programs 200 - 400 bopd $1.8m - $3.6m Up to $6m

Saffron (Trinidad)

• Saffron-2 (May / June 2021) 200 - 300 bopd $1.8m - $2.6m $3m

• Saffron phase 1 development (H2, 2021)

1,000+ bopd $8m - $12m $15m - $20m

• Saffron full-field development (2022 onwards, 2-3 years)

4,000+ bopd $25m+ Up to $60m

WNZ (Suriname)

• WNZ initial phase (H2, 2021) 100 bopd $1m ~$2.7m

• WNZ full-field development (2022 onwards)

900+ bopd $2.5m+ Up to $15m

• In a success case, total potential capex requirement through balance of 2021 is in range of $20 - $25m (with cash flows generated from early wells reinvested into / funding drilling of subsequent wells)

• Potential success outcome is to exit 2021 with an annualised cashflow in range of $15 - $20m


Intelligent deployment of capital to support growth in production, oil sales and cashflow from existing producing fields and known discoveries


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Conclusion

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A simple value equation

‘Hopper’ of development, appraisal &onshore/offshore growth options

CURRENT EQUITY VALUE VALUE GROWTH PORTFOLIO VALUE

Existing production assets underpin current equity value

Everything else is ‘upside’ Spreads the riskOffers multiple routes to value

13 licences

4 countries

230unriskedmmbblsonshore

>1 bnbbls

potential offshore

24.7 mmboe

net resources3C

production tests

further discoveries

producingwells

22

1.3 mmboe

net reserves2P

80


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Concluding remarks

1 Challenger Energy has been revalued post P-1 drill result such that current equity value represents value of production assets alone• Production growth and exploration success are upside

The Bahamas: offshore longer-term upside

Trinidad and Tobago – Saffron project and onshore producing fields: growing production and cashflow

Suriname – onshore Weg Naar Zee project: infrastructure-led sales and cashflow

PRODUCTION & CASHFLOW ASSETS

Trinidad and Tobago: onshore SWP – ‘on the doorstep’

EXPLORATION ASSETS

Uruguay: offshore low cost optionality

2 Clear focus & plan on growing production and cashflow• Saffron-2 well is the next material value driver

• Multiple other avenues to achieve production growth across portfolio

3 ‘Reset’ progressing, to put Company in position to deliver• Regional champion – the only full cycle E&P player in the region

• Committed / aligned management team with sector / regional expertise

PORTFOLIO E&P BUSINESS FOCUSSED ON CARIBBEAN & ATLANTIC MARGIN

4 countries, 13 licences Existing production with clear route

to production and cashflow growth Long-term, low cost exploration upside


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Thank you

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