Harbour Energy : Investor Presentation (May 2024)

Harbour Energy plc

Investor presentation

May 2024

Disclaimer

This presentation contains forward-looking statements, including in relation to the financial condition of the Harbour group (the "Group") and the results of operations and businesses of the Group. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "ambition", "anticipates", "aspire", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, these statements are not guarantees of future performance and are subject to a number of risks and uncertainties and actual results, performance and events could differ materially from those currently being anticipated, expressed or implied in such forward-looking statements. Factors which may cause future outcomes to differ from those foreseen in forward-looking statements include, but are not limited to, those identified in the "Risks and Uncertainties" section of the Group's Annual Results. Forward-looking statements contained in this presentation speak only as of the date of preparation of this presentation and have not been audited or otherwise independently verified. Past performance should not be taken as an indication or guarantee of future results and no representation or warranty, express or implied, is made regarding future performance. The Group therefore cautions against placing undue reliance on any forward-looking statements. Nothing in this presentation should be construed as a profit forecast.

Statements in this presentation reflect the knowledge and information available at the time of its preparation. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking, including to release publicly any updates or revisions to any statements contained in this presentation to reflect any change in the

Group's expectations or any change in events, conditions or circumstances on which any such statement is based.

This presentation does not constitute or form part of any offer or invitation to purchase any securities of any person nor any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any such securities, nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding any securities.

Harbour Energy |Investor Presentation	1

A pure play upstream global oil & gas producer

Safe and responsible	High quality, cash	Portfolio of strategic	Robust financial position,
operations	generative portfolio	investment opportunities	strict capital discipline
Playing a significant role in	Targeting high return, short	Organic diversification well	Supports competitive
the energy transition	cycle drilling opportunities	underway	shareholder returns and
			M&A optionality

Building a global, diversified oil and gas company via disciplined M&A

Transformational acquisition of Wintershall Dea asset portfolio announced December 2023, in line with strategy

• Ensure safe, reliable and environmentally responsible operations
• Maintain a high-quality portfolio of reserves and resources
• Leverage our full cycle capability to diversify and grow further
• Ensure financial strength through the commodity price cycle

c.500 kboepd

								186 kboepd
						175 kboepd
				137 kboepd
Harbour founded		Shell UK		Conoco UK				Largest UK O&G		Pro forma Harbour
			Premier merger			(Wintershall Dea
by private equity		transaction		transaction			producer
						Acq.)
2014		2017		2019		2021		2023		2023

1 Acquisition of substantially all of Wintershall Dea's upstream assets announced 21 December 2023, expected to complete Q4 2024

Harbour Energy | Investor Presentation	3

Harbour at a glance

A global independent O&G company focused on value creation, cash flow and distributions

Our purpose is to play a significant role in meeting the world's energy needs through the safe, efficient and responsible production of hydrocarbons, while creating value for our stakeholders.

c.$1 billion

(sh. distributions since 2021)

Norway

UK

		MexicoMexico
186 kboepd	c.$16/boe	Vietnam
Vietnam
Production	Operating cost
(2023)	(2023)
c.$1.0 bn	$1.0 bn1	Indonesia
Total capex (inc.decom)	Free cash flow
(2023)	(2023)
$0.2 bn	Net Zero 2035	Harbour existing portfolio
Net debt	Commitment2
(2023)
		1 FCF is free cash flow after tax and pre-distributions. 2 Harbour's Net Zero goal is Scope 1 and 2 emissions on a gross operated basis

Harbour Energy | Investor Presentation	4

Q1 2024 highlights

Delivering our base business while progressing the transformational Wintershall Dea acquisition towards completion

Maximising value of our production base

• Q1 production of 172 kboepd
• Drilling at Callanish; Talbot on track for year-end start up

International growth and diversification

• Andaman Sea exploration campaign further momentum
• Good progress in the FEED phase for Viking CCS

Strong financial position; capital discipline

• Net debt reduced to $0.1bn; RBL remains undrawn
• 9% year on year dividend growth

Transformational acquisition of WDEA assets

• Significant progress on approvals, incl. German FDI clearance; Financing workstreams completed

Chart shows Harbour's annual reported production.

Harbour Energy | Investor Presentation	5

Operational review

Maximising the value of our production base

A focus on safe and responsible operations

Further improvement in our safety record with no lost time injuries or serious process safety events during 2023

Safety is our top priority

• Building a strong safety record and culture
• No significant injuries or serious process safety events
• Significant reduction in high potential incidents

Strong occupational safety record	Improved process safety performance
TRIR (per million hours worked)1	Events (Tier 1 and Tier 2)1,2

					Tier 2
					Tier 1
1.3			2
		No lost time
		injuries
	0.8
		0.7
				1	No Tier 1 or
			1		2 events
					0
2021	2022	2023	2021	2022	2023

1 Safety KPIs are reported on a gross operated basis, including appointed operator assets Catcher and Tolmount 2 Loss of Primary Containment (LOPC) incidents are categorised as Tier 1 or Tier 2 events as defined by IOGP (The International Association of Oil & Gas Producers)

Harbour Energy | Investor Presentation	7

Addressing our environmental impact

Producing oil and gas responsibly

2018

2023 highlights

2025

<0.2% Methane

Intensity1

2030

Zero routine flaring

50% reduction in GHG

emissions2

2035

Net Zero2

GHG emissions

mt CO2e (gross, operated, Scope 1 and 2)

c.30%

1.8

1.3

20182023

Harbour has a steady UK programme of decommissioning wells and infrastructure

• Executed four emission reduction projects with the impact of lowering
  Harbour's 2023 gross operated emissions by 54 kt
• Plugged & abandoned seven wells; removed several subsea structures
• • 97% recycling rate of removed infrastructure achieved
• Viking CCS targeting 10 mtpa of CO2 by 2030 and 15 mtpa by 2035

1 OGCI methane intensity target 2 Gross operated scope 1 & 2 GHG emissions vs a 2018 baseline

Harbour Energy | Investor Presentation	8

2024 production reflects high level of planned shutdowns and timing of new wells on-stream

2025 production expected to be similar to 2024 with increased volumes from new wells and fewer planned outages

Production

kboepd	Impacted by deferred	2024 guidance	Increased volumes from
	drilling at non-operated hubs	150-165	2024 capital programme

kboepd

186

Unusually high

planned shutdowns

Normal planned

maintenance levels

2023	Natural	Vietnam	Production	New	2024	Natural	Vietnam	Production	New	2025
	decline	disposal 1	efficiency	wells		decline	disposal1	efficiency	wells

1 Sale of Vietnam business is assumed to complete H1 2024

Harbour Energy | Investor Presentation	9