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Ophir Energy plc
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18th Africa Upstream
| Dr. Alan Stein | Page 5 of 11 |
June 09, 2026
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"18th Africa Upstream"
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Portfolio Overview 5 The "place to be" low risk and high volume: Drill, appraise, develop… "Gamechanger" volumes but high risk: Focus of technical geoscience activity to "float the bubble" Low risk but limited volumes: Tie back or aggregate prospects to form commercial "cluster" High risk, low reward: Monitor prospects and re-assess as new data becomes available (better reservoir, additional plays, etc) • c 2Bbbl of risked resource across the portfolio (Management estimate) • Portfolio management – use good geoscience to inflate the balloons!