Capital Markets Day Presentation

1 Harbour Energy plcCapital Markets Day PresentationDecember 2021 HarbourEnergy plcCapital Markets Day Presentation | December 2021 Disclaimer1 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.

2 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 Half Year 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 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.

3 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 and StrategyLinda Z CookHarbourEnergy plcCapital Markets Day Presentation | December 2021 Agenda3 Est. GMT timings and StrategyLinda Z Cook, and Portfolio OverviewPhil Kirk, President & CEO and Capital AllocationAlexander Krane, up of First SessionLinda Z Cook, Z Cook, Phil Kirk, Alexander to Session TwoLinda Z Cook, Deep Dives EuropeBob Fennell, EVP Europe Operations & Global Technical Services Deep Dives InternationalStuart Wheaton, EVP RemarksLinda Z Cook, presentersIntroductionStrategyOperations Guidance and Capital AllocationAsset Review EuropeAsset Review InternationalConclusionsHarbourEnergy plcCapital Markets Day Presentation | December 2021 Evolution of Harbour4137 kboepd175 kboepd17 kboepdShell transaction completed Q4 ConocoPhillips transaction completed Q3 Premier merger completed Q1 Harbour founded by private equityLargest UK listed independent O&G Co2c.

4 $5bn3market cap201720192021 Today20141 Production is provided on a reported basis so includes Premier s portfolio from 31 March 2021 2 By market capitalisationand production 3as at 4 December 2021 IntroductionStrategyOperationsGuidance and Capital AllocationAsset Review EuropeAsset Review InternationalConclusionsHarbourEnergy plcCapital Markets Day Presentation | December 2021 Harbour at a glance5 MexicoBrazilFalkland IslandsUKNorwayIndonesiaVietnamHarbour interestsDecision taken to exitA global independentO&G company$15-16/boeOperating cost1(2022F) ratio4(YE 2021) mmboe2 Preserves+ 2C resources3(YE 2021)Net Zero 2035 Commitment5$200m per annumDividend Policy kboepd(2022-2024)c.$ capex ( )(2022F)1 Assumes $ exchange rate 2pre-tax 3 Preliminaryestimate subject to year end reserves and resource audit; excludes Harbour s Falkland Islands interests 4 Net debt / pro formaEBITDAX 5 Includes our share of Scope 1 and Scope 2 CO2e emissions from operated and non-operatedassetsIntroductionStrategyOp erationsGuidance and Capital AllocationAsset Review EuropeAsset Review InternationalConclusionsHarbourEnergy plcCapital Markets Day Presentation | December 2021 Our leadership6 Majority independentboardR.

5 Blair ThomasChairmanLinda CookExecutive DirectorChief Executive OfficerSimon HenrySenior Non-Executive DirectorMargareth vrumNon-Executive DirectorChair, HSES CommitteeAnne L. StevensNon-Executive DirectorChair, Remuneration CommitteeAnne Marie CannonNon-Executive DirectorSteve FarrisNon-Executive DirectorAlan FergusonNon-Executive DirectorChair, Audit and Risk CommitteeAndy HopwoodNon-Executive DirectorSenior managementAlexander KraneExecutive Director Chief Financial OfficerGlenn BrownEVP Subsurfaceand PortfolioStuart CooperEVP Strategy, Commercialand Business DevelopmentHoward LandesGeneral CounselAndrew OsborneSpecial ProjectsGill RiggsChief Human Resources OfficerStuart WheatonEVP InternationalIndependent Director Audit and Risk Committee HSES Committee Nomination Committee Remuneration Committee iiiiiiiahnhraaaahhhnnnBobFennellEVP EuropeOperations and Global Technical ServicesPhil KirkExecutive DirectorPresident & CEO EuroperrrIntroductionStrategyOperationsG uidance and Capital AllocationAsset Review EuropeAsset Review InternationalConclusionsHarbourEnergy plcCapital Markets Day Presentation | December 2021 Our investment proposition7A unique investment opportunityExposure to pure-play upstream, global O&G companyConservative financial risk management policyDiverse.

6 Cash generative producing portfolio of scaleShareholder returns through dividendsPositioningfor theenergy transitionTrack record of creating value through M&AHarbourEnergy plcIntroductionStrategyOperationsGuidanc e and Capital AllocationAsset Review EuropeAsset Review InternationalConclusionsCapital Markets Day Presentation | December 2021 The macro environment: oil has a continuing role in the global energy system8 Energy transition: pace of renewable energy supply and affordabilityAccess to traditional financing challengedLong term demand uncertaintyReduced upstream investment, Capital allocationRedistribution of assets and consolidation020406080100120 Global liquids supply historically kept up with demand at ~ 1% growth rate annually~1%Newdevelopments2020 Interventionand workovers20302000 Infill wellsPeakdemand2028 Flat2020demandReal declineNew supply is still required to offset production declinesContinued investment requiredto offset natural declineKEY THEMES1 Source: RystadEnergyGlobal oil demand and supply1mbopdHarbourEnergy plcIntroductionStrategyOperationsGuidanc e and Capital AllocationAsset Review EuropeAsset Review InternationalConclusions0100200300 Jan-19 Sep-19 Jun-20 Mar-21 Dec-21 Sep-22 Jun-23 Mar-24 Dec-24 Capital Markets Day Presentation | December 2021 The macro environment.

7 Outlook for European gas market remains strong9 Reduced supply and strong demand has driven prices higher, underlining the importance of domestic production020040020202025202620302035204 0 Supply BcmNet Import BcmEuropean gas supply and demand1 BCMI mports expected to account of European gas supply by 2040 Strong European demand has kept storagelowStrong international LNG demandRecent Russian exports at low levelsReduced European, particularly UK, gas productionNBP actual / forward curve1p/therm100p/therm=c.$13/mscf2 KEY THEMESWeak renewable energy output; unseasonal weather1 Source: Rystad, Bloomberg 2 Assumes standard conversion and $ exchange rateActualForward curveHarbourEnergy plcIntroductionStrategyOperationsGuidanc e and Capital AllocationAsset Review EuropeAsset Review InternationalConclusionsCapital Markets Day Presentation | December 2021 Strategy: create value by continuing to build a global, diversified O&G company10 Value creationFocused onSafe, reliable and environmentallyresponsible operations Clear ESG strategy, owned by the CEO and Board Safetyas number one priority Environmental considerations embedded in decision making Commitment to Net Zero by 2035 Cash flowDistributionsA robust balance sheet.

8 Prudent Capital allocation and a diversified Capital structure Disciplined hedging Prudent Capital allocation Consistent access to debt Markets Maintain strong liquidity Pay a sustainable dividend out of free cash flowRealise value from ourcash generative UK portfolio Leverage major hub positions and operational control Inventory of near field opportunities Synergies from recent acquisitions Potential for third party volumes Technology to increase recovery and lower costsDiversify and grow via selective investments and disciplined M&A Proven track record of executing large scale M&A and integration Focus on high quality, cash generative, producing assets Establish material production base outside the UKHarbourEnergy plcIntroductionStrategyOperationsGuidanc e and Capital AllocationAsset Review EuropeAsset Review InternationalConclusionsCapital Markets Day Presentation | December 2021 Harbour s strategic scope11 Harbour on upstream oil and gas productionGrow to at least two regions of scaleEnsure a balanceof oiland gas productionMaintain a high degree of operational control Reduce net greenhouse gas emissions to zero by 2035 Seek to acquire production with undeveloped 2P reservesUndertake near field / infrastructure-led low risk explorationEnsure leverage remains < on average through the cycleHarbour will in non-strategic midstream, power, renewablesStay of scale in one region, acquire multiple small positionsUndertake a significant shift towards oil or gasBuild largely non-operated.

9 Minority equity positionsSeek to acquire or develop high emissions barrelsUndertake high risk, multi-billion dollar, long lead time projectsUndertake greenfield / new country explorationOver-extend its balance sheetHarbourEnergy plcIntroductionStrategyOperationsGuidanc e and Capital AllocationAsset Review EuropeAsset Review InternationalConclusionsCapital Markets Day Presentation | December 2021 Potential path to Net Zero 2035120204060801002021 OperationalImprovementsUK OffshoreElectrificationUK CCSC essation of ProductionMature FieldsOffsets2035 Uncertainties: Economics / cost UK govt. supportNetZero2035 Examples: Improved process efficiency Power generation upgrades Plant optimisation Low carbon design Existing portfolio, Scope 1 and Scope 2 emissions%Our Net Zero commitment includes our share of Scope 1 and Scope 2 CO2e emissions from operated and non-operatedassets Uncertainties: Economics UK govt.

10 Support Regulatory frameworkHarbourEnergy plcIntroductionStrategyOperationsGuidanc e and Capital AllocationAsset Review EuropeAsset Review InternationalConclusions0122021 offsets2021 est. Net2021 achievements Standardised baseline emissions Include carbon cost in all economic analysis Emissions reduction opportunities Operational improvements UK electrification, CCS Emissions reduction incentives in compensation and main debt facility World Bank Zero Routine Flaring Initiative 2030 2021 ESG Reporting: TCFD1, CDP, GRI2 Acquiring 1stoffsets tCO2e 400k tCO2e pa 2021-2023 ( of Harbour emissions pa) Total cost c.$11m (c.$10/t) Two projects in Brazil Forestry conservation Landfill gas capture Waste to Power Bothcertified (VCS, CDM) Capital Markets Day Presentation | December 2021 Path to Net Zero: a look at 202113 Net GHG emissionsmtCO2e, Scope 1 and Scope 2 emissionsLandfill GasForestry ConservationOffset of2021 emissions 1 Task Force on Climate-Related Financial Disclosure2 Global Reporting InitiativeHarbourEnergy plcIntroductionStrategyOperationsGuidanc e and Capital AllocationAsset Review EuropeAsset Review InternationalConclusions Major oil and gas companies shifting strategies and re-allocating Capital Global independents streamlining to core regions Small companies need scale and diversification Private companies looking for liquidityCapital Markets Day Presentation | December 2021 The current environment is favourable for M&A led growth14 Even though commodity prices are high.