Aurelian Oil & Gas PLC Siekierki Project Update & Strategic Options Review

Corporate Presentation February 2012

Disclaimer
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Contents

Page 1. 2. 3. Strategic Options Review Siekierki Project Update Exploration Portfolio 3 11 23

Strategic Review
Siekierki Project Update and Strategic Review Over the past four months the Company has conducted a comprehensive review of its assets Key conclusions:

Siekierki is an attractive project(1). The initial problems are now well understood and
a clear plan forward has been developed The funded exploration portfolio offers significant upside The cash position at the year-end 2011 was 63mm which allows the Company to carry out its planned exploration and appraisal activities for the next 18 months However, unlocking the full upside within the Company is likely to require additional technical and financial resources The Board believes that the value of the Company, its skills and its future opportunities are not fully reflected in the current share price The Board has therefore appointed Greenhill & Co to review the Companys strategic options This review will assess a wide range of options for the company including the sale of assets, or the merger or sale of the Company The Company will provide further updates in due course
due in March/April 2012

(1) This is based on the Boards current view and is supported by AGR-TRACS. The value calculated on an EMV basis will be included in the Competent Persons Report (CPR)

Strategic Review
Siekierki Update A Large Gas Resource Play With Significant Upside The well tests on Siekierki have been completed and incorporated in a comprehensive technical and commercial review led by independent consultants AGR-TRACS. Key conclusions: Substantial gas initially in place (GIIP) is present. A base case GIIP of 1.1Tcf(1) is now estimated in Block 207. This does not include gas potentially in Blocks 206 and 208 or the Krzesinki discovery. However, forecast production rates and recoveries have been lowered relative to the 2009 Gaffney, Cline & Associates CPR The data acquired during the appraisal phase has significantly improved our characterisation of the Siekierki reservoir and a new reservoir model has now been established The layered Rotliegendes sandstone sequence in Siekierki has a wide range of ambient porosity and permeability properties ranging from 6-18% and 0.0230mD. The higher permeability layers will dominate well performance The Krzesinki-1 well test result supports the new reservoir model, in terms of the presence of higher porosity zones within the gas legs of the Krzesinki and Siekierki fields, with an un-fracced well test producing 0.2mmscf/day (the first successful un-stimulated gas well flow test on Block 207 to date) The reservoir is not pervasively fractured and therefore the water production observed during each of the well tests is formation water from the matrix caused by relative permeability effects above the free water level
(1) This estimate is based on the current Boards view and is supported by AGR-TRACS.

Strategic Review
Siekierki Update A Large Gas Resource Play With Significant Upside The Trzek-2 multi-fracced horizontal well had mechanical problems with the completion which reduced fracture effectiveness as had previously been released The Trzek-3 multi-fracced horizontal well was mechanically well executed with a good completion. However, the hydraulic fractures are not fully effective and the well bore is not contacting the high permeability zone encountered in the pilot hole The combination of the reservoirs permeability to gas and water and the poor frac effectiveness explains why the Trzek-2 and Trzek-3 gas flow rates previously reported of 3mmscf/day and 3.2mmscf/day were significantly lower than had been expected However, the multi-fracced horizontal wells utilised are the correct technology application for the field and significant operational lessons and insights have been learned Multiple opportunities for significant improvement in initial well rates and recoveries have been identified for future wells A revised development plan has been designed, comprising 32 wells recovering 296Bcf of gas, an average recovery of 9.25Bcf/well1. The value of Siekierki calculated on an EMV basis will be included in Aurelians CPR covering both appraisal and exploration assets due in March/April 2012. However, following the comprehensive technical and commercial review supported by independent consultants AGR-TRACS and on the basis of the new reservoir model described above, the Board has determined that Siekierki is an attractive project.
(1) This is based on the Boards current view and is supported by AGR-TRACS. The value calculated on an EMV basis will be included in the Competent Persons Report (CPR) due in March/April 2012

Strategic Review
Siekierki Update A Large Gas Resource Play With Significant Upside Aurelian will now seek to implement the next phase of the development plan, which is likely to involve (subject to necessary approvals):

Identifying and bringing in a farm-in partner

Putting Trzek-2 and 3 on longer term tests Commercialising gas from these two wells via low pressure low methane tie-in and a gas to wire option as a smaller pilot development, with first gas expected at the end of 2013, requiring capital expenditure of approximately 12mm net to Aurelian A fourth proof of concept well incorporating all of the learning to date, in an up dip area of the field is planned in 2013. A successful appraisal result will support the full field development plan for first gas in 2016

We have also identified further potential upside for Siekierki from a regional development as well as additional gas volumes once the prospect inventories on Blocks 206 and 208 have been delivered

Strategic Review - Exploration

Exploration Program Sharpened Further Niebieszczany-1 well has discovered 50Bcf gross GIIP in two horizons and identified a 200Bcf gross GIIP resource play in the Krosno Formation. Two gas/condensate zones in the Krosno Formation, above the original primary target, were well tested with gas rates of 0.6 and 0.2mmscf/day plus condensate. A commercialisation plan is now being developed by the operator PGNiG Planned well Sosna-1 within the Torzym reef oil play, targeting a prospect with 35mmbbls gross in-place, to be spud in March 2012 Further geological and geophysical surveys planned to de-risk prospects identified on 2011 seismic data including Cybinka-Torzym, Slovakia and Romania (Brodina) High impact Carpathian well drilling string deferred to Q4 2012. Karpaty East holds significant upside, although now believed to be gas rather than oil. Company estimates mid-case 170Bcf gross recoverable resources across two prospects Further wells pushed back to preserve capital, optionality and value in line with the strategic options review All play-unlocking wells are being progressed for drilling Licences with high working interests will be farmed out in the coming year, where appropriate, for example: Karpaty East and West, Slovakia and Romania Commercialisation decision for the Krzesinki-1 discovery made on Poznan Block 207 will be made once the well tests have been completed in Q1 2012
All volumes are aggregated Company mid case estimates
8

Strategic Review - Exploration

Exploration Drilling and Testing Schedule until 2013

Schedule based on current best estimate and is subject to ongoing review as we constantly high grade prospects and defer others to try and de-risk them

In addition to the above seven wells, either currently being tested or planned to be drilled, four contingent wells are also being considered for 2013
Some wells pushed back to preserve capital, optionality and value during Strategic Options Review Sosna-1, the first well to spud in 2012, is targeting 35 MMbbl STOIIP in the Zechstein Farm outs planned candidates include high equity exploration and Siekierki
9

Strategic Review
Maximising Shareholder Value Current market capitalisation is approx 100 million Proforma cash and cash equivalents of 63 million Current share price 16.5 pence per share* of which 11 pence per share is cash Key assets are Siekierki and Exploration potential Organisational capability relationships built, first mover advantage in Poland, concluded large program of seismic acquisition, in house expertise

SIEKIERKI EXPLORATION CAPABILITY

Appointed to help maximise shareholder value

Share price at 31 January 2012 16.5 pence per share

CASH
Value of Cash 11 pence per share

Capital, time and technology required to unlock value

* Share price as at 31 January 2012
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Contents

Page 1. 2. 3. Strategic Options Review Siekierki Project Update Exploration Portfolio 3 11 23

11

Siekierki Project Update

Overview
Ownership

Aurelian 90% (Operator); Avobone 10%

Trzek-1 Vertical Well in 2007, Trzek-2 MFHW in 2010,

History

Trzek-3 MFHW in 2011, Krzesinki Vertical well in 2011 300km of 2D seismic in 2007 300km2 3D seismic across Block 207 in 2008 120km2 3D seismic across Blocks 206 & 207 in 2011 200 km 2D across Block 208 in 2011

Siekierki Base case GIIP 1.1 Tcf gross Krzesinki GIIP10-20 Bcf gross Block 207 licence renewed for 3 yrs to Feb 2015 Block 208 licence extension application submitted Plawce-2 drilled by PGNiG/FX Energy Q3 2011 Vertical Frac planned H1 2012

12

Siekierki Project Update

Change in understanding of the reservoir Pre-drill Concept:
MFHW(1) would produce dry gas if fracced above FWL(2)
Tight reservoir with moderate variation in porosity GIIP 1.6 TCF mid case

Post-drill concept:
Tight reservoir which contains zones of significantly higher permeability Gas is produced with water as relative permeability effects are important
(1) Multi Frac Horizontal Well (2) Free Water Level

GIIP 1.1 TCF base case

13

Siekierki Project Update

Trzek-2 MFHW diagnosis Illustrative

14

Siekierki Project Update

Trzek-3 MFHW diagnosis Illustrative

Cemented liner allowed far greater control of frac placement compared with Trzek-2 6 fracs pumped, all contributing, but frac efficiency believed to be low (effective half-length around 27m compared with design of 85m) Data indicates that fracs have not effectively contacted the better permeability zone
15

Siekierki Project Update

Krzesinki-1

16

Siekierki Project Update

New Hypothesis Hypothesis Siekierki is very different geologically from our original assumption. That assumption had only moderate variation in porosity and permeability in the tight aeolian sandstone matrix We now believe the reservoir to have streaks of higher permeability (yellow in the diagram) within that tight matrix, which will dominate well performance Significantly increased well productivity and gas recovery should be achievable by combining improved fracs with intersection of better porosity zones Ongoing studies will also attempt direct detection of improved porosity zones using existing high-quality 3D seismic Improved understanding of relative permeability effects, help explain levels of gas and water production Evidence Of the four wells and two pilot holes drilled by Aurelian, two-thirds have had an occurrence of a zone of permeability significantly higher than the tight matrix. Neither Trzek-2 nor Trzek-3 was able to exploit such features properly due to completion and frac performance issues Various operational and logging evidence points to sub-optimal fracs
17

Siekierki Project Update

New 32 Well Base Case Concept, subject to successful appraisal

New Base Case Development Concept

1.1 TCF of GIIP 296 BCF recoverable (average 9.25 BCF per well) 32 well development First production using 50 mmscf/day facility from 2016 Long term well cost to fall to 8.4mm based on MFHW Assumes tight rock + better perm streaks (trial direct seismic detection) Assumes better frac implementation and/or execution

Partial analogue with Leer Field & comparable with Plawce (PGNiG / FX Energy) to south-east of Siekierki
Subject to any necessary approvals Upside case High Case GIIP (greater gas column above FWL away from well control, Block 206 exploration, regional story) Better recoveries per well Lower well costs (own rigs, shale gas economics etc.)

FWL Free Water Level

18

Siekierki Project Update

MFHW Orientation may improve recovery

T-2 and T-3 were drilled approximately longitudinally. There were few fractures and no drilling problems in reservoir Future wells drilled in a transverse direction to intersect more fractures, and maximise frac face area (as per various Rotliegendes analogues)

19

Siekierki Project Update

Next Steps / New Base Case Model

Recommended 3 Stage Appraisal Plan to capture Base Case project 1) Identifying and bringing in a farm-in partner 2) Continued long term testing of Trzek-2 & Trzek-3 3) Commercialising gas from these two wells via low pressure low methane tiein and a gas to wire option as a smaller pilot development, with first gas expected at the end of 2013, requiring capital expenditure of approximately 12mm net to Aurelian.

4) Additional proof of concept well, Trzek-4

Incremental risked appraisal capex of 12mm net to Aurelian Appraisal plan subject to any necessary approvals

Staged appraisal minimises capital exposure in the early stages

20

Siekierki Project Update

Commercialisation Long term Appraisal : Full Development : Electricity Tie in via 16kV cable Low pressure Low Methane pipeline to local utilisation High Methane High Pressure tie in to High Pressure pipeline

Long term appraisal

Tie in HP pipeline

Tie in LP pipeline
Tie in substation ENEA Export pipeline Transport HP pipeline Transport LP pipeline 16 kV cable Flowlines Wells Facilities Reservoir Crests
Full Development

Trzek 1 Kostrzyn

3Trzek 2

Trzek 3 Kleszczewo Krzesinki-1

21

Siekierki Project Update

Appraisal Plan

Staged appraisal plan provides minimum capex exposure

22

Contents

Page 1. 2. 3. Strategic Options Review Siekierki Project Update Exploration Portfolio 3 11 23

23

Exploration Portfolio
Focusing on 4 distinctive plays in Central Europe Core Area 1: Permian Basin Zechstein Reef Oil Rotliegendes Exploration Core Area 2: Carpathian Basin Carpathian Fold Belt Carpathian Foredeep
Exploration Projects
Carpathian Deep Fold Belt Zechstein Reef Oil Rotliegendes Gas

Carpathian Foredeep

Poland 23 licences / 3.0 million acres Slovakia 3 licences / 0.6 million acres

Poland Licence Acreage Excluding PGNiG

Aurelian

Romania 2 licences / 0.6 million acres

Bulgaria considering divestment 2 licences / 0.6 million acres
Source: Company websites

24

Exploration Portfolio
Focus Niebieszczany-1 well has discovered 50Bcf gross GIIP in two horizons and identified a 200Bcf gross GIIP resource play in the Krosno Formation. Two gas/condensate zones in the Krosno Formation, above the original primary target, were well tested with gas rates of 0.6 and 0.2mmscf/day plus condensate. A commercialisation plan is now being developed by the operator PGNiG Planned well Sosna-1 within the Torzym reef oil play, targeting a prospect with 35mmbbls gross in-place, to be spud in March 2012 Further geological and geophysical surveys planned to de-risk prospects identified on 2011 seismic data including Cybinka-Torzym, Slovakia and Romania (Brodina) High impact Carpathian well drilling string deferred to Q4 2012. Karpaty East holds significant upside, although now believed to be gas rather than oil. Company estimates mid-case 170Bcf gross recoverable resources across two prospects Further wells pushed back to preserve capital, optionality and value in line with the strategic options review All play-unlocking wells are being progressed for drilling Licences with high working interests will be farmed out in the coming year, where appropriate, for example: Karpaty East and West, Slovakia and Romania Commercialisation decision for the Krzesinki-1 discovery made on Poznan Block 207 will be made once the well tests have been completed in Q1 2012
All volumes are aggregated Company mid case estimates
25

Exploration Drilling and Testing Schedule until 2013

Schedule based on current best estimate and is subject to ongoing review as we constantly high grade prospects and defer others to try and de-risk them

In addition to the above seven wells, either currently being tested or planned to be drilled, four contingent wells are also being considered for 2013
Some wells pushed back to preserve capital, optionality and value during Strategic Options Review Sosna-1, the first well to spud in 2012, is targeting 35 MMbbl STOIIP in the Zechstein Farm outs planned candidates include high equity exploration and Siekierki
(1) Company mid case estimate based on the Boards current view. The value calculated on an EMV basis will be included in the Competent Persons Report (CPR) due in March/April 2012

26

Niebieszczany-1 Summary
Formation Tops

Stratigraphy (Aurelian)

Cored Intervals

Depth MD RT 0m

Lithology

Oil DrillStem Gas Shows Shows Tests

Well Tests

Niebieszczany-1 well

Transition
500m
475m

1000m

Krosno
1500m

Core #1
2000m
1900m Transition/Menili 2040m te

Operator PGNiG TD at 4219m due to increasing pressure Primary targets of Eocene & Paleocene not reached Gas/Condensate discovery in Oligocene Krosno Formation Four Drill Stem Tests completed during drilling Two zones well tested with modest fracs completed Rates of 0.6MMscf/d plus 126 bbl/d condensate and 0.2MMscf/d plus 18 bbl/d condensate achieved 50 BCF Gross GIIP estimated (1) Oil & Gas shows over much of Krosno Formation & Transition Beds Krosno Formation Resource Play: additional 200 BCF GIIP Gross estimated (1) Further work on well to lead to development in discussion with Operator
Open Hole DST #1 3231-3247m
Oil observed in the pits

2500m

Krosno

Estimated Gas flow 0.05 mmscf/d Subhydrostatic pressure

Open Hole DST #2 3483-3535m

2795m Core Transition/Menili te 2960m Core Transition/Menili #3&4 te 3175m Transition/Menili te 3500m

#2

Estimated Gas flow 0.71 mmscf/d ~2,700 psi Overpressured Test was aborted before cleaned up

3845m

3848m

3000m

DST #1 DST #2 DST #3 Test #2 DST #4 Test #1

Open Hole DST #3 3656-3698m

AOF calc Gas flow 7.9 mmscf/d ~4,000 psi O/P Cased hole Test #2 3677-3683m Fracced (24t, screened out) Flow 1 mmscf/d reducing to 0.2 mmscf/d over 48 hrs

Core #5

3500m

Krosno
4000m

Core #6

Open Hole DST #4 3827-3858m

TD - 4219m
4500m (1) Aggregated Company mid case estimates

Estimated Gas flow 0.4 mmscf/d ~4,000 psi Overpressured Open Hole Test #1 3825-3857m Fracced (30t), Stabilised rate 0.6mmscf/d + 126 bpd condensate, WHP 4100psi

Niebieszczany-1 Test #1

Core Area 1: Zechstein Reef Oil Play

Exploration assets: Significant additional gas and oil volumes targeted New Reef Oil potential in Cybinka and Torzym licences
Ownership
Resources Current / Planned Activity
(1)

Aurelian 45% (Operator); Romgaz 30%; Sceptre Oil & Gas 25%

176 MMbbl gross STOIIP on blocks (79 MMbbl net) over mapped leads 48 MMbbl gross recoverable resource (22 MMbbl net) over mapped leads Further ~50 MMbbl gross recoverable potential in areas of low data coverage Acquisition of 10% interest from Avobone in October 2011 Funded to drill one well in H1 2012 and one well 2013 First well on Torzym targeting gross 35 MMbbl STOIIP (16 MMbbl net)

Other

Unexplored Zechstein oil play adjacent to recent oil discoveries to the north requiring 3D seismic to unlock potential 100 MMboe fields discovered nearby prolific BMB Area. May contain analogues to one of the largest oilfields in the Central Lowlands of Poland, the Lubiatow complex, with reserves of 54 MMbbl of oil and 194 Bcf of gas Basin extends from the prolific UK North Sea

BMB 107 MMBOE

LUBIATOW COMPLEX 104 MMBOE

Unexplored Reef and Slope Play

(1) Aggregated Company mid case estimates; Prospects & Leads - based on the Boards current view. The value calculated on an EMV basis will be included in the Competent Persons Report (CPR) due in March/April 2012

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Poland : Torzym-Cybinka
Zechstein Main Dolomite Play Concept
Toe of Slope Isolated Atoll Reefs Platform Reefs

TVDSS (m)

Lower Triassic
Z4 Z3

2,000m

Na4 Na3
TRAP & SEAL
Robust Halite & Anyhydrite (Top and bottom seal) In situ Ca2 Atolls (e.g. Gryzyna)

RESERVOIR
Ca2 Reefs (e.g. BMB, Grotow & Miedzychod)

Zechstein
Z2

An2 Ca2
MIGRATION
Oil & Gas within Ca2

2,500m

Na2

SOURCE*
Organic rich Ca2 (Basinal facies)

Ca2 Toe of Slope Fans (e.g. Lubiatow) <1% H2S

An1 Platform

Z1

Lower Permian (Rotliegendes + Volcanics)

3,000m

Carboniferous
*Organic rich Ca2 carbonates (TOC 0.5-7.0 wt %) are considered to be mature and generating at the present day

1,000m

Gas

Condensate

Debris/Talus

HC Generation

Oil
After Gorska et al. 2003

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Polish Carpathians
East Karpaty
2 Well Programme Planned
Ownership Resources
(1)

Aurelian 80% (Operator); PGNiG 20%

545 Bcf gross GIIP (488 Bcf net) on block 172 Bcf gross recoverable resource (138 Bcf net) for 2 large prospects with additional
106 Bcf gross GIIP (85 Bcf net) identified in other leads

Current Activity

2 wells planned to target the 2 large prospects 136km 2D seismic survey covering approx 25% of Block complete Further 95km 2D seismic acquired in 2011 to firm up two drilling prospects and identify further
drilling targets Believed to be gas rather than oil

Planned Activity

Reviewing farm out strategy Drill Karpaty East-1 Q4 2012; Drill Karpaty East-2 2013

(1)

Aggregated Company mid case estimates; Prospects & Leads - based on the Boards current view. The value calculated on an EMV basis will be included in the Competent Persons Report (CPR) due in March/April 2012

30

Slovakian Carpathians
Svidnik / Medzilaborce / Snina Blocks
Ownership

Aurelian 50% (Operator); JKX 25%;

Romgaz 25%

2.0 Tcfe gross GIIP (1.0 Tcfe net)

Resources
(1)

across blocks 1.1 Tcfe gross recoverable resource (550 Bcfe net) across multiple prospects

Zborov B (Cierne-1) well in 2012

Current Activity
targeting 401 Bcf gross GIIP (200 Bcf net) and 233 Bcf gross recoverable resource (116 bcf net) Success on Zborov B would de-risk the regional play Additional 300km of 2D seismic acquired 2011

Zborov B prospect

Planned Activity

2 further exploration wells planned for

2013/2014

Highly prospective area with surface

Other
oil seeps Shallow oil prospect identified on Medzilaborce licence Borders high potential Bieszczady licence Significant exploration potential

(1)

Aggregated Company mid case estimates; Prospects & Leads - based on the Boards current view. The value calculated on an EMV basis will be included in the Competent Persons Report (CPR) due in March/April 2012

31

International Players in Poland

Macro-economic picture and resource potential is attracting increasing number of IOCs to Poland

32

Conclusions
Key conclusions:

Siekierki is an attractive project(1). The initial problems are now well understood and
a clear plan forward has been developed

The funded exploration portfolio offers significant upside

The cash position at the year-end 2011 was 63mm which allows the Company to carry out its planned exploration and appraisal activities for the next 18 months

However, unlocking the full upside within the Company is likely to require additional technical and financial resources

The Board believes that the value of the Company, its skills and its future opportunities are not fully reflected in the current share price The Board has therefore appointed Greenhill & Co to review the Companys strategic options This review will assess a wide range of options for the company including the sale of assets, or the merger or sale of the Company

The Company will provide further updates in due course

(1) This is based on the Boards current view and is supported by AGR-TRACS. The value calculated on an EMV basis will be included in the Competent Persons Report (CPR) due in March/April 2012

33

Contact Us
Aurelian
Rowen Bainbridge Aurelian Oil & Gas PLC 4th Floor, 4 Grosvenor Place London SW1X 7HJ Phone: +44 (0) 20 7245 4999 Email: aurelian@aurelianoil.com

Financial Advisor
Brian Cassin or Mark Bentley Greenhill & Co. LLP Lansdowne House, 57 Berkeley Square London W1J 6ER Phone: +44 (0) 20 7198 7400

Public Relations
Nick Elwes or Catherine Maitland College Hill The Registry, Royal Mint Court London EC3N 4QN Phone: +44 (0) 20 7457 2020 Email: nick.elwes@collegehill.com

Nominated Advisor
Richard Morrison or Jen Boorer Ambrian Partners Limited Old Change House, 128 Queen Victoria Street London EC4V 4BJ Phone: +44 (0) 20 7634 4700 Email: richard.morrison@ambrian.com