Serinus Energy : YE 2022 Financial Results Presentation, 20 March 2023

FY 2022

Operational

Highlights

• Production for the period averaged 889 boe/d, comprising:
• • Romania - 379 boe/d
  • Tunisia - 510 boe/d
• Completed the Romanian near-term exploration programme in 2022. Drilled two exploration wells in Romania in 2022. Both the Moftinu Nord-1 well and the Canar-1 well encountered gas in targeted reservoirs however quantities did not justify commercial development
• The Canar-1 well has been completed for use as a solar powered water injection well. Water from Moftinu field is being disposed of at Canar-1 resulting in a cost saving of approximately $800,000 per year
• The second compressor at the Moftinu field was commissioned in February 2022. The compressors have stabilised production and will extend overall field life
• The Company initiated a comprehensive block wide Geological Review engaging RISC Consultancy to take the Company's existing database of 2D, 3D and well data and using that database construct a consistent geological model. This model, containing all of the extensive legacy and modern data covers the entirety of the 3000 km2 Satu Mare concession

FY 2022

Operational

Highlights -

continued

• Knowledge from the Moftinu field development and recent exploration drilling has been incorporated into the comprehensive geological model to guide the Company in its further exploration of the highly prospective and multi-play Satu Mare concession
• In Tunisia, the workover to install the first submersible pump for the Artificial Lift programme has commenced at the Sabria field. Plans for additional pumps in the Sabria field are being progressed
• Workovers in the Chouech Es Saida field continue the increased production from wells CS-3 and CS-1
• Third party reserves report attributes $85.4 million of Net Present Value at a 10% discount rate to the audited Proven and Probable Reserves of the Company as at 31 December 2022
• On 15 February 2023, the International Chamber of Commerce ("ICC") issued its decision on Serinus Energy Romania S.A.'s ("Serinus") arbitration case against its former partner in the Satu Mare Concession in Romania, Oilfield Exploration Business Solutions S.A.
  ("OEBS"), and has awarded in favour of Serinus
• • OEBS is directed to transfer it's 40% participating interest in the Satu Mare Concession to Serinus

Strong

Prices amid

Global

Uncertainty

• The ongoing war in Ukraine has resulted in increased focused attention on energy security
• Sanctions on Russia and outright bans on purchase of Russian oil will impact global and continental energy trade patterns
• The expected increase in oil and gas demand from China should continue to support current oil and gas price levels
• For Europe, energy security has become a paramount issue and has resulted in the reduction or elimination of Russian oil and gas imports
• Europe energy supply diversification away from Russian gas has resulted in increased LNG deliveries and increased gas through existing pipelines from North Africa and Central Asia
• In Romania, Serinus continues to focus its exploration and development plans to increase its gas production in Romania to help reduce the dependency of Romania and Eastern Europe on imported Russian gas
• In Tunisia, the artificial lift programme should materially increase the Company's Tunisia oil and gas production and provide a high return to investment

FY 2022

Highlights

• Revenue for the 12 months ended 31 December 2022 was $49.3 million (31 December 2021 - $40.0 million)
• During the period Moftinu Gas Plant surpassed produced revenues of $90.9 million since first gas in 2019
• Gross profit for the 12 months ended 31 December 2022 was $12.9 million (31 December 2021 - $7.2 million)
• EBITDA for the 12 months ended 31 December 2022 was $12.7 million (31 December 2021 - $12.3 million)
• Net income for the 12 months ended 31 December 2022 was $1.6 million (31 December 2021 - $8.4 million) including an asset impairment of $1.9 million
• Capital expenditures of $12.9 million for the 12 months ended 31 December 2022 (31 December 2021 - $10.7 million), comprising:
• • Romania - $8.4 million
  • Tunisia - $4.5 million