Publication of 2015 outlook, including initiation of next Downstream program and Zenith Pure Oil exploration & production update 2015 report

Corporate & financials:

• Strong Q4 and stable 2014 full year “clean” results show the strength of the integrated business model;
• Around $2bn CCS Group EBITDA is achievable in 2015 at cca. 60 $/bbl oil price environment
• $1.5-1.8bn organic CAPEX earmarked for 2015 with further flexibility;
• Zenith Pure Oil can benefit from lower oil price environment through inorganic growth.

Downstream:

• Full year Clean CCS EBITDA increased by more than 30%, while delivered the best Q4 result of the last 10 years;
• Outstanding results were also supported by the successful completion of the 3-year long efficiency improvement program, which delivered $500mn improvement;
• Next Downstream Program was started and by 2017 it targets normalized free cash-flow generation of ~$900mn, Clean CCS Downstream EBITDA of $1.3-1.4bn through:
  • $350mn asset and market efficiency improvement
  • and further $150mn contribution of strategic growth projects.

Upstream:

• Production is on the rise since mid-2014 and already exceeds 100 mboepd;
• On track to achieve around 10% production growth in 2015 versus 2014, and reach 105-110 mboped level;
• Reached 103% organic reserves replacement ratio in 2014. Group’s 2014 year-end proved and probable hydrocarbon reserves (SPE 2P) amount to 555 MMboe, unrisked working interest based recoverable resource potential amounts to 630 MMboe;
• Targeting flat to declining Unit cost across all countries of the portfolio.

  Zenith Pure Oil Plc. hereby informs capital market participants that today it has published a presentation of and its  report on its 2014-2015 Upstream activities.