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Independent oil and gas company formed in 2012; focused on using operational and geophysical expertise to implement a balanced investment strategy incorporating M&A, field redevelopment and exploration

Closed five transactions totaling $1.1BN, at $13.00/boe and less than 2x cash flow, in aggregate, at transaction effective dates

Core producing area in Deepwater and Shelf regions of the US Gulf Coast— 656,000 gross acres in the US and 163,000

gross acres in Mexico as of 31-Dec-2015 Two globally recognized discoveries in the last

two years— 2016 Tornado discovery was a TPH Top 50

global well to watch — 2017 Zama discovery was a TPH Top 50

global well to watch and a WoodMac Top 15 global well to watch

Accomplished management with average experience of 26+ years

Privately held by Apollo, Riverstone and management

Key Statistics

31-Dec-2016 1P Strip Reserves(1) = 108 MMBOE 31-Dec-2016 1P Strip PV-10(1) = $2,102 MM Current Daily production = ~29 MBOE/d 30-Jun-2017 TTM EBITDA = $234 MM

Company Snapshot Gulf of Mexico Region

Talos Acreage

South MarshIsland 130 Field

Daily Prod3: 1.5 Mboepd1P Reserves3: 3.4 Mmboe

PhoenixField

Daily Prod3: 25 Mboepd1P Reserves3: 72 Mmboe

Ewing Bank305 Field

Daily Prod3: 2.6 Mboepd1P Reserves3: 3.0 Mmboe

Block 26 Prospects/Leads

Block 78 Prospects/Leads

(1) Pricing assumes 12/31/16 WTI & HH strip before differentials.(2) Total debt excludes capital leases and asset retirement obligations.(3) As of 6/30/17

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Talos Energy Overview

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Talos Mexico Strategy

Zama Discovery

>45 billion BOE have been produced in the Sureste Basin through one operator, Pemex Talos made a bet by moving in early to increase our likelihood of success and hoping (i) significant prospects would

be available and (ii) it could become one of the hottest offshore basins in the world Moving to a multiple offshore basin model allows for a longer, more positive view for equity positions while staying

in our skill set of conventional exploration and offshore operations

Key Notes

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Zama Discovery

4

Source: Premier Oil and Wood Mackenzie.

Quickest well in the region to reach 14,000’ MD with zero incidents and 14% under AFE

Encountered over 1,100’ gross pay in Zones 3-6 on a large geological structure

OOIP estimate of 1.4-2.0 BBOE gross

Pressure data collected confirmed contiguous oil and gradient fluid sample confirmed ~30° API gravity

Rock properties are consistent with the upper Miocene properties of the U.S. GOM, which could lead to ultimate recoveries between 30-45% depending on number of wells and/or potential water injection wells

Expect post appraisal FID by mid-2019

Zama Pre-drill Volume Range

Offshore Oil Discoveries >300 MMBoe since 2012

Mexico: Block 7 Zama Prospect

full stack reprocessed seismic data in depth

Flat Spot

Zama-1 Well

Zama-1 Well

salt

salt

Good conformance of seismic amplitude with

structural contours

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Zama Post-drill Volume Range

0100200300400500600700800900

1000110012001300

Liza-Payara Iara Entorno Tulimaniq Carcara Owowo Anchor North Platte SNE Orca Itapu Itapu(Surplus)

Snoek Bay du Nord

1500

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(10.0%)

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10.0%

20.0%

30.0%

6/30/2017 7/6/2017 7/12/2017 7/18/2017 7/24/2017 7/30/2017 8/5/2017

Lundin Tullow Kosmos AkerBP Premier Zama Discovery Announced

7.3% 6.9%

20.7%

26.0%

16.6%

Initial valuation of Zama from Wall Street research in line with observed Premier public market uplift.

Premier Oil: Public Market Reaction to Zama

“Zama-1 discovery announcement appears about as material as we could possibly imagine at this early stage. . . The initial estimates for oil in place indicate in excess of 1 Bn bbl on Block 7 with the discovery likely extending into neighboring acreage with a total size of the structure of up to 2 Bn bbl.”

- Jefferies LLCJuly 12, 2017

“The Zama discovery is the most important achievement so far of the 2013 Energy Reform. . . Zama is one of Mexico’s largest discoveries in the last 20 years. It also proves that the diverse corporate landscape created during Rounds One and Two have brought in companies with broad expertise.”

- Wood MackenzieJuly 12, 2017

“The Talos-led consortium, which includes Premier (25%) and Sierra O&G (40%), confirmed a major discovery at the Zama-1 wildcat in the shallow water Block 7. . . we believe there’s room for upside to market’s expectations...upside to PMO’s guidance...[and] we think Talos, the operator, can take Zama to first oil in a shorter time.”

- Tudor, Pickering, Holt & Co.July 12 & 14, 2017

+36% 1-day Price Appreciation

Share Price Performance - Premier Oil versus Offshore Peers

Source: Factset, Wall Street Research, Wood Mackenzie. Market data as of 8/7/2017.

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