IPAA OGIS Conference New York April 18, 2005. 2 3 Triton’s Primary Areas of Activity Triton Business Model High Impact International E & P.

IPAA OGIS ConferenceNew York

April 18, 2005

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Triton’s Primary Areas of Activity

Triton Business ModelHigh Impact International E & P

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Kosmos Business ModelReplicating Triton Success: Focus W. Africa

Key Success Factors Strategy - high-impact exploration / accelerated development Portfolio - focus in basins with significant geological potential

and multiple business opportunities Operating - cost efficient culture Financing - liquid and pre-funded Organization - effectively resourced

Results 10-fold increase in total equity value from 4Q’98 to

monetization in mid-2001 (stock appreciation from $5.19/s to $45/s cash sale)

Private equity investor tripled investment in 2.5 years

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Principal area of interest

Strategy - Why West Africa ? Our People Will Differentiate Us!

High impact - >500MMBO gross potential

By-pass plays of majors with 50-100MMBO discovery size

New and under-explored plays/ fairways in established provinces; frontier basins

High working interest/operatorship

New venture/ farm-in access

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Executive leaders and Board level players

Full value chain knowledge, skills and experience with international focus

Individual/team track records of repeated business success

Demonstrable public and private shareholder value delivery

A proven team with leading industry reputations

LeadershipManagement makes the difference

The founding partnership offers a rare opportunity to invest with a top tier Management Team in the global petroleum sector

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Time

Reserves(BBO)

Shallow water/ onshore salt basins

Deepwater & salt basins / Transform Margin

(Cretaceous)

Congo Fan and Niger Delta(Tertiary)

MatureFrontier

Exploration

Exploration Opportunities Frontier Basins in Deep

Water New plays/ fairways in

proven basins onshore/ shallow water

Strategy - Why West Africa ? Exploration Opportunity

Early In Exploration Cycle Opportunities to find

multiple large fields Large database of seismic

available – Majors legacy Prior efforts largely limited

to ultra-large, simple, low-risk four way dip closures

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Vision Build a world-class international exploration and production company

focused on West Africa

Mission Raise initial equity capital commitment of $300 MM Create enterprise value of $1 to 2 Billion Return on investment targeting mid 30% plus

Monetization Strategy Realize value in 4 to 7 years Monetize investment through:

IPO Asset or company sale

Investment PlanCreate a Highly Marketable Global Enterprise

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General & Administrative Tier Costs to assemble license/acreage portfolio General office and staff costs

Portfolio Aggregation & Exploration Tier Funds activity on company licenses

Seismic and related pre-drill evaluation Exploration drilling and evaluation Geological and other studies

Development Funding Tier As needed to realize discovery value Funds necessary appraisal & development activity

Investment StructureThree Tier Commitment

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Investment/Capital Raising ProcessKosmos Energy Experience

• Kosmos is different from typical E&P investments– All international – West Africa– Pure exploration play, no reserves– Longer exploration cycle time

• Time and effort substantially greater than anticipated– Need to educate potential investors– Investment universe smaller - outside N. America

• Capital Structure– Financial capability/scale critically important

• Higher oil prices increasing competition

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Combined Contract Area: 124,109 Km2

(Equiv.4900 GoM Blocks)

West Cape Three Points Block 4

Pending)Block 320 (pending)

Boujdour Permit

Kosmos Areas of Activity