A Lundin Group Company Opening a New Oil Frontier in East Africa November 2012 1
The Opening of a New Basin Ngamia-1 discovery is Tertiary Rift Play Opener Tertiary/Cretaceous Rifts Resource Estimate North Sea Reserves: (Unrisked): 23 BBO 60+ BBO Exploration Wells: Tertiary: 3, Cretaceous: 7 Exploration Wells:…
Location, Location, Location First mover advantage in securing unequalled acreage position in what is now the worlds top exploration spot 300,000 sq km or 74.1 million acres gross Four separate petroleum systems proven to…
Farmout Campaign Essentially Completed Tullow enters core Tertiary trend and brings Uganda expertise and funding of initial exploration program Marathon deal brings in another solid partner and allows Africa Oil to focus financial…
Drill Baby Drill Rig 1: Weatherford 804 3 firm slots Drilled Ngamia discovery well (Block 10BB) Currently drilling South Twiga well (Block 13T) Plan to continue drilling string of pearls in Lockichar Basin with Kongoni as next…
Tertiary Basin Index Map Africa Oil Corp. Northern String Interests in Blocks of Pearls Country AOC WI% Operator Tertiary Rift Trend 10BB Kenya 50% Tullow Oil plc 10BA Kenya 50% Tullow Oil plc 12A Kenya 20% Tullow Oil plc 13T…
Southern String of Pearls Lokichar Basin South Omo Prospects extending more than 100 km 10A Currently acquiring 1,800 km of 2D seismic in accelerated program 10 km Prospects -Projected- Seismic Leads TWIGA SOUTH-1 FTG…
Kenya Block 10BB/13T Lokichar Sub Basin Lokichar Sub-basin Lead Time Structure Map Ngamia-1 F Top Lokhone Shale Lead E Twiga North MDT Oil Sampling Twiga South-1 AOC: 50% working interest Ngamia Discovery…
Block 10BB Ngamia Prospect: Play opener Ngamia Discovery W Dip Line E 13T 10BB Ngamia-1 TM-1 2 KM Dip Line Time Structure Map Upper Lokhone Sandstone Kongoni Prospect Ngamia Discovery Strike Line N Strike Line S…
Ngamia-1 Well Results Upper Interval (855-1630m): Generalized Stratigraphy Oil in Miocene Sandstones 0 Meters Porosities from logs: 23-29%, sidewall cores Volcanics indicate good porosity 500 Gross reservoir section: 775m (2,543…
Twiga South-1, Block 13T Twiga South-1 W Dip Line E Volcanic1 Lokichar Sub-basin Lead Time Structure Map TM-1 F Top Lokhone Shale Spud August 21, 2012 Lead E Lower Lokhone Drilling ahead Ngamia look-alike Twiga North…
Kongoni Prospect, Block 13T Kongoni Prospect W Dip Line E Lokichar Sub-basin Lead Time Structure Map F Top Lokhone Shale Volcanic1 TM-1 Spud Q1, 2013 Lead E Ngamia look-alike Similar trap & reservoir Twiga North targets…
Kamba & Loperot Prospects, Block 10BB Kamba Prospect SW Dip Line NE Lokichar Sub-basin Lead F Time Structure Map Top Lokhone Shale Large structures: 70 km2 & 700 m vertical relief Top Lokhone Sh Stacked Tertiary Lead E…
South Omo Block Northern String of Pearls AOC 30% WI, Tullow Operates with 50% Extension of Tertiary rift trend north of Lake Turkana Unexplored, no previous seismic or wells Sabisa Completed FTG & 1,000 km 2D seismic in western…
South Omo Block Northern String of Pearls Sabisa-1 projected spud: Q4, 2012 Located after 1,000 km 2D seismic program Sabisa Prospect Ngamia-style trap, younger Tertiary section W Dip Line E Time Structure Map Tertiary…
Block 10BA - Northern String of Pearls cont. AOC: 50% WI Northern String South Omo Block is centered on Lake Turkana of Pearls Loose grid of legacy seismic Oil slicks observed in satellite imagery FTG complete, 1,350 km 2D…
Cretaceous Rift Exploration, Blocks 9 & 10A 10A Paipai- AOC Working Interests: Spud 2H, 2012 Block 10A: 30% WI Block 9: 50% WI Two Exploratory wells next 12 months: Tertiary Play Paipai: 2H, 2012 Surface 9 Kinyonga: 2H,…
Paipai Prospect, Block 10A Sirius-1 Bellatrix-1 Paipai Prospect Recent Play Lake Miocene Lower Tertiary Upper Cretaceous Lower Cretaceous Jurassic Basement Source: Tullow Spud September 29, 2012 and drilling ahead…
Kinyonga Prospect, Block 9 Kinyonga Prospect SW NE Tertiary Play 60 SQ KM 4-WAY CLOSURE Tertiary Mrkr1 Tertiary Mrkr2 5km Time Structure Tertiary-Cretaceous Unconformity Tertiary-Cret. Unconformity Basement…
Jurassic Rift Exploration Prolific, proven play in Yemen expected to extend into Puntland, which shares a common geologic history Two wells drilled/operated by * Horn Petroleum in Dharoor Block in 2012 confirm reservoirs and a…
Puntland Well Results, Dharoor Block Shabeel-1 Shabeel North-1 NE Horn created for Somalia assets AOI owns 45% of Horn. Horn listed as HRN on TSXV Horn holds 60% interest in Dharoor and Nugaal blocks and brought in two partners…
Updated Resource Report Total gross prospective resources increased from 11.5 billion barrels to 27.9 billion barrels (142% increase) Total net prospective resources increased from 5.3 billion barrels to 12.1 billion barrels (128%…
Estimated Prospective Oil Resources SUMMARY OF PROSPECTIVE OIL RESOURCES 1 Current Working Interests Geographic PSC/PSA Operator UNRISKED AOC UNRISKED RISKED4 Region Gross Best Working Net Best Net Best Estimate Interest Estimate…
Valuation & Capital Structure ENTERPRISE VALUE PER PROSPECTIVE OIL RESOURCES Unrisked Risked Net Prospective Enterprise Net Prospective Enterprise Resource (including Value Per Resource (including Value Per contingent) Barrel…
A History of Value Creation The Lundin Group of Companies Company 2002 Recent Notes Tanganyika 0.55/share 31.50/share Sold to Sinopec 2008 13.5 million MC 1.9 billion MC Valkyries 0.45/share 16.00/share Sold to Lundin Petroleum 4…
Community Development and Social Investment Locally elected committees to determine project spend Small scale, quick win projects to demonstrate positive impact Medium scale projects to improve community development Longer term…
Opportunity Summary Africa Oil has the best onshore acreage position in East Africa, the worlds hottest exploration location The Ngamia discovery has opened up a new oil basin which has the potential to be one of the worlds largest…
AOI has a Strong Management Team Keith Hill, President and CEO Mr. Hill has over 25 years experience in the oil industry including international new venture management and senior exploration positions at Occidental Petroleum and Shell…
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