19th November 2013 The Pioneers: Industry defining E&P strategies and successes of the independents
A unique approach Identifying the opportunity early Access via unparalled relationships Manage above the ground risks Accretive acquisitions exploration uplift with appraisal type risk Build technical capability - fast track…
From start-up/AIM junior to Mid Cap independent 2005 2013 Market Value US 50mm Market Value US 2,600 mm 2P reserves 0 2P reserves 269 mmboe 2C resources 0 2C resources 932 mmboe Prospective resources 64 mmboe Prospective…
One of the first to recognise the Nigerian opportunity... Licence interests Nigerian proved undeveloped fields (No. of blocks) original reserve size distribution Major IOC 35% 60 Oil Gas International NOC 5% Over 100 fields in…
the East African opportunity Acquisition in 2010 ETHIOPIA 10 Assets, 5 Countries 6,058 mmboe prospective resources KENYA All licences lie in basins with evidence of a working TANZANIA petroleum system SEYCHELLES Aggressive…
...and early entrant into Kurdistan Acquisition in 2011 - early mover advantage Assets under developed/overlooked/ Development Kurdistan misunderstood/out of reach for track record region of Iraq Major IOCs Exxon, Total and…
Proven technical credentials as a fast track operator Development lead times offshore Two of the quickest independent developments Nigeria with an FPSO/FSO to date in Nigeria 8 Okoro Ebok 7 Development lead time 2.5 years 3…
Accretive acquisitions - Exploration type uplift yet appraisal type risk 30.0 Highly efficient use of Total entry and appraisal cost per bbl Consensus PV per bbl(1) capital 25.4 25.0 Demonstrable value 22.0 creation 20.0…
An established and growing production base Strong and growing production base Group net working interest production 50,000 Barda Rash Production start up Ongoing development 40,000 OML 26 (FHN) 12 producing wells Drilling…
funding a material exploration portfolio Gross prospective Net prospective Low risk, quick to monetise Country resources resources (Pmean mmboe) (Pmean mmboe) Proven play concepts, significant upside Frontier area, major play opening…
Only 19% of total discovered 2P/2C barrels are in production or under development Reserves life of 58 years 12% FDP Pending/Undeveloped 2C 81% 995 19% 81% Under Development 2P mmboe Development 7% Slide 11
Attracting and retaining the best industry talent 95% staffed locally in Africa 342 293 219 172 92 25 38 6 2005 2006 2007 2008 2009 2010 2011 2012 Slide 12
The outcome... Slide 13
A portfolio of significant scale NIGERIA Asset Working Partner Operated By KURDISTAN REGION OF IRAQ Interest Afren Working Operated Okoro Setu 50%1 Amni TSP6 Asset Partner By Afren Interest Ebok 50%1 Oriental TSP6 Barda Rash 60%…
with leadership across three strong business units* 1 RANKING Net independent Nigerian kboepd* IRAQ 1 RANKING Net Kurdistan 2P/2C mmboe* ETHIOPIA 3 RANKING GHANA COTE NIGERIA DIVOIRE KENYA Gross East African…
with organic growth to drive the shift from Mid-size to Super- independent NAV USmm 16,000 14,000 NEAR TERM EXPLORATION 12,000 CAMPAIGN 10,000 8,000 6,000 4,000 2,000 0 Nigeria Kurdistan Other Net debt…
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