A Lundin Group Company Opening a New Oil Frontier in East Africa September 2012 1
The Opening of a New Basin Ngamia-1 discovery is Tertiary Rift Play Opener Tertiary/Cretaceous Rifts R Resource E Estimate ti t North Sea Reserves: (Unrisked): 23 BBO 60+ BBO Exploration Wells: Tertiary: 3, Cretaceous: 7…
Location, Location, Location First mover advantage g in securingg 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 & allows Africa Oil to focus financial…
Drill Baby Drill Rig 1: Weatherford 804 3 firm slots Drilled D ill d Ngamia N i discovery di wellll (Bl (Block k 10BB) Currently drilling South Twiga well (Block 13T) Plan to continue drilling g string g of p pearls in…
Tertiary Basin Index Map Rift Valley Dharoor Adigala Nugaal South Omo 7/8 Northern String of Pearls Africa Oil Corp. Africa Oil Corp. Interests in Blocks Country AOC WI% Operator Tertiary Rift Trend 10BA 10A 10BB Kenya…
Southern String of Pearls Lokichar B i Basin South Omo Prospects extending more than 100 km 10A Currently acquiring 1,800 km 10BA of 2D seismic in accelerated 13T program 10 km Prospects -Projected- Seismic Leads TWIGA…
Kenya Block 10BB/13T Lokichar Sub Basin Lokichar Sub-basin Lead Time Structure Map Ngamia1 F Top op Lokhone o o eS Shale ae Lead E Twiga North MDT Oil Sampling MDT Oil Sampling Twiga South-1 AOC: 50% working…
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 Sub-basin basin Lead Time Structure Map TM-1 F Top Lokhone Shale Spud August 21, 21 2012 Lead E Lower Lokhone Drilling ahead Ngamia look-alike…
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 ot…
Kamba & Loperot Prospects, Block 10BB Kamba Prospect SW Dip Line NE Lokichar Sub-basin Sub basin Lead F Time Structure Map Top Lokhone Shale Large structures: 70 km2 & 700 m vertical relief Top Lokhone Sh Stacked Tertiary…
South Omo Block Northern String of Pearls AOC 30% WI, Tullow Operates with 50% Extension of Tertiary rift trend north of Lake Turkana South Omo Rift Valley Unexplored, no previous seismic or wells Completed FTG & 1,000 km 2D…
South Omo Block Northern String of Pearls Sabisa1 projected spud: Q4, 2012 Located after 1,000 km 2D seismic program Sabisa Prospect Ngamiastyle trap, younger Tertiary section W Dip Line E Time Structure Map Tertiary…
Block 10BA - Northern String of Pearls cont. AOC: 50% WI South Omo N Block is centered on Lake Turkana Northern String Chui Loose grid of legacy seismic of Pearls Oil slicks observed in satellite imagery FTG complete, 1,350…
Cretaceous Rift Exploration, Blocks 9 & 10A 10A Paipai Spud 2H, 2012 AOC Working Interests: Block 10A: 30% WI Block 9: 50% WI Tertiary Play Two Exploratory wells next 9 12 months: Paipai: 2H, 2012 Ndovu Kaisut Sub Basin…
Paipai Prospect, Block 10A Sirius-1 Bellatrix-1 Paipai Prospect Recent Play Lake Miocene Lower Tertiary Upper Cretaceous Lower Cretaceous Jurassic Basement Source: Tullow Located in the basin with less exposure to…
Kinyonga Prospect, Block 9 Kinyonga Prospect SW NE Tertiary Play 60 SQ KM 4WAY 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 g in two…
Updated Resource Report Total T t l gross prospective ti resources increased i d from f 11.5 11 5 billi billion barrels to 27.9 billion barrels (142% increase) Total net prospective resources increased from 5.3 5 3 billion…
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 Company 2002 Recent Notes Tanganyika 0.55/share 31.50/share Sold to Sinopec 2008 13.5 million MC 1.9 billion MC y Valkyries 0.45/share / 16.00/share / Sold to Lundin Petroleum 4 million MC 750…
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…
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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