Acquisition of Black Marlin Energy Holdings Ltd. 2 June 2010
Agenda Highlights 4 Appendix 16 Portfolio overview 17 Black Marlin management team 30 Agenda 3 Acquisition of Black Marlin Energy Holdings Ltd. www.afren.com
Acquisition of Black Marlin Energy Holdings Ltd. Compelling strategic entry into East Africa - Portfolio comprises of material interests in 12 high impact blocks across East Africa Ethiopia, Kenya, Madagascar and Seychelles -…
A leading pan African E&P The combined portfolio offers: o 27 assets across 9 countries o 113 mmboe net 2P 16 17 18 + 2C reserves 19 o ca. 2,300 mmboe net 24 23 Prospective Resources 22 21 o 21,000 boepd 25 26 27 current net…
East Africa an emerging petroleum province Arabia Seychelles Plateau AFRICA en Yem Ethiopia Kenya INDIA SOUTH AMERICA Madagascar AUSTRALIA ANTARCTICA Ethiopian gas fields 4 tcf Southern Sudan Oil fields 6 bn bbls…
Black Marlin - a significant East African acreage position Southern Sudan Oil fields BMEL licences PetronasGas fields 10A October 2009 AREA Km2 AREA IN ACRES Assets % interest Gross Net Gross (million) Net (million)…
Black Marlin resource estimates Gross prospective Net prospective HIIP resources resources Block(s) % Interest Operator CPR Source mmboe mmboe mmboe Ethiopia 2,6,7,8 30% Africa Oil Gaffney Cline 2,245 1,248 374 Kenya 10A 20% Africa…
Exposure to key African high impact basins WEST AFRICAN TRANSFORM MARGIN Focus on Upper Cretaceous: EAST AFRICA RIFT BASINS Nigeria (OPL 310) Benin Basin Ghana (Keta Block) Volta Basin Newly established core area Cte dIvoire Basin…
The combined exploration portfolio Nigeria (Ebok, OML 115, OPL 310) Net prospective resources 536 mmboe Ethiopia (Blocks 2, 6, 7 & 8) Net prospective resources 374 mmboe Cte dIvoire (Block CI-01) Net prospective resources…
Impact on Afrens resources NSAI 2P Reserves and Contingent Resources 113 mmboe Impact on prospective resource base 2P Developed 2500 21.6 Contingent Resources 26.9 2P Un-developed 2,341 2000 Net unrisked mmboe 1500…
Strong underlying production base to fund high impact exploration boepd (average) 70,000 Current production of ca. 21,000 boepd from Okoro, CI-11 and the Lion Okoro Gas Plant 60,000 CI-11 Ebok Ebok development on track (35,000…
Transaction details All share transaction that values Black Marlin at ca. C106.5 million - Exchange ratio of 0.3647 Afren shares per Black Marlin share results in issuance of ca. 76.8 million Afren shares Transaction recommended by…
Summary Compelling strategic entry into East Africa Doubles Afrens prospective resources to 2,341 mmboe Accretive to Afren shareholders (net prospective resources/share from 1.2 boe/share to 2.4 boe/share) Highly complementary…
Appendix 16 Acquisition of Black Marlin Energy Holdings Ltd. www.afren.com
Portfolio overview 17 Acquisition of Black Marlin Energy Holdings Ltd. www.afren.com
Madagascar Block 1101 Block 1101 - BMEL 40% Sterling AGIP 1970/71 EXXON 1-3 tcf gas BMEL EXXON prospects EXXON Bemolanga oil sands 16 bn bbls OOIP Tsimororo heavy oil 3 bn bbls OOIP NIko Manandaza 41 API Oil &…
Madagascar Block 1101 Block 1101 (40%) 200 km of seismic acquired in 2008 3 major structures mapped close to Antsiranana Deep Water Port existing well with oil shows Evidence of working petroleum system through oil seeps Similar…
Madagascar Block 1101 Top Isalo depth structure based on field mapping Ambilobe-1 Well Oil shows in the middle Jurassic C Isalo sands not reached Potential Drilling Locations Bandrany High Ampasindava Bay Lead A Lead C…
Seychelles Several 100 mmbbl + leads in BMEL Licences shallow and deep water X/Y: 200000 300000 400000 Meters Area Favourable fiscal regime B Area EAX acquired 3,637 km of long A 9500000 9500000 offset seismic in 2007, across…
Seychelles - Oct 2009 seismic has reduced structural risk BMEL Licences X/Y: Meters Area 200000 300000 400000 Good reservoir and seals proven A Numerous large structural leads 9500000 Area 9500000 B in all 3 licence areas…
Seychelles significant additional potential exists S N 2 BMEL Licences X/Y: 200000 300000 400000 Meters 3 9500000 Area 9500000 Area B A 9400000 9400000 4 Seismic Survey 9300000 9300000 9200000 Area C…
Kenya Ethiopia Sudan Somalia Block 1 Block 10A Uganda CNOOC Q4 2009 Encountered 91m hydrocarbon pay in Cretaceous, preparing to test. Same basin as Block BMEL regional 10A office in Nairobi Licence Operator BMEL…
Kenya L17/L18 hydrocarbons on Mombasas doorstep Possible early success + early monetization Assumed gas play but a number of Mombasa regional oil indicators 1 million people Pemba Island oil seep Refinery - Eocene potential source…
Kenya Blocks L17/L18 coastal high play fairway SW Mombasa lead NE Near Top Cretaceous TWT Structure Map L17 Kenya Mombasa New shallow water (0-20m) 2D seismic being E acquired in the near- shore focus areas where W no seismic…
Kenya - Block 1 El Kuran significant oil and gas shows Tarbaj Oil Seep Intra Oil in shallow water well Jurassic and Tarbaj-1 core Intra CNOOC Basement Karoo Bogal-1 2010 gas discovery 50 kms Large under explored…
Kenya - Block 10A Sirius 1 Oil Shows Lead B (Sirius updip) Lead C Lead D 4km Large faulted leads incorporate juxtaposition of proven Lower Cretaceous reservoir with proven Upper Cretaceous seal Lead B (Sirius…
Ethiopia Blocks 2,6,7,8 (Ogaden Basin) Licence Operator BMEL Blocks 2 & 6 Africa Oil (55%) 30% Blocks 7 & 8 Africa Oil (55%) 30% Petronas Calub and Hillala Gas fields Proven oil and gas basin with proven reservoirs, seals 4 tcf…
Ethiopia Blocks 2,6,7,8 (Ogaden Basin) South Lead Central Lead Mid Hamaneli oil zone Adigrat Formation 4 dip-closed leads identified on current seismic B N-S seismic line through El Kuran area El Kuran-1 well with…
BlackMarlin Black Marlintechnical management team team management 31 Acquisition of Black Marlin Energy Holdings Ltd. www.afren.com www.afren.com
Technical management team Richard Schmitt (President and CEO) Richard Schmitt holds a B.Sc. in Geological Sciences from the University of Aston in Birmingham, England. Richard has over 32 years of diverse international experience in the…
Management team (cont.) Eddie Harney (HSE Manager) Eddie Harney brings with him over 18 years of experience in the industry having previously worked offshore for Western Geophysical (WesternGeco) in several roles culminating in a five…
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