20th Africa Oil Week Galib Virani 27th November 2013 From Pioneer to African Champion
A unique approach African founding team Identifying the opportunity early Access via unparalled relationships Manage above the ground risks Accretive acquisitions exploration uplift with appraisal type risk Build technical…
From Pioneer to African Champion 2005 2013 Market Value US 50mm Market Value US 2,855mm 2P reserves 0 2P reserves 269 mmboe 2C resources 0 2C resources 932 mmboe Prospective resources 64 mmboe Prospective resources 7,487…
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 Leveraging the Nigerian development track record Acquisition in 2011 - early mover advantage Development Kurdistan Assets under developed/overlooked/ track record region of Iraq misunderstood/out…
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 with appraisal 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 of…
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…
A pioneer - Ogo discovery the largest global discovery in 2013 Located in the Upper Cretaceous fairway along the West Africa Transform Margin Wild cat exploration opportunity in an under explored basin P50 Gross recoverable…
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% 1,200 19% 81% Under Development 2P mmboe Development 7% Slide 12
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 13
The Outcome..
A track record of significant growth and delivery Net 2P reserves Net working interest production 48,574 270 mmboe 300 250 270 48,574 boepd 50,000 44,549 43,0 210 40,000 59 200 185 30,000 mmboe boepd 150 19,442…
From Pioneer to African Champion: a portfolio of significant scale KURDISTAN REGION OF IRAQ NIGERIA Working Working Operated Asset Partner Operated By Asset Partner By Afren Interest Afren Interest Okoro Setu 50%1 Amni TSP6 Barda…
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…
and organic growth to drive the shift from Mid-size to Super- independent NAV USmm 16,000 NEAR TERM 14,000 EXPLORATION 12,000 CAMPAIGN Ogo 10,000 Discovery 8,000 6,000 4,000 2,000 0 Nigeria Kurdistan Other…
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