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HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp.

Africa Oil Corp. · Oct 31, 2011 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 1
    A Lundin Group Company 1 Hunting Elephants in East Africas Rift Basins October, 2011
  2. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 2
    2 Exploring in Four Major Rift Systems Africa Oil Assets Tertiary rifts (Kenya & Ethiopia) Cretaceous rifts (Kenya, Mali) Jurassic rifts (Puntland- Somalia) Permo-Triassic rifts (Ethiopia) All of AOC plays are extensions t…
  3. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 3
    3 East Africa: Vastly Under Explored Proven Petroleum System 4,610 wells 210,000 km2 Norway 61 wells before commercial oil in the North Sea North Sea United Kingdom 50 billion billi b boe reserves 0 200 km 5.5…
  4. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 4
    4 Play Summary Seismic programs completed on majority of blocks FTG completed or underway on multiple Tertiary Rift bl k blocks Aggressive two rig drilling campaign to kick off Q4 2011 3 3-5 5 wells ll iin K Kenya & Ethi…
  5. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 5
    5 Tullow Partnership in Tertiary and Cretaceous Rift Trend Tullows Ugandan discoveries now likely exceed 2.5 BBO* in the Lake Albert region. Tullow brings a 97% success rate to our new partnership. Tullow paid 10 MM past costs…
  6. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 6
    6 Tullow Using New FTG Technology Traditional Gravity New Full Tensor Gravity New technology developed by Bell Labs for US Tullow used FTG very successfully in submarine mapping - released to public in late 90s Uganda Albert…
  7. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 7
    7 Tertiary Rift Exploration Block 10BB, 10BA, 12A, 13T in Kenya South Omo and Rift Valley Study Blocks in Ethiopia Tullows Uganda discoveries now at 2.5+ billion barrels of reserves Tertiary rift in Kenya/Ethiopia contains the…
  8. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 8
    8 First Well on Block 10BB, Kenya Ngamia Prospect Area = 12,638 km2 AOC holds a 50% working interest Loperot oil discovery (1991/Shell) and oil recovered in uphole de- 13T N-Kerio risks i k oil il charge h Lake S-Kerio…
  9. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 9
    9 Block 10BB Ngamia Prospect: Play opener SW NE Metres Ngamia1 Line LOK-10-24 WESTERN RIFT BOUNDING FAULT LOKHONE SH LOKHONE SH MRKR LOKHONE SS Ngamia--1 well Ngamia 5km Closure: P50: 5.0 km2 (1,300…
  10. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 10
    10 Waraga, Lake Albert Uganda: Tullow Play Opener Waraga-1 Waraga1 DST 3 Wells drilled 3 650 bopd 3,650 (1 choke) 33.80 API H15 15.4m net pay 0.5 Sec DST 2 4,200 bopd (1 choke) 33.80 API 1 6.7m net pay Sec 3…
  11. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 11
    11 Ngamia Drill Site
  12. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 12
    12 Another Key Prospect on Block 10BB - Kamba Prospect SW NE P50 P10 KAMBA PROSPECT Depth Structure, CI: 20m 5 KM Vertical relief: 730 m Internal Estimated Resource (100%): Stacked Tertiary SS Reservoirs P50: 200 MMBO…
  13. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 13
    13 Block 10BA- North Lake Turkana AOC acquired i d 50% WI th through hCCentric t i acquisition i iti Tullow operates with 50% WI, paying 80% Multiple oil slicks interpreted from satellite data FTG survey completed 1,350 km…
  14. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 14
    2011 Seismic Program on South Omo Block, Ethiopia AOC holds 30% WI, Tullow Operates with 50% Extension Extension of Tertiary rift trend of Tertiary rift trend north of Lake Turkana Unexplored with no previous seismic or wells…
  15. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 15
    15 Cretaceous Rift Exploration Block 10A and 9 in Kenya Blocks 7 and 11 in Mali Over 6 billon barrels of oil discovered on trend in the analogous system in Sudan Thick oil stained section in 1980s vintage Amoco/Total wells…
  16. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 16
    16 Block 10A Area = 14,597 km2 AOC 30% CWI, Tullow (OP): 50% Lake Anza Rift: Cretaceous rift Turkana extending into Kenya from Sudan Block 10 BA 3 wells drilled in the 80s by Amoco Block 10A Wells drilled on breached…
  17. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 17
    17 Regional Seismic line- Pai Pai Sirius-1 Bellatrix-1 Paipai Recent Play Lake Proposed Pliocene Volcanics Maikona formation Miocene Lower Tertiary Upper Cretaceous Lower Cretaceous Jurassic Basement AOC…
  18. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 18
    18 Block 9 Lake Turkana AOC 100% Anza Rift: Cretaceous Rift Block 10BA extending into Kenya from Sudan. Block 10A 2010 B Bogal-1 l 1 encountered t d thick thi k Block 09 sequences of gas shows Block 10BB Marsabit…
  19. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 19
    19 Block 9- Bogal-1 Bogal1 Cretaceous clastics (2800-5000 m) 100 sq km closure Tertiary Sand/Shale 91 m possible net gas pay with 5-11% porosity Upper Cretaceous Sand/Shale Tests inconclusive, inconclusive severe losses 2-3…
  20. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 20
    20 Kenyan Energy Market Kenya Total Primary Energy Supply 20000 Geothermal/Wind 6%, 18000 16000 14000 Biomass 77% 12000 ktoe 10000 8000 6000 Hydro 1% 4000 2000 Oil 16% 0 Source: IEA, 2010 Demand growth is…
  21. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 21
    21 Jurassic Rift Exploration Dharoor and Nugaal Blocks in Puntland, Somalia Adigala Block in Ethiopia Prolific, proven play in Yemen expected to extend into Puntland, which shares a common geologic l i history hi t Yemen fields…
  22. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 22
    New Puntland Focused Vehicle DEAL Share exchange agreement between AOC and Denovo (Horn Petroleum Corporation) AOC transfer of its 60% interest in both Dharoor and Nugaal FINANCING AOC put in 10 MM cash and additional 31 MM raised…
  23. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 23
    Dharoor Block, Puntland Darin Darin1 well drilled in 1958 on the flank of the 1 ell drilled in 1958 on the flank of the DARIN1 rift; found oil across several zones. AOC, with new seismic data, has mapped several large prospect…
  24. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 24
    24 Permo-Triassic Rift Exploration Blocks 7/8 in Ethiopia Multi-TCF gas reserves have been discovered in Triassic sandstones Light oil has been tested in fractured Jurassic carbonates El Kuran field discovered by…
  25. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 25
    25 El Kuran Appraisal, Ogaden Block 8 W E Structure Map Top Jurassic El Kuran-1 El Kuran-2 W E El Kuran-1 5 km AOC Operates with 55% WI Light Light oil recovered from Jurassic limestones in El Kuran1 oil…
  26. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 26
    26 Financial Position Cash: 109MM (30-Jun-11) Capital Structure Shares: 213.9MM Warrants: 6.5MM (CAD1.50, expire May 2012) Options: 6.4MM 6 4MM (CAD1.58 (CAD1 58 weighted avg. avg exercise price) No debt Market Cap:…
  27. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 27
    27 Financial World Class Potential in Multiple Petroleum Systems Africa Oil Corp Summary of Unrisked and Undiscovered Oil Prospective Resources1 Current Working Interests Current Working Interests Geographic PSC/PSA Operator…
  28. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 28
    28 Conclusion Size of the Prize Prospective Resources Indicative Risked Potential Potential Net Best Estimate Risk Factor Prospective Resources Value (MMbbl) (MMbbl) (MM) 20% 1,065 4,506 5,326 10% 533 2,253 1% 53 225…
  29. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 29
    29 A History of Value Creation Company 2002 Present 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 illi MC 4 million MC…
  30. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 30
    30 Summary AOC has assembled a robust highly prospective East African portfolio that spans 4 different proven petroleum provinces with multi-billion barrel potential AOC has experienced management and staff with offices in…
  31. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 31
    31 AOI has a Strong Management Team Keith Hill, President and CEO M Hill h Mr. Hill has over 25 years experience in the oil industry including international new venture management and senior exploration positions at Occidental…
  32. HUNTING ELEPHANTS IN EAST AFRICAS RIFT BASINS – Africa Oil Corp. – slide 32
    32 Cautionary Statements This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties,…

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