AFRICA OIL CORPORATE PRESENTATION January 2015 A Lundin Group Company AOI TSX and Nasdaq Stockholm
2014 A Difficult Year for Africa Oil Poor Overall Oil Markets Low oil prices, US shale dogma and poor exploration performance has driven investors to sell oil stocks to levels well below hard value of assets Kenya Government…
Company Remains Strong with Major Growth Potential Lokichar Basin Resources Continue to Grow Gross Contingent Resources increased by 60 % in 2014 to 600 MMBO barrels of oil with upside potential of 1.3 billion barrels of oil in…
2014 Lokichar Basin Exploration/Appraisal Program -Southern S th B Basin i ttrend d (N (Ngamia i /AAmosing) i ) Lokichar Sub-basin Time Structure Map contains large resources and will anchor Top Lokhone Shale 3D Extension…
Focus on Appraisal: Drilling with New 3D Seismic New 3D Seismic Line through Ngamia-1 : Predrill 2D Seismic Interpretation through Ngamia-1 Discovery Pronounced anticlinal form at depth Ngamia-1 Better imaging of crestal faulting…
Twiga 2 and Sidetrack Projected into 3D SW Twiga-2 Twiga-2-Sidetrack NE Auwerwer Mid Auwerwer Rift Facies 6
2014 Highlights: Twiga-2 and 2A Sidetrack (13 to 115m net pay) Projected to vertical TVD Twiga-2 Twiga-2 penetrated tight rift facies Sidetrack showed how quickly goodd ffacies i can d develop l (hi (highest h t…
Ekales Deep Prospect (Update slide) W E Ekales-1 Ekales Deep Auwerwer CORE Mid Auwerwer Rift Facies Lokhone Shale 8
Ngamia Field structure based on new 3D Seismic 3D provides better understanding of fault compartments Large Amosing North prospect identified Poor data More wells required to understand resource Area Ngamia-6 A1…
Appraisal Focus: Ngamia, Amosing & North Amosing Prospect Ngamia Ngamia and Amosing appraisal Field wells extend field limits Wells confirm high net pays and 4 1 stratigraphic continuity in multiple pools Amosing Field…
Other Prospective Resources in the S. Lokichar Basin: Storm deposits within rich lacustrine source rocks Twiga South wells tested oil at high rates from these sandstones within source rocks (rates up to 3270 bopd 10,000+ flow rates…
South Lokichar Basin Exploration & Appraisal Plans Exploration wells Firm Aggressive Exploration & Appraisal Plans Appraisal wells Drilling Candidates Simultaneous with Development Planning Development planning focussed on Auwerwer…
South Lokichar Basin - World Class Discovered Resource Base (Based on CPR reports dated Aug 2012, Sept 2013 & Sept 2014) Gross Contingent Resources1,2 N t Fi Net Finding di (Excluding Prospective Resources Upside) Cost to Date: 2C…
South Lokichar Basin Development Focussed on Western Basin Bounding Fault Auwerwer Discoveries Appraisal plans aimed at resource Gross Contingent Resources1,2 (Excluding Prospective Resources Upside) progression from 3C to 2C to 1C…
Extended Well Tests EWTs at Amosing & Ngamia will test reservoir EWT results in conjunction connectivity at the proposed development well spacing in multiple reservoir horizons with core programs, will Hydraulically-controlled…
Special Core Analysis Over 1100m of whole core from South Lokichar wells Extensive program of routine and special core analysis ongoing which will provide results from from 1Q onwards Majority of core acquired using synthetic oil…
East Africa regional oil export pipeline status Northern Route 1335 km Kenya & Uganda Governments agree Southern Route 1215 km regional crude oil pipeline from Uganda Lokichar-Southern Route Tie-in - 269km Total Southern Route 1484km…
New Basin Exploration, Next 12-18 months Currently planned wells North Kerio- Epir (Drilling) North Turkana- Engomo Spud Dec. 2014 North Turkana Turkana- North Samaki Spud Q1,2015 Abaya-Chamo North Lokichar-Tausi spud Q1,…
Comparison of Basins based on Full Tensor Gravity (FTG) Surveys South Turkana Lake Basin North Lokichar Basin & North Kerio North Kerio North Kerio Basins are North Basin Lokichar Basin similar in size to South Block 10BA…
Block 10BB- North Kerio Basin Epir Prospect (formerly Aze) Time Structure Lower Pliocene Marker 5km Block 10BA Block 10BB Epir: 343 MMBO Best-Estimate Gross Resources Resource estimates are gross best estimates of…
Block 10BA- North Turkana Basin Engomo & North Samaki Prospects E Engomo-1 1 Engomo N. Lake Shaba Turkana North Samaki Samaki-1 1 Kifaru N. Samaki Large prospects, different play types, types drillable from…
Block 13T- North Lokichar Basin Tausi Prospect Tausi-1 Based on newly acquired 2013 -2014 seismic Time 2 km Structure Marker-1 25km Tausi-1 20km Immediately north of the South Lokichar producing d i ttrendd Younger…
Block 12A- Kerio Valley Lekep Prospect Miocene Poi Shales in Outcrop: 8 of 16 samples show good to very good source quality with TOCs 3% Type T I lacustrine l t i oilil prone source rocks Early oil-generation window with good…
Rift Basin Area Block On trend, extremely large, completely unexplored Extension of Tertiary Rift Trend Rift Basin Area Frontier area, no existing seismic data or wells 42,519 sq km Completed 37,000 sq km FTG survey Fieldwork…
What you will see in 2015 (Timing of well results) 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 Firm Contingent Basin as Ope Openers es Epir Engomo N. Samaki Tausi Lekep S. Kerio (N.Kerio) (N.Turkana) (N.Turkana) (N.Lokichar) (Kerio…
Summary Recent share price performance not indicative of company valuation but driven more by external market conditions South Lokichar project still remains one of the top new oil developments in the world with sound fundamentals…
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