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SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp.

Africa Oil Corp. · Sep 10, 2013 · 34 slides

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Slides

  1. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 1
    A Major j Emerging g g Oil Company in East Africa Corporate Presentation September, 2013 A Lundin Group Company
  2. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 2
    2013 The Proof in the Pudding Moving to development Exceeds threshold volumes for development Working with host governments and partners to put start-up and long term development plans in place Appraisal programs initiated…
  3. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 3
    Location, Location, Location First mover advantage g in securing unequalled acreage position in what is now the worlds world s top exploration spot Over 250,000 sq km or 62 million acres gross Rift Basin Area Four separate…
  4. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 4
    The Opening of the First New Basin Lokichar Ngamia-1 discovery is Tertiary Rift Play Opener - Over 100 undrilled prospects and leads Tertiary/Cretaceous Rifts North Sea Reserves: Unrisked Gross Best Estimate of 60+ BBO Prospective…
  5. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 5
    Lokichar Basin Low Risk Proven Hydrocarbon System Oil discoveries at Ngamia and Twiga confirm highly Lokichar Sub-basin prospective source rock, traps and reservoirs Lead F F Time Structure Map Top Lokhone Shale Etuko oil…
  6. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 6
    Ngamia-1 Cross Section Test data confirms excellent reservoir quality q y in Upper pp Auwerwer sands: 23-29% porosity 50 400 md permeability Well produced 3,200 bopd from six tests With optimized artificial lift equipment this…
  7. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 7
    Twiga South-1 Cross Section Core and test data confirm excellent reservoirs in Upper Auwerwer sands: 23 23-29% 29% porosity 100 md - 3 darcy permeability Well produced 2,812 bopd from 3 tests With optimized artificial lift…
  8. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 8
    Etuko-1 (formerly Kamba Prospect) Etuko 1 Discovery Etuko-1 SW Dip Line NE Etuko-1: 100 MMBO 1 Lokhone A Auwerwer Sandstones Lokhone Sh Oil droplets in cuttings - plan to test with shallow well Plio-Miocene Auwerwer…
  9. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 9
    Lokichar Basin Exploration- Next 6 months Gross Best Estimate Contingent (2C) Etom Complex Spud 1H, 2014 Resources to date: Best-Estimate Gross Resources: 368 MMBO (gross)1 Upcoming Wells: Prospective : 467 MMBO 1 2013 Competent…
  10. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 10
    Ekales-Twiga-Agete-Etom Prospects Etom North Best-Estimate Gross Resources Enlarged Map 234 MMBO COS: 25% Et Etom N N. Kenya Etom Complex Etom Best-Estimate Gross Resources 467 MMBO COS: 25-38% Agete Twiga South…
  11. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 11
    Ekales Prospect- Cross Section Currently drilling to projected total depth of 2,500m Lokichar Sub-basin Low-risk well located between two oil discoveries Lead F Time Structure Map Top Lokhone Shale Future appraisal pp of Auwerwer…
  12. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 12
    Agete and Etom Prospects Etom Complex Best-Estimate Gross Resources SE Line 2012-40 467 MMBO NW COS: 25-38% SW Enlarged Map Etom N. Line 2012- 42 Auwerwer Kenya Lokhone Shale Etom Lokhone Sst Agete Twiga South Etuko…
  13. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 13
    Ngamia-Amosing Area Et Etom N N. Kenya Etom Ngami West Ngamia-1 Agete 2012-18 Twiga South Etuko Ewoi Loperot Ekales Lokichar Basin Enlarged Map Ekunyuk Ngamia & Ngamia West Amosing Best-Estimate Gross Resources:…
  14. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 14
    Ewoi-Ekunyuk Prospects- The Rift Flank Play Kenya Large Structural Traps Depth Structure: Top Lokhone o o e Sou Source ce Rock oc Et Etom N N. Possible Stratigraphic 5km Component Etom Enlarged Map Etuko-1 (2013) Agete…
  15. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 15
    Turkana Basin: Sabisa-1, South Omo Block Sabisa-1 TDd with oil and gas shows Sabisa -1 Tultule Prospect Possible trap failure W Dip Line E A Tultule T lt l to t test t t upthrown th fault-trap f lt t Depth Structure Map…
  16. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 16
    Sabisa & Tultule-1: South Omo Block Sabisa West Sabisa-1 Tultule Prospect Projected Prospec Rift Flank Prospects W River t E Schematic Geologic Section Shale Marker Tertiary Marker 5 Tertiary Marker 3 Volcanics Oil &…
  17. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 17
    Focus on Opening New Basins Chew Bahir Basin (South Omo Block) New seismic identified large inventory of prospects Prospects supported direct hydrocarbon indicators Western Shore, Lake Turkana (10BA) Latest seismic confirms…
  18. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 18
    Chew Bahir Basin (South Omo Block) Zorit Chew Bahir Basin Wemay NESIR Jigra Sila Best-Estimate Gross Jigra S. Resources 241 MMBO Shimela Best-Estimate Gross Resources 48 MMBO East BM Shimela S. Gardim…
  19. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 19
    Chew Bahir Basin Prospects (South Omo Block) Shimela: Shi l 48 MMBO Jigra: 5 MMBO Sila: 241 MMBO SW Best-Estimate Gross Resources NE NW Best-Estimate Gross Resources SE Best-Estimate Gross Resources CB Marker 3 CB Marker 5…
  20. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 20
    Newly-Awarded Rift Basin Area PPSA PPSA award follows 3-year Joint Study Extends AOC position in Tertiary Rift Basins Rif B i A Rift Basin Area 42,519 sq km Frontier area, no existing seismic data or wells Initial exploration…
  21. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 21
    Lake Turkana Western Shore Prospects (Block 10BA) 1,350 km of new onshore and marine seismic significantly significantl increased prospect inventory S Seismic i i acquisition i iti concentrated t t d along western shore…
  22. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 22
    Lake Turkana Western Shore Prospects (10BA) Line 2012-08 Shaba Kifaru Mrkr 5 Western Plio. Volcanic Shore Kiboko Best-Estimate Gross Resources 106 MMBO 3 km Shaba Best-Estimate Gross Resources 19 MMBO Lake…
  23. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 23
    South Kerio Prospects (Block 10BB) New prospects from Tertiary ongoing seismic program Marker 2 Estimated prospective S Kerio D S. South Kerio resources in the 50-100 MMBO class, pending CPR audit S. Kerio C 100 km S.…
  24. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 24
    Anza Graben, Block 9: Extension of the Sudan Play Cretaceous Basin on trend with South Sudan with over 6 billion barrels of oil discovered along trend SW Bahasi-1 NE Play concept confirmed at Paipai well Drill Bahasi and Sala…
  25. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 25
    Block 9 Drilling Planning Update Greatwall GW190 rig currently mobilizing to site expect Bahasi site, Bahasi-1 1 well spud in September Base case shallow 3,000 m well target expected to take 60 days to drill dry hole. Fully…
  26. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 26
    World Class Development Project Ngamia, Twiga South and Etuko discoveries prove prolific light oil South Lokichar basin with significant running room South Lokichar Basin exceeds threshold volumes for development Kenyan &…
  27. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 27
    Ngamia/Twiga Well Tests Have Significantly Advanced Reservoir Understanding What we know: What we need to know: Waxy sweet crude 25-35 deg API Aerial extent of net pay wax can be managed with heat Reservoir connectivityy High…
  28. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 28
    Contingent and Prospective Resources Net Contingent Resources** Net Unrisked Prospective Resources** Net Risked Prospective & 2C Resources** 208% Increase mmbo mmbo 1800 300 2C Ethiopia 1600 Kenya Prospective 250 231 1400 231 47…
  29. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 29
    South Lokichar Basin Building World Class Resource Base South Lokichar Basin Best Estimate Gross Contingent Resources, Gross Risked and Unrisked Prospective Resources Drilling program to end 2014 accesses 60% tto 70% off S…
  30. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 30
    AOI Corporate Summary Funding 2013 Work Program fully funded 2013 Forecast O&G Expenditures (gross): 567MM 179.5MM Cash (30-June-2013) 63.0 272.2MM Cash (31-Dec-2012) 43.5MM Marathon farmout carry dedicated to 99.9 Block 9,…
  31. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 31
    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 2006 4 million MC…
  32. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 32
    Corporate Social Responsibility Commitment Risk Management and Value Creation Africa Oil is committed to addressing the challenge of sustainability - delivering value to our shareholders, while providing economic and social benefits to…
  33. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 33
    Opportunity Summary Africa Oil has the best onshore acreage position in East Africa Africa, the worlds hottest exploration location The Ngamia, g Twiga g and Etuko discoveries have significantly g y de- risked the South Lokichar…
  34. SEPTEMBER 2013 CORPORATE PRESENTATION – Africa Oil Corp. – slide 34
    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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