A Lundin Group Company 1 Hunting Elephants in East Africas Rift Basins May 2012
2 Exploring in Four Major Rift Systems Africa Oil Assets Tertiary rifts (Kenya & Ethiopia) Cretaceous rifts (Kenya, Mali) Jurassic rifts (PuntlandSomalia) PermoTriassic rifts (Ethiopia) All of AOC plays are extensions of…
3 Play Summary Have assembled massive acreage position of 300,000 sq km (74 MM acres) in 4 distinct rift related petroleum systems with billion barrel potential Completing seismic and FTG programs on all blocks in preparation…
4 Tullow Partnership in Tertiary and Cretaceous Rift Trend Tullow farmed into AOC blocks in 2010 and now operates blocks outlined in red. Tullow & partners have discovered 1.1 BBO O (discovered) + 1.4 BBO (potential) in the Lake…
5 Tertiary Rift Exploration Block 10BB, 10BA, 12A, 13T in Kenya South Omo and Rift Valley Study Blocks in Ethiopia New Ngamia Discovery extends the Lake Albert Play into the Lake Turkana area * Similar size to entire North…
6 Kenya Block 10BB/13T Lockichar Sub Basin Ngamia 1 Ngamia1 Lead E Twiga N. AOC: 50% working interest K Kongoni i Ngamia Discovery confirms petroleum system previously tested by Shell Loperot1 (1992) Ngamia oils…
7 Block 10BB Ngamia Prospect: Play opener Dip Line Ngamia Discovery Line LOK-10-24 Strike Line Kongoni--A Kongoni Analogous to Tullow Lake Albert Discoveries; Kingfisher, Mputa, Waraga
8 Waraga, Lake Albert Uganda Analogue: Tullow Play Opener Downthrown trap like Ngamia Waraga-1 Flowed 12,050 BOPD Flowed more than 12,050 BOPD DST 3 3,650 bopd Waraga1 Waraga 1 (1 choke) (1 33.80 API 15.4m net pay DST…
9 Ngamia-1 Well Results Generalized Stratigraphy 0 Meters Volcanics Oil in Miocene Sandstones 500 Porosities from logs: 23-29% 23-29%, SWC SWCs s Upper Miocene indicate good porosity Sandstones 855m 1000 Gross…
10 Lockichar String of Pearls Prospects extending more than Lokichar 100 km along trend Basin Currently acquiring 700 km 2D infill seismic Twiga-1 Twiga-1 to spud 2H 2012 20 km Prospects Seismic Leads FTG Leads 50…
11 Another Key Prospect on Block 10BB Kamba Prospect SW Kamba Prospect NE P50 P10 KAMBA PROSPECT 5 KM Depth Structure, CI: 20m Along trend of shallow drilling program Internal Estimated Resource (gross 100%): Large…
12 Block 10BA - Northern String of Pearls AOC: 50% WI AOC: 50% WI South Omo Block, ET Block centered on Lake Turkana Loose grid of legacy seismic Turkana Oil slicks observed in satellite imagery Western Shore Play FTG…
13 South Omo Block - Northern String of Pearls cont. AOC 30% WI, Tullow Operates with 50% South Omo Extension of Tertiary rift trend north of Planning Seismic Lake Turkana 2012 W ll 2012 Well Unexplored, no previous…
14 Cretaceous Rift Exploration Block 10A and 9 in Kenya Blocks 7 and 11 in Mali Over 6 billon barrels of oil discovered along l trend d iin S Sudan d iin a similar i il geologic l i setting E Early l wells ll in…
15 Block 10A Prospects Seismic Leads AOC 30% WI, Tullow 50% WI (Operator) 3 wells drilled in the 80s by Amoco Wells encountered residual oil staining W ll t d id l il t i i over thousands of feet, free oil Paipai Spud…
16 Regional Seismic line- Pai Pai Prospect Sirius-1 Bellatrix-1 Paipai Prospect Recent Play Lake Pliocene Volcanics Maikona formation Miocene Lower Tertiary Upper Cretaceous Lower Cretaceous Jurassic Basement…
17 Block 9 Tertiary Play Ndovu 3D Residual Gravity Kaisut Sub Basin Oil prone AOC 100% AOC 100% Pundamilla Cretaceous Oilprone play extending from Sudan Acquired 750 km 2D in oilprone Kaisut Subbasin Kinyonga…
18 Kiyonga Prospect-Block 9 60 SQ KM 4WAY CLOSURE Kinyonga Prospect SW NE Metres Tertiary Play 5km Time Structure Tertiary-Cret. Unconformity Tertiary Mrkr1 Tertiary Mrkr2 Internal Estimated Gross Resources:…
19 Bogal Gas Discovery Depth p Structure Near Top p Cretaceous Gas Sands Bogal Bogal-1 1 Gas Discovery drilled in 2010 Gas bearing Cretaceous Sandstones: 3150-3285 m 28m net gas pay with 8% porosity DSTs in Jurassic…
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 Energy demand growth…
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 history Yemen fields…
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…
Dharoor Block, Puntland DARIN1 Shabeel-1 spud in January 2011, and is testing a large anticlinal structure. SHABEEL NORTH Shabeel North Prospect will spud mid-2012 and will test a large fault-bounded closure. SHABEEL SW…
24 Generalized Stratigraphy Qr Shabeel-1 Well Results Meters Cretaceous Jesomma Sandstones Rate of H Hotwire i G Gas C1 C1-C5 C 500 Penetration Tertiary Taleh 1000 A d Auradu 1500 Cretaceous…
25 Community Development and National Initiatives FOOD SECURITY Fiveyear partnership with FARM AFRICA on longterm livestock and agriculture; access to improved inputs, microirrigation, VSL, livestock and veterinary services…
26 World Class Potential in Multiple Petroleum Systems Africa Oil Corp Summary of Unrisked and Undiscovered Oil Prospective Resources1 Current Working Interests Geographic PSC/PSA Operator Gross Best AOC Net Best Region…
27 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 Recently…
28 A History of Value Creation Company 2002 Present Notes Tanganyika 0.55/share 0 55/share 31.50/share 31 50/share Sold to Sinopec 2008 Sold to Sinopec 2008 13.5 million MC 1.9 billion MC Valkyries 0.45/share 16.00/share Sold…
29 Summary AOC has assembled a highly prospective East African portfolio that spans 4 different proven petroleum provinces with multi-billion barrel potential E Experienced i d managementt and d staff t ff with ith offices…
30 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…
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