1 A Lundin Group Company Africa Oil Corp. Portfolio o t o o & Growth Go t May, 2011
2 Multiple proven rift plays y Africa Oil Assets Tertiary rifts (Kenya & Ethiopia) Cretaceous rifts (Kenya, Mali) Jurassic rifts (PuntlandSomalia) PermoTr rifts (Ethiopia) All of AOC plays are extensions of proven multi…
3 Play Summary Seismic programs completed on majority of blocks Aggressive gg two rig g drilling g campaign p g to kick off Q3 Q 2011 9 2 wells in Puntland-Somalia Jurassic rift basin 91 well in Ethiopia Ogaden Basin…
4 Tullow Partnership Tullows Ugandan discoveries now likely exceed 2 BBO in the Lake Albert region. g a 97% success rate to our Tullow brings new partnership. Tullow will pay 10 MM past costs and carry AOC for next 23.75…
5 Kenya Assets AOC holds 6 blocks in Kenya AOC operates Block 9 T ll Tullow operates t all ll others th
6 Kenya Block 10BB AOC holds a 40% Carried Interest Area = 12,638 km2 and will secure an additional 10% paying interest, post-Lion deal 13T N-Kerio Lake S-Kerio Turkana Loperot oil discovery & oil recovered in uphole…
7 Block 10BB Fise Prospect SW NE Metres FISE Line LOK-10-24 WESTERN RIFT BOUNDING FAULT LOKHONE SH LOKHONE SH MRKR LOKHONE SS FISE 5km Closure: P50: 5.0 km2 (1,300 acres); P10: 18 km2 (4,500 acres)…
8 Block 10BB- Kamba Prospect SW NE P50 P10 KAMBA PROSPECT Depth Structure, CI: 20m 5 KM Vertical relief: 730 m Internal Estimated Resources (100%): Stacked Tertiary SS Reservoirs P50: 150 MMBO (15 sq km) Avg.…
Block 10BA- North Lake Turkana AOC acquired 50% WI through Centric acquisition. Tullow operates with 50% WI, WI paying 80% Multiple oil slicks interpreted from satellite data. South North Prospective block resources…
Block 10BA- North Lake Turkana South North Prospective block resources (unrisked)* P50 - 2 2 BBO 2.2 P10 - 4.4 BBO 15+ leads from existing seismic data. S i i L Seismic Leads d 25 km Eliye Springs * Independent technical…
Blocks 12A / 13T AOC holds 50% WI, 10 BB 10A Tullow: 50% WI (Operator) 13 T Protection acreage along Tertiary rift trend south of 10BB 9 Highly underexplored with no seismic or wells drilled 2011 Full Tensor Gravity (FTG)…
Block 10A Area = 14,597 km2 AOC 30% CWI, Tullow (OP): 50% Lake Turkana Block 10 BA Anza Rift: Cretaceous rift extending into Kenya from Sudan Block 10A 3 wells with up to 2,000 of residual oil Block 9 Block 10BB Late…
Anza Basin Play Concepts, Block 10A SW Paipai Prospect NE 5km Paipai Prospect AOC Exploration Strategy: Find & drill structural traps that have maintained structural i t it th integrity through Tertiary h T ti…
14 Block 9 Lake Turkana Africa Oil Kenya 100% Block 10BA Anza Cretaceous Rift Basin Block 10A Continuation of Sudan Rift Trend Block 09 Block 10BB 2010 Bogal Gas Discovery Marsabit 2011 Program: g National NDovu…
Block 9- Bogal Discovery Bogal g Tertiary Sand/Shale Cretaceous clastics (2800-5000 m) Upper Cretaceous Sand/Shale 100 sq km closure 91 m net gas pay with 5-11% porosity 3 3 TCFG recoverable Lower Cretaceous Sand/Shale Mega…
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 0 Oil 16% Source: IEA, 2010 Demand growth is robust over…
Ndovu Lead, Block 9 Ndovu (TD 44,267 267 m, 1988) Oil & gas shows: 2300-3600 m Oil in cores, 2 DSTs with gas Sprung trap in fault closure Undrilled simple closure Block 10A Block 09 Marsabit National Ndovu Over- Park…
Ethiopia AOC holds blocks in 3 trends: 9 Tertiary Rift (South Omo) 9 Karoo Rift (Ogaden) 9 Jurassic rift (Adigala) Exploration activity in area increasing but remains under p explored Proven petroleum systems Significant nearby…
South Omo Area = 29,465 km2 AOC holds 30% WI, Tullow Operates with 50%. South Omo Rift Valley Extension of Tertiary rift Block trend north of Lake Studyy Area Omo Turkana National Mago Park National Park Unexplored with…
20 Rift Valley Block (JSA) Location Map Tar reported along shoreline Multiple p oil slicks identified on landsat Acquired block-wide high resolution airborne gravity & magnetics in 2011
El Kuran Appraisal, Ogaden Block 8 Structure Map Top Jurassic W E El Kuran-1 El Kuran-2 W E El Kuran-1 AOC Operates with 55% WI 5 km Light oil recovered from Jurassic limestones in El Kuran1 & 2 2011 Proposal: Test…
22 Ethiopia - Adigala Area = 27,193 km2 20 19 18 AOC holds 50% interest 17 16 15 Field work confirms 14 13 source, seal and reservoir. 12 11 Jurassic 10 Source Rocks 9 8 7 6 5…
23 New Puntland Focused Vehicle DEAL MOU signed btwn AOC & NewCo AOC will sell their 60% interest in both Dharoor and Nugaal NewCo to take Operatorship, Operatorship subject to Gov approval FINANCING AOC to put in 10 MM cash…
24 Puntland Cash infusion through NewCo near completion LOI executed for rig and services Contract negotiations underway Spud anticipated August, 2011 New g geophysical p y mapping pp g identifies robust prospects…
25 Dharoor Block, Puntland Darin1 well drilled in 1958 on the DARIN1 flank of the rift; found oil across several zones AGIP brought in several zones. AGIP brought in DOWACO pumping units and tanks for…
Dharoor Block SW SHABEEL NORTH NE Meters SHABEEL Turonian Cret C et Mrkr L Cret Carb MJ Uncf Line AOC-08-052
27 Community Development CD projects include: CD projects must have: CD j t th School rehabilitation School rehabilitation Religious neutrality Bursary Fund Sustainability Farm tools Local content Local content Birkahs (water…
28 World Class Potential in Multiple Petroleum Systems Proforma Working Interests P f W ki I t t Current Working Interests (Lion Energy Corp. Acquisition)4 Geographic PSC/PSA Operator Gross Best AOC Net Best AOC Working Net…
29 Size of the Prize Prospective Indicative Risked Potential Potential Resources Net Best Risk Prospective Value Estimate (MMbbl) Factor Resources (MM) 20% 1,294 5,474 6,470 10% 647 2,737 1% 65 274 Recently completed East…
30 A history of value creation Company 2002 Present Notes Tanganyika 0.55 / share 31.50 / share Sold to Sinopec 2008 13 5 illi MC 13.5 million MC 1 9 billi MC 1.9 billion MC Valkyries 0.45 / share 16.00 / share Sold to Lundin…
31 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…
32 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…
33 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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