AFRICA OIL CORPORATE PRESENTATION March 2015 A Lundin Group Company AOI TSX and Nasdaq Stockholm
A Strategic Position in a World Class Oil Project Onshore East Africa World Class onshore oil discovery in the South Lokichar Basin in Kenya An Area the Size of the Discovered oil resources of over 600 MM North Sea barrels with an…
2015 MOVING TOWARDS DEVELOPMENT KEY GOALS FOR 2015 Confirm Reservoir Quality and Deliverability Primary drivers are Extended Well Tests (EWTs) and core analysis both are well underway and yielding encouraging preliminary results…
South Lokichar Basin Highlights Amosing EWT is exceeding expectations: Exploration wells Firm Appraisal wells Drilling Candidates Amosing-1, 2A wells flowed 5,600 and 6,000 bopd, 31-38o API Appraisal well drilling yielding highly…
Extended Well Tests (EWTs) EWTs at Amosing & Ngamia will test reservoir connectivity at the proposed development well EWT results in conjunction spacing in multiple reservoir horizons with core programs, will…
Initial Amosing EWT results exceed expectations SW NE Strong NE initial clean-up flow tests: Amosing-1 Amosing-2A Perforated High productivity zones produced 31-38oAPI dry oil Interval under natural flow Amosing-2 Amosing-1 flowed…
Ngamia Field appraisal program demonstrates reservoir continuity Ngamia-7 extends field limits to East; up to 132 metres of net oil pay in Auwerwer, Intra-Lokone and Lokone reservoirs Ngamia 1, 3, 5, 6, 7 are all high net pay wells…
Early Special Core Analysis results support resource assumptions Ngamia-3 Core Over 1100m of core from South Lokichar wells High Quality Oil Bearing Sands Extensive program of routine and special core Dean Stark Total Water Saturation…
Appraisal Drilling is Extending Ngamia & Amosing Field Limits Ngamia and Amosing appraisal wells extend field limits Wells confirm high net pays and 7 stratigraphic continuity in multiple pools Increasing 1C and 2C contingent…
Appraisal Drilling with New 3D Seismic New 3D Seismic Line through Ngamia-1 : Predrill 2D Seismic Interpretation Pronounced anticlinal form at depth through Ngamia-1 Discovery: Better imaging of crestal faulting Ngamia-1 Better…
Twiga Field Appraisal based on 3D Seismic Time Structure near Top Auwerwer Pool-1 Twiga-2 and 2A Sidetrack (13 to 115m net pay) Projected to vertical TVD Upside in Deeper 1 km targets Alluvial Fan/ Rift Facies…
Amosing-3 and Ngamia-7 Extend Field Areas Amosing 3 encountered 140m of net pay, main pools are in pressure communication with Amosing 1, 2, 2A Ngamia-7 extends field limits, up to 132 metres of net pay in Auwerwer, Intra-Lokone…
Amosing North Prospect: Test for connection between Ngamia & Amosing Fields 3D seismic confirms stratigraphic continuity of Auwerwer sandstones between Ngamia Field and Amosing North Prospect Amosing North will test extension of…
Amosing-4 and Ekosowan-2 Appraisal Stratigraphic trap is likely between Amosing Field and Ekosowan-1 Ekosowan-1 encountered 900m of oil shows in tight alluvial fan facies Amosing-4 is currently drilling, and may extend pool limits…
Ekales Deep Appraisal (Drilling) Ekales-1 Ekales Deep (Ekales-2) tested thicker Ekales Deep reservoir development away from rift bounding fault Extends eastern field limit; 50-70 metres potential net pay in Auwerwer reservoir…
Appraisal Wells Targeting Upside in Intra-Lokone Sandstones Several wells in the S. Lokichar Basin have penetrated intra-Lokone sandstones that are high-quality and test at higher rates Reservoirs are possible turbidite or storm…
3D Seismic Identifies Etom Appraisal Upside North South Time Structure Top Lower Auwerwer Etom-3 Etom-1 Etom-2 Etom-1 encountered 20-80m of net pay New 3D seismic shows the Etom-1 well was drilled in a 3D mapping…
South Lokichar Basin - World Class Discovered Resource Base (Based on CPR reports dated Aug 2012, Sept 2013 & Sept 2014) Gross Contingent Resources1,2 Net Finding (Excluding Prospective Resources Upside) Cost to Date: 2C 1.93 /bo…
East Africa regional oil export pipeline status 6 BBO Sudan Oil Fields Kenya & Uganda Governments committed to regional crude oil pipeline from Uganda through Kenya Governments of Kenya and Uganda appointed technical pipeline…
Exploration Update Large exploration acreage position: 110,000 sqkm gross within Tertiary Rift Play of Kenya & Ethiopia Reduced capital spend in 2015, but active exploration integrating well and seismic data Abaya-Chamo…
Rift Basin Area Block On trend, extremely large, completely unexplored Frontier area, no existing seismic data or wells Possible extension of Tertiary Rift Play Completed 37,000 sq km FTG survey Fieldwork confirmed source rocks…
Block 12A- Kerio Cheptuket (formerly Lekep) Prospect Miocene Poi Shales in Outcrop: 8 of 16 samples show good to very good source quality with TOCs 3% Type I lacustrine oil prone source rocks Early oil-generation window with…
What you will see in 2015 (Timing of well results) 1Q 2Q 3Q 4Q Firm Contingent Basin Openers Epir Engomo Cheptuket (N.Kerio) (N.Turkana) (Kerio Valley) Lokichar Drill Out Ekales Amosing Deep 3 Ngamia EWT North Completions…
Summary South Lokichar project still remains one of the top new oil developments in the world with sound fundamentals in terms of resources, reservoir quality, economics and upside Gross Contingent Resources increased by 60 % in…
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