WEST AFRICA UPDATE: HIGH IMPACT EXPLORATION INVESTOR PRESENTATION FEBRUARY 2013
MANAGEMENT, STRATEGY & ASSET OVERVIEW Significant High Impact 2013 West African Drilling Programme in Two Countries Management Rob Shepherd appointed Interim CEO in November 2012 Strategy To identify and mature high impact…
CORPORATE OVERVIEW IFC, part of World Bank, main shareholder with 9.3% shareholding Listing Information One Year Share Price Performance Shares on Issue 682.9mm 0.50 12.0 Performance Shares 15.0mm Options/Warrants (0.25 - 0.80)…
2012 BLOCK WIDE 3D SEISMIC New 3D seismic covered entirety of block for first time Block wide dataset of 860km2 First PSTM processed products have been utilised to: - identify a number of new prospects including Arius - refine a…
3D SEISMIC COMPARISON Significant step change in data quality 2010 TRICON MERGED REPROCESSING (VERY POOR) 2012 FAST TRACK PSTM Tricon 2012 merged reprocessing was very poor. The Fast Track PSTM of Polarcus 3D survey represents a…
BLOCK CI-202 RESOURCE SUMMARY Prospective Resources of 1,387 mmboe & Contingent Resources 85 mmboe* Mean Prospective v Contingent Resources Mean Prospective Resources, Unrisked Gazelle 2% Contingent 85 mmboe* 6% Prospects Gas…
CI-202 PROSPECT INVENTORY Top 5 independent prospects access 69% of the risked portfolio Unrisked Mean Prospective Resources (mmboe)* Risked Mean Prospective Resources (mmboe)* Bubale Deep, 5 Hippo Deep, 5 Hippo Deep, 33 Addax…
BLOCK CI-202 PROSPECTIVE AREAS Gazelle-Condor Area Appraisal of Lower Cenomanian gas bearing reservoirs Incised Canyons Appraisal of oil and gas Contingent Prospective bearing canyon fills at: mmbbls bcf mmbbls bcf - Hippo 6.0…
BLOCK CI-202 STRATIGRAPHY Number of independent play types Faucon Lower Cenomanian 12
TOP FIVE BLOCK CI-202 PROSPECTS Five high quality prospects, targeting independent play types and providing a combination of oil & gas resources for planned two to three well campaign. Subject to final prospect selection, each is capable…
GAZELLE / CONDOR COMPLEX SUMMARY Fault bounded, thick Cenomanian depo-centre with proven hydrocarbons The Lower Cenomanian section is up to 1,000 metres thick in the thickest part of the basin The Gazelle P3-ST1 well is located on…
GAZELLE / CONDOR: LC2 GAS DOWN TO 15
GAZELLE / CONDOR: STACKED RESERVOIRS Condor Southern Flank was tested by the Gazelle P3-ST1 well, LC2 & LC5 had gas pay N Cross section through Condor Basin S LC5 LC2 Line Location LC1 Condor Basin Gazelle Nose…
ARIUS PROSPECT SUMMARY Jubilee fan analogue The Arius prospect is a thick, anomlaous, Coniacian/Turonian slope fan complex located at the toe- of-slope of a significant sequence boundary The age and seismic character of Arius is…
ARIUS PROSPECT South B3-X IVCO-18 North Top Arius Depth - Top, Mid & Base Arius - Top & Base Arius Deep 18
FAUCON SUMMARY Four-way structural closure with a draped channel fairway The Faucon high is a large four-way closure Has access to marine oil prone source rock to the south The Eastern part of the Faucon high has been penetrated…
FAUCON HIGH HYDROCARBON SHOWS IVCO-10 Oil stain from 2212-2285m IVCO-24 Fluorescence and HC cut Fluorescence at 2400m Faucon LKO: 2285m TVDss Faucon HKW: 2380m TVDss IVCO-22 Oil stain in cuttings at 2450m Fluorescence and HC…
COMMERCIALISATION OF DISCOVERIES Ready market to underpin commercialisation of discovered gas resources Regional Infrastructure Concept Mature Gas Market and Onshore Infrastructure Mature Power generation network, Cote dIvoire…
ACCRA BLOCK, GHANA 22
OFFSHORE ACCRA BLOCK Government Approval of Rialto Entry into Accra Block in December 2012 Location High impact exploration opportunity in a politically stable environment Ground floor entry into highly prospective block…
ACCRA BLOCK: LARGE RESOURCE POTENTIAL Starfish-1 exploration well planned for Q3 2013 Strong Joint Venture post-Tap Oil farmout with new Participating Interests experienced African drilling operator in place Party Participating…
SUMMARY 25
SUMMARY Prospective Highly prospective acreage in proven hydrocarbon basin in Cote dIvoire Acreage unrisked gross Mean Prospective Resources of 1,387 mmboe High Impact High impact exploration block in Ghana 375 mmbls net to RIA…
APPENDIX 27
VALUE PROPOSITION* Value predicated on upcoming two high impact drilling campaigns 2.00 Analyst Coverage Price Target / Date Valuation 1.80 1.60 1.40 EV/ 2C (/Boe) Euroz A0.48 16.01.13 1.20 1.00 Investec Bank 13p 15.01.13…
HIPPO & BUBALE DISCOVERIES SUMMARY Discoveries: - Hippo-1X (Hippo) / IVCO-22 (Bubale) - Both Wells Tested Trap: - Stratigraphic pinchcout updip of sands - Lateral side seal against canyon edge - Downdip structural closure - Intra…
CHOUETTE COMPLEX SUMMARY Attractive set of thick anomalous sequences next to analogous discoveries Chouette & the Greater Chouette Complex is a series of nested & stacked prospects They are located between nearby oil and gas…
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