WEST AFRICA UPDATE: HIGH IMPACT EXPLORATION INVESTOR PRESENTATION TUESDAY 15 JANUARY 2013
AGENDA Introduction Block CI-202 Overview Overview of 2013 CI-202 Exploration Programme Overview of Existing Discoveries Accra Block, Ghana Summary 3
PRESENTATION TEAM Rob Shepherd (Interim CEO) 19 years industry experience 4 years Dominion Petroleum (FD) 11 years ABN AMRO (structured / project / corporate finance) 4 years Shell (facilities engineer) Charlie Nieto (COO):…
HIGHLIGHTS Cote dIvoire Upgraded Prospectivity: World class prospect inventory with gross mean prospective resources of 897 mmbbls plus 2.936 tcf gas across 4 independent play types Enhanced Technical Understanding: Block-wide 3D…
OBJECTIVE AND STRATEGY Objective: To maximise value for shareholders with due regard to all stakeholders Strategy: To identify and mature high impact exploration prospects To appraise and mature potentially economic…
WEST AFRICA PORTFOLIO SUMMARY CI-202 PSC Accra Block Cote dIvoire Ghana Development and Exploration Exploration Working Interest: 85%1 Working Interest: 12.5% Operator: Rialto Operator: Ophir Energy 5 discovered, undeveloped…
BLOCK CI-202 OVERVIEW 8
OVERVIEW OF CI-202 Rialto Energy (Cote Petroci DIvoire) Ltd Block CI-202 Interests Working Paying Working Paying Interest Interest Interest Interest Block CI-202 85% 95% 15% 5% (excluding Gazelle Field EEA) Gazelle Field EEA 74%…
2012 3D SEISMIC Covers entirety of block for the first time - one large seamless, block wide dataset of 860km2 First PSTM processed products represent a significant step change in data quality for the Block and is being utilised…
3D SEISMIC COMPARISON 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 pre and post-stack data is riddled with…
UPGRADED PROSPECT INVENTORY 2012 Competent Persons Report Prospect inventory of 14 prospects audited by Mean Prospective Prospective Areas Zone (s) Resources RPS in April 2012 (Gross & Unrisked) Block CI-202 gross Mean Prospective 20…
CPR NUMBERS: 2012 V 2013 MEAN PROSPECTIVE RESOURCES DELTA BOE 488 101 1387 11 *mmboe 809 2012 2013 2012 Prospective Resources Prospective Resources lost by drilling Gazelle-P3ST1 Increase in Prospective Resources…
CPR NUMBERS: 2012 V 2013 ADDITIONAL PROSPECTS ADD PROSPECTIVE RESOURCES Additional 8 prospects have added another 488mmbbls of Mean Prospective Resources BOE* 406mmbbls of liquids & 487bcf of gas (*) Gas volume conversion: 6…
VOLUMETRICS MEAN RESOURCES Prospective Resources 1,387 mmboe* & Contingent Resources 85 mmboe* Mean Prospective Resources, Unrisked Prospects Mean Resources, Unrisked 1387mmboe* Mean Prospective v Contingent Resources (*) Gas…
OVERVIEW OF 2013 CI-202 EXPLORATION PROGRAMME 16
CI-202 PROSPECTS INVENTORY Unrisked Mean Prospective Resources Risked Mean Prospective Resources mmboe* mmboe* Top 5 independent prospects access 69% of the risked portfolio (*) Gas volume conversion: 6 Bcf per 1 mmboe 17
TOP FIVE INDEPENDENT PROSPECTS FOR COTE DIVOIRE Five high quality prospects, targeting independent play types, providing a combination of oil & gas resources and all drillable with the Vantage Sapphire Prospect Water Depth TD (MD)…
CI-202 SELECTED PROSPECTIVE AREAS Gazelle-Condor, Incised Canyons Appraisal of Lower Appraisal of oil and gas Cenomanian gas bearing canyon fills at: bearing reservoirs - Hippo - Bubale - Chouette Undrilled deep grabens…
CONDOR AND GAZELLE AREA PROSPECTIVITY FAULT BOUNDED, THICK CENOMANIAN DEPO-CENTRE WITH PROVEN HYDROCARBONS Discovery: Gazelle - Combined structural stratigraphic trap Bongo Proven hydrocarbons - Mean Contingent Resources of ; 5.7…
FAUCON AREA PROSPECTIVITY FOUR-WAY CLOSURE WITH A DRAPED CHANNEL FAIRWAY Faucon Four way dip closure Prospective Resources with a GPoS of 23% Mean 118 mmbls & 79 bcf P10 274 mmbls & 186 bcf Excellent Lower Cenomanian reservoir…
HIPPO & BUBALE CANYON AREA PROSPECTIVITY INCISED CANYONS WITH PROLIFIC OIL AND GAS TESTS Discoveries: Hippo-1X incised canyon, fault trapped Mean Contingent Resources of 62 Bcf IVCO-22 (Bubale) incised canyon stratigraphically…
CHOUETTE AREA PROSPECTIVITY ATTRACTIVE SET OF THICK ANOMALOUS SEQUENCES NEXT TO ANALOGOUS DISCOVERIES Discovery: - Impala (IVCO-18) Stacked mid slope fans and canyons Tested oil and gas Prospects: Chouette Complex series of…
ARIUS AREA PROSPECTIVITY VERY ATTRACTIVE JUBILEE FAN ANALOGUE Arius Stratigraphically trapped toe of slope fan Prospective Resources with a GPoS of 22% Mean 227 mmbls & 114 bcf P10 683 mmbls & 342 bcf Situated between the…
VANTAGE SAPPHIRE CONTRACTED Rialto has contracted1 the Vantage Sapphire jack up rig for two to five wells - Currently in country and drilling development wells for the Foxtrot Field - Suitable for drilling deeper targets…
OVERVIEW OF EXISTING DISCOVERIES 26
CI-202: EXISTING DISCOVERIES 27
GAZELLE FIELD Two 2012 appraisal wells plus sidetrack (2 wells suspended as future GAZELLE producers) Complex Geology Static Model being built CPR revision New 3D MAZ seismic to optimise positioning of future producers 28
HIPPO AND BUBALE FIELDS Inline from 2012 Polarcus 3D Seismic Bubale Canyon Hippo Canyon IVCO-22 Missed high N:G axis Net pay 18m Test flow rates of 2000bpd Planned Appraisal well Hippo 1 Gas Discovery Encountered…
ADDAX FIELD IVCO-13 IVCO-25 Oil Leg
CONTINGENT RESOURCES Contingent Oil Resources Contingent Gas Resources (mmbbls) By Area (Bscf) By Area Gazelle Field Condor Hippo-Bubale Addax Gazelle Field Condor Hippo-Bubale Addax 0.3 5.7 9 19 105 143 15.1 13…
STRONG & GROWING DOMESTIC GAS MARKET Domestic Gas Market Proposed 245MW Abatta Proposed 222MW expansion to the Existing and expected growth in power plant requiring 75 CIPREL power plant requiring 33 domestic gas market will underpin…
REGIONAL INFRASTRUCTURE CONCEPT Mature Gas Market and Onshore Infrastructure Mature Power generation network, CI exports electricity from gas fired power stations Major new energy-intensive mining projects planned Current gas…
ACCRA BLOCK, GHANA 34
OFFSHORE ACCRA BLOCK OVERVIEW Key Facts Block : Offshore Accra Ratified by Parliament : March 2010 Hess announce fifth discovery Gross Acreage : 2,000 sq km on block Operator : Ophir Pecan-1, 75m of oil pay in Exploration…
ACCRA BLOCK OVERVIEW High impact exploration opportunity in a politically stable environment Offshore Ghana has been the location of several world class oil discoveries in the last five years Jubilee; Tweneboa; Odum; Teak and most…
SUMMARY 37
SUMMARY Highly prospective acreage in proven hydrocarbon basin in Cote dIvoire unrisked gross Mean Prospective Resources of 1,387 mmboe High impact exploration block in Ghana 375 mmbls net to RIA Active work programme in 2013…
APPENDIX BACKGROUND INFORMATION 39
CI-202: 15 WELLS ON BLOCK 15 wells drilled on block 14 recovered hydrocarbons to surface 40
COUNTRY OVERVIEW Cote dIvoire is located on the southern coast of West Africa Yamoussoukro is the administrative capital Abidjan is the de-facto capital and commercial centre French is the official language Population of 21.9…
COTE DIVOIRE UPSTREAM HISTORY 1950s and early 1960s - Oil and gas exploration began onshore 1970s - 1972 - First offshore well IVCO-1 (Esso) - 1975 Petroci founded (National Oil Co.) - 1974 to 1979 First oil fields discovered…
COTE DIVOIRE UPSTREAM OVERVIEW Exploration commenced in 1953 with first offshore well drilled in 1972 - Average technical exploration success rate of 30% (WoodMac) 234 Wells drilled to July 2012 (IHS) - 92 Wildcat exploration…
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