Investor/Analyst Results Presentation 28th March 2008
Agenda Introduction - Kevin Hart, CEO Exploration - Ed Willett, Exploration Director Development - John Morrow, Chief Operating Officer Financials - John Brown, Finance Director Conclusions and Q&A - Kevin Hart, CEO…
Disclaimer Important Notice Nothing in this presentation or in any accompanying management discussion of this presentation (the Presentation) constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in…
Placing Proposed placing of approximately 12 million shares announced today Funding flexibility provided for: Potential appraisal activity on block 7 Cameroon post IF-1r Further exploration and appraisal activity on our…
Vision & Objective Vision: It is our vision to build an African focussed, exploration and production company which becomes renowned for its ability to consistently create and realise material shareholder value through…
Strategy Focus on Africa (with particular emphasis on Gulf of Guinea) Maintain significant exploration positions (including Operatorship) Leverage technical and Cameroon commercial expertise Seek value adding partnerships…
Highlights Successful three well drilling campaign completed on Cameroon acreage in 2007. Obtained an 18 month exploration extension to September 2009 for the Etinde Permit, Cameroon. Following success of recent drilling,…
CAMEROON 9 Interim Results Presentation, March 2008
Cameroon Overview Bomono Permit 100% OLHP 1 & 2 2,328 km PSC signed 12 Dec 2007 Rio del Rey Basin First term ends 11 Dec 2012 500km seismic & one well commitment Etinde Permit 100% MLHP 5,6 & 7 2,314 km Douala Basin…
MLHP-7 Overview Isongo Marine Field Discovered by Mobil in 1967 Isongo E Field Isongo C Isongo Marine IE-2/2Z tested 30mmscf/d + 3800bcpd Isongo E Manyikebi Isongo D IF-1 drilled to 6355ft kick on IE-2Z gas gradient…
Block 7 IE/IF FORMATION PRESSURE ID IE IF Pressure(psia) 5000 5100 5200 5300 5400 5500 6000 6100 Gas kick in IF-1 6275 ft tvdss 6200 (6355 ft M D). P ro jected 6300 pressure 5180 psi 6400 6500 Depth(ft TVDSS) 6600…
IF-1r Well Location IF-1r location selected 300m NE from IF-1 Subsurface location chosen to Avoid extensional faulting in volcaniclastic interval Have well defined base volcaniclastic interval Maintain structural…
Block MLHP-7 Isongo Gas Resource GIIP (bcf) CIP (mmbbl) Isongo Marine Field 363 18.0 Isongo E Field 337 47.2 Isongo C Discovery 154 10.5 Isongo D Discovery 20 2.8 Total Discovered Resource 874 78.5 IF structure…
Cameroon Blocks 5 & 6 Douala basin numerous onshore oil seeps and hydrocarbon occurrences in older wells but no commercial discoveries pre- 3D seismic D-1r drilled and successfully tested 25mmscf/d + 1454bcpd from Miocene aged…
Block 5 Emerging Upside Late Cretaceous basin floor play Play Elements possible analogue of the deepwater Ghana discoveries but in shallow water Wedge/fan shaped depositional unit, thins to N, NE and E Internal geometry indicative of…
Cameroon - Bomono PSC signed December 2007 Attractive fiscal terms G&G operations team due in country April 08 Total commitment over 5 years - (8000km aeromagnetics, 4000km aerogravity, 500km 2D seismic, 1 well) Aero-geophysics…
Cameroon Next Steps MLHP-7 Gas Condensate Play Chase potential around IE and IF area Drill IF-1r plus drill further appraisal wells MLHP-5 & 6 Oil Play Mature interpretation and understanding of Eocene- Cretaceous…
Cameroon Commercialisation Etinde Block MLHP-7 Offshore Cameroon GAS RECYCLING OFFSHORE Sh PROCESSING CONCEPT or el in I-E WHP-PUQ Platform e Limbe 8-Slot Wellhead; Refinery Bridge-linked PUQ; From I-E Fluid…
MLHP 7 Gas Recycling Concept (Gross Basis) P50 Peak Gas Peak Condensate Peak Water Peak Gas Field GIIP Production Production Production Injection Rate (Bscf) (MMscfd) (bbl/d) (bbl/d) (MMscfd) Isongo E 290 90 11,700 500 80 Isongo…
MLHP-7 Front End Studies 2008-2009 Year 2008 2009 Month Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MLHP-7: Front End Studies DRILL IF-1r REVIEW FLOATING/MINI LNG RE-INJECTION…
GABON 22 Interim Results Presentation, March 2008
Gabon Overview Epaemeno Permit Block G4-211 1340 sq km Second term ends August 2010 One well commitment 50% relinquishment required at end of second period Third period expires Aug 2013 One commitment well Addax now approved…
Gabon EOV Field PSC signed for EOV Permit Area in February 2004 EOV Oil Field discovered by Marathon in 1998. Field located 6 miles offshore in 65ft of water 7.4 mmbbls best estimate contingent resource from CPR 24…
Gabon EOV Development Reservoir development study due for completion in April 2008 Depending on the outcome of this study we may conduct further appraisal/development drilling in 2008. Possible sanction Q2/Q3 2008. The preferred…
EOV Development Management Summary Schedule EOV DEVELOPMENT SUMMARY SCHEDULE FPSO OPTION 2008 2009 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep GENERAL Project Sanction Reservoir Studies…
EOV Topsides 27 Interim Results Presentation, March 2008
Gabon EOV Permit - NW Kowe NW Kowe lead Large rotated fault block straddling block boundary Additional seismic data required to confirm closure and mature drilling location Data trade agreed with Perenco 28 Interim Results…
Gabon - Epaemeno 307km 2D seismic programme to be acquired late June-late August 2008. Focus on northern Terrace margin play and central Davo cluster Additional 300km 2D seismic possible follow on Drilling programme during 2009 or…
FINANCE 30 Interim Results Presentation, March 2008
Placing Proposed placing of approximately 12 million shares announced today Funding flexibility provided for: Potential appraisal activity on block 7 Cameroon post IF-1r Further exploration and appraisal activity on our…
Interim Results Summary First report under IFRS and US presentational currency (conversion document issued in November 2007) Loss of 6.6 million in period Net assets of 304 million at period end, 35m invested in fixed assets…
Interim Results Funds Summary 2m 1m es Ne rec u t i eiv iss nt ed e er ar es Sh t Cash usage 51m Ex ape ac erat from pe x / c tiv ing nd le Op low s itu as itie re…
Financial Overview Healthy balance sheet Placing provides near-term optionality Funded for committed work programme Cash generation route by Q2/Q3 2009 Debt finance capability Farm-out potential FINANCIAL & OPERATIONAL…
OVERVIEW 35 Interim Results Presentation, March 2008
Highlights/ Overview Encouraging exploration progress following completion of successful three well drilling campaign in Cameroon during 2007, preparation of an exploitation application for MLHP-7 is underway. Near term drilling…
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