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FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp.

Africa Oil Corp. · Feb 10, 2011 · 39 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 1
    1 Investor Presentation February, 2011
  2. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 2
    2 Were Part of the Lundin Group
  3. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 3
    3 Which has a long, successful history in Africa 2 billion invested in Africa to Africa to date
  4. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 4
    The Last Undiscovered Elephants Poor contract terms except Kurdistan High potential Deep water Expensive BP disaster Deep water Highly competitive High potential Source Casey Research Report 2010
  5. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 5
    5 Recent Highlights Closed Tullow farm-out (S. Omo, 10BB, 10A), 12A/13T expected to close Feb-2011 Centric shareholders approved takeover expected to close Feb-2011 Feb 2011 Forced exercised warrants in Q4-2010, raising CAD55.8MM…
  6. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 6
    6 Why East Africa One of the last areas on earth where onshore billion barrel accumulations can still be found with good contract terms. Ability to assemble massive acreage position of almost 350,000 sq. km. (86MM acres,…
  7. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 7
    7 Surrounded on all sides by billions of barrels of oil AOI Assets Ethiopia Kenya Puntland (Somalia)
  8. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 8
    8 Tullow Deal Closed Tullow is one of the most successful explorers in last decade and found the analogous deposit in the Albert Graben of Uganda. Drilled 35 out of 36 successful wells. Tullow takes 50% and operatorship in 4…
  9. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 9
    9 Centric Acquisition Closing Feb, 2011 Block 10BA is last remaining prospective block in heart of East Africa rift trend Hydrocarbon fields New potential rift trend in Mali Tertiary Rift Cretaceous Fully or partially carried…
  10. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 10
    10 Africa Oil Promotes* Minimum Kenya Working Interest Paying Interest Work Program Block 10BB 40% 0% 600 km seismic and 1 well Block 10BA l k 50% 20% 750 km seismic and 1 well k i i d ll Block 10A 30% 0% 500 km seismic…
  11. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 11
    11 Partnership Interests Kenya Tullow (Operator) 50% Tullow (Operator) 50% Africa Oil 30% Block 10BB Africa Oil 40% Block 10A EAX (Black Marlin) 20% Lion Energy 10% Africa Oil (Operator) Tullow (Operator) 50% Blocks…
  12. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 12
    12 Kenya Gas discovery Africa Oil now operating AOI holds 6 blocks in Kenya* 4 blocks on Tertiary Rift trend, 2 on Cretaceous Rift trend All blocks except Block 9 farmed out to Tullow *Subject to Centric deal…
  13. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 13
    13 Kenya Block 10BB Area = 12,638 km2 13T Loperot oil discovery in 10BB with N-Kerio many large follow up prospects many large follow up prospects Lake Turkana AOC holds a 40% carried interest Analogous to Albert Graben of…
  14. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 14
    Surface Geochemical Anomalies Southern Lake Albert Block 10BB Lake Seeps Outboard Nzizi / Mputa (Pelican prospect) Deep basin center vertical migration (episodic) w/smaller seeps p Basin margins lateral migration…
  15. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 15
    Lead Chorea 15 Chorea C Ch Complex l L Loperot di discovery Most Likely Prospective Resources = 400 MMBO
  16. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 16
    Kerio North Kerio North Kerio North Kerio North ML Prospect p size 150 MMBO
  17. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 17
    Block 10BA Multiple slicks interpreted from ASAR satellite data Onshore seep documented 1984; 1984; similar to Lake Albert seeps Total gross P50 prospective resources totaling 2.2 billion barrels (unrisked)* P10 4.4 billion…
  18. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 18
    18 Lake Turkana Block 10BA 1984 Seismic
  19. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 19
    19 Kenya--Block 10A Kenya Area = 14,597 km2 AOC holds a 30% carried working interest Lake Cretaceous rift graben g Turkana extending into Kenya from Sudan 3 old wells with up to p 2000 foot thick columns of…
  20. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 20
    20 Block 10A New Play Concepts Paipai Prospect-575 MMBO Turtle structure () AOC Exploration Strategy: Find & drill structural traps which have maintained structural integrity through T ti Tertiary readjustments dj t…
  21. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 21
    21 Kenya Blocks 12A / 13T AOC holds 50% ground floor interest Protection acreage along Tertiary rift trend south of 10BB Highly underexplored with no seismic or wells drilled Plan Full Tensor Gravity (FTG), geochem and…
  22. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 22
    22 Kenya Block 9 AOC 20% interest Assessing options Bogal1 Summary (5,085m TD): Cretaceous SS are gasbearing 91 m net gas pay Best estimate for total gas 3 TCF (gross) Challenges: Commercial flow rates Monetizing dry…
  23. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 23
    Kenyas Need for Gas 3Kenyas 3Ken as energ energy Kenya Primary Energy consumption growing by Consumption, 1980-2008 8% annually y 0.25 3Currently, 68% of 0.2 Energy Consumed (Quadrillion BTU) Kenyas primary energy needs come…
  24. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 24
    Ethiopia AOI holds blocks in 3 different trends in Tertiary y Rift (South Omo) Karoo Rift (Ogaden) and Jurassic rift (Adigala) Exploration activity in area increasing but remains extensively under explored i l d l d…
  25. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 25
    Ethiopia - South Omo Area = 29,465 km2 AOC holds 30% interest Protection acreage along P t ti l Tertiary rift trend north of Lake Turkana Highly underexplored Hi hl d l d Omo with no seismic or wells National Mago Park…
  26. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 26
    26 Ethiopia - Adigala Area = 27,193 km2 AOC holds 50% interest AOC h ld 50% i 20 19 18 17 16 15 Field work confirms source, 14 13 seal and reservoir 12 11 Oil extracted from source 10 9 8…
  27. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 27
    27 Ethiopia - Ogaden Blocks Acquiring seismic over existing leads. Blocks 6 & 7 complete, finishing Block 8 in December Light oil recovered from Jurassic in both El Kuran wells Plan to drill one well in 2012 depending on…
  28. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 28
    28 Puntland Oil seeps and shows in wells Oil Indications Concessions located in Puntland,, a more stable and semi-autonomous region of Somalia Oil Indications Direct analog to Yemen discoveries with numerous shows and…
  29. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 29
    Puntland-Dharoor & Nugaal Farmout completed to Red Emperor to l d d take 20% for paying 30% of first wells Remapping Dharoor prospects for final pp g p p prospect selection Currently attempting to procure rig contractor…
  30. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 30
    30 Mali Blocks 7 and 11 25% in Blocks 7 and 11 Farmed-out 75% interest to Heritage g Oil 18 mm acres in Central African rift system Oil shows in nearby water well A Analogous l rift ift basins b i include i l d the th…
  31. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 31
    31 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…
  32. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 32
    32 Cash Position Assumes closing Tullow farmout Cash Available: 88.2 MM Cash (end of 2 6 2.3 2.6 23 2010)) and Lion Amending g Agreement g 7.3 Tullow/Lion past Past Costs are subject to Tullow costs audit (post-closing…
  33. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 33
    33 Share Capital Fully Diluted: 209.2MM Includes: Issued & Outstanding (31-Dec-10) Lion Amending Agreement 80 8.0 26 4 26.4 Li Amending Lion A di consideration: 2 2.5MM 5MM 6.3 Agreement shares 30.2 Centric Acquisition…
  34. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 34
    34 World class potential in four separate petroleum systems Summary of Unrisked and Undiscovered Oil Prospective Resources Gross Best Estimate AOC Working Net Best Estimate Geographic g p Region g License (MMBbl) I t…
  35. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 35
    35 Size of the Prize Prospective Indicative Risk Risked Potential Potential Value Resources Net Factor Prospective (MM) Best Estimate Resources (MMbbl) (MMbbl) 20% 1,027 4,396 5 135 5,135 10% 514 2 200 2,200 1% 51 218…
  36. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 36
    36 A history of value creation Company 2002 Present Notes g y Tanganyika 0.55 / share / 31.50 / share / Sold to Sinopec p 13.5 million MC 1.9 billion MC 2008 Valkyries 0.45 / share 16.00 / share Sold to Lundin 4 million…
  37. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 37
    37 Summary and Conclusions Africa Oil now has the largest acreage position in East Africa on four highly prospective rift basin trends one of the few places left on earth for billion barrel fields onshore with good fiscal…
  38. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 38
    38 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…
  39. FEBRUARY 2011 INVESTOR PRESENTATION – Africa Oil Corp. – slide 39
    39 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 j to certain risks and…

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