AFRICA OIL CORP. January 2016 A Lundin Group Company AOI TSX and Nasdaq Stockholm
2015 When the Going Gets Tough. Able to Raise 275MM in a Difficult Market Helios and IFC join Lundin Family and institutional investors that gave us the financial strength to continue moving project forward in difficult low oil…
Maersk Deal Transformational Project Attractive to Large Companies Even in Low Price Oil Environment Low Cost, Good Terms, Big Volume Maersk Ideal Partner to Move Project Forward Strong Experience in International Oil Projects…
A Strategic Position in a World Class Oil Project Onshore East Africa An Area the Size of the World Class onshore oil discovery in the South Lokichar Basin in Kenya North Sea Discovered oil resources of over 600 MM barrels with an…
South Lokichar Basin Appraisal Highlights 2015 Exploration/Appraisal wells Wells under review Ngamia, Amosing, Ekales, Etom, Twiga appraisal wells demonstrate reservoir continuity and field Proposed AOI extensions extension Etom 2…
Amosing-5 (North) Discovery Amosing-5 recovered oil from Auwerwer Sandstones Some pools encountered near oil-water contacts Sidetrack 5A drilled updip encountered 15-28 m of net pay in Auwerwer sandstones Possible static…
Etom Discovery De-Risks Northern Prospects Etom-1 recovered oil from Lokone reservoirs Block 10BB S. Lokichar Sub-basin Time Structure Map Etom-2 confirms 100m net oil pay in good-quality Auwerwer Top Lokhone Shale and Lokone…
Etom-2 Discovery Etom-2 Etete Prospect North South Time Structure Top Lower Auwerwer Etom-2 Discovery Etom-1 Etete Etom-1 encountered 20- 3D seismic shows Etom-1 was drilled in a structurally-low graben, with 30m of…
Etom Follow-On Potential Erut Enlarged Area Laboria Ekadeli Etom Ebenyo Elim Etete Ekamongo Block 13T Block 10BB Agete Time Structure near Top Late Miocene Volcanic 5 km 9
Potential Further Resource Additions Block 10BB S. Lokichar Sub-basin Upside to current view of contingent Time Structure Map Top Lokhone Shale resources to come from the Lokichar Basin 3D Laboria Erut and/or new basins Ekadeli…
Basin-Center Sandstones with Lokone Source Rocks Downdip wells at Ngamia, Etuko, Ewoi, Ekales Deep, and Twiga-3 encountered oil-bearing sandstones that confirm play Turbidite or storm deposits could be prolific and widespread…
South Lokichar Basin - World Class Discovered Resource Base (Based on CPR reports dated Aug 2012, Sept 2013 & Sept 2014) Gross Contingent Resources1,2 2014 CPR report data completed using mid- (Excluding Prospective Resources Upside)…
Basin-Opening Prospects Drill-Ready for Future Proven major basin Partially tested basin with material undrilled oil plays Partially tested basin under review Near-term Basin Openers: Untested basin with wells planned Untested…
Block 12A - Kerio Valley 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…
Rift Basin Area Block On trend, extremely large, completely unexplored Possible extension of Tertiary Rift Play Fieldwork confirmed source rocks within block Completed 600km 2D seismic program Possible direct-hydrocarbon-indicators…
North Lake Abaya Prospects LEAD A LEAD B Acquired Infill Seismic over North Lake Abaya Prospects Ngamia-style structures reachable from shore Lakeshore Large structures offshore could provide materiality once basin is proven LEAD…
East Africa regional oil export pipeline status Kenya & Uganda Governments committed to regional crude oil pipeline from Uganda through Kenya northern route agreed 6 BBO Sudan Oil Fields Pipeline Pre-FEED, routing and…
2015 Drilling Program (Timing of well results) 1Q 2Q 3Q 4Q Firm Basin Openers Epir Engomo Emesek Cheptuket (N.Kerio) (N.Turkana) North Lokichar (13T) (Kerio Valley) Lokichar Drill Out Ekales -2 Amosing-5 Etom-2 (Deep) 3…
Near Term Catalysts Oil Price Recovery Finalize Export Pipeline Details Commercial structure, security plan and detailed routing Drilling two high impact wells in next two months Etom-2 follow up wells in Northern Lokichar…
Summary Recent Maersk farmout and IFC/Helios financings give AOI an extremely strong balance sheet funds allow AOI to finance its share of development costs to reach first oil without further equity raises South Lokichar project…
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