AFRICA OIL CORP. June 2016 A Lundin Group Company AOI TSX and Nasdaq Stockholm V5
Well Positioned to Weather the Oil Price Storm Possibly the Best Financed Oil Company in the World US500MM in cash with no debt Strong supportive shareholders including Lundin Family, Helios and IFC Maersk Partnership Will…
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 Gross Unrisked Discovered oil resources of over 760 MM…
South Lokichar Basin Appraisal Highlights 2015 Exploration/Appraisal wells Wells under review Ngamia, Amosing, Ekales, Etom, Twiga appraisal Erut wells demonstrate reservoir continuity and field Proposed AOI extensions extension…
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 7
South Lokichar Basin - World Class Discovered Resource Base (Based on CPR reports dated Aug 2012, Sept 2013, Sept 2014 & Dec 2015) Gross Unrisked Contingent Resources1,2 mmbo (Excluding Prospective Resources Upside) 1800…
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 within 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…
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…
Kenya oil export pipeline status Kenya Government committed to northern route crude oil pipeline Still leaving open potential to add Uganda and/or South 6 BBO Sudan Oil Fields Sudan into regional pipeline SOUTH Pipeline…
2016 Objectives Continue to increase resource certainty Continue with technical and core studies, pilot water injection project Continue to develop reservoir models (both static and dynamic) as additional testing and studies are…
Near Term Catalysts Oil Price Recovery Exploration/Appraisal Drilling Campaign Commencing second half of 2016 with 4 to 8 wells focusing on Northern portion of Lokichar Basin and Deep Objectives Resource Update 24% increase in…
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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