AFRICA OIL CORP. October 2017 A Lundin Group Company AOI TSX and Nasdaq Stockholm Moving Forward to Development
In Leading Position for Oil Price Recovery Highly Enviable Financial Position US437MM (June 30th 2017) in cash with no debt due to Maersk farmout and 2015 fund raising efforts A further 75MM of proceeds from Maersk farmout to be…
A Strategic Position in a World Class Oil Project Onshore East Africa Significant World Class onshore oil discovery in the South Lokichar Rift Valley Basin in Kenya Land Base 2C resources of 760 MM barrels with an upside of 1.6 BN…
South Lokichar Basin Huge Upside Still Remains Very high success rate including 8 3D Seismic discoveries in a row to open up basin Have only explored about 20% of the basin 3D Seismic demonstrates additional prospectivity…
South Lokichar Basin: Basin Center Fan Reservoirs Ekales Twiga South wells tested oil at high rates from sandstones within source rocks (rates up to 3270 bopd, with estimated potential of 10,000+ bopd unconstrained) Apparent…
The Basin-Centered (Intra-Lokone) Plays Ekosowan Amosing Ngamia Ekales Twiga Agete Etom Erut South North 6
Southern Area Prospects- Lopara Lopara-1 & 2 Prospects: Test large stratigraphic trap between Amosing & Ekosowan Pinchout of Auwerwer and Lokone at basin edge Potential to add significant resources & extend Amosing trend Lower NW…
Basin-Opening Prospects Drill-Ready for Future Near-term Basin Openers: South Kerio Basin (Block 10BB) Could share same source rocks as South Lokichar Tulya, Thilli, Linga, or Lukwa Prospects similar in style to South Lokichar…
Ethiopia- North Lake Abaya Prospects Acquired infill seismic over North Lake Abaya Prospects LEAD A LEAD B Ngamia-style structures reachable from shore Lakeshore Large structures offshore could provide materiality once basin is…
Block 10BA: Northern Turkana Lake Basin (25% WI) Preparing to enter Second Exploration Period West Kifaru-1 planned to test Miocene and Pliocene in a large, relatively shallow anticline North Kifaru Good inventory of prospects to…
2018 Lokichar Development Objectives Resource size and certainty Ongoing operational activities, including water injection pilot, Single Well Tracer Testing (SWTT) will enhance predictions for waterflood results and selected…
Further production testing starting early Q1 2018 Production testing provides crucial reservoir information that will allow the JV to more accurately predict well rates, recovery factors and develop markets for crude 12
Full Field Development - Facilities Central Processing Facility Studies will focus on field facilities layout, processing trains, water supply and power requirements 13
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 SOUTH 6 BBO…
Lamu Port and LAPPSET project progressing Building of causeway completed Add Picture(s) Berths and channel dredging underway Road to Isiolo funded and contract being finalized 15
Terminal Lamu Port planning well underway Finalizing export terminal plans which are expected to include an FSO for loading which will result in significant capital savings 16
Summary Strong Financial Position US437MM (June 30th 2017) in bank with 75MM to be received in 2018 from Maersk farmout and potential for up to US405MM in additional development carries South Lokichar project still has growth…