Investor Presentation 29 May 2014 www.sterlingenergyplc.com 1 www.sterlingenergyplc.com
Overview Targeting High Impact Exploration Africa focused portfolio Significant exploration assets High materiality projects Odewayne (Somaliland) Ntem (Cameroon) Ampasindava & Ambilobe (Madagascar) Downside underpinned Strong…
Board of Directors Track Record of Managing Value Creation Executive Directors Non-executive Directors Alastair Beardsall Keith Henry Executive Chairman and Interim CEO Chairman of Regal Petroleum, Mediterranean Oil & Gas, and Greenko…
Capital Structure Sterling Energy PLC Significant Shareholders Listed on AIM 2002 Waterford 29.9% Shares in issue 220.1 million Soyuzneftegas 15.2% LTIP - options at 40p/43p 12.7 million YF Finance Limited 6.9% FULLY DILUTED…
Cameroon, West Africa - Country Overview Oil & Gas * Oil production 63,000 bopd Proved oil reserves 200 million barrels Proved gas reserves 5 trillion cubic feet Government Independence in 1960 Multi-party presidential system…
Cameroon - Ntem Block Sterling Energy 50% non-operated interest Murphy Oil 50% interest and operator Experienced in deep water drilling operations Ntem - deep water exploration play 3D seismic over 2/3rd of the block Water…
Cameroon Bamboo-1 result Bamboo -1 results Penetrated stratigraphic trapped Upper Cretaceous submarine fans All submarine fan targets were well developed high porosity sandstones No significant hydrocarbon shows were recorded W E…
Cameroon - Exploration Setting Ebome Fields Perenco operated production, principally Block I, O and Yo-Yo from Lower Cretaceous. Miocene discoveries made by KH field is nearest Upper Noble Energy Cretaceous discovery to Ntem…
Cameroon & Equatorial Guinea Maritime Border Maritime Border Claim Equatorial Guinea made claims over Cameroons maritime territory; The western and southern boundaries of the Ntem concession potentially affected. Declaration of…
Somaliland (East Africa) Country Overview Oil & Gas Very little exploration to date No production Government Somaliland was a protectorate of the UK until 1960 Declared independence from Somalia in 1991; allowed development of…
Somaliland - Odewayne Block Partners Genel (50% and operator) Sterling (40%) Petrosoma (10%) Farm-in Terms Acquired 40% for 25m 10% from Petrosoma, 2m paid, 8m to pay upon achieving operational milestones 30% from Jacka, total…
Somaliland - Odewayne Basin Overview Asante Source: Horn Petroleum 2011 Odewayne block is 22,840 km2 , equivalent to +/- 100 UKCS Blocks No seismic control and no drilling to date Basin interpreted to be deep enough for…
Somaliland Odewayne Block Play Elements Working petroleum system with multiple shows and oil seeps Excellent quality Jurassic source rock seen in outcrop Jurassic and Tertiary clastic reservoirs seen at outcrop Potential for…
Madagascar Country Overview Economy GDP : 9.9 billion (460 per capita) Agriculture 29% Industry 16% Government Elections held in Dec 2013 Hery Rajaonarimampianina was elected President for a 5 year term The President has…
Madagascar Regional Potential Exploration of East African conjugate margins focused on Jurassic petroleum system Jurassic identified as major source rock Gas discoveries in Tertiary delta reservoirs Additional potential in…
Madagascar Ampasindava Sterling 30%, Exxon 70% and operator Sterling carried by Exxon for US30m future gross costs Large offshore block Area 7,379 km2, water depth 200-2000m 3,000 km 2D seismic acquired and interpreted Additional…
Madagascar Ambilobe Sterling 50% (operator), Pura Vida 50% Sterling carried by Pura Vida through 3D seismic programme, with gross costs capped at 15 million Large under explored offshore block Area 17,650 km2, water depths 0…
Other Assets - Mauritania Chinguetti Field 8% financial interest via funding agreement Current gross field production of 6,000 bopd Remaining field life 3 years Sterling net financial interest in 2013 Production averaged 527…
Anticipated Activity Schedule Note: Company estimates 2014 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Cameroon Ntem Somaliland Odewayne 2D well Madagascar Ampasindava well Ambilobe 3D Seismic Well Other…
New Ventures Strong balance sheet Focused on Exploration projects Areas where team has technical and geographical experience Preference for high initial equity interest to facilitate a farm down to mitigate exploration risks…
Summary Focusing on high upside exploration programme Ntem (Cameroon) Bamboo -1 recently drilled; forward plans under review Frontier Exploration Odewayne (Somaliland) - 2D seismic in 2015 Production Interest Ampasindava…
Summary of 2013 Results 2013 2012 Production 527 bopd 523 bopd Average realised oil price 101.1 / bbl 102.8 / bbl Reserves 559,000 bbl 475,000 bbl Revenue 18.4 million 22.5 million EBITDA 9.1 million 11.1 million 1 2…
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