Overview focused on Cameroon in Africa We are dedicated to realising material shareholder value from our assets in Cameroon whilst maintaining capital discipline and employing a rigorous approach to other value- enhancing…
Delivering value for all our shareholders Leadership Eli Chahin was appointed as CEO in March 2017 Matt McDonald was appointed as Non Executive Director in August 2017 Fresh approach Refocussed strategy away from exploration to…
Financial results Strong balance sheet with over 83m cash at end February 2018 No debt and no outstanding work programme commitments Etinde farm-out transaction: o Access to 40 million (net) carry; covers share of…
Asset overview Etinde In a strong financial position with 40M carry for the 2018 appraisal wells Benin Nigeria Equity Interest NewAge (operator) 37.5 % Togo Ghana LUKOIL 37.5 % Bowleven 25 % SNH 0% Cameroon P50…
Near-term Business Objectives Maximise the value of Etinde Ensure appraisal drilling is carried out in 2018 Work towards prompt development alignment FID to be achieved quickly thereafter De risk Bomono Relinquish operator status…
Etinde Field overview 16 wells have been 13 wells tested for 4 separate reservoir horizons drilled on the permit, hydrocarbons; the have been encountered, with the IM-5RZ, in 2015 remaining three suffered the Miocene aged Upper…
Etinde Appraisal drilling (1) Work Programme and timeline Isongo Marine Discovery Two well appraisal programme commencing in Q2 2018 and expected to conclude in Q4 Potential to increase total gas condensate resource in place from…
Etinde Appraisal drilling (2) Primary target IM-5ZR well discovery Drilled to the SE of the earlier IM-3 well, which also discovered gas condensate Tested 10,800 boepd from 29m net pay (37mmscfd & 4,664 bcpd) with a condensate yield…
Etinde Appraisal drilling (3) Secondary target IM-6 well The IM-6 well located to explore two additional potential reservoir formations above and below the 410 resource Shallower depth 510/Grinder sandstone formation Deeper depth…
Etinde exploitation JV focus is on achieving earliest possible development in a cost effective manner within technical and timing constraints Early stages for approval of a two-phase development: o 70 mmscd dry gas to be made…
Gulf of Guinea Floating LNG proving ground Perenco, Gazprom and SNH signed an 8 year deal with Golar LNG, to provide a Floating LNG vessel (the Hilli Episeyo) to process 500 bcf of gas from Perenco/SNHs Sanga Sud and Ebome fields…
Bomono Monetising the asset is dependent on creating domestic partnership(s) Farm-out agreement with Victoria Oil & Gas plc (VOG) of 75 % interest ended on 31 December 2017 as the partners were unable to satisfactorily complete all…
Conclusion creating shareholder value Focused on delivering value to all shareholders by proving up our resource base in Cameroon 40m carry of high impact two well Etinde appraisal programme in 2018 Convert portfolio resources to…
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