A New Dawn for Africa Oil 2 An African Full Cycle Growth Vehicle with Production, Cash Flow, Huge Exploration Upside and a World Class Development Project
Nigeria Deepwater Production Acquisition World Class Oil Fields in Deepwater Nigeria – Combined gross field production: 368,000 BOPD (2017) – Combined gross field production expected to exceed 550,000 BOPD once Egina production ramps…
Agbami, Egina & Akpo Fields 4 AOC (Petrovida) OML 127 (Agbami Field) AOC (Petrovida) OML 130 (Egina, Akpo Fields) Daily Oil Production Top 20 Producing Fields Côte d\'Ivoire to Angola
South Lokichar Development Phases
Kenya Development Status ? Alignment on Development Plan – EOPS started • Partners and Government agree on phased approach, technical work very mature, Early Oil Production System operational ? Pre-development Activities Progressing…
New Exploration Portfolio Approach • Portfolio approach allows Africa Oil to access a larger number of highly prospective blocks, for a low entry cost and limited future capital commitments • 3-5 high impact, basin opening wells over…
Impact (20%)-AGC Prof. CNOOC-Operated Planning First well 100% Carried Eco-Ghana Eco (32%)-Namibia Eco, Azinam Operated Evaluating drilling options Impact (25%)-S.Africa Exxon-Operated (3 blocks) Evaluating Infill Seismic 100%…
Africa Energy & Impact Oil & Gas* Brulpadda Discovery- Block 11B/12B, South Africa 9 Source: Africa Energy Corp • Major condensate and light oil discovery • Four Prospects de-risked with additional potential on block • Massive…
Impact (20% WI*)- Namibia Basin Floor Fan Prospect 10 • Large basin floor fan supported by ‘DHI’ seismic signature • Multi-billion barrel potential (gross) in ultra deep water, Operated by Total • Target spud for Venus Prospect:…
Eco Atlantic (15% WI*) - Guyana Offshore South America 11 • Orinduk Block- Tullow (OP) 60%, Total (25%), Eco 15% • Updip of Exxon’s Liza and other recent oil discoveries ? Estimated ~5.0 BBO (gross) discovered (Exxon) ? 150,000…
Exploration Portfolio Current Valuation • Africa Energy – 35% - Market Cap US$115MM – Net Value $40MM –Primary value drivers South Africa 11B/12B appraisal program and development plan clarity with resulting valuation • Eco Atlantic –…
BUILDING BLOCKS OF FUTURE GROWTH AND VALUE 13 Additional work required to quantify individual asset valuations Cash Kenya Nigeria South Africa Exploration
Key Drivers to Unlock Value • Kenya –Conclude negotiations with Government of Kenya on commercial terms and agreements. Move forward aggressively on development plan supported by TOTAL and Tullow. • Nigeria –Close deal and release…
Goal is to create an integrated Africa based oil company with production and cash flow to fund the world class development /exploration projects already secured in our portfolio • Completion of Deepwater Nigeria production deal should…
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