19 March 2019 www.africanpetroleum.com.au Transformation into a full-cycle E&P Combination with PetroNor
Becoming a full-cycle E&P independent Combination with PetroNor E&P Ltd (Cyprus) (PetroNor) in an all share transaction through Business combination issuance of 816m shares with PetroNor E&P in an Creates a material full-cycle E&P…
Summary of the transaction Transaction summary Simplified group structure4) Acquisition of 100% of the shares in PetroNor E&P Ltd, a private limited African Petroleum liability company incorporated on Cyprus Corporation Limited…
Introduction to PetroNor Company introduction History in brief Petromal & NOR partnership established Africa focused E&P company 2016 Participated in a bid round in Congo for PNGF Sud in Congo following ENI and Totals exit from the…
Geographical Location PNGF Sud is located 25 km off the coast of Pointe Noire Niger Delta Cote dIvoire basin Douala Basin Comprises of four producing fields Oil is exported via the Djeno Mayumba terminal, and via the Nkossa…
PNGF Sud and PNGF Bis overview PNGF Sud (10.5% net interest through HEPCO1)) PNGF Bis (14.7% net interest through HEPCO3)) Continent 40% Congo S.A. 10% 57% HEPCO 20%2) 10% HEPCO 28%2) 20km 15% 5% 20km 15% Operator…
Strong production and significant upside potential Key considerations Production outlook (net to PetroNor) PNGF Sud bbl/d Reserves & 2P reserves: 8.5 mmbbl1) resources 2C resources: 3.4 mmbbl2) 5,000 1.1.2019 PNGF Bis 2C resources:…
High impact APCL exploration upside retained Comments Senegal and The Gambia acreage High impact exploration acreage with 4.9bn bbl unrisked prospective oil resources 9 prospects in Senegal, and 11 prospects in The Gambia Licenses…
Proposed management & BoD following the combination Complementary capabilities Management Jens JensPace (CEODirector) Pace (CEO, and Director) Knut KnutSvold (COODirector) Svold (COO, and Director) 30 years at BP, and heritage…
Tentative timeline until transaction completion Key considerations Timeline (subject to change) Transaction signed 19 March 2019, completion subject to all conditions being fulfilled, i.a: March April May Approval of the APCL…
Transformational combination with PetroNor E&P Summary of the transaction and rationale 1 Combination creates a balanced business capable of delivering long-term value 2 Provides free cash flow and significant upside from…
Appendix
Petromal NOR Energy Company Introduction Company Information Petromal is an Abu Dhabi based integrated oil and gas company with NOR Energy is a Norwegian upstream oil and gas E&P operations and investments in the upstream, downstream,…
PetroNor corporate structure Comments Corporate structure PetroNor is 50% owned by NOR PetroNor E&P Ltd Energy AS and 50% by Petromal (Cyprus) The economic ownership interest to PetroNor is Symero Limited (29.293%) Symero is owned…
Terms of warrants APCL warrants Post transaction ownership Amount: 155,466,446 (shareholders) plus 8,513,848 (management) warrants Fully diluted number of shares 15,740,000 existing options will be replaced with 8,513,848 warrants…
APCL exploration licenses Senegal The Gambia 90% operated working interest in exploration blocks 1). The National 100% operated working interest in exploration blocks 1) Oil Company Petrosen, holds the remaining 10% equity A1…
PNGF Sud infrastructure Area infrastructure Tchibouela / Est Age: 1987 / 1998 Processing platform Four well head platforms Oil exported to Djeno Terminal Operated by Perenco Tchendo / Litanzi Age: 1991 / 2006 Well head…
Appendix: Tchibouela Field introduction Historical production Discovered/ Main (1983/1987) started Est (1985/1998) 80 Oil Gas Depth of 70 80m water 60 mboe/d 50 Reservoir 300-1,000m 40 depth 30 2P/2C 47.9 / 12.0 mmbbl 20…
Appendix: Tchendo Field introduction Historical production Discovered/ 1979/1991 started 30 Oil Gas Depth of 25 water 95m 20 mboe/d Reservoir 450-750m 15 depth 2P/2C 10 reserves1) 19.3 / 10.8 mmbbl 5 Oil quality - 0 Dec-91…
Appendix: Litanzi Field introduction Historical production Discovered/ started 1990/2006 6 Oil Gas Depth of 5 100m water 4 mboe/d Reservoir depth 1,600m 3 2P/2C 2 reserves1) 3.3 / 2.6 mmbbl 1 Oil quality 38 API 0 Jun-06…
Appendix: Tchibeli Field introduction Historical production Discovered/ 1986/2000 started 16 Oil Gas Depth of 14 100m water 12 mboe/d Reservoir 10 2,000m depth 8 6 2P/2C 10.9 / 6.7 mmbbl 4 reserves1) 2 Oil quality 38 API 0…
Summary of independent competent persons report and production 2018 Gross Net (PNGF Sud 10.5%, PNGF Bis 14.7%2)) AGR Technical AGR Technical Production Adjusted 2P reserves Production Adjusted 2P reserves Report Report 1.1.20181)…
PNGF Sud fiscal regime Fiscal regime Comments Fiscal terms specific to each asset Government take Average netback USD 70/bbl (real)1) Royalty of 15% USD/bbl Royalty 15 % 70 Cost stop of 50% - 55% Royalty 11 Profit oil share…
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