FIRST QUARTER 2021 UPDATE Keith Hill (President & CEO) Pascal Nicodeme (CFO) 14 May 2021 A Lundin Group Company Africa Oil Corporation Q12021 Results Call and Webcast Slide 1
INTRODUCTION Fourth consecutive profitable quarter underpinned by our Prime assets Quarters production better than expected Quality of the assets reiterated by Africa Oils year-end 2020 Reserves Report (NI 51-101) published on March…
FIRST QUARTER 2021 OPERATIONAL HIGHLIGHTS Average W.I. production of 27,700 boepd vs. Q420 average of 26,200 boepd and 2021 full- year Management Guidance of 24,000 28,000 boepd OPEC+ quotas limited Eginas production to 152,000…
FIRST QUARTER 2021 FINANCIAL HIGHLIGHTS Recognised net operating income of 44.2 million vs. loss of 131.0 million for Q120 Net operating income includes profit of 44.8 million from our 50% investment in Prime, which compares with 85.6…
CORPORATE TERM LOAN REFINANCE The new Corporate Facility is for an amount of up to 150 million, out of which 130 million is committed at signing, with an uncommitted accordion option for an additional 20 million and has a three-year…
KENYA PROJECT REDESIGN FOR LOW OIL PRICES JV partners are designing a field development plan in collaboration with the government of Kenya Optimise the project economics and secure a long-term license extension whilst minimising…
NEAR TERM EXPLORATION CATALYST Venus-1 is expected to spud by end of 2021 Block 2B JV partners are focused on procuring a rig to spud Gazania-1 well in the third quarter 2021 By end 2021 Africa Oil Corporation Q12021 Results…
NEW VENTURES Have actively screened opportunities to acquire producing assets with a focus on non- operated offshore West Africa fields Maintaining strict financial discipline in relation to financing new acquisitions We believe…
SUSTAINABILITY Africa Oil is committed to be a full-cycle E&P company that integrates sustainability consideration throughout the decision- making and operational management. The Company presented its vision, sustainability goals and…
PILLARS OF VALUE CREATION Production and Cash Flow Prime Oil & Gas Exploration and Development Portfolio Companies - Venus-1 - Gazania-1 - Luiperd/Brulpadda Development Growth Kenya and New Ventures Lake Turkana Wind Farm…
Q&A For further information, please contact: Shahin Amini IR and Commercial Manager shahin.aminiafricaoilcorp.com +44 (0) 203 982 6800 Sophia Shane Corporate Development sophiasnamdo.com T: +1 (604) 806-3575 www.africaoilcorp.com…
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