Investor Presentation May 2014 Otakikpo marginal field acquisition
Who we are Africa focused exploration and production company London Stock Exchange (AIM) listed with current market capitalization of 370M Background Management team and Board with strong relationships and experience in global…
Management Team Lekan Akinyanmi, Executive Board Member Chief Executive Officer Formerly the international Energy Sector Head at AllianceBernstein L.P. (Global asset manager with over 400 Billion under management) with direct…
Corporate Strategy: Pan African Focus Dahomey Basin Niger Delta New Basins Exploit overlooked opportunities in new and existing basins 5
Corporate Strategy: Portfolio Approach 6
Corporate Strategy: Near term objectives Medium Term (18 to 36 Months) Long Term (36+ Months) Objectives 1. Commence and grow production from 1. Continue phased implementation of Otakikpo Marginal field. Otakikpo development. 2.…
Producing Asset Stability Zone: Generating cashflow to fund equity requirements 8
Otakikpo Marginal Field Asset Overview Awarded to Green Energy in 2011 Located in swamp location in OML 11 adjacent to shoreline Otakikpo field has partial 2D coverage with some 3D seismic in the Southern Area 3 wells have been…
Otakikpo Marginal Field: Transaction Highlights Lekoil to acquire 40% stake in Otakikpo marginal field from Green Energy (Net 2C recoverable resources of 14mmbbls) Farm-in fee of 7M (implied 0.5/bbl acquisition price). Production…
Otakikpo Marginal Field: An important transaction Near-term oil production potential (Potential to achieve production within 12-18 months) The acquisition will showcase Lekoils ability to operate assets Proximity to infrastructure…
Otakikpo Marginal Field: Notional Development Plan Re-enter and test Otakikpo 2 and 3, sidetrack Otakikpo 1 (optional) Install Early Production Facility - EPF PHASE 1 Evaluate feasibility of Small Scale Gas Utilisation Project…
Otakikpo Marginal Field: Financial Summary Funding Lekoil acquired stake (%) 40% Equity funding of 15M - 20M expected in combination with RBL facility Net resources acquired (bbl) 14.41 RBL facility expected with size in the range…
Known Basin Exploration Value Zone: Using experience, technology and partnerships to unlock value 15
OPL 310 location map 16
OPL 310: Background and update Dahomey basin block identified as a key target by LEKOIL- commissioned regional basin study. In 2013, Lekoil funded 1st 50M towards drilling an appraisal well and sidetrack that resulted in the…
OPL 310: Prospects and Leads from 3D Seismic 18
OPL 310: Ogo well Previous predicted sequence 19
OPL 310: Updated structure map post Ogo-well 20
OPL 310: Syn-rift upside scenario 21
Appendix 1. Board of Directors 2. Key institutional Shareholders 22
Board of Directors Sam Adegboyega, Non-Executive Board Member Chairman Over 32 years of oilfield experience including working with Dowell Schlumberger in Iraq, Abu Dhabi, Venezuela, Canada, Syria, France and Nigeria. Founder and…
Board of Directors Gregory Eckersley, Non-Executive Board Member Currently the global head of the Abu Dhabi Investment Authoritys internal equities department where he oversees portfolios, risk management and the due- diligence…
Key Institutional Shareholders Re-enter and test Otakikpo 2 and 3, sidetrack Otakikpo 1 (optional) Install Early Production Facility - EPF Evaluate feasibility of Small Scale Gas Utilisation Project (SSGUP) BLAKENEY MANAGEMENT…
www.lekoil.com NIGERIA Contact Details 179A MOSHOOD OLUGBANI ST Lekan Akinyanmi CEO VICTORIA ISLAND, LAGOS lekanLEKOIL.com T. +234 1 277 0560 +16092338986 David Robinson CFO USA david.robinsonLEKOIL.com 116 VILLAGE BOULEVARD SUITE…
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