Shaping the future of oil exploration in Africa Investor presentation March 2015
Corporate overview Africa focused exploration and production company. Management team and Board with strong relationships and experience in global financial markets Strong technical team with extensive local and global expertise.…
Management team Lekan Akinyanmi David Robinson Dotun Adejuyigbe Executive Board Member, Executive Board Member, Head, Commercial Chief Executive Officer Chief Financial Officer Formerly the international Energy Sector Former…
Management team Sam Olotu Leke Adedipe Dr. Kehinde Ladipo Executive Vice President, Executive Vice President Senior Exploration Advisor Technical Operations Over 25 years experience in Oil and Gas Over 35 years of experience in…
Corporate strategy: Portfolio approach SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 5
Near term production and appraisal Medium Term (12 to 36 Months) Long Term (36+ Months) 1. Commence and grow production 1. Continue phased implementation of Objectives from Otakikpo Marginal field. Otakikpo development. 2.…
Timeline of significant corporate and operational events to date December, 2010 February, 2013 July, 2013 November, 2013 September, 2014 Lekoil is incorporated OPL310 Farm Out Equity placing raises Equity placing raises Significant…
Otakikpo Marginal Field Niger Delta, Nigeria 56.60* mmbbls 162.8* mmbbls estimated 2P+2C estimated STOIIP upside recoverable *gross resources SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 8
Otakikpo Marginal Field: Asset overview Situated in swamp location in OML 11 adjacent to shoreline (multiple crude evacuation options). Otakikpo field has partial 2D coverage with some 3D seismic 3 wells have been drilled in the…
Otakikpo Marginal Field: Asset and transaction highlights Lekoil acquired 40% stake in Otakikpo marginal field from Green Energy Otakikpos gross 2P+2C recoverable reserves and resources are estimated to be 56.60mmbbls by AGR TRACS…
Otakikpo Marginal Field: Economic evaluations Robust project with an NPV Reserves / Unrisked (10%) under the following oil Contingent Resources 60/bbl NPV(10%) mln MOD PV 1.1.015 - Marginal Field Terms Otakikpo price scenarios:*…
Otakikpo Marginal Field: Notional development timeline 2015 Phase 1 2015 Phase 2 Recompletions of Otakikpo 2 Central Processing Facility and 3 Grow Small Scale Gas Utilization Install Early Production 3D seismic acquisition,…
Otakikpo Marginal Field: Notional development timeline Pioneer tax No pioneer tax * Oil Price netback (/bbl) netback (/bbl) 40 7 6 60 19 15 80 31 24 Other Financial information Project is expected to be cash flow positive…
OPL 310 Dahomey basin, Nigeria 1,900 km 2 774*mmboe Dahomey basin block Lekoil owns economic interest of 30% *gross resources SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 14
OPL 310: Location map SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 15
OPL 310: Location map SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 16
OPL 310: Background and update Dahomey basin block identified as a key target by LEKOIL-commissioned regional basin study. In 2013, Lekoil funded the first 50M towards drilling an appraisal well and sidetrack that resulted in the…
OPL310: Pre Ogo-1 well: Lower Cenomanian Closures Superimposed on Basement Structure Aje Field SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 18
OPL310: Updated structure map post Ogo-1 well SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 19
OPL310: Ogo-1 well predicted sequence SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 20
OPL310: Syn-rift upside scenario SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 21
OPL310: New 3D Seismic lines: NE-SW SW Ogo-001ST Ogo-001 Syn-rift opportunity North East of Ogo Top Albian Unconformity Top Basement Basement Basement Fault SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor…
OPL310: New 3D Seismic lines: NW-SE Other Syn-rift opportunity North Ogo-001 of Ogo Ogo-001ST Top Albian Unconformity Basement Top Basement Fault SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation…
Upside potential OPL 310 upside Syn-rift Shallow water leads Otakikpo upside 162.8mmbbls STOIIP (gross) Other opportunities in the shallow water SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015…
Newsflow: 6 to 12 months Otakikpo Drilling & completion Production commencement Pioneer Tax Interpretation of shallow water upside Debt financing for fast track development OPL 310 Interpretation of newly acquired 3D Strategic…
Track record since listing Ogo discovery and Side-Track success Ranked by Wood Mackenzie as one of the largest discoveries in the world in 2013 Successful fundraising Over 200 million raised since listing on the AIM Focused…
Appendix Board of Directors OPL310: Prospects and Leads from 3D Seismic Key institutional shareholders SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2014 27
Non-Executive Directors Sam Adegboyega John Van Der Welle Non-Executive Board Member, Non-Executive Board Member Chairman Over 32 years of oilfield experience including working with John has over 25 years oil industry experience,…
Non-Executive Directors Gregory Eckersley Mrs. Aisha Non-Executive Board Member Mohammed-Oyebode Non-Executive Board Member Currently the global head of the Abu Dhabi Investment Group CEO of Asset Management Group (AMG) Limited.…
Key institutional investors BLAKENEY MANAGEMENT Holdings as of 19 February 2015 SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation March 2015 30
NIGERIA USA Churchgate Tower 1, 9th Floor, PC 30, 136 Main Street, Suite 301, Churchgate Street, Victoria Island, Lagos Princeton, NJ 08540 T. +234 1 277 0560 T. +1 609 945 0805 Contact infolekoil.com investorrelationslekoil.com…
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