November 2014 A Lundin Group Company AOI TSX and Nasdaq Stockholm
A Frontier Exploration Success Story Opened New Basin with Billion Barrel Potential Petroleum system proven with 8 discoveries with over 600 MMBO barrels of gross contingent 2C resources* and upside potential of well over a billion…
AN AREA THE SIZE OF THE NORTH SEA Lokichar Basin Confirmed as major oil province 11 more basins and 100+ prospects to go Tertiary/Cretaceous Rifts North Sea reserves: Unrisked gross best estimate of 60+ BBO prospective resources: 23…
2014 Lokichar Basin Exploration/Appraisal Program -Southern Basin trend (Ngamia / Amosing) Lokichar Sub-basin Time Structure Map contains large resources and will anchor Top Lokhone Shale 3D Extension basin development Etom North…
South Lokichar Basin has Exceptionally Prolific & Thick Oil-Generating Source Rocks SW Ngamia-1 Loperot-1 NE Oil prone source rocks mature for generation 400-600m thick TOCs : 1-17% , avg. 5.5% Second oil prone source late-…
Southern Lokichar Fields Sweet Spot in Basin Time Structure Ngamia Northern Limit Top Auwerwer Field of 3D Mapping Emong 3 Poor seismic reflectivity 1 Rift Edge Facies 4 Amosing Field Updip Rift Edge Extension of…
Ngamia Field 3D: Improving Field Definition Predrill 2D Seismic Interpretation through New 3D Seismic Line through Ngamia-1 : Ngamia-1 Discovery Ngamia-1 Pronounced anticlinal form at depth Better imaging of crestal faulting Better…
South Lokichar Basin - World Class Discovered Resource Base (Based on CPR reports dated Aug 2012, Sept 2013 & Sept 2014) Gross Contingent Resources1,2 (Excluding Prospective Resources Upside) mmbo 1400 3C 1291 1200 2C Significant…
Other Prospective Resources in the S. Lokichar Basin: Storm deposits within rich lacustrine source rocks Twiga South wells tested oil at high rates from these sandstones within source rocks (rates up to 3270 bopd 10,000+ flow rates…
South Lokichar Basin Exploration & Appraisal Plans Program to be completed by end 1Q 2015 Aggressive Exploration & Appraisal Plans Simultaneous with Development Planning Exploration wells Appraisal wells Development planning focussed…
East Africa regional oil export pipeline taking shape Kenya & Uganda Governments agree regional crude oil pipeline from Uganda through Kenya Lapsset road from Lamu to Nadapal on Kenya-Sudan border in detailed design by Kenya…
Fast track World Class development project CPF Schematic Ngamia-1 Well Site Proven prolific light oil South Lokichar basin that exceeds threshold volumes for development Explore, appraise and develop simultaneously Modular CPF…
New Basin Exploration, Next 18 months Currently planned wells North Kerio- Epir Spud Q4, 2014 North Turkana- Engomo Spud end 2014 North Turkana- North Samaki Spud Q1,2015 Abaya-Chamo North Lokichar-Tausi spud 2H, 2015 North…
Comparison of Basins based on Full Tensor Gravity (FTG) Surveys South Turkana Lake Basin North Kerio Basin North Lokichar Basin & North North Kerio Basins are Lokichar Basin Block 10BA similar in size to South Lokichar Epir-1…
Block 10BB- North Kerio Basin Epir Prospect (formerly Aze) Time Structure Lower Pliocene Marker 5km Block 10BA Block 10BB Epir: 343 MMBO Best-Estimate Gross Resources Resource estimates are gross best estimates of…
Block 13T- North Lokichar Basin Tausi Prospect Tausi-1 Based on newly acquired 2013 -2014 seismic Time 2 km Structure Marker-1 25km Tausi-1 20km Immediately north of the South Lokichar producing trend Younger fill…
Block 10BA- North Turkana Basin Engomo & North Samaki Prospects Engomo Mrkr 5 Engomo Mrkr 1 N. Lake Shaba Turkana Kifaru N. Samaki (projected) Kifaru Onshore Marine Large prospects, different play Gas…
Block 12A- Kerio Valley Miocene Poi Shales in Outcrop: 8 of 16 samples show good to very good source quality with TOCs 3% Type I lacustrine oil prone source rocks Early-mid oil-generation window with good generation potential…
Rift Basin Area Extends AOC position in Tertiary Rift Basins Frontier area, no existing seismic data or wells Rift Basin Area Completed 37,000 sq km Full Tensor Gradiometry survey 42,519 sq km Fieldwork confirmed nearby source…
New Basin Resource Potential New Basin De-Risking Schedule New Basin De-Risking Gross Best Estimate Unrisked Prospective Resources Best Estimate Net Unrisked & Risked Prospective Resources mmbo mmbo 4Q 2014 2015 7,000 9,000 6,340…
Social License to Operate Enhanced Community Engagement Formal and informal engagement at local levels - Turkana Leaders Forum, town hall meetings, community committees, grievance procedures, outreach programs. Better Communication 5…
What you will see by mid 2015 (Timing of well results) 4Q 2014 1Q 2015 2Q 2015 Kerio Valley Engomo (N. Turkana) Basin Basin Openers Epir N. Samaki Tausi Turkwell (N.Kerio) (N. Turkana) (N. Lokichar) Basin Lokichar Drill Out…
Opportunity Summary Africa Oil has the best onshore acreage position in East Africa, and one of the largest upside exploration portfolios in the world The South Lokichar has been proven to contain significant reserves which underpin…