World-Class East Africa Oil Exploration Play

Transcription

1 AOI TSXV World-Class East Africa Oil Exploration Play, Ethiopia and Kenya Africa Oil Corp. is a Canadian oil and gas exploration company with interests in exploration licenses in Kenya, Ethiopia and Puntland (). A Lundin Group Company

2 2 multiple exploration plays

3 The Company s assets in Kenya, Ethiopia and Puntland () are worldclass oil exploration projects and contain significant resource potential. The projects are geographically and geologically diverse with several different exploration play types and each with multiple prospects. Africa Oil holds multiple operated and one non-operated blocks in East Africa that contain under-explored plays in multiple basins that have proven and productive analogues, or where the petroleum system is calibrated by existing well and seismic data. The current seismic and well database provides sufficient information to identify a large number of prospects and leads. Several of the prospects and leads have the potential to target multiple stacked plays. East Africa is a vastly under-explored region where renewed interest is being shown by a growing number of mid to large size oil companies. Block Summaries Country Concession Gross Acreage WI Dharoor 30,000 km 2 65% Nogal 50,000 km 2 Ethiopia 2, 6, 7, 8 47,362 km 2 55% Adigala 24,000 km 2 50% Kenya 10A 14,747 km 2 55% 10BB 13,000 km 2 80% 9 27,778 km 2 20% 3

4 Major New East African Analogue Heritage/Tullow Lake Albert Discoveries SuDAN Kenya Tullow (Lake Albert Rift Basin) (source: Tullow presentation) 27 wells drilled (26 found hydrocarbons) 8 discoveries out of 9 wells (2009) 700 mmbo discovered (excluding Ngassa) Over 1.5 billion barrels potential yet to find Ugandan government approved Tullow s preemptive rights to stakes in two oil blocks owned by Heritage Oil Approval of Tullow s pre-emption ends ENI s attempt at obtaining the assets CNOOC has agreed to buy a stake in the Ugandan oil assets of Tullow (media reports) Tullow signs deal in Ogaden Basin of Ethiopia and makes Horn of Africa new growth area (media reports) Petronas actively exploring with multiple well drilling program underway and seismic program ongoing Heritage/Tullow DRC Warthog Buffalo Giraffe Uganda Kingfisher Permits Albert Graben Country border Oil field Oil wells field Oil seeps Rwanda 4

5 Ethiopia The Company has three licenses in Ethiopia consisting of Blocks 2/6 and 7/8 in the Ogaden Basin of eastern Ethiopia and the Adigala Block close to the border with and Djibouti. Ethiopia Adigala Basin Adigala Block Blocks 2, 6, 7, 8 Ogaden Basin The Ogaden Basin is relatively underexplored to date. Petronas is planning development of nearby discoveries in their Calub and Hilala fields to the east of Africa Oil s blocks. Africa Oil is planning a 2010 seismic campaign on this block with the objective of developing existing leads into drillable prospects. The Adigala block is a wildcat opportunity with no wells in the area. An analogue petroleum system is predicted based on nearby outcrop data and field surveys. The Company recently acquired 500 km of new 2D seismic. The Company is currently planning its 2010 program on this block. Kenya Ogaden Basin Activity 200 km Ethiopia Petronas currently developing Calub and Hilala gas fields 5

6 Kenya Sudan Ethiopia Uganda Tullow Kampala 400 km Lake Victoria Railway Planned pipelines Block 10BB Nairobi Block 10A Block 9 Kenya Anza Basin Refinery Mombasa Kenya The company holds three blocks in Kenya: Block 9, Block 10A and Block 10BB. Blocks 9 and 10A are in the Anza Graben of northeast Kenya, a northwest-southeast oriented Mesozoic graben along trend from the prolific Mesozoic play of southern Sudan. The petroleum system of the blocks has been tested by several wells and the presence of reservoir, seals and potential source rocks has been demonstrated. The Anza Graben is interpreted to be an extension of the prolific Sudan Basin, a Cretaceous rift basin system of north Central Africa. The Sudan Basin contains reserves in excess of 6 billion barrels and produces approximately 500,000 bpd. Block 10BB is located in northwest Kenya in the region of Lake Turkana. Shell was the previous operator of Block 10BB and in the early 90 s made an oil discovery through the Loperot-1 well in the southern portion of the block in the Lodwar South sub-basin. The well found a total of 13 m of net pay in thin, shallow sandstone layers of the Auwerwer formation. Free oil was also recovered from Oligocene sandstone of the Lokhone formation in addition to penetrating two intervals of lacustrine shales which contained good to excellent source rocks. Block 10BB is about 500 km northeast of the commercial discoveries in Blocks 1 and 3A in Uganda, and 600 km southeast of producing fields in the Melut and Muglad Basins in Sudan. A well is currently drilling on Block 9 (operated by CNOOC). The Company is planning to acquire seismic in Blocks 10BB and 10A in the second half of 2010 with drilling scheduled for the first half of

7 Yemen Gulf of Aden Oil seeps and shows in wells Ethiopia Nugaal Basin Oil indications Al Medo Basin Puntland Nugaal Valley Block Oil discovery (?) Dharoor Valley Block The company holds two blocks in Puntland, : the Nugaal Block and the Dharoor Block. The Nugaal and Dharoor Blocks are located in the Nugaal and Darin Mesozoic basins in northern. The Mesozoic basins are interpreted to be extensions of the prolific Marib-Shawba and Sayun- Masila Basins of Yemen. Prior to the opening of the Gulf of Aden in the Oligocene-Miocene, these areas were contiguous and as a result similar sedimentary sequences and structural styles are likely. The Yemeni basins contain an estimated 9 billion boe reserves with current production of over 400,000 bpd. Africa Oil acquired 775 km of new 2D seismic in early 2008 and is planning a 2010 drill campaign. 100 km 81,000 km 2 concession area Numerous prospects Cretaceous basins rifted apart beginning million years ago 200 km 7

8 The Team Keith Hill, President and CEO Mr. Hill has over 22 years experience in the oil industry including international new venture management and senior exploration positions at Occidental Petroleum and Shell Oil Company. His education includes a Master of Science degree in Geology and Bachelor of Science degree in Geophysics from Michigan State University as well as an MBA from the University of St. Thomas in Houston. Prior to his involvement with Africa Oil, Mr. Hill was President and CEO of Valkyries Petroleum where he led the company through rapid growth and ultimately a highly successful $700 million takeover by Lundin Petroleum. In addition, Mr. Hill was one of the founding directors of Tanganyika Oil which was recently the subject of a $2 billion takeover by Sinopec International Petroleum. James Phillips, Regional VP Exploration Before joining Africa Oil Mr. Phillips was Vice President Exploration Africa and Middle East for Lundin Petroleum AB. Mr. Phillips is a graduate of the University of California, Berkeley and San Diego State University where he obtained BS and MS degrees, both in Geology. He has over 24 years of experience in the oil industry including senior positions with Shell Oil company and Occidental including heading up Oxy s African exploration ventures. Ian Gibbs, CFO Mr. Gibbs is a Canadian Chartered Accountant and a graduate of the University of Calgary where he obtained a bachelor of commerce degree. Mr. Gibbs has held a variety of prominent positions within the Lundin Group of Companies; most recently as CFO of Tanganyika Oil where he played a pivotal role in the recent $2 billion acquisition by Sinopec International Petroleum. Prior to Tanganyika Oil, Mr. Gibbs was CFO of Valkyries Petroleum which was the subject of a $700 million takeover. John Craig, Director Mr. Craig practices in the area of securities law with a focus on equity financings for both underwriters and issuers, with an emphasis on resource companies. His work also covers TSX listings, dealings with TSX and OSC for listed public companies, takeover bids and issuer bids and going-private transactions. Mr. Craig is also involved with international resources in negotiation and drafting of mining, oil and gas concession agreements, joint venture agreements, operating agreements and farm-in agreements. Gary Guidry, Director Mr. Guidry brings to the Board of Africa Oil Corp. an extensive background and proven track record in international petroleum development and project execution. A Petroleum Engineer by training, he is an Alberta-registered Professional Engineer with expertise in diverse environments ranging from deep-water West Africa and the Gulf of Mexico, South American rainforests to the deserts of the Middle East. Most recently, Mr. Guidry was President of Tanganyika Oil where he led the company from an early stage oil development project in Syria to a $2 billion takeover by Sinopec International Petroleum in late Cameron Bailey, Director Mr. Bailey is a Chartered Financial Analyst with a Bachelor of Commerce degree from the University of Calgary. He has worked in the energy investment business, specifically investment banking, for the past 19 years. He is the founder of, and has organized the initial public offerings for, a number of oil and gas exploration and production and oilfield services companies. Bryan Benitz, Director Mr. Benitz brings over 40 years of financial markets expertise and investment banking experience to the Company. He graduated from Fettes College in Edinburgh, Scotland in 1951 and received his early investment banking training at Wisener & Company in Canada. The Company 70.2 million shares outstanding million fully diluted Listed AOI TSX-V Management team successful track record and experience in region Africa Oil Corp. Vancouver Office 885 W. Georgia Street Suite 2101 Vancouver, BC Canada V6C 3E8 T F africaoilcorp@namdo.com africaoilcorp.com Cautionary Statements This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Resource and reserve references on other companies have been sourced from websites and other public information and may not be accurate. 10/02/10