Exploration in Tanzania and Madagascar

Transcription

1 Exploration in Tanzania and Madagascar Evolution Securities East Africa Conference London 13 January 2011

2 GOVERNMENTS SADR, Senegal, Guinea Bissau, Nigeria, São Tome Principe, Equatorial Guinea, Gabon, Congo (B), Tanzania, Somaliland, Madagascar African Oil & Gas Exploration Experienced Board & Management Track Record Strong Geoscience Skills Deepwater Operator SHAREHOLDERS Mittal Investments, Mvelaphanda, Och-Ziff, Kulczyk Group, Lansdowne, York, Ospraie, JP Morgan, Artemis ExxonMobil*, BG, Premier, Kufpec, RAKGas, Rocksource, FAR, Wilton PARTNERS *Rig Share Agreements Stakeholders

3 Senegal x3 Rufisque, Sangomar, Sangomar Deep *Op 25% 7,500km 2 AGC x1 AGC Profond **Op 53% 9,800km 2 JDZ x1 Block 3 4% 666km 2 SADR x4 Daora, Haouza, Mahbes, Mijek Op 50% 73,000km 2 Somaliland x1 Berbera Op 75% 16,000km 2 Tanzania x3 Block 1, Block 3, Block 4 Op 40% 27,000km 2 Equatorial Guinea x1 Block R Op 80% 1,600km 2 Gabon x4 Mbeli, Ntsina, Manga, Gnondo Op 100% 13,000km 2 * Subject to completion of farm out, Government consent, exercise of Ophir option to acquire and before government back-in. ** Subject to completion of farm out, Government consent and before government back-in. Recently acquired Madagascar x1 Marovoay Block 2102 Op 80% 12,000km 2 Congo (B) x1 Marine IX 31.5% 1,000km 2 Pan African Portfolio

4 Senegal Farm in option with FAR to be exercised post drilling of first AGC well AGC Farm out to Rocksource and FAR Acquired CSEM survey Contracted rig for Q JDZ Drilled sub-commercial gas discovery Equatorial Guinea Fortuna and Lycos gas discoveries Acquired 1,000km 2 3D seismic and completed conceptual field design project Somaliland Acquired 2D seismic offshore and aeromagnetic onshore Surface geology study Tanzania Acquired 3,500km 2 3D seismic Gas commercialisation agreement Farm out to BG Group Pweza gas discovery Chewa gas discovery Gabon Acquired pre-salt 2D seismic i and gradiometry surveys Farm out underway Mbeli & Ntsina Madagascar Farm in to Wilton Petroleum 3,600km 2 gradiometry and aeromagnetic survey Recent Activity Highlights

5 Senegal Regional integration of Kora well results Option election date 3Q AGC Drill Kora prospect 2Q Maersk Deliverer DW rig contracted Corporate & New Ventures Potential IPO Organic portfolio growth Corporate portfolio growth Somaliland Acquire 2D seismic Prospect selection Farm out and partner selection Equatorial Guinea Gas terms in PSC MoU re LNG project Farm out and partner selection 2 to 3 appraisal wells with production testing 1 to 2 exploration wells Resource certification and development studies Gabon Acquire 2,000km 2 3D Pre-salt prospect selection Farm out and partner selection for southern blocks Tanzania Complete DS Drilling programme (Chewa-1 and Chaza-1) Acquire 4,000km 2 3D Transfer operatorship Appraisal and further exploration drilling Madagascar Technical evaluation and prospect selection Logistics planning, long lead purchases and possible drilling Anticipated Activity Highlights to end 2011

6 Tanzania Coastal Basin Ruvuma Basin Deepwater Tanzania Coastal and Ruvuma basins are areally significant The deepwater play systems have only recently been tested Shallow water and onshore play systems both proven Tanzania/Mozambique: Basin Scale

7 = Ophir interests Bouguer Gravity Karroo continental rifting: Late Carboniferous to Early Jurassic. Gondwanaland break-up: West Somali Spreading Centre 165 to 120Ma, Madagascar drifted south along DFZ until 120Ma. Development of passive margin successor basins: Mafia Deep, Pemba-Zanzibar. East Africa doming/uplift: Tertiary Delta development, Rufiji and Rovuma. East Africa: Regional Geological Framework

8 East Africa: Assets

9 Tanzania Blocks 1, 3 and 4

10 2008 4,000km 2D 3,500km 2 3D 2009 Mtwara Port Development and Mid-stream Commercial Structure Exploration Wells Seychelles Blocks 1, 3 and 4 27,000km 2 Ophir (Operator) 40% BG 60% Comoros Barquentine Collier Block 4 Block 3 Pweza-1 Block 1 Chaza-1 Mnazi Bay Windjammer Ironclad Chewa-1 Mafia Deep ST-1 Songo Songo Tanzania

11 Tertiary Development of drainage systems with uplift of East Africa Deepwater Provenance consists of: Archaean Tanzanian craton; Neo-Proterozoic Mozambique Belt; and Karoo rift sediments Quartz and felsic-rich sands expected 2km Reservoir Provenance: Tertiary 10

12 W Seismic Data courtesy of WesternGeco E? Tanzania: Regional Cross-section

13 Tanzania: Typical Prospects

14 Prospect 1 Prospect 2 A variety of structural and stratigraphic trapping styles are recognised in Blocks 1, 3 and 4 Interpreted HC Contact Some of the prospects are supported by the presence of potential DHIs on seismic data 3D opacity volume showing far offset stack over one of the Prospect 1 reservoirs. The presence of gas is interpreted to cause brightening of the seismic reflectors and the base of the gas corresponds to a prominent flat event Tanzania: Typical Prospects

15 Deepsea Stavanger Commenced drilling offshore Tanzania 18 September /2011 DS Campaign Pweza-1: Gas Discovery [22 Oct 2010] Chewa-1: Gas Discovery [01 Dec 2010] Chaza-1: Underway

16 N A B C D S A Cenomanian B Palaeocene C Oligocene 10km C Cretaceous D Cretaceous D Deep B Neocomian Complex stratigraphic architecture creating a range of trap geometries with significant upside 2010 drilling has proven the Tertiary play system and provided valuable information on a diverse range of additional targets The features on this profile have a combined unrisked P Mean resource estimate excess of 1Bbbl of oil or 5Tcf of gas Blocks 3 and 4 Inboard: 3D Area

17 W E W E Cenomanian Cenomanian onlap Neocomian N S Large features on the "Seagap Ridge" Multiple stacked targets Better test of oil potential Will require further 3D acquisition (2011) Blocks 3 and 4: Seagap Ridge

18 Significant outboard potential at both Tertiary and Cretaceous levels Focus of D acquisition Blocks 3 and 4 Outboard: Representative Section

19 A B C D U. Miocene U. Miocene L. Miocene Miocene L. Miocene Oligocene Paleocene Campanian Cenomanian Aptian The features on this profile have a combined unrisked P mean resource estimate excess of 1Bbl of oil or 5Tcf of gas Block 1 Inboard: Representative Seismic Section

20 LOW-RELIEF 4WDC DEPTH SECTION TERTIARY DELTA SLOPE SANDS eg Mnazi Bay TERTIARY CHANNEL-LEVEE COMPLEXES DIAPIR U.CRET. FLANK PLAYS 2km Block 1Inboard: Structure and Play Examples

21 X Significant outboard potential at both Tertiary and Cretaceous levels Focus of D acquisition Block 1 Outboard: Representative Section

22 W E Near offset stack Far offset stack Block 1 Outboard: Representative Section

23 Renovated Offices Renovated Warehouse New Electrical Sub Station Dedicated Fuel Line Dedicated Boat Loading Fuel storage Crane Pad Bulk Plant Ophir offices/comms Casing Laydown Dedicated Casing Cleaning Area Fire Water Storage Fire Fighting Ring main Mud Plant Lighted Channel for 24 Hour Operations Mtwara Port: 2010

24 a b c d Refurbishment of Airport and existing Port facilities, with construction of new Heliport and bulk chemical handling, storage, mud plant and fire control facilities Mtwara Port Shore base

25 Chewa-1 Mafia Deep ST-1 Block 4 Block 3 Pweza-1 Songo Songo Chaza-1 Block 1 Mnazi Bay Blocks 1, 3 and 4 27,000km 2 Ophir (Operator) 40% BG 60% Successful deepwater drilling programme underway Pweza and Chewa discoveries demonstrate presence of multiple play systems Significant upside potential Further 3D data acquisition underway Shorebase support facilities established Gas Commercialisation Agreements in place Strong Joint Venture with a world class LNG developer and supportive Government Ideal location for export to Far East markets Tanzania: Position

26 Madagascar Marovoay Block 2102

27 Comoros Jul Farm-in completed Marovoay Block 2102 Nov sq km Gradiometry survey completed Jun Phase 2 decision Mariarano-1 Sofia-1 12,290km 2 Ophir (Operator) 80% Wilton Petroleum 20% Marovoay Block 2102 Madagascar

28 Northern Madagascar: Regional Operators

29 Marovoay Bock 2102: database

30 A A B B Target Area Anjohibe Prospect Area - >35 sq km Marovoay Bock 2102: Play types

31 Source Early Jurassic shales are excellent potential oil, gas and condensate source rocks with TOC up to 18.24% Middle Jurassic shales are considered potential source rocks with samples having TOC up to 20% In the northern part of the Ampasindava Peninsula oil staining i is reported in at least 15 locations. Bitumen extracts from these sandstones indicate that the oils were generated from anoxic shales deposited in marine or mixed environments Reservoir Lower to Middle Jurassic sandstones on the Ampasindava Peninsula that are on trend with the Lower Jurassic play in Block 2102 include: massive, medium-grained, sandstones inter- bedded d with thin shales and coal rich sandstones delta front, stacked channel sands up to 30m thick 1-6m thick shallow marine sandstones inter- bedded with 15-20m thick shales. Ampasindava -Toarcian source rocks Sandstones on the Ampasindava Peninsula Majunga Basin: Petroleum System Elements 31

32 Marovoay Bock 2102: logistics Anjohibe

33 Somaliland

34 Yemen 2007 Ophir Entry and Govt. ratification 2008 RAkgas entered PSA 2010 Integrated interpretation Somaliland Block 35/M10A 16,270km 2 Ophir (Operator) 75% RAKgas 22.5% Somaliland Govt. 2.5% Block M10A Block 35 Somaliland

35 Yemen Djibouti Ethiopia 35 Somaliland Hydrocarbon field Pre-Cambrian Jurassic Rift Somaliland-Yemen Jurassic Rift Systems

36 Somaliland play types: seismic examples / stratigraphy

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