Africa Energy Corp. · TSXV:AFE
Africa Energy — Africa Energy Frontier Summit 2022
15 slides from Africa Energy's conference presentation, May 2022
Slide 1: Upcoming exploration drilling in the shallow water Orange Basin of South Africa
Slide 2: Cautionary Statements
Cautionary Statements ENERGY ‘This presentation has been prepared and issuad by and is the sole responsibility of Africa Energy Corp. (the “Company") and its subsidiaries. It comprises the written matarials for a presentation to invastors and/or industry professionals concaming the Company's busines
Slide 3: Corporate Profile
Corporate Prof + Independent oil and gas exploration company * Backed by the Lundin Group * Proven technical team from Energy Africa / Tullow Oil + High-impact oil exploration well on Block 2B in 2022 * Two large gas condensate discoveries on Block 11B/12B with potential fast-track development a _ ‘
Slide 4: Asset overview: Block 11B/12B, Block 2B, PEL 37
* 4.9% effective interest increasing to 10%“) * Operated by TotalEnergies * Brulpadda and Luiperd discoveries in 2019-2020 * Development studies and gas commercialization * Production Right application expected by September 2022 + 27.5% participating interest with carried well * Operated by Eco Atla
Slide 5: Activity / Fiscal Terms
South Africa Activity / Fiscal Terms @Shel | A = i "41 01 OscOvery TotalEnergies 37 MMbI Contingent i ‘ Tohubes Gas Fels Fiscal Terms j at Fi tics © State Take < 30% z. Feedstock to GTL and — Royalty: 0.5-5% es Md Power Plant ~300 MIVicf/d ‘— Income Tax: 28% (27% e! tive in 2022) PetroSA Refinery Es
Slide 6: 11B/12B Large Discoveries with De-Risked Upside
South Africa Block 11B/12B A AFRICA Large Discoveries with De-Risked Upside een * Two major gas condensate discoveries nero block + Massive acreage position with substantial upside oie Rene soo wane = Str * Development studies and gas commercialization Pats ih orey stom Chneiey Tea Power st * Produc
Slide 7: EPS Development Progressing
South Africa Block 11B/12B EPS Development Progressing Assessing Early Production System with existing nearby infrastructure Preparing Field Development Plan, Environmental Application and Production Right Application for submission by September 2022 Final Investment Decision (FID) targeted for 2023
Slide 8: Huge Block with Plenty of Running Room
South Africa Block 11B/12B AFRICA ENERGY Huge Block with Plenty of Running Room Block 11B/12B Prospect Map Johan Sverdrup in the North Sea - Original Block Size 964 km’ (for comparison purposes) Total field resources are | estimated to be between 2.2 and 3.2 Bboe Rloofpadda, Fairway { Paddavissie Fa
Slide 9: Key to the Energy Transition
South Africa Block 11B/12B Key to the Energy Transition South Africa is a carbon-intensive economy and contributes approximately 1% of annual global greenhouse gas (GHG) emissions Eskom currently relies on coal-fired power stations to produce approximately 90% of its electricity - infrastructure ins
Slide 10: Highly Prospective Orange Basin
South Africa Block 2B cy Highly Prospective Orange Basin ENERGY Piadent Emer; il Basi x * Prior to 2022, only modest oil and gas discoveries were —_ made in the shallow water Orange Basin * Major light oil and associated gas were discovered in the wr recent deep-water exploration drilling (Venus and
Slide 11: Proven Oil Basin
South Africa Block 2B Proven Oil Basin 6 AFRICA ENERGY + A-J1 oil discovery in 1988 flowed high-quality oil to surface (36° API) + High-impact exploration well planned up-dip from discovery + Analogous to Lokichar Basin (Kenya) and Albertine Graben (Uganda) AEC participating interest Partners Basin
Slide 12: A-J Graben Axial Delta Play
South Africa Block 2B A A-J Graben Axial Delta Play meen 1 Soekor Proposed Well Syn-rift thickness Isochron Legend : ‘y slate i > n=" Basin Boundary - SEP — SymrifeFauits E-W seismic section |. Slide 12 Africa Energy | May 2022 2km ‘fos
Slide 13: Contingent & Prospective Resources
South Africa Block 2B Contingent & Prospective Resources Un-risked Recoverable Oil Resources (MMbbIs) 17000 800 600 400 200 Gross 2c Contingent Resources 118 MMbbI3C Best Estimate Prospective Resources "goo mimbbl ** AJ downdin PS 400 MMIbbI High Est. Vearera| Gararia Namaqualand Eastern Margin 30 S
Slide 14: Summary
Summary 6 AFRICA ENERGY World-Class Assets Block 11B/12B — Planning gas condensate development Block 2B — High-impact oil exploration well drilling in 2022 PEL 37 — Proven play in exploration hotspot Proven Team : Experienced board and senior management Technical team with significant exploration su
Slide 15: Thank You
Thank You CONTACT DETAILS \ Investor Relations - Canada Investor Relations - Sweden x Sophia Shane Robert Eriksson ] Email: info@africaenergycorp.com Email: reriksson@rive6.ch AFRICA / Tel: +1 (604) 689-7842 Tel: +46 701 11 26 15 Sa Creating Value through Oil and Gas Exploration in Africa www.africa