Africa Energy Corp. · TSXV:AFE
Africa Energy — Investor Presentation (December 2022)
18 slides from Africa Energy's investor presentation, December 2022
Slide 1: Creating Value Through Exploration and Development in Africa
AFRICA ENERGY CORP Exploration andThrough Creating Value Development in OilSouth Africa in Africa Exploration December 2022 The Odfjell Deepsea Stavanger rig drilled the Brulpadda-1AX discovery in February 2019 and the Luiperd-1X discovery in October 2020 on Block 11B/12B offshore South Africa.
Slide 2: Corporate Profile
Corporate Profile Asset Footprint • Independent oil and gas exploration company • Backed by the Lundin Group • Proven technical team from Energy Africa / Tullow Oil • Planning gas condensate development on Block 11B/12B Share Ownership Corporate Snapshot AFE/AEC TSX-V/First North Ticker Retail & Afr
Slide 3: South Africa: Attractive Location and Fiscal Terms
South Africa Attractive Location and Fiscal Terms Active Players Fiscal Terms State Take < 30% Royalty: 0.5-5% Income Tax: 27% Tax benefit from cost uplift After Tax Profit Tax Deductible Costs: Including cost uplift, 200% of exploration and appraisal, 150% of capex and 100% of opex State and Black
Slide 4: Block 11B/12B: Large Discoveries with De-Risked Upside
Block 11B/12B Large Discoveries with De-Risked Upside • Two major gas condensate discoveries • Massive acreage position with substantial upside • Production Right application submitted • Negotiating Heads of Agreement on gas offtake terms Asset Summary AEC effective interest 4.9%(1) TotalEnergies (o
Slide 5: Luiperd Gas Condensate Discovery
Block 11B/12B Luiperd Gas Condensate Discovery Luiperd-1X NNW SSE Paddavissie Objective Mature Source Rock Gas-Condensate Reservoir Water Leg • 73 meters net gas condensate pay • Gas down to bottom of reservoir • Possible oil rim down-dip • Significantly de-risks remaining three Paddavissie Prospect
Slide 6: Proposed Fast-Track Development
Block 11B/12B Proposed Fast-Track Development FA Platform in Block 9. • Planning Luiperd Early Production System (EPS) with existing nearby infrastructure • Production Right (PR) application submitted in September 2022 • PR approval expected 12-18 months after submission • Final Investment Decision
Slide 7: Potential Domestic Gas Market
Block 11B/12B Potential Domestic Gas Market Full field development expected as domestic gas market expands Note: Future gas market potential includes Company estimates. Slide 7 Africa Energy | December 2022
Slide 8: Huge Block with Running Room
Block 11B/12B Huge Block with Running Room Block 11B/12B Prospect Map 3 Paddavissie Drill Ready Prospects Oil Field Gas - Condensate Field Leads Greater Paddavissie Prospects Prospects 2020 2D Seismic (Shearwater) – 7,033 km 2019/2020 3D Seismic (Polarcus/PGS) - ~2,900 km2 Proposed relinquishment ar
Slide 9: Summary
Summary World-Class Assets • Planning gas condensate development • De-risked prospects and significant exploration upside Proven Team • Experienced board and senior management • Technical team with significant exploration success across Africa from Energy Africa / Tullow Oil Solid Backing • Supporti
Slide 10: Appendix
Appendix Slide 10 Africa Energy | December 2022
Slide 11: Block 2B: Proven Oil Basin
South Africa Block 2B Proven Oil Basin • A-J1 oil discovery in 1988 flowed high-quality oil to surface (36° API) • Analogous to Lokichar Basin (Kenya) and Albertine Graben (Uganda) Asset Summary AEC participating interest 27.5% Eco Atlantic Oil & Gas (operator with 50%), Partners Panoro Energy (12.5
Slide 12: Block 2B: Gazania-1 Well
South Africa Block 2B Gazania-1 Well • Target section at Gazania-1 was encountered very close to prognosed depth, N:G and porosity • Although elevated wet background gas and oil show indicate that some petroleum passed through this location, the well did not encounter a commercial oil accumulation •
Slide 13: 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 South Africa Power Generation Mix 1% of annual global greenhouse gas (GHG) emissions NUCLEAR • Eskom currently relies on coal-fired power stations to produce 5.4% approx
Slide 14: Transactions More Than Double Effective Interest
South Africa Block 11B/12B Transactions More Than Double Effective Interest 1. Impact Transaction – Acquisition of Impact’s financial interest in Block 11B/12B Corporate Structure for 509.1 million shares completed in November 2020 2. Arostyle Transaction – Mutual put/call option to transfer Main St
Slide 15: Paddavissie Fairway
South Africa Block 11B/12B Paddavissie Fairway 1,767m 3,203m TD 3,371m Paddavissie Prospect Deep Prospect Gas - Condensate Field Oil Field Source Sequences Slide 15 Africa Energy | December 2022
Slide 16: Brulpadda Gas Condensate and Oil Discovery
South Africa Block 11B/12B Brulpadda Gas Condensate and Oil Discovery Brulpadda-1AX N S Paddavissie Objective (Primary) • 34 meters net gas condensate pay plus oil pay • High productivity anticipated given high net-to-gross and good quality of reservoirs • Significantly de-risks remaining three 1st
Slide 17: Cautionary Statements
Cautionary Statements This presentation has been prepared and issued by and is the sole responsibility of Africa Energy Corp. (the "Company") and its subsidiaries. It comprises the written materials for a presentation to investors and/or industry professionals concerning the Company's business activ
Slide 18: Thank You
Thank You CONTACT DETAILS Investor Relations - Canada Investor Relations - Sweden Sophia Shane Robert Eriksson Email: info@africaenergycorp.com Email: reriksson@rive6.ch Tel: +1 (604) 689-7842 Tel: +46 701 11 26 15 Oil and Gas Exploration and Development in South Africa www.africaenergycorp.com Slid
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