Africa Energy Corp. · TSXV:AFE
Africa Energy — Investor Presentation (June 2022)
17 slides from Africa Energy's investor presentation, June 2022
Slide 1: Creating Value through Oil Exploration and Development in Africa
AFRICA ENERGY CORP Exploration andThrough Creating Value Development in OilSouth Africa in Africa Exploration June 2022 The Island Innovator semi-submersible rig will drill the Gazania-1 oil exploration well on Block 2B offshore South Africa in September 2022.
Slide 2: Corporate Profile
Corporate Profile • Independent oil and gas exploration company Asset Footprint • Backed by the Lundin Group • Proven technical team from Energy Africa / Tullow Oil • Drilling high-impact oil exploration well on Block 2B in 2022 • Planning gas condensate development on Block 11B/12B Share Ownership
Slide 3: Near-Term Catalysts
Near-Term Catalysts Q1 2022 Q2 2022 Q3 2022 Q4 2022 Present time BLOCK 2B Island Drilling Rig Drilling Rig Contract Mobilization Results Eco Atlantic Gazania-1 License Expiry / $20 million Escrow Spud Production Right Application BLOCK Production Gas Offtake Right Grant 11B/12B Terms License Expiry
Slide 4: South Africa Overview
South Africa Overview Attractive Location / 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
Slide 5: 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 • Development studies and gas commercialization • Production Right application by September 2022 Asset Summary AEC effective interest 4.9% (1) TotalEnergies
Slide 6: Block 11B/12B: 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 7: Block 11B/12B: Proposed Fast-Track Development
Block 11B/12B Proposed Fast-Track Development FA Platform in Block 9. • Assessing Luiperd Early Production System (EPS) with existing nearby infrastructure • Preparing Field Development Plan, Environmental Application and Production Right Application for submission by September 2022 • Production Rig
Slide 8: Block 11B/12B Development
Block 11B/12B Development Full field development expected as domestic gas market expands Note: Future gas market potential includes Company estimates. Slide 8 Africa Energy | June 2022
Slide 9: Block 11B/12B: Huge Block with Plenty of Running Room
Block 11B/12B Huge Block with Plenty of 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 • Amplitude Vari
Slide 10: Block 2B: Orange Basin / Exploration Hotspot
Block 2B Orange Basin / Exploration Hotspot BASIN HIGHLIGHTS 1974 - Chevron Kudu gas discovery 1986 - Soekor Ibhubesi gas discovery 1988 - Soekor A-J1 oil discovery on Block 2B 2022 - Total Venus and Shell Graff oil discoveries September 2022 Gazania-1 drilling on Block 2B Slide 10 Africa Energy | J
Slide 11: IHS Markit: Global High-Impact Wells in 2022
IHS Markit: Global High-Impact Wells in 2022 Theta West 1 Copernicus Edinburgh Zhenis 1 Alphee 1 Cronos 1 Block 9 1 Eratosthenes 1 Soupia 1 Kuwait offshore 2021 1 Niamou 1 Mersing 1 Cutthroat 1 Jaca 1 Marolo 1 1-RJS-759-RJS Mlima 1 Rencong 1X 1-RJS-758D Seal 1 Tigre 1 Timpan 1 Graff 1 Erregulla Sout
Slide 12: Block 2B: Proven Oil Basin
Block 2B Proven Oil Basin • A-J1 oil discovery in 1988 flowed high-quality oil to surface (36° API) • High-impact oil exploration well planned up-dip from discovery • Analogous to Lokichar Basin (Kenya) and Albertine Graben (Uganda) Asset Summary AEC participating interest 27.5% Eco Atlantic Oil & G
Slide 13: Block 2B: Drilling Up-Dip from Proven Oil Discovery
Block 2B Drilling Up-Dip from Proven Oil Discovery Drilling location will test both Namaqualand and Gazania Prospects Slide 13 Africa Energy | June 2022
Slide 14: Block 2B: Contingent & Prospective Resources
Block 2B Contingent & Prospective Resources Gross 2C Contingent Best Estimate Prospective Resources A-J Graben Prospect Map Resources 1,000 Northern Graben Un-risked Recoverable Oil Resources (MMbbls) 800 400 MMbbl 600 225 MMbbl 400 A-J1 well Axial Delta Play 37 MMbbl Contingent, 400 MMbbl 186 MMbbl
Slide 15: Summary
Summary World-Class Assets • Block 11B/12B – Planning gas condensate development • Block 2B – High-impact oil exploration well drilling in Sept-2022 • PEL 37 – Proven play in exploration hotspot Proven Team • Experienced board and senior management • Technical team with significant exploration succe
Slide 16: 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 17: 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 Creating Value through Oil and Gas Exploration in Africa www.africaenergycorp.com Sli