Meren Energy Inc. · TSX:MER
Meren Energy — Africa Oil — Pareto's 30th Annual Energy Conference 2023
15 slides from Meren Energy's conference presentation, Sep 20, 2023
Slide 1: The Next Phase of Value Creation
Africa Oil Corp. THE NEXT PHASE OF VALUE CREATION PARETO’S 30TH ANNUAL ENERGY CONFERENCE 20th September 2023, Oslo WWW.AFRICAOILCORP.COM
Slide 2: Balanced Portfolio to Deliver Transformational Value Creation
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. BALANCED PORTFOLIO TO DELIVER 2P Reserves 1 55.6MMBOE TRANSFORMATIONAL VALUE CREATION Q2’23 Production2 Exploration Development Production 22.4 KBOE/d AOC’s 50% shareholding in Liquidity (end Q2’23) Prime Oil & Gas accounts for $375
Slide 3: Foundations for Value Creation
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. FOUNDATIONS FOR VALUE CREATION STRONG BALANCE SHEETS ADVANTAGED BARRELS SIGNIFICANT LIQUIDITY (Q2’23) HIGH NETBACK PRODUCTION • AOC debt free with cash balance of $175.7m • Attractive fiscal regime with premium Brent pricing • Undra
Slide 4: Foundations Drive Superior Performance
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. FOUNDATIONS DRIVE SUPERIOR PERFORMANCE 300 Notable Outperformer 250 Over the Full Business Cycle 200 Strong Organic Opportunity Set With the Ability to Grow Inorganically 150 New CEO, New Focus 100 Right Pathway to Deliver Maximum V
Slide 5: Strategic Option Sets
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. STRATEGIC OPTION SETS Existing Growth Opportunities Business Development Prime: • The market for individual asset acquisitions is competitive • Low risk/high IRR development opportunities – infill drilling • Stay focused on jurisdic
Slide 6: High Return and Short Cycle Growth
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. HIGH RETURN AND SHORT CYCLE GROWTH Top oil fields In Nigeria Operators Highly experienced World-class Production facility hubs 62% of 2P reserves1 base is Proven category (P90) Low risk & high IRR Development projects OML 127 Infill
Slide 7: Investing in Emissions Management
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. INVESTING IN EMISSIONS MANAGEMENT Substantial Reduction in Flaring GHG Management Plan (Scope 1 & 2) Minimise through efficiency 2023+: Direct investment in Nigeria: Focus Avoid by offset projects on flaring design 2021-2025: reduct
Slide 8: Venus, a Unique World-Class Opportunity
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. VENUS, A UNIQUE WORLD-CLASS OPPORTUNITY Namibian Orange Basin (Blocks 2913B/2912) • Potential multi-billion barrels recoverable development • Average indirect 6.0% interest in the two blocks through AOC’s 31.0% shareholding in Impac
Slide 9: Significant Orange Basin Exposure
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. SIGNIFICANT ORANGE BASIN EXPOSURE Block 3B/4B • AOC operated with a 26.25% interest1 • On trend with Venus, Graff, La Rona and Jonker oil discoveries • Most of the block is covered by 3D seismic • P50 prospective resources of ~4 bil
Slide 10: Infrastructure-Led Exploration in EG
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. INFRASTRUCTURE-LED EXPLORATION IN EG Block EG-31 • AOC operated with an 80% interest • Significant gas prospectivity identified in a proven basin and benign shallow water environment • Located adjacent to high-performing EG LNG plan
Slide 11: Growth Beyond the Current Portfolio
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. GROWTH BEYOND THE CURRENT PORTFOLIO World Class Organic Opportunity Set Inorganic Business Development With Strictest Discipline Asset Acquisition • Focus on jurisdictions where we have a competitive advantage and can leverage our b
Slide 12: Conclusion
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. CONCLUSION Returns Sustainable shareholder returns – High netback production from high distributed more than $90m since Mar’22 quality offshore assets SHAREHOLDER PRODUCTION RETURNS duction Growth Cashflow Pro Low risk development o
Slide 13: Forward-Looking Statements
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. FORWARD-LOOKING STATEMENTS This document has been prepared and issued by and is the sole responsibility of Africa Oil Corp. (the Actual results may differ materially from those expressed or implied by such forward-looking “Company”)
Slide 14: Reader Advisory
Pareto's Annual Energy Conference | September 2023 AFRICA OIL CORP. READER ADVISORY Accounting for Africa Oil’s (Africa Oil, AOC or the Company) Oil and Gas Information Interest in Prime The reserves estimates presented have been evaluated by RISC in accordance with NI 51-101 and The 50% shareholdin
Slide 15: Thank You
AFRICA OIL CORP. THANK YOU For further information, please contact: SHAHIN AMINI Investor Relations shahin.amini@africaoilcorp.com +44 (0) 20 8017 1511 WWW.AFRICAOILCORP.COM
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