Operations

An African Full Cycle Growth Vehicle with Production, Cash Flow, Huge Exploration Upside and a World Class Development Project

Africa Oil is a Canadian oil and gas company with development and exploration assets in Kenya, Nigeria and South Africa. The Company also has exposure to exploration plays in other parts of Africa, including Guyana and South Africa as a result of its equity interests in Africa Energy Corp., Eco (Atlantic) Oil & Gas Ltd. and Impact Oil and Gas Limited. The Company recently completed the acquisition of a 50% interest in a company holding producing assets in offshore Nigeria. The following tables summarize the Company's net working interests in the various production sharing contracts/agreements, based on working interest ownership as well as equity interests in exploration companies.

Africa Oil Block Summary

CountryBlock / AreaOperatorCurrent Net
Working Interest % (1)
KenyaBlock 10BBTullow25%
KenyaBlock 13TTullow25%
KenyaBlock 10BATullow25%
South Africa3B/4BAfrica Oil20%

Africa Oil Equity Investments

Africa Energy (35%)Strong inventory of exploration prospects, including high potential TOTAL operated South Africa Block and Tullow operated Namibia Block
Impact Oil and Gas (30%)Namibia: multiple high potential exploration blocks Guyana: updip and adjacent to Exxon Liza discovery and play fairway
Eco Atlantic (18.7%)Impressive portfolio of deep water exploration blocks, most of which have farm in agreements and carries by major oil companies (Exxon, TOTAL, Statoil, CNOOC)
POGBV (50%)Nigeria Deepwater Oil Production/Exploration OML 127 (Chevron operator) and OML 130 (TOTAL operated). Production with development and exploration upside. Gross production 368,000 bopd
Expected to exceed 550,000 bopd in 2019. POGBV – 8% OML 127 and 16% OML 130.

1 Net Working Interests are subject to back-in rights or carried working interests, if any, of the respective governments or national oil companies of the host governments.

South Lokichar Development

Kenya

  • Joint Venture Partners: Tullow Oil plc. (50% Operator), Total (25%), Africa Oil (25%)
  • Onshore development of South Lokichar Basin located in Blocks 10BB/13T and associated pipeline to Kenyan Coast
  • Phase 1 development 80,000 bopd
  • Target FID: 2020

Nigeria Deepwater

Nigeria

  • 50% equity interest in POGBV
  • POGBV holds an 8% interest in block OML 127 containing the Agbami Field and a 16% interest in OML 130 containing the Akpo Field and the Egina Field
  • Combined gross field production 368,000 BOPD
  • Combined gross field production expected to exceed 550,000 BOPD as Egina production ramps up (~20% of Nigeria’s oil production)

Portfolio Equity Investments

Exploration

Multiple portfolio investments providing exposure to high impact exploration areas: Guyana, Namibia, South Africa

Proven Track Record

Africa Oil is lead by a highly successful management with proven exploration and development track record. Extensive experience throughout Africa.

Building an integrated Africa based oil company with production, cash flow, development and exploration.

  • Completed multiple over-subscribed equity private placements to diverse group of shareholders, including International Finance Corporation, Lundin Family Trusts, Stampede Natural Resources (fund advised by Helios), other Institutional Equity
  • Completed multiple farmout transactions to companies including: Tullow, Marathon, Maersk/Total, New Age
  • Led by experienced executive team
Nigeria Deepwater Production
Kenya Development