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
| Country | Block / Area | Operator | Current Net Working Interest % (1) |
|---|---|---|---|
| Kenya | Block 10BB | Tullow | 25% |
| Kenya | Block 13T | Tullow | 25% |
| Kenya | Block 10BA | Tullow | 25% |
| South Africa | 3B/4B | Africa Oil | 20% |
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
PART OF THE LUNDIN GROUP OF COMPANIES
The Lundin Group explores, develops and builds projects around the world.
With extensive experience in Africa, Lundin Group investments in Africa exceed $5 billion.
