AGM PRESENTATION 22 nd MAY 2013 Exploration Opportunities in Tanzania: Why Aminex believes in the potential of the Nyuni and Ruvuma PSAs
Introduction o Aminex has been in Tanzania since 2002 when the East African Coastal Margin was only a lightly explored backwater. o Aminex has drilled 6 wells including 2 commercial discoveries, one of which is developed and ready to produce. The Company’s acreage includes (1) o onshore, (2) shallow water offshore and (3) deep water offshore environments. o Since 2010 there have been multiple world-class deep water gas discoveries in the region, some directly offsetting both of Aminex’s PSA areas. o Aminex has consistently believed in the vast potential of the East Africa Coastal Margin which is summarised in this short technical presentation. Recent published hydrocarbon discoveries, Tanzania and northern Mozambique Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Introduction Onshore, Nearshore Successes o Mafia/Rufiji Mafia Basin/Rufiji Delta, Tanzania: Basin • Songo Songo (1974) • Mukuranga (2006) • (2008) Kiliwani North o Ruvuma Basin, Tanzania and northern Mozambique: • Mnazi Bay (1982) • Ntorya-1 (2011) o Sample analyses made available to Aminex provide information on the potential for oil as well as for gas. Ruvuma Basin Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Regional Geological Setting and Prospectivity o The deepwater exploration success along the East African Coastal Margin demonstrates the exploration potential that may exist onshore and on the nearshore shelf. o High quality (3D) seismic in the open marine deepwater environment is the main cause for recent success. o Recent improvements in 2D seismic acquisition and processing on the marine shelf and onshore confirms the presence of similar traps and their significant but as yet unexplored and unexploited potential. Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Regional Geological Setting and Prospectivity o Ntorya, along with most leads within the Ruvuma PSA, and post-Neocomian leads within Nyuni PSA are part of the same play fairway as the recent deepwater discoveries. o Historically structural prospects have been drilled along the coastal margin with only limited success. With the aid of improved seismic, Aminex is focusing on the significant stratigraphic potential that can now be imaged and which has proven so successful in the deepwater. Anadarko, BG & Statoil’s Mnazi Bay Gas Field, Ntorya onshore gas ENI’s deepwater gas ~830 Bcf Pmean deepwater gas Kiliwani North gas field, discovery, 1.2 Tcf discoveries, recoverable discoveries, 45 BcfPmean GIIP discovered and 27-75 Tcf. contingent 60-103 Tcf. discovered undiscovered Late Tertiary uplift in response to East African Rift Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Regional Geological Setting and Prospectivity o Ntorya, along with most leads within the Ruvuma PSA, and post-Neocomian leads within Nyuni PSA are part of the same play fairway as the recent deepwater discoveries. Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Progress o Virtually all recent major gas discoveries have been in the (deepwater) offshore, where most of the recent 2D and 3D seismic has been acquired. o This is because of the ease of access in open marine deepwater environments for acquiring high quality seismic with minimal logistic difficulties, and sufficient quality to de-risk prospects prior to drilling. o Nearshore and onshore is subject to more complex and costly logistics for alternative methods of appropriate seismic acquisition. Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Progress o Most of the Nyuni legacy data (all 2D) has a limited “maximum offset” of <1,500m. o The 2005 dataset has a 3,000m maximum offset. Careful reprocessing allows a major improvement in imaging, to better de-risk prospects prior to drilling. o Deepwater/open marine 2D and 3D seismic commonly has a maximum offset of 8,000m. Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Progress and Prospectivity NNW SSE o Advanced processing and imaging technologies applied to state-of-the-art 2D and 3D seismic in an unrestricted deepwater marine environment enables much greater confidence in de-risking prospects pre-drill. o However, similar acquisition and processing methods cannot be employed in the onshore and nearshore environments. Seismic profile across Block 1, offshore o Recent work by Aminex on 2D seismic Tanzania, showing intraslope channel plays onshore and on the marine shelf is (from Ophir Energy AGM, June 2012). beginning to image detail with confidence but most such prospects remain untested by drilling. o Most recent discoveries on- and offshore are primarily stratigraphic and not structural. o Early wells were drilled with limited seismic on simple structural features. Such prospects include Songo Songo, Mnazi Bay, Latham Island, Nyuni, etc. Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Progress and Prospectivity o Songo Songo-1 in 1974 promoted structural plays and the potential for productive Neocomian-age reservoir sands. o Albian sands as at Ntorya of good reservoir quality are stratigraphically controlled - their presence in structural traps is highly variable. o Previously, stratigraphic complexity has Seismic cross-section across Songo Songo been hard to image and interpret with gas field, offshore Tanzania; (structural trap). confidence on seismic in the absence of well data. Seismic cross-section across Ntorya gas discovery, Ruvuma basin, onshore Tanzania; (stratigraphic trap). Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Progress and Prospectivity 2D Seismic Dip Line 89MT-10, onshore Northern Ruvuma Basin. o Previous onshore exploration was focused on identifying large structural closures and seismic coverage was coarse. Upper Cretaceous Lead D as mapped by Texaco, 1992, cf Sudi o Limited contractor availability and high costs Lead 2012. did not encourage higher data densities. (Areal closure of Lead D at Top Cretaceous was estimated at approx. 170.4km 2 , with o Little stratigraphic potential could be 800ft of vertical closure (Texaco 1992). recognised or de-risked sufficiently to justify Remapped as Sudi Lead by Aminex in drilling. 2012.) Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Progress and Prospectivity o The Kiswa and Sudi Base Tertiary channel complex leads in the Ruvuma PSA are now clearly imaged on reprocessed data. They appear analogous to BG/ Ophir’s o Jodari Base Tertiary gas discovery (GIIP estimated at ~4.5 Tcf), 25 km to the West in the deepwater. o Kiswa Lead appears to have a similar multi- channel complex appearance as Jodari. Source : Ophir website, Capital Markets presentation, 2012 Kiswa Leads, Offshore Ruvuma PSA Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Progress and Prospectivity o The Sudi Lead (onshore Ruvuma) is part of the same Base Tertiary channel complex as the offshore Kiswa Lead. (Onshore) (Offshore) Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Prospectivity Since the success of Aminex’s o Ntorya-1 gas discovery, mapping of the Ruvuma PSA has identified further stratigraphic leads not previously recognised with confidence from available 2D seismic. o Aminex is planning new 2D seismic in the Ruvuma PSA to better define and de-risk the stratigraphic potential, as well as to appraise the Ntorya-1 discovery. Ruvuma PSA: Lead map of mainly stratigraphic leads, identified from seismic post-Ntorya-1 well. Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
Exploration Prospectivity o Tanzania has signed a $1.2 billion finance package with the Chinese Export Bank for gas infrastructure which will include: • 450 km 36 ” pipeline from Ruvuma Basin to Dar es Salaam. • 25 km 24 ” pipeline from Songo Songo Island to main pipeline. • New gas processing plants on Songo Songo Island, and near Mtwara – approx. 30 km from Ntorya-1. o This pipeline will provide access to market for both Aminex’s Kiliwani North gas Field and Aminex’s Ntorya-1 gas discovery o Pipeline project due onstream end 2014. Tanzanian Coastal Pipeline Presentation to shareholders, Aminex PLC AGM, Dublin, Ireland, 22nd May 2013
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