Shaping the future of oil exploration in Africa Investor presentation February 2015
Disclaimer This presentation may contain forward looking statements which enquiries, investigations and advice regarding any information involve subjective judgment and analysis and are subject to contained in this presentation. Any reliance placed by a reader on significant uncertainties, risks and contingencies, including those risk the information contained in this presentation is wholly at the reader's factors associated with the oil and gas businesses, many of which are own risk. The information in this presentation is provided for outside the control of, and may be unknown to LEKOIL. In particular, informational purposes only and does not take into account the any forward looking statements speak only as of the date of this investment objectives, financial situation and needs of any particular presentation, they assume the success of the strategy of LEKOIL and investor. Each of LEKOIL and its related bodies corporate and they are subject to significant regulatory, business, competitive and affiliates and their respective directors, partners, employees, agents economic uncertainties and risks. and advisers disclaim any liability for any direct, indirect or consequential loss or damages suffered by any person as a result of No representation, warranty or assurance (express or implied) is given relying on any statement in, or omission from, this presentation. or made in relation to any forward looking statement by any person (including by LEKOIL, any of its related bodies corporate, directors, Subject to any continuing obligations under applicable laws, LEKOIL officers, employees or their representatives). In particular, no disclaims any obligation or undertaking to disseminate any updates or representation, warranty or assurance (express or implied) is given in revisions to any forward looking statements in this presentation to relation to any underlying assumption or that any forward looking reflect any change in expectations in relation to any forward looking statement will be achieved. Actual future events may vary materially statements or any change in events, conditions or circumstances on from the forward looking statements and the assumptions on which which any such statements is based. Nothing in this presentation shall the forward looking statements are based. Given these uncertainties, under any circumstances create an implication that there has been readers are cautioned not to place undue reliance on such forward no change in the affairs of LEKOIL since the date of this presentation. looking statements, and should rely entirely on their own independent All other disclosures as in previous presentations apply. SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation February 2015 1
Corporate overview Africa focused exploration and production company. Management team and Board with strong relationships and experience in global financial markets Strong technical team with extensive local and global expertise. Exploit overlooked opportunities in new and existing basins. Appraisal and production assets in Nigeria (Niger Delta and Dahomey basin). Exploration assets in Namibia. London Stock Exchange (AIM) listed. SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation February 2015 2
Management team Lekan Akinyanmi David Robinson Dotun Adejuyigbe Executive Board Member, Executive Board Member, Head, Commercial Chief Executive Officer Chief Financial Officer Former Senior Vice President and Global Dotun and his team coordinate the Formerly the international Energy Sector Sector Head for Energy & Natural Resources commercial, business and strategic planning Head at AllianceBernstein L.P. with direct at AllianceBernstein L.P. where he managed functions at Lekoil. His responsibilities include responsibility for a $1Billion Energy and Natural multi-billion dollar equity portfolios for hydrocarbon marketing and support for Resource Portfolio. institutional and mutual fund clients, investing corporate finance functions. Engineering and operational roles within in global energy and mining. Dotun has wide-ranging experience in project Schlumberger in a career that spanned Substantial experience in corporate analysis management, consulting, private equity and Nigeria, Egypt, Pakistan, Oman and Scotland. and company research having worked for corporate finance across projects in Africa, BSc. in Electronic and Electrical Engineering HSBC Securities, Credit Suisse First Boston and Europe, North and South America. He holds a from Obafemi Awolowo University Ile-Ife, Westpac Investment Management where BSc in Electronics and Electrical Engineering Nigeria (1991); and an MBA from MIT Sloan he was responsible for both primary stock from Obafemi Awolowo University, Nigeria an School of Management, USA. coverage and research marketing to MBA from INSEAD, France. institutional clients. Member of the #1 institutional investor-ranked team of analysts covering the oilfield services Mr. Robinson is a Chartered Financial Analyst industry as an Associate Director at UBS (CFA) Charter holder and has over 20 years Investment Research. global financial markets experience. SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation February 2015 3
Management team Sam Olotu Leke Adedipe Dr. Kehinde Ladipo Executive Vice President, Executive Vice President Senior Exploration Advisor Technical Operations Over 25 years experience in Oil and Gas Over 35 years of experience in Oil and Gas Dr. Ladipo is an award winning and leading industry with Oil majors and Schlumberger. industry with Shell and Agip in a career that Nigerian expert in the geosciences, With broad ranging experience in asset spanned locations in Nigeria, Italy, The specializing in sedimentology, geology and geophysics. management and field development, Netherlands and Sultanate of Oman. reservoir management, seismic data Extensive experience in production operations With over 35 years of experience in processing and interpretation. and maintenance engineering, drilling Exploration Geology, Dr. Ladipo has had a Managed major projects under difficult engineering, production technology, reservoir long career in the Oil Industry and has held conditions and tight schedules, excellent management and production enhancement various senior management positions at Shell Petroleum Development Company, where he project conceptualization and and a successful track record in corporate implementation abilities. security. was most recently Head of Geological Services Department with Corporate Experience in project management and Leke has held various senior management responsibilities for geological data analyses assurance tools. Sound ability in positions (Production Operations and and technical support. building/leading diverse teams of varying Maintenance Manager, Senior Portfolio He is a member of the Nigerian Mining and sizes and delivering in a performance-driven Development Manager and General environment. Has held responsibilities in Manager Corporate Security). He also had an Geological Society (NMGS) and a Fellow of Nigeria, Europe, Middle-East and Asia. early career at the Nigeria Agip Oil Company. the Nigerian Association of Petroleum Explorationists (NAPE) SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation February 2015 4
Corporate strategy: Portfolio approach SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation February 2015 5
Near term production and appraisal Medium Term (12 to 36 Months) Long Term (36+ Months) 1. Commence and grow production 1. Continue phased implementation of Objectives from Otakikpo Marginal field. Otakikpo development. 2. Further appraisal of OPL 310. 2. Final Investment Decision for OPL 310. 3. Grow asset portfolio with value 3. Add other producing assets – accretive acquisitions in line with (marginal fields/ acquire economic corporate strategy. IOCs divestments). 4. Namibia: Historical data review 4. Pursue other opportunities in prior to basin study and new data known basins. acquisition. 5. Execute other studies and add high- 5. Build out Dahomey basin portfolio. impact, promising exploration plays. SHAPING THE FUTURE OF OIL EXPLORATION IN AFRICA Investor presentation February 2015 6
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