Corporate Presentation November 2016
Disclaimer This presentation may contain forward-looking statements. Forward-looking statements refer to events and conditions which are not historical facts and include, for example, statement concerning our objectives, goals, strategies, future events, future performance, capital expenditures, financing needs and business trends. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. You should not place undue reliance on these forward-looking statements. Any forward-looking statements are based upon information available to us on the date of this presentation. Actual results may differ materially from those anticipated in these statements. This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in Solo Oil plc, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. CORPORATE PRESENTATION
Investment Case and USP Oil & Gas Investment Company focused on acquiring and developing a diverse global non-operated portfolio of strategic assets to deliver value to our shareholders INVEST IDENTIFY AND EVALUATE SELECT oil & gas opportunities FOCUS VALUE FOR BUILD A ACTIVE NON – LEVERAGE PORTFOLIO OPERATOR: SHAREHOLDERS OF ASSETS: strategic investments to CAPITAL assist projects that have spread risk and leverage access to more opportunities excellent potential MONITOR RE-INVEST CORPORATE PRESENTATION value created from building assets back into portfolio 3
Corporate Overview SOLO: AIM Share Price over the past 6 months Market Capitalisation: £16.71m (at 0.24p) Shares in Issue: 6,987,691,682 Significant Shareholders over 3% TD Direct Investing Nominees (Europe) Limited HSDL Nominees Limited Hargreaves Lansdown (Nominees) Limited Barclayshare Nominees Limited CORPORATE Investor Nominees Limited PRESENTATION HSBC Client Holdings Nominee (UK) Limited 4
Investment Portfolio Canada: Enhanced Oil Recovery project in Auable Field. Ontario currently shut in due to operator issues UK: Horse Hill Interests in Weald Basin 6.5% including Horse Hill and 28.6% licence award on the 30% Isle of Wight Ausable, Oil & Gas Investment Isle of Wight Ontario Company specifically focused on acquiring and developing a Kiliwani North 7.175% diverse global non-operated 20% portfolio of assets Burj Africa Tanzania: 25% Major stake in the prolific Ruvuma Basin and producing West Africa: Kiliwani North gas development Ruvuma Basin PSA on Songo Songo Island Strategic investment in Burj CORPORATE Africa with applications for field PRESENTATION development projects in Nigeria 5
Management Team NEIL RITSON FERGUS JENKINS DAN MALING DONALD STRANG CHAIRMAN TECHNICAL DIRECTOR FINANCE DIRECTOR NON-EXECUTIVE DIRECTOR Has a BSc in Geophysics and Is a Chartered Engineer Has over 15 years of senior A member of the Australian has worked in the energy with a BEng (Hons) degree commercial management Institute of Chartered sector for over 38 years, in Mining Engineering and a experience primarily in the Accountants, holding senior initially with BP plc for 23 MEng in Petroleum oil and gas and resources financial and management years, before managing the Engineering. He has over sectors. Dan has worked positions in both publicly international operations of 20 years of experience with several AIM, ASX and listed and private enterprises Burlington Resources Inc. working in industry, initially TSX listed companies in Australia, Europe and More recently, he was CEO in mining before moving to providing corporate finance, Africa. at Regal Petroleum plc, petroleum. business development and Considerable corporate and before founding Vanguard He has worked in a variety corporate governance international expertise in the Energy Group, where he of technical and advice. He is currently oil and gas and natural was Chairman and CEO. As increasingly senior director of a number of resources sectors. He is Founder and Chairman of managerial positions in mid- private companies and is currently a Director of a VE Resources Limited he sized independent oil Managing Director of number of AIM listed oversaw the rapid growth of companies, including boutique investment bank companies including Rare a company in the oil services Enterprise Oil, LASMO, East Star Capital (UK) Earth Minerals Plc, Doriemus sector. Currently CEO of OMV (UK) Ltd and Afren Limited. Dan is a member Plc, and Polemos Plc. LGO Energy plc and Non- plc. Currently COO of LGO of the Chartered Executive Director of Energy plc. Accountants Australia & CORPORATE Enovation Resources New Zealand. PRESENTATION Limited. 6
Tanzanian Gas Opportunity Sub-Saharan Africa projected potential annual natural gas demand 6.5 tcf 2030, 11.4 tcf 2040 and 19.2 tcf 2050 Tanzania (Sustainable Engineering Lab et al-2014) Significant LNG G overnment support Proven natural Significant Investment exporter by 2020 to energy/gas gas reserves of in Infrastructures: industry over 55 tcf Major players are Gas pipeline with capacity • (largest in East Africa highly active in the of over 800 mmscf per day after Mozambique) offshore gas province Additional pipeline network planned to export gas • resources to East African states (Uganda, Kenya) 1500 KILIWANI NORTH TOTAL DEMAND RUVUMA PSA 1000 POWER DEMAND INDUSTRIAL DEMAND 500 PRODUCTION CAPABILITY 0 2016 2017 2017 2018 2019 2020 2021 2022 2023 2024 CORPORATE 2025 2026 PRESENTATION -500 7 SUPPLY GAP -1000
Ntorya - Access to Markets The Ntorya discovery and the wider Ruvuma PSA benefit from excellent access to the market through the regional gas pipeline connecting Mnazi Bay to Dar es Salaam Natural gas will be $1.33 billion project: transported to large-scale largely financed by electricity producers, Chinese loans other industrial users and major population centres 532-km pipeline linking Mnazi Bay gas field production in southern The pipeline will allow Tanzania to Dar es Salaam in production from existing the north is now completed fields to be ramped up and and operational future fields to be commercially developed 36” gas pipeline & gas processing plants are part of Large, unsatisfied domestic a plan to increase Tanzania's demand for natural gas is generating capacity to CORPORATE estimated at over 500 10,000 MW by 2025 PRESENTATION mmscfd 8
Ruvuma PSA – Ntorya Discovery Aminex Solo Solo Oil l (operator) 25 25% 75% Solo-Aminex joint venture is appraising the Ntorya (“NT”) gas and condensate discovery with NT-2 due to spud in December 2016 2010 2011 2012 2013 2014 2015 2016 2017 First well Likonde-1 CPR by Senergy : Potential 4.7 tcf drilled : excellent shows of gas within the Ruvuma project for residual oil and gas (153 bcf of gas in place for Ntorya 1; some 70bcf of 2C.) Upgrade of 4 “drillable targets” accounted for 3 Second well Ntorya-1 made a gas and tcf of gas in place. condensate discovery of commercial interest: Gas Flow 20.1 mmscfd through a 1-inch • Appraisal well program is planned for choke; two wells on the Ntorya gas and Formation pressure of 5,424 psi; and • condensate discovery in 2016/2017 Further 2D Liquids Production 139 bopd of condensate • (NT-2 & NT-3). Civil works are well seismic CORPORATE at a gas rate of 20 mmscfd advanced at NT-2 with expected to acquired PRESENTATION spud during December 2016 9
Ruvuma PSA – Ntorya Discovery Aminex Solo Solo Oil l (operator) 25 25% 75% Ruvuma licence schematic cross section showing Ntorya-1 discovery well, and location of planned Ntorya-2 and 3 wells CORPORATE PRESENTATION 10 Source: Aminex
Ruvuma PSA – Prospective Resources Aminex Solo Solo Oil l (operator) 25 25% 75% The Ntorya-2 appraisal well has prospective resources of 100 bcf in addition to the 70 bcf discovered at Ntorya-1 Source: Ntorya 1,2, LR Senergy (May 2015), others: Aminex estimates of GIIP and recovery factor CORPORATE PRESENTATION 11
Solo Solo Oil l Kiliwani North Gas Field inte terest 7.175% 7.1 Kiliwani Development Licence First Gas 4 th April 2016 Daily Production Rate up to 30 mmscfd in early July 2016 (~ 5,000 barrels of oil equivalent per day) Gas produced flows through the 2 km tie-in pipeline from KN-1 to the Songo Songo gas processing plant & via 36-inch pipeline to Dar es Salaam, where the gas is used for domestic, industry and power generation Gas Sales Agreement signed with TPDC for US$3.00 per mmbtu (~ US$3.07 per mscf), pays in US$ with bank guarantees. CORPORATE PRESENTATION 12
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