Shaping the future o f o il e xplo ratio n and pro duc tio n in Afric a Par e to Oil & Offshor e Confe r e nc e Se pte mbe r 14-15, 2016 | Oslo, NO
Why L e ko il? We a re a n indige nous Nig e ria n upstre a m E &P c o mpa ny with a fo c us o n We st Afric a F o re c a ste d stro ng pro duc tio n g ro wth with low c ash br e ake ve n We o pe ne d a world- c lass b a sin with transformational o il a nd g a s po te ntia l F o c us o n c ost disc ipline a nd e ffic ie nc y Stre ng th to c re a te value thr ough the c yc le SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 1 T F E RE NCE PT E MBE
Co r po r ate str ate gy A well-balanc ed por tfolio of assets SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 2 T F E RE NCE PT E MBE
Our asse ts Ota kikpo 20.4 mmbls ne t | 56.6 mmb ls g ro ss 2P + 2C re so urc e s + 65.2 mmbls ne t | 163.0 mmb ls g ro ss, ST OI I P upside OPL 310 541.8 mmboe ne t | 774.0 mmb o e g ro ss pro spe c tive re so urc e s* OPL 325 OIIP ** 5 - 6 billion boe ST *Acquisition subject to ministerial consent **Third party estimate by Lumina Geophysical SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 3 T F E RE NCE PT E MBE
Otakikpo Pr oduc ing mar ginal field 40% wo rking inte re st, 88% e c o no mic inte re st* T e ste d & F lo we d Zo ne s Co mme rc ia l Pro duc tio n Sta rting in the ne xt fe w C5 6,404 b o pd we e ks C6 5,484 b o pd E 1 5,703 b o pd 10,000 bopd ste ady state by ye ar - e nd Adja c e nt to sho re line with multiple c r ude e vac uation options 3 pre vio usly drille d we lls with hydroc arbons e nc ounte re d at multiple inte r vals Ro b ust e c o no mic s with bre ake ve n be low $25/ bbl *During Cost Recovery SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 4 T F E RE NCE PT E MBE
Otakikpo : Ae r ial Vie w Sto ra g e Ae ria l Vie w – F ra c T a nk 1 Ota kikpo We ll – 002 SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 5 T F E RE NCE PT E MBE
Otakikpo : Onsite Sto r age 20K b b l F ra c T a nks o n F o unda tio n F o o ting Crude Sto ra g e T a nk 1 SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 6 T F E RE NCE PT E MBE
Otakikpo : E PF F ac ility Pr o gr e ss Co nstruc te d PI G la unc he r a t E PF SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 7 T F E RE NCE PT E MBE
Otakikpo : Cr ude E vac uatio n I nfr astr uc tur e HDD rig fo r o ffsho re e xpo rt pipe line a t Ota kikpo SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 8 T F E RE NCE PT E MBE
Otakikpo : L ACT U nits L ACT units fa b ric a te d in Sug a rla nd, T e xa s (USA) SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 9 T F E RE NCE PT E MBE
OPL 310 Contains the “Ogo” wor ld-c lass disc over y 40% wo rking inte re st*, 70% e c o no mic inte re st** L o c a te d in the Da ho me y Ba sin tha t runs a lo ng the We st gin c o ve ring a re a o f 1,900 km 2 Afr ic an T r ansfor m Mar agos a nd e xisting g a s Shallow wate r asse t c lose to L infra struc ture Additional upside pote ntial e xpe c te d fro m o the r ide ntifie d syn-rift le a ds within the b lo c k L e ko il fa rme d-in to Afre n’ s inte re st in F e b rua ry 2013 a nd e st in De c e mb e r 2015 ac quir e d the balanc e of its inte r *Subject to ministerial consent **During and post cost recovery SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 10 T F E RE NCE PT E MBE
OPL 325 Pr omising asset with deep water tur bidite fan play 62% e q uity inte re st We ide ntifie d this b lo c k a s a ke y tar ge t with e xplor ation upside in o ur pro prie ta ry Da ho me y Ba sin study OPL 325 is a de e p to ultra -de e p-wa te r b lo c k lo c a te d in the Dahome y Basin o n the we ste rn side o f the Nig e r De lta SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 11 T F E RE NCE PT E MBE
2016: De live r y T ime T r ansition fr om “E ” to “E &P” c omplete Q3 Q4 Pro duc tio n - Pha se 1 Ota kikpo Be gins E xpa nd Pro duc tio n to 10,000 bpd Ma inta in Pro duc tio n a t 10,000 bpd OPL 310 Ong o ing fa rm-o ut c o nside ra tio n e tation c o mple te d Se ismic inte r pr Ministe ria l c onse nt OPL 325 Ong o ing fa rm-o ut c o nside ra tio n SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 12 T F E RE NCE PT E MBE
Our fo c us fo r 2016 and be yo nd • Ste a dy sta te pr oduc tion of 10,000 bpd • De - risking e xploration asse ts a nd finding c o mple me nta ry po rtfo lio o ppo rtunitie s • Co nsid e ring non- dilutive fina nc ia l struc ture s a nd stra te g ic pa rtne rships Allo wing a c c e ss to sub sta ntia l so urc e s o f c a pita l • Build a re so urc e b a se tha t will drive substantial produc tion growth o ve r the ne xt five ye a rs • Re ta in a stro ng te a m a nd b e a good c or por ate c itize n SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 13 T F E RE NCE PT E MBE
Wo r ld-c lass shar e ho lde r r e giste r Othe r L SE AI M: L E K Dire c to rs / Re ta il Othe r 424,580 30-da y a ve ra g e vo lume 488,199,893 c urre nt sha re s o utsta nding E uro pe Source: Bloomberg as of September 9, 2016 USA I nstitutio na l BLAKENEY SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA P ARE O O IL & O F SHORE C ONF | S E R 2016 14 T F E RE NCE PT E MBE
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