… Africa is our home South Atlantic Petroleum Corporate Presentation 4 th Eastern Africa Oil, Gas & Energy Conference Nairobi, Kenya 19 – 20 June 2013 www.sapetro.com
South Atlantic Petroleum: Overview South Atlantic Petroleum (SAPETRO) is an indigenous Nigerian oil & gas exploration and production company with a portfolio of high-quality assets offshore East and West Africa in: • Benin • Juan de Nova • Madagascar • Nigeria We are focused on creating value for our stakeholders through the pursuit of rewarding exploration, development and appraisal opportunities in under-explored territories in Africa. 2
South Atlantic Petroleum: Overview SAPETRO has built a strong in-house team comprising over 60 employees with: • strong geology and geophysics competencies; • proven experience in production and development engineering; • a track record in project delivery with several other established E&P companies; and • financial, commercial and business management skills acquired from leading IOCs, independent upstream companies and other conglomerates. We are continuing to grow… 3
Our Strategy: High Impact Exploration Assets • SAPETRO has a balanced portfolio of assets across West and East Africa in deep and shallow water territories • Our strategy is to acquire several high risk/high reward acreage opportunities in largely unexplored areas with relatively low entrance costs and extremely large available ‘footprints’ • These were primarily geology/petroleum system driven opportunities rather than political or bid round driven • All areas have thick, largely undisturbed sedimentary sections with the potential for major conventional resources in excess of a billion barrels • Their previous lack of exploration resulted from either great water depths, inaccessibility and lack of data or previous seismic imaging inadequacies 4
… Africa is our home Nigeria www.sapetro.com
Nigeria: Asset Overview • SAPETRO holds interests in the deep-water Nigerian blocks OML 130 and OPL 246 • The block lies 150km south of Port Harcourt in water depths ranging from 1,100- 1,800km • The block contains: • the producing Akpo field which has produced over 200 million barrels of condensate to date; and • the Egina field, with a production capacity of Storage- 2MMbbl 200,000 barrels of oil per Processing- 185kbod day which is scheduled to come on stream in 2017. 6
OML 130 & OPL 246: Overview Jurisdiction Federal Republic of Nigeria Production Sharing Agreement (PSA) & Licence Type Production Sharing Contract (PSC) OML 130 – 10% in PSA; 5% in PSC Participating Interest OPL 246 – 60% in PSA Size: 2,590km 2 ; Water Depth: 1,100 – 1,800 metres Acreage Operatorship Undertaken by Total under Technical Services Agreement Permit Tenor Initial 20 year period from 2005 Remaining Work Storage- 2MMbbl None Obligation Processing- 185kbod 7
OML 130 & OPL 246: Fields & Prospects PREOWEI-1B DISCOVERY (176 MB) AKPO FIELD (574 MB) EGINA-MAIN (548MB) EGINA SOUTH (41 MB) Storage- 2MMbbl Processing- 185kbod OML Area 1,295 km 2 8
Akpo The outstanding Akpo condensate field is the block’s first development and has produced over 200 million barrels of condensate to date. • Discovered in: 2000 • 2P Reserves: 574 MMbbl • Planned wells: 44; 22 Producers, 20 Water Injectors 2 Gas Injectors • Delivered Wells: 36; 21 Producers, 13 WI & 2 GI • Peak Production: 180,000 bcpd • FPSO Capacity: 2 MMbbl storage • First Oil: March 2009 9
Egina The Egina oil field is the block’s second multi-billion dollar deep-water project and work is underway on the Field Development Programme. • Discovered in: 2003 • 2P Reserves: 548 MMbbl • No. of wells: 44; 21 Producers, 23 Water Injectors • Peak Production: 200,000 bopd • FPSO Capacity: 2.3 MMbbl storage 208,000 bopd • First Oil: 2017 Storage- 2MMbbl Processing- 185kbod 10
… Africa is our home Benin www.sapetro.com
Benin: Asset Overview • Block 1 lies adjacent to the Nigeria/Benin international boundary in water depths of up to 750m 12
Block 1 & Sèmè Field: Overview Jurisdiction Republic of Benin Licence Type PSC Participating 100% Interest Size: 551km 2 ; Water Depth: 0 – 750 metres Acreage Operatorship YES Re-development (Sèmè) Expires 30 Nov 2030 Permit Tenor Exploration (Block 1) Expires 30 Nov 2013 Remaining Work 1 exploration well by 30 Nov 2013 Obligation 13
Sèmè Field Redevelopment Overview Sèmè is a brownfield development with a long and proven production history stretching back 30 years. • Minimum facilities offshore Conductor Supported Platform transporting crude to shore via a 14 km long pipeline • 12,000 blpd capacity processing facility incorporating a two-stage separation process with treated produced water disposed of via an outfall pipeline • Crude stored in two refurbished existing 250,000 bbl capacity tanks • Crude export via a 7 km long pipeline to Pipeline End Manifold (PLEM) and Conventional Buoy Mooring (CBM) for tanker offloading 14
Sèmè Field Re-development Reservoir Model • • 3 development wells Good reservoir quality • All wells target Abeokuta sand 15
Perle C Exploratory Drilling • Perle C prospect is a four way structural • Secondary objectives at H7 and H8 dip closure • Cumulative oil in place approximated at • Primary objectives at H6 and H6.5 100MMstb 16
… Africa is our home Juan de Nova & Belo Profond www.sapetro.com
Juan de Nova & Belo Profond: Asset Overview • SAPETRO has participating interests in the adjoining Juan de Nova Maritime Profond exclusive exploration permit and in the Belo Profond Production Sharing Contract • The Juan de Nova permit is situated deep offshore in French territory in the Mozambique channel, adjacent to ENI and Anadarko’s discoveries in the Rovuma Basin • Belo Profond is adjacent to the Juan de Nova permit and extends the plays to the south along the Davie Fracture zone 18
Juan de Nova: Overview Jurisdiction France – Terres Australes et Antarctiques Françaises (TAAF) Licence Type Exploration Permit 90% SAPETRO (under SPA with ROC Oil) Participating 10% Marex Interest Size: 52,990km 2 ; Water Depth: 600 – 3,200m Acreage Operatorship Yes – Currently delegated operator under the terms of the SPA Exploration – 5 years with effect from 30 Dec 2008 Permit Tenor (+ two renewal phases of 5 years each) Exploitation – 50 years Remaining Work 3D Seismic (planned for Q3 2013) Obligation 19
Belo Profond: Overview Jurisdiction Madagascar Licence Type PSC 90% SAPETRO Participating 10% Marex Interest Size: 13,770km 2 ; Water Depth: 1,800 – 3,000m Acreage Operatorship Yes Exploration – 8 years (4 Phases) ending 29 July 2015 PSC Tenor Exploitation – 25 or 35 years for Oil or Natural Gas respectively Remaining Work 3D Seismic (planned for Q3 2013); 1 well $50m Obligation 20
Why the Mozambique Channel? A large sunken continental fragment (the size of the North Sea) Continental Crust with continuous sedimentation for more than 200 million years and which is up to 8,000 meters in thickness Three proven, productive oil source rock intervals (USGS 2012 Assessment), including a massive Marine Type II Jurassic section Source Rocks present nearly everywhere in the acreage and mature for oil Multiple recovered C-25 peaked oil samples from a small number Oil Seeps of oil slicks persistent over years A wide variety of both structural and stratigraphic plays; 4-way and Many Structural & fault closed anticlines, toe thrusts, basin slope and basin floor Stratigraphic Plays turbidite fans, extensive Paleogene channels, possible salt sheets Thick, deep water Neogene shales are widely present, salt sheets Excellent Tertiary are also believed to be present as seen on the new 2012 seismic Shale Seals The heart of the East African Transform Margin with mature source Geologic History rocks, reservoirs, traps and seals, all on continental crust Over 80% of the entire continental fragment sub-province is Large Acreage contained on SAPETRO’s nearly 70,000 km 2 acreage position Position 21
Technical Achievements Seismic Acquisition • At 12,525km the SAPETRO seismic survey is the largest yet conducted in the world employing PGS’ GeoStreamer TM /GeoSource TM technology • Completed despite adverse weather conditions including cyclone Giovanna • Seismic interpretation currently being conducted 22
Technical Achievements Geochemical Slick Sampling • Ocean surface slick sampling programme conducted using the European Space Agency’s radar satellites and Gore Technology’s C 5 -C 35 analysis methodology • More than 40 samples collected • Some of the samples appear to indicate the presence of oil with affinities to the Anadarko ‘Ironclad’ discovery more than 500km away • Samples consistent with paleogeographic and plate tectonic studies • Results provide basis for further exploration works 23
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