… Africa is our home South Atlantic Petroleum African Exploration and Production – Our Journey 10 th African Independents’ Forum Cape Town, South Africa November 2013 www.sapetro.com
South Atlantic Petroleum: Overview South Atlantic Petroleum (SAPETRO) is a privately held Nigerian oil & gas exploration and production company with a portfolio of high-quality assets in West, Central and East Africa in: • Benin • Central Africa Republic • 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 developed and under-explored territories in Africa 2
South Atlantic Petroleum: Our Strategy • Net Acreage Position We have continued to expand our portfolio 47,690 with 6 different assets across sub-Saharan 50,000 45,000 Africa spanning across: 40,000 • Onshore, offshore 35,000 • 30,000 Exploration, Development & Production Km² 25,000 20,000 • 13,280 Our exploration strategy continues to focus 12,390 15,000 10,000 on high risk/high reward acreages in 1,940 5,000 551 largely unexplored areas with relatively low 0 entrance costs and large available Benin CAR Nigeria Juan De Madagascar Nova ‘footprints’ which are • primarily geology/petroleum system 10 Year Production Profile on Existing Assets driven opportunities 16 • with the potential for major 14 conventional resources in excess of a 12 billion barrels, and are MMBBLS 10 • Out of bid round acquisitions 8 6 • 4 We are focused on growing our production 2 in Nigeria within our existing and yet to be 0 acquired acreages 3 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
… Africa is our home Nigeria www.sapetro.com
Nigeria: Asset Overview Jurisdiction Federal Republic of Nigeria Production Sharing Agreement (PSA) & Licence Type Production Sharing Contract (PSC) OML 130 - 10% PSA; Participating 5% PSC Interest OPL 246 – 60% in PSA Acreage / Size: 2,590km 2 Water Depth Water Depth: 1,100 – 1,800 m Source: Wood Mackenzie Undertaken by Total under Operatorship Technical Services Agreement Storage- 2MMbbl OPL-246 Initial 20 year period from Permit Tenor Processing- 185kbod 2005 OML -130 5
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 6 OML Area 1,295 km 2
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: 37; 22 Producers; 13 Water Injectors 2 Gas Injectors • Peak Production: 180,000 bcpd • FPSO Capacity: 2 MMbbl storage • First Oil: March 2009 7
Egina The Egina oil field is the block’s second multi-billion dollar deep-water project with Field Development Programme sanctioned in May 2013 • Discovered in: 2003 • 2P Reserves: 548 MMbbl • No. of wells: 39; 20 Producers, 19 Water Injectors • Peak Production: 200,000 bopd • FPSO Capacity: 2.3 MMbbl storage 208,000 bopd • First Oil (planned): 2017 Storage- 2MMbbl Processing- 185kbod 8
… Africa is our home Benin www.sapetro.com
Benin: Asset Overview Jurisdiction Republic of Benin Licence Type Production Sharing Contract (PSC) Participating 100% Interest Size: 551km 2 ; Acreage Water Depth: 0 – 750 m Operatorship YES Sèmè Field expires Permit Tenor 30 Nov 2030 Remaining 1 exploration well Work = Perle-C Exploration well spudded Nov. 4, 2013 Rig currently drilling Obligation 10
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 11
Perle C Exploratory Drilling N E W 1:10000 S N S E W H3 H4 H6 H6.5 H7 H8 1km 1km H9 • 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
… Africa is our home Juan de Nova & Belo Profond www.sapetro.com
Mozambique Channel Assets: Overview Licence Juan de Nova Belo Profond France – Terres Australes et Jurisdiction Madagascar Antarctiques Françaises (TAAF) Licence Type Exploration Permit PSC Participating 90% SAPETRO 90% SAPETRO Interest 10% Marex 10% Marex Size: 52,990km 2 ; Size: 13,770km 2 ; Acreage Water Depth: 600 – Water Depth: 1,800 3,200m – 3,000m Operatorship Yes Yes 5 years wef 30/12/08 8 years (4 Phases) Licence Awaiting approval for ending 29 July 2015 Tenor Renewal through with two (2) year 30 Dec 2018 extension to 2017 3D Seismic Remaining 3D Seismic (Ongoing); Work (Ongoing) 1 well $50m 14
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 Source Rocks Assessment), including a massive Marine Type II Jurassic section 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 Excellent Tertiary Thick, deep water Neogene shales are widely present, salt sheets Shale Seals are also believed to be present as seen on the new 2012 seismic The heart of the East African Transform Margin with mature source Geologic History rocks, reservoirs, traps and seals, all on continental crust Large Acreage Over 80% of the entire continental fragment sub-province is Position contained on SAPETRO’s nearly 70,000 km 2 acreage position 15
Mozambique Channel Assets: Exploration Activities Work 2D Seismic 3D Seismic Date Dec 2011 – April 2012 Sept 2013 - Date Volume 12,525 km >9,000km 2 Contractor / PGS Geophysical using Nordic Explorer with PGS Geophysical using Ramform Sterling Technology broadband Geostreamer / GeoSource Completed 2013 interpretation w/Robertson Interpretation CGG and EMR. N/A Identified >70 leads across the two acreages Historically recurrent slick sampling with +40 samples collected. Multiple, recovered C-25 Acquired two 30m cores and over eight 5m peaked oil samples from a small number of oil cores within identified slick areas. These Other Works slicks, were found in both Juan de Nova and showed evidence of thermogenic Belo Profond. Results indicate the presence of hydrocarbons associated in one case with a oil with affinities to the Anadarko ‘Ironclad’ major 4-way dip closed structure discovery more than 500km away. Seismic Acquisition and Processing to define Remaining Work 3D Seismic (Ongoing) drilling prospects; 1 exploration well in each asset 16
Exploration Work Executed PGS Ramform Sterling PGS Nordic Explorer 17
Technical Progress in Identifying Petroleum System Elements & Exploration Leads • Pseudo wells and source rock presence and maturity studies indicate a major oil-prone petroleum system further supporting the conclusions of a 2012 USGS Assessment of Recoverable Resources • Reservoirs, traps, seals, and migration pathways identified • Meshach: a structural and seismic attribute supported lead near a persistent oil slick/seep area awaiting sea bed imaging and coring as well as 3-D seismic survey definition • Resource calculations for the Area 3: 430+MM to >1000MMbbls STOOIP • Numerous other leads, many larger than Area 3 18
Eastern Flank of the Davie Fracture Zone: Pseudo Well X ing Horizons Time Depth (m) 490-1160 Sea 2900 2185 Bottom Top 3300 2579 Eocene Turonian 4200 3497 Volcanics L.Jura/Tri 4900 4810 assic Synrift 5800 6730 Sequence 19
Eastern Flank of the Davie Fracture Zone: Maturity 20
Necessary Elements of Functioning Petroleum System TOE THRUST LEAD W E TOP SEAL: THICK MARINE SHALE SECTIONS STRATIGRAPHIC PINCH-OUTS HYDROCARBON GENERATION WINDOW (HGW) WITHIN DEEP SEATED MARINE SOURCE SHALES 21 ANALOG:ANADARKO/ENI DISCOVERIES IN BLOCKS 1 & 4, MOZAMBIQUE
Cretaceous ‘Area 3’ Lead Near Seep Area 22
2D Leads Vs Planned 3D 23
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