Unlocking Somalia’s Potential Company Presentation Q2 2016
Disclaimer This presentation may contain forward-looking statements which are made in good faith and are based on current expectations or beliefs, as well as assumptions about future events. By their nature, forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to factors that could cause the actual information to differ materially from those expressed or implied by these statements. The Company undertakes no obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. Nothing in this presentation shall constitute or form part of, and should not be relied upon in connection with, any offer or invitation to sell, underwrite, acquire or solicit, or any other offer to purchase or subscribe for shares or any other securities, nor may it or any part of it, or the fact of it being made available to any person, form the basis of or be relied upon in connection with any contract. No reliance may be placed for any purpose on the information and opinions in this presentation. No representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy or completeness of the information or opinions in this presentation, by or on behalf of the Company (including, without limitation, its directors, officers, employees, partners, agents, representatives, members, affiliates and advisers) and (to the fullest extent permitted under law) no liability or responsibility, is accepted by such persons for: (i) the accuracy, fairness or completeness of any such information or opinion; or (ii) the use of this presentation by recipients. The information in this presentation has not been independently verified. The distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. No information contained in this presentation nor any copy of it may be viewed, taken, transmitted or distributed in or into any jurisdiction where to do so may lead to a breach of the law or any regulatory requirements. Any failure to comply with this restriction may constitute a violation of relevant local securities laws. Any person who receives this presentation in violation of such restrictions should not act upon it and should return it to the Company immediately.
SOMALI OIL & GAS OVERVIEW 3
Oil & Gas Industry in Somalia • Prior to 1991, BP (Amoco, Sinclair), Chevron (Texaco), Conoco, Eni, Shell, ExxonMobil, Total and 5 others had signed rights to exploration blocks in Somalia • By 1991, all operators claimed force majeure due to civil war • All historical regional geological & geophysical data & knowledge lost due to civil war • Oil & gas sector primary focus for TFG and FGS for rebuilding the economy • Petroleum Law enacted by the TFG in 2008 • FGS approached 12 licence holders in 2012/13 to end force majeure - all declined • FGS contacted 8 other oil companies – who also declined TFG: Transitional Federal Government (of Somalia) FGS: Federal Government of Somalia 4
Somalia’s hydrocarbon exploration status ► Significantly under-explored (mainly due to historic security issues) ► Historic seismic primarily limited to shallow waters (<1,000m) ► Only 6 offshore wells in shallow waters along the 2,300 kms length of the eastern offshore basin ► Existing concession agreements (Pecten) in force majeure since 1990-91 ► Deep water entirely unexplored (no prior seismic nor exploration wells) ► Proven hydrocarbon plays in adjacent sedimentary basins (Ethiopia, Madagascar, Tanzania & Mozambique) ► Recent East African discoveries by Anadarko, BG, Eni, Ophir Energy, Statoil & Tullow Oil ► Jurassic source rocks confirmed in Madagascar & Seychelles wells are also predicted for Somalia ► Somalia offshore was adjacent to Madagascar & Seychelles basins during Jurassic source rock deposition based on tectonic plate reconstruction ► Soma acquired 20,500 km of 2D seismic over 114,000 sq. km offshore Somalia (2014) ► Spectrum under licence to FGS acquired 20,583 km of 2D seismic offshore Somalia (2015-2016) 5
SOMA OIL & GAS 6
Overview of Soma Oil & Gas ► Who we are Private UK company founded in 2013 Focused on exploring for hydrocarbons offshore in the Federal Republic of Somalia Board and Management have extensive experience in oil and gas, finance and international relations ► The story so far Signed Seismic Option Agreement (SOA) with the Republic of Somalia in Aug 2013 Gathered & evaluated prior geological data; seismic & wells, studies, USGS, etc. (Sep 2013 to Apr 2014) Acquired 20,500 km of 2D seismic over 114,000 km 2 offshore Somalia (Feb-May 2014) Process & analysed acquired seismic (Jun 2014 to Apr 2015) Delivered all prior data & newly acquired & processed 2D seismic data to Ministry of FGS (Dec 2015) Submitted Notice of Application for 12 Production Sharing Agreements (PSAs) (Dec 2015) ► The geopolitical background Greater stability since the election of President Hassan Sheikh Mohamud in Sep 2012 1 st Federal Government of the Republic of Somalia to gain international recognition for two decades Strong support from the UK, US, EU, UN and African Union ► Current strategy Negotiate terms of Model PSA with FGS Ministry to convert the Notice of Application into PSAs Seeking farm-ins/investment to further explore & develop the most promising prospects 7
Key Milestones 17 January 2014 September 2015 • • Ministry of National Spectrum awarded Resources became acquisition and 17 October 2014 Ministry of Petroleum & marketing agreement • Dataroom letter Mineral Resources with FGS signed 6 August 2013 29 July 2015 9 December 2015 • Signed the SOA • • SFO investigation Data transfer & with FGS in 25 April 2014 based on SEMG opening of Mogadishu • Capacity Building leaked report Mogadishu Agreement signed Dataroom 3Q ‘13 4 Q ‘13 1 Q ‘14 2Q ‘14 3Q ‘14 4Q ‘14 1 Q ‘15 2Q ‘15 3Q ‘15 4 Q ‘15 2016 3 October 2013 9 December2015 June 2014 • • • 27 April 2015 Council of Ministers Completed 2D Notice of • Ministry ask Soma unanimously ratified Application for Seismic Acquisition to extend CBA for SOA target blocks additional 6 months August 2015 • 2016 Processing of 2D • Negotiate PSA terms Seismic Data • Convert Notice of complete Application into PSAs 8
Board of Directors − Lord Howard of Lympne CH, QC Former leader of Britain's Conservative Party − Former Home Secretary in Conservative Government Non Executive Chairman − Previous cabinet positions held include Secretary of State for Employment and Secretary of State for the Environment − Lord Howard also sits on the Boards of a number of companies − 45 years' experience in finance focussing in Oil & Gas and Mining Basil Shiblaq − One of the early investors in both Fusion Oil & Gas plc and Ophir Energy plc Executive Deputy Chairman and − Founder of several private companies in energy trading as well as oil, gas & mineral exploration Founder − Previously Merrill Lynch, Kidder Peabody & Credit Suisse First Boston in Middle East & London − Over 35 years’ of investing experience in the oil and gas and mineral resources sectors Mohamad Ajami − Founder of the Levant Group a firm focussed on investments in oil & gas and minerals Non-Executive Director − Previously Morrison Knudsen Corporation, civil engineering/construction company (URS Corp.) − Georgy Djaparidze Currently runs an private investment fund and practices law as Of Counsel − Attorney, specializing in mergers & acquisitions, finance, international oil & gas transactions Non-Executive Director − Educated in Russia and the United States and currently resides in London − Chairman of Eurasia Drilling Company since October 2007 The Earl of Clanwilliam − He is a director of NMC Healthcare plc and sits on the Advisory Board of Oracle Capital and Non-Executive Director Milio International − CEO of Soma Oil & Gas from 2013 to December 2015 Robert Sheppard − 40 plus years' oil & gas experience with BP and Amoco Non-Executive Director − Currently Senior Adviser to BP, non Executive Director at BlackRock Emerging Europe plc & Director of DTEK (Ukraine) − Former TNK-BP board member − Former Chief Executive Officer of Sidanco, President of Amoco Egypt & Argentina 9
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