Africa Energy: New African Exploration Vehicle Download

Transcript
Africa Energy: New African Exploration Vehicle
February 15, 2016
A Lundin Group Company
Africa Energy Corp.
§
Taking advantage of the ongoing downturn in the oil sector, the Lundin Group has
created a new company to build an African, oil-prone, exploration & production
portfolio over the next 18-24 months
§
The new company, Africa Energy Corp., will draw from experiences gained at both
Lundin’s Africa Oil Corp. and South African Engen’s previous jewel, Energy Africa
Ltd. (purchased by Tullow in 2004)
§
Company vision is to create the premier E&P company in Africa through an
exploration driven strategy having the best team in the region and the support of one
of the most successful shareholder groups in the resource sector, the Lundin Group
§
Africa Energy has strengthened the Board of Directors with 3 new members to join
Keith Hill and Ian Gibbs:
− Ashley Heppenstall, previously Lundin Petroleum CEO, Geneva
− John Bentley, previously CEO, Energy Africa Ltd., Cape Town
− Adrian Nel, previously, Technical Director, Energy Africa Ltd., Cape Town
§
Africa Energy CEO, James Phillips, the “Architect” of Africa Oil Corp.’s Kenyan and
Ethiopian assets is a respected 31 year veteran in the oil exploration business
2
Headquarters in the “Mother City”, Cape Town, RSA
AfricaEnergy’sNewOffice
22 nd Floor,MetlifeCentre
3
Cape Town Technical Team
HeinzPferdekamper
ChiefGeophysicist
CretaceousFanexpert
Identified andmappedJubilee/TEN Fieldsin
Ghana,&theOkume FieldsinEq.GuineaFields
PaulBurden
ChiefGeologist
Riftexpert
Instrumentalinoildiscoveriesin
Uganda,Kenya, SouthAfrica
JanMaier
VPExploration
UnderhisleadershipinEnergy AfricaandTullow
Oil, newoilbasinswere openedinEquatorial
Guinea,Gabon,Uganda,Ghana,&Kenya
§
World class technical team
§
All Ex-Energy Africa/Tullow Oil
§
A unified team for 30+ years
§
Proven oil finders, business savvy
§
Tied into deal pipeline
§
Extensive Industry and Govt. contacts
Tobias Tonsing
PrincipalGeophysicist
15yearsAfricannewventures
Extensive commercial experience
Bill Torr
BusinessManager
Investorrelations,funding,
strategic partnering,tax expert
BobWinter
Commercial Manager
Economicanalysis,Risk&fiscal
review plusnegotiations
4
High Deal Flow in Sub-Saharan Africa
As February 2016, 36
potential deals have been
identified and reviewed
§
3 Definitive Agreements have
been executed and several
more potential deals being
reviewed.. some close to
execution, some still being
evaluated; many rejected
§
Desire to build a varied risk,
varied geologic play portfolio
over the next 18-24 months w/
emphasis on exploration and oil
§
Under ReviewbyAFE
ProductionOptions
CretaceousFanPlay
Remain opportunistic to seize
production opportunities that fit
§
RiftPlay– Tert & Cret
Cretaceous&Jurassic
StructuralPlay
Maintain portfolio management
w/ strategic exit points
§
5
East African Tertiary Rift Play
Lokichar Sub-basin
OilFieldsofLokichar,
Time Structure Map
Kenya
Top Lokhone Shale
3D Extension
Etom
North
FromAfricaOil
Etom
East
Etom
§ Africa Energy’s team combines experience from both Africa Oil’s
discoveries in Kenya and Tullow’s discoveries in Uganda
§ Paul Burden, Africa Energy’s Chief Geologist, played an instrumental
role in both the Ugandan and Kenyan discoveries with Energy Africa
& later with Tullow
§ Paul has identified additional prospective Rift Plays (in addition to
South Africa) in other African countries and the Company is in pursuit
Agete
Agete Deep
Ewoi
Updip
Twiga
South
Etuko
Ewoi
Loperot
Ekales
Ekales Deep
Ekunyuk
FromTullowOil
3D Outline:
976 sqkm
Ngamia
Amosing
Oil Discovery
Prospects
Stratigraphic
Prospects
§
§
Ekosowan
Block 10BB
Lokichar resourcesestimatedatleast600MMBO
LakeAlbertresourcesestimatedat1.7BBO
OilFieldsofLakeAlbert,Uganda
*2CResourcesquoted byAfricaOilCorp;July2014
6
Cretaceous Fan Play
§
Africa Energy has an excellent understanding of the seismic
amplitude-supported Cretaceous fan play.
§
Heinz Pferdekamper, Africa Energy’s Chief Geophysicist,
originally mapped both the Jubilee prospect and the Equatorial
Guinea prospects.
§
Jubilee is believed to hold 1.2 BBO, whereas the EG fields hold
over 300 MMBO.
§
Several similar Cretaceous fan prospects have been identified
by Heinz and Africa Energy is in pursuit.
FromTullowOil
FromTullowOil
7
Initial Deal – Block 2B, South Africa
§ Acquired 90% of Block 2B in South Africa by executing 3 deals with Thombo Petroleum
(34.5%), Crown Energy (30.5%) and Afren (25%); awaiting South African Govt. approval
§ Block 2B exploration success - Soekor drilled a stratigraphic well in 1988 and
encountered very good oil shows over a 271m interval. Tested light oil (36 API) over 9m
interval at 191 bbls/day
§ 3rd Party Resource Audit assigned 56mmbbl of Contingent Resource to AJ Graben
§ Total Upfront Consideration for 90% participating interest
ü $3MM cash
ü 14.8MM shares of AEC (approx. value $1MM)
§ Future Consideration for 90%
ü Guaranteed - 10% carry for Crown through one well and testing
ü Contingent - Up to 20MM shares of AEC and up to US$1.5 million in additional
contingent cash and/or shares upon the occurrence of certain future milestones
leading to, and upon determination of, project commercialization
8
Block 2B, South Africa
§ Operated by Thombo Petroleum (34.5%) with
partners Crown Energy (40.5%) and Afren (25%)
ü Africa Energy has completed 3 deals and
now holds 90% interest in Block 2B (subj.
to Govt. and regulatory approval)
§ Block in First (2-Year) Renewal Period w/
minimal work program (Studies, modeling,
$1MM). Expires March 2017 w/ option to go into
Second Renewal Period (work commitments to
be negotiated but likely to include a well
commitment)
AJDiscovery
271mofgoodoilshows
Atleast22mnetoilpay
10-15%porosity
§ Two Cretaceous-age rift basins in block;
resource estimate (by AFE) w/ a Risked Mean of
148 MMBO to a Unrisked Max of 600 MMBO in
the AJ Basin; water depth up to 150m
§ Soekor drilled a stratigraphic well in 1988 and
encountered very good oil shows over a 271m
interval. Tested light oil (36 API) over 9m
interval at 191 bbls/day
§ Industry has seemingly written off the basin/play
as being immaterial
ü Very similar to Shell’s 1992 Loperot-1 well
in Kenya’s Lokichar Basin!
§ Additional upside in the Drift section (Albian
channels) where gas has been discovered in the
Ibhubesi Gas Field
9
A-J Graben vs. South-Lokichar basin, Kenya
South Lokichar
Time Structure Map
From Africa Oil Corp.
Etom
AJ-1
Discovery
Agete
Loperot-1
Discovery
Twiga
350km2
400MMBOUnrisked
meanrecoverable
(AfricaEnergyestimates)
1750km2
Atleast600MMBO*
recoverable
Ekales
A-J Graben
Time Structure Map
Ngamia
Discovery
Am osing
13T
§
§
10BB
5 KM
ShellLoperot-1Discovery, 1992,recovered small
amountofoilon wireline;consideredmarginalandall
explorationabandoned
Secondwell,20yearslater,Ngamia-1,discovered
about340 mmbo*,whichunderpins thedevelopment
ofthebasinholdingatleast600mmbo*
*2CResourcesquoted byAfricaOilCorp;July2014
§
§
SoekorAJ-1Discovery, 1988,drilledinthecenter
ofbasinasa“stratigraphictest”flowed191bblsof
lightoilperday;consideredmarginalandall
explorationabandoned
26yearslater,subsequentto3Dseismicandthe
geologicunderstandingthatAfricaEnergybringsto
theplay,thepotentialfor400mmboexistsinthe
AJBasinofSouthAfrica
Half Graben Comparison
Loperot-1
1992
Ngamia-1
2012
SW
NE
LokicharHalfGraben,Kenya
Tertiaryagesandstonesandshales
Length:60km,Width:30km
Sedimentaryfillexceeds5000m
Twosignificantlacustrinesourcerocks
Currentlygeneratingoil;16-38APIoil
§ Provenstructuralandstratigraphictraps
§ Resourcesexceed600mmbo*
§
§
§
§
§
*2CResourcesquotedbyAfricaOilCorp;July2014
AJ-1
1988
AJHalfGraben,SouthAfrica
Lw.Cretaceousage sandstonesandshales
Length:35km,Width:10km
Sedimentaryfillexceeds4000m
Peakoilmaturelacustrinesourcerocks
GeneratedoilfromUpperCret-Miocene
§ 28-36APIoil
§ Structural/stratigraphicw/truncationtraps
§ Resourcesexpected:150-400mmbo
§
§
§
§
§
Lacustrineoilsourcerocks
11
Bounding Fault Play: Lokichar vs. AJ Graben
Lokichar Graben
NE
SW
AJGraben
Twiga-1
Lokichar Basin
AJ-1
Closures
against the
3-WayDipClosuresandfocifor
charge
Bounding
fault
Twiga:
62MMBO*
Closures against the
Bounding fault
Closures against the
Bounding fault
MetamorphicBasement
Ngamia-1
Ngamia:
340MMBO*
RiftBoundingFault
RiftBoundingFault/Topbasement
§
§
Closures against the
Bounding fault
§
3-wayclosuresagainstbasinboundingfault
AnalogoustoTwigaandNgamiainKenya’sLokicharBasin
ReservoirsexpectedmuchshallowerthanAJ-1(15-20%porosity)
*Gross2CResourcesasreportedbyAfricaOilCorp.July31,2014
Lacustrine oilsource rocks
Flowed191bblsoil/day(36API)
AJ Graben Plays on 3D Seismic
A J-1
1988
Fan- DeltaPlay
Crossline 3748
Subcrop Play
MetamorphicBasement
Metamorphic
Basement
Flowed191bblsoil/day(36API)
Lacustrineoilsourcerocks
AJ-1 Well Summary
Summary
§
271m gross column of oil
shows
§
Porosity ranges from 10-15%
§
Porosity could significantly
improve updip (20% or more)
Ø
Ø
?
Or Flushed?
Enhancement beneath Unconf?
Preservation w/ oil charge?
§
Net sand total: 220m
§
Oil test calibrates one zone
w/ certainty: 22m net oil pay
§
Two other zones w/ good oil
shows calculate higher water
saturation & are interpreted
as residual oil (?) or possibly
flushed; w/ higher salinity
assumptions, could be oil
bearing
§
oil accumulations potentially
updip of residual oil zones
14
Minimum Oilbearinginterval
Reservoirs in the AJ Graben
§
Early Cretaceous alluvial, fluvial and lacustrine sands
§
Porosities in better sands range from 10-15%; should
improve updip and possibly exceed 20% due to
porosity preservation post-oil charge and/or leaching
(?) of feldspar beneath unconformity
§
Permeabilities up to 400 md, but typically 10-100md
§
All identified prospects are up-dip from AJ-1 well and
porosities and permeabilities are expected to improve
§
Continuity and connectivity of sands is unknown
A-J1z,StandardCoreAnalysis
1000
Sandstone
ClaystoneandSiltstone
AirPermeability,mD
100
DST
Interval
10
1
0.1
191BOPD
0.01
0
2
4
6
8
10
12
14
16
18
Porosity,%
15
AJ-1 Oil Geochemistry
§
Oils recovered from the Lower Lacustrine Zone are
predominantly Type I, algal-rich, lacustrine origin with
36 degrees API on test and 28 degrees API on RFT
(near base of test)
§
Hydrogen Index range from 100-400 mgHC/gTOC
§
Oil maturities are early to peak oil window; indicates
maturation deeper in the basin and migration to well
location. Entire rift basin should have access to
charge
TypeI
TypeIII
IMMATURE
OILZONE
GAS ZONE
16
Prospects from AJ 3D Survey
(Based upon Africa Energy Mapping)
OxalisProspect:
Mean:104mmborecov.
SOUTH
AFRICA
SenecioProspect:
Mean:18mmborecov.
Riftfillsedimentspartially
truncatedbyHauterivian
unconformity
EuphorbiaProspect:
Mean:25mmborecov.
UrsiniaProspect
Mean:26mmborecov.
AJ-1
BasinDepocentre,4500mmature
lacustrinesourcerocks
Halfmens Lead:
Mean:78mmborecov.
GazaniaProspect
Mean:99mmborecov.
PossibleFollow-upLocation:
500mupdipofAJ-1
Total Mean
Recoverable
Volumes:
401mmbo,
risked148mmbo
Block2B
PelargoniumProspect:
Mean:51mmborecov.
0
5
10km
17
South African Fiscal Regime
FiscalRegimeIllustration
NetStateTake(%)
NetStateShare~29%
State Participation
10% to State at award of a Production Right
Non-refundable carry through Exploration
State pays for Development
BEE Participation
10% to be made available to a HDSA entity
HDSA must purchase at Fair Market Value
HDSA defined as 51% ownership
HDSA assignment on a Best Endeavours Basis
Country-wide Tax Ring Fence
Fiscal Stability Agreements
TaxDeductibleCosts
CapitalUplift100%onExploration
CapitalUplift50%onDevelopment
SOUTHAFRICA
STP
GHANA
OffshoreFiscalRegimes
Corporate Tax Rate
Contractor Profit
Resident Companies 28%
Non-Resi dent Compani es 31%
Royalty <= 5%
NAMIBIA
KENYA
MAURITANIA
GABON
SENEGAL
MOZAMBIQUE
IVORYCOAST
CAMEROON
0%
10%
20%
30%
40%
50%
60%
70%
80%
The Fiscal Comparison is based on a Generic Offshore Development Scenario that is not specific to the South African Offshore.
Net State Take excludes State Participation. It is the Sum of All Payments to the State including Royalty and all Taxes divided
by the Project Gross Revenue minus Project Gross Costs. This excludes all income derived directly from the Participating
Interests of State Oil Companies. This is a measure of Tax Rate Equivalence.
BEE:
HDSA:
Black Economic Empowerment
Historically Disadvantaged South African (Entity)
18
Development Scenario
Key Development Assumptions
§
A 113 mmbo development scenario was constructed,
which assumed a minimum facilities jacket, subsea
completions, a storage tanker with processing, and shipto-ship transfer for export; water depth is 150m
§
A deliverability of 2000 bopd per producer was assumed
as the reservoir is of moderate quality, with a well count
of 21 Producers and 7 Injectors
§
Peak production was assumed to be 39,000 bopd which
equates to 12.5% of the reserves in each year at peak
production
§
The exploration well was costed at $38MM based on TD
of 2800m
Commercial Conclusions
§
A minimum commercial field size was estimated at ~60
mmbo
§
A conservative case of 113 mmbo was assumed and can be
commercially developed as an individual field or as a cluster
§
The 113 mmbo case is most sensitive to production rates,
but remains robust to the other key input parameters
considered
§
A project of 113 mmbo is commercially robust
19
Completed Deals & Forward Plan, Block 2B
Africa Energy has:
§ Acquired Afren’s 25% interest for US$1MM
§ Acquired Thombo’s 34.5% interest for US$1MM + AFE shares; further consideration of cash
and/or shares tied to progression and ultimate determination of commercialization
§ Executed a Farmout Agreement w/ Crown to take 30.5% of their 40.5%; AFE to refund 75% of
Crown’s net past costs (~$300k) and carry Crown through one well and test
§ All deals are subject to South African Govt approvals
Forward Plan:
§ Block 2B has sufficient data coverage including high resolution 3D seismic
§ Africa Energy has remapped the AJ Graben and will now focus on refining play types, selecting
drill sites and fine-tuning resource estimates
§ Plan to drill first well in 18-24 months with 1-2 strategic partners
20
Key Shareholders
AfricaEnergyCorp.
SharesOutstanding:
MarketCap(USD):
TSX-Venture:
244,377,135
$20MM
“AFE”
Management &Staff
21
Lundin Group World Wide Operations
22
Lundin Group Today
It all started over 40 years ago
with Mr. Adolf Lundin as the
founder and visionary for the
Group with an entrepreneurial
and adventurous outlook on
business and life. The first
companies in the Lundin Group
were involved in oil and gas
exploration in the Middle East.
Today the Lundin Group
operates in over 25 countries
around the world and in virtually
every commodity. The Lundins
are after world-class
developments and discoveries
and have assembled an
impressive group of skilled
people with the same
entrepreneurial drive and ability
to seek out, acquire and
manage high growth, high
potential projects. Growth in
shareholder value in a socially
responsible manner is the
Lundin Group’s main focus. The
Lundins are building their
producing companies into solid
mid-tiers and beyond while
maintaining a roster of
strategically focused exploration
companies around the globe.
23
Over $3 Billion Invested in Africa To Date
Africa Energy
24
Our Approach to Sustainable Business
Risk Management and Value Creation
Ø Africa Energy is committed to addressing the challenge of sustainability - delivering value to our
shareholders, while providing economic and social benefits to impacted communities and minimizing our
environmental footprint
Ø Risk management is pragmatic, relevant and right-sized to our stage of exploration and operational activity.
Ø Flexible management process embedded across activities rather than stand-alone.
Ø Focus on Environmental, Social & Governance (ESG) issues reduces risks & costs, enhances reputation
and strengthens ‘Social License to Operate’.
Categories
Risk Management
ESIA Process
Identify
Health,Safety
&
Environment
Political&
Security
Social&
Community
Governance &
Financial
Measure
Manage
25
Corporate Responsibility In Action
Ø Health&Safety– createasafeandsecureworking
environmentforourpeopleandassets.
Ø EnvironmentalProtection– avoidorminimizeourimpact on
theenvironmentandbiodiversity.
Ø Social LicensetoOperate– directlyengageaffected
communities andstakeholdersthroughopenandtransparent
dialogue
Ø Social benefits– delivertangibleandsustainablebenefitsthat
contributetoeconomicwellbeingofcitizens
Ø NationalContent– seektomaximizelocalemployment,
sourcing,procurementandbusinessopportunities
Ø GoodGovernance– conductourbusinessinatransparent,
honestandethical manner
Ø Security – tosupportandprotectinternationallyrecognized
humanrights
26
Summary
§ The Lundin Group has created a new company, Africa Energy Corp., to build an African, oil-
prone, exploration portfolio over the next 18-24 months
§ Africa Energy management and Board of Directors are all seasoned oil and gas veterans with
individual and collaborative successful track records. The technical team are proven oil
finders in Sub-Saharan Africa with no shortage of new ideas
§ The new company will combine personnel, strategies and experiences gained from both Africa
Oil Corp and Energy Africa Ltd. (purchased by Tullow Oil in 2004)
§ Africa Energy has completed 3 deals- all in respect to Block 2B, South Africa; a key under
pinning asset identified as being analogous to Kenya’s Lokichar Basin. To fund these
transactions a private placement of US$5 MM closed at end of year-2015
§ The current downturn in the oil sector continues to provide a plethora of opportunities
including the acquisition of distressed juniors, farm-ins w/ good terms, and direct Government
negotiations
§ Africa Energy continues an aggressive review of multiple opportunities, some close to
execution, some still being reviewed
§ Africa Energy remains part of the Lundin Group of Companies and is listed on the TSX Venture
Exchange (AFE)
27
Africa Energy Management Team
JamesPhillips,PresidentandChiefExecutiveOfficer,AfricaEnergyCorp.
Mr.PhillipshasheldseveralpositionswithAfricaOilCorp.includingVP-Exploration,COO,andVP-BusinessDevelopment.BeforejoiningAfricaOil,Mr.
PhillipswastheGeneva-based VP-ExplorationforLundinPetroleumAB.InthispositionhewasinstrumentalinsecuringanexplorationportfolioinKenya
andEthiopia,whichwouldlaterbecomethefoundationforAfricaOil'scurrentacreageholdings.Mr.Phillipshasamassed31 yearsofexperienceinthe
oilandgasexplorationbusiness,andinadditiontohispreviousexperiencewithLundinPetroleum,healsoworkedwithShell OilCompanyandOccidental
Petroleum.AtOccidental,Mr.Phillips'foreignassignmentsincludedkeymanagementrolesinSoutheastAsia,SouthAmerica,and Sub-SaharanAfrica
NewVentures,withoverseaspostingsinbothOmanandPakistan.Mr.PhillipsisagraduateoftheUniversityofCalifornia,BerkeleyandSanDiegoState
UniversitywhereheobtainedBSandMSdegrees, bothinGeology.
JanMaier,VicePresidentExploration,AfricaEnergyCorp.
PriortojoiningAfricaEnergyCorp.,Mr.MaierheldseveralpositionswithTullowOilincludingNewBusinessDevelopmentManagerforAfricaand
ExplorationManagerforEastAfrica.AtEnergyAfrica,priortotheirpurchasebyTullowOil,Mr.MaierwasinstrumentalinsecuringacreageinUganda,
Kenya,EquatorialGuinea,Morocco,Egypt,Namibia,TanzaniaandGuinea,whichultimatelyresultedintheopeningofthreenew oilprovincesonthe
Africancontinent.Mr.Maierhasinexcessof32years ofexperienceintheoilindustry,withthevastmajoritydedicatedto Africanexplorationand
businessdevelopment.Mr.MaierisagraduateoftheUniversityofNatal,PietermaritzburgobtainingaBSHonors'degreeinGeologyandaMasters in
BusinessAdministrationatStellenboschUniversity,bothinSouthAfrica.
JeromieKufflick,ChiefFinancialOfficer,AfricaEnergyCorp.
Mr.KufflickisaCanadianCharteredAccountantandagraduateoftheUniversityofSaskatchewanwhereheobtainedaBachelor ofCommerce
degree. Mr.Kufflickhasoverfifteenyearsofexperiencefocusedintheoilandgasindustry. Mr.KufflickhasservedastheCFOofHornPetroleum
Corporation(nowAfricaEnergy)sinceitsinceptioninSeptember2011. Mr.KufflickalsoservedastheCorporateControllerof AfricaOilCorp.beginning
inMarch2010. PriortojoiningAfricaOilCorp.,Mr.Kufflickfilledvariousfinancialroles,includingCorporateController,duringthesevenyearshewas
employedbyTricanWellServiceLtd.andduringthethreeyears hewasemployedbyKPMGLLP.
AlexBudden,VPExternalRelations,AfricaEnergyCorp.
AlexBuddenservedasaDiplomatfortheBritishForeign&CommonwealthOfficefor21years.Hisinternationalexperiencehas seenhimserve inAfrica,
Asia,theMiddleEast,Russia,theBalkansandNorthAmerica.Throughouthiscareerhehasfocusedoninternationalsecurity, conflict,governance,human
rights,energyandenvironmentissuesandhespecializedingovernment&securityrelations,complexstakeholdermanagementandstrategic
communicationswork.From2005-2008hewasbasedinEastAfricaadvisingtheBritishGovernmentonpolitical,security,socialandeconomicissuesin
theregion.AlexisnowVPExternalRelationsfortwoLundinGroupcompanies,DirectoroftheLundinFoundationandamember of the'Strathmore
ExtractivesIndustryCentre'AdvisoryCouncil.HefocusesonEnvironmental,Social&Governance(ESG)issuesandisinvolvedinmanagingawiderangeof
AboveGroundRisks(AGR)aswellasmediaandinvestorrelations.
28
Africa Energy Board of Directors
Keith Hill, ChairmanoftheBoardofDirectors,AfricaEnergyCorp.
Mr.Hilliscurrently thePresident andCEOforAfricaOilCorp.inaddition toholdingtheChairmanrole forAfricaEnergyCorp.BoardofDirectors. PreviouslyMr.Hillwas
founder, President andCEOofValkyriesPetroleum Corp.,which wasthesubjectofan$800million takeover.Mr.Hillpreviously servedasGeneralManagerofLundin OilAB's
operations inMalaysiaandSudan.Mr.Hillhasover30yearsexperience intheoilindustry including international newventure managementandseniorexploration positions
atOccidental Petroleum andShellOilCompany.Inaddition, Mr.Hillwasasenior director ofTanganyikaOilwhichwasthesubject ofa$2billion takeoverbySinopec.His
education includes aMasterofSciencedegreeinGeologyandBachelor ofSciencedegreeinGeophysicsfromMichiganStateUniversity aswellasanMBAfromtheUniversity
ofSt.ThomasinHouston.
AshleyHeppenstall, Director,AfricaEnergyCorp.
Born inEnglandin1962,MrHeppenstall isagraduateoftheUniversityofDurham wereheobtained adegreeinMathematics.From1984until1990, heworkedwithvarious
subsidiaries ofTheHongKongandShanghaiBankingCorporation where hewasinvolvedinthefinancingoftheoilandminingindustries. From1990to1993Mr.Heppenstall
wasafounding Director andshareholder ofSceptreManagementLimited acorporate financeboutique providing aspecialist focusuponM&Aandproject finance.Since
1993Mr.Heppenstallhasworkedwith publiccompanies controlled bytheLundin Family.In1998hewasappointed ChiefFinancialOfficerofLundin OilABaSwedishpublicly
listedoilandgascompany.In2001 Lundin OilABwasacquired byTalismanEnergyandMr.Heppenstall wasappointed President & ChiefExecutiveOfficerofLundin
Petroleum ABwhichwasspunofftoshareholders ofLundinOilAB.Lundin Petroleum ABisoneofthelargestEuropeanindependent oilandgascompanieswithoperations
focusedinNorway,SouthEastAsiaandContinental Europe.MrHeppenstall iscurrently aDirector ofEtrion Corporation andShaMaran PetroleumCorp
John Bentley,Director,AfricaEnergyCorp.
MrBentleyhasover40years’experience inthenaturalresources sector.Heservedinanumber ofsenior managementpositions intheGencor Group inSouthAfrica,the
USA,UKandBrazil.In1996hewasinstrumental infloatingEnergyAfricaLtdontheJohannesburg stockexchangeandbecameChiefExecutiveforthefollowingfiveyears.
MorerecentlyhewasExecutive ChairmanofFirstAfrica OilplcandservedontheboardsofRift Oilplc,Adastra MineralsLtdandCaracalEnergyInc.Heiscurrently Chairman
ofFaroePetroleum plcandDeputyChairmanofWentworth ResourcesLtd.MrBentleyholds adegreeinMetallurgyfromBrunel University.
AdrianNel,Director,AfricaEnergyCorp.
AdrianNelservedontheTullowOilBoardasExploration Director from2004to2006followingtheacquisition byTullow ofEnergyAfrica.AdrianhadbeentheExploration
Director andlatertheCOOofEnergyAfricawherehewasresponsible forbuilding anexploration portfolio which deliveredanumberofsuccessesinWestandEastAfricaas
wellastheacquisition ofproducing interestsinvariouscountries. AdrianholdBSc(Hons)andMScdegreesingeochemistryfromtheUniversityofCapeTown.Adrianhasover
45yearsexperience inoilandmineralsexploration.
IanGibbs, Director,AfricaEnergyCorp.
IanGibbsisaCanadianChartered Accountant andagraduateoftheUniversityofCalgarywhereheobtainedaBachelor ofCommercedegree.Hehasbeenamemberof
AfricaEnergy’sBoard ofDirectors sinceinception (HornPetroleum Corp.). Since2004,Mr.GibbshasbeentheChiefFinancialOfficerofseveralTSX-VentureandTSXListed
international oilexploration andproduction companiesincluding AfricaOilCorp., ValkyriesPetroleum Corp.andTanganyikaOilCompanyLtd.andhasbeenactivelyinvolved
inthedaytodayoperation ofthesecompanies withoperations inRussia,Syria,Egypt,Kenya,Ethiopia andPuntland (Somalia). Prior to2004, Mr.Gibbsspentseveralyears
workinginRussiaandKazakhstanintheupstream oilandgasindustry.AsCFOofTanganyikaOil,in2008,heplayedapivotalroleinthe$2billion acquisition bySinopec
International Petroleum. Prior toTanganyikaOil,Mr.GibbswasCFOofValkyriesPetroleumwhichwasthesubject ofan$750million takeover.
29
Cautionary Statements
ThisdocumenthasbeenpreparedandissuedbyandisthesoleresponsibilityofAfricaEnergyCorp.(the“Company”)anditssubsidiaries.Itcomprisesthewritten
materials forapresentationtoinvestorsand/orindustryprofessionalsconcerningtheCompany’sbusinessactivities.Byattendingthispresentationand/or
acceptingacopyofthisdocument,youagreetobeboundbythefollowingconditionsandwillbetakentohaverepresented,warranted andundertakenthatyou
have agreed tothefollowingconditions.
Thispresentationmaynotbecopied,published,distributedortransmitted.Thedocumentisbeingsuppliedtoyousolelyforyourinformationandforuseatthe
Company’spresentationtoinvestorsand/orindustryprofessionalsconcerningtheCompany’sbusinessactivities.Itisnotanofferorinvitationtosubscribeforor
purchaseanysecuritiesandnothingcontainedhereinshallformthebasisofanycontractorcommitmentwhatsoeverThispresentationdoesnotconstituteorform
partofanyofferorinvitationtowhatsoever.sell orissue,oranysolicitationofanyoffertopurchaseorsubscribefor,any sharesintheCompanyinanyjurisdiction
norshallitoranypartofitnorthefactofitsdistributionformthebasisof,orbereliedoninconnectionwith,anycontractcommitmentorinvestmentdecisionin
relation theretonordoesitconstitutearecommendationregarding thesecuritiesoftheCompany.Theinformationcontainedinthispresentationmaynotbeused
foranyotherpurposes.
Thisupdatecontainscertainforwardlookinginformationthatreflectthecurrentviewsand/ orexpectationsofmanagement of theCompanywithrespecttoits
performance, businessandfutureeventsincludingstatementswithrespecttofinancingsandtheCompany’splansforgrowthandexpansion.Suchinformationis
subjecttoanumberofrisks,uncertaintiesandassumptions,whichmaycauseactualresultstobemateriallydifferentfromthoseexpressedorimpliedincludingthe
riskthattheCompanyisunabletoobtainrequiredfinancingandrisksanduncertaintiesinherentinoilexplorationanddevelopmentactivities.Readersare
cautionedthattheassumptionsusedinthepreparationofsuchinformation,suchasmarketpricesforoilandgasandchemicalproducts,theCompany’sabilityto
explore, develop, produceandtransportcrudeoilandnaturalgastomarketsandtheresultsofexplorationanddevelopmentdrillingandrelatedactivities,
althoughconsideredreasonableatthetime ofpreparation,may provetobeimprecise and,assuch,unduerelianceshouldnotbeplacedonforward-looking
information.The Companyassumesnofutureobligationtoupdatetheseforwardlookinginformationexceptasrequiredbyapplicablesecuritieslaws.
Certain datainthispresentationwasobtainedfromvariousexternaldatasources,andtheCompanyhasnotverifiedsuchdata withindependentsources.
Accordingly,norepresentationorwarranty, expressorimplied, ismadeandnoreliance shouldbeplaced,onthefairness,accuracy,correctness,completenessor
reliability ofthatdata,andsuchdatainvolvesrisksanduncertaintiesandissubjecttochangebasedonvariousfactors.
Noreliance maybe placedforanypurposeswhatsoeverontheinformationcontainedinthispresentationoronitscompleteness.TheCompanyanditsmembers,
directors,officersandemployeesare undernoobligationtoupdateorkeepcurrentinformationcontainedinthispresentation,tocorrectanyinaccuracieswhich
may becomeapparent, ortopubliclyannouncetheresultofanyrevisiontothestatementsmadehereinexceptwhere they would be requiredtodosounder
applicablelaw, andanyopinionsexpressedinthemaresubjecttochangewithoutnotice,whetherasaresultofnewinformationorfutureevents.No
representation orwarranty, expressorimplied,isgiven bytheCompanyoranyofitssubsidiariesundertakingsoraffiliates or directors,officersoranyotherperson
astothefairness,accuracy,correctness,completenessorreliabilityoftheinformationoropinionscontainedinthispresentation,norhavetheyindependently
verified suchinformation,andanyrelianceyouplacethereonwill beatyoursolerisk.Withoutprejudicetotheforegoing,noliability whatsoever(innegligence or
otherwise)foranylosshowsoeverarising,directlyorindirectly, fromanyuseofthispresentationoritscontentsorotherwisearisinginconnectiontherewithis
acceptedbyanysuchpersoninrelationtosuchinformation.
ForadditionaldetailsontheCompany,pleasesee theCompany’sprofileatwww.sedar.com.
30
Similar
Chapter 19 section 1
Chapter 19 section 1
STOCK LIST INSTRUCTIONS When we used the EduStock
STOCK LIST INSTRUCTIONS When we used the EduStock