Opening a New Oil Frontier in East Africa · Opening a New Oil Frontier in East Africa A Lundin...
Transcript of Opening a New Oil Frontier in East Africa · Opening a New Oil Frontier in East Africa A Lundin...
The Opening of a New Basin
Ngamia-1 discovery is Tertiary Rift Play Opener
Tertiary/Cretaceous Rifts Resource Estimate (Unrisked): 23 BBOExploration Wells:
Tertiary: 3, Cretaceous: 7
North Sea Reserves:60+ BBO
Exploration Wells: 2,408
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Prospects & LeadsOil Fields
100 km2
100 km
Ngamia-1
Twiga South-1
Pai Pai
Location, Location, Location
• First mover advantage in securing unequalled acreage position in what is now the world’s top exploration spot
– 300,000 sq km or 74.1 million acres gross
• Four separate petroleum systems
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• Four separate petroleum systems proven to contain multi-billion barrels in surrounding countries
• At the crossroads for infrastructure buildup in East Africa (Kenya, Uganda, Sudan, Ethiopia)
• Major oil companies now scrambling to gain a foothold position
Farmout Campaign Essentially Completed
• Tullow enters core Tertiary trend and brings Uganda expertise and funding of initial exploration program
• Marathon deal brings in another solid partner and allows Africa Oil to focus financial resources on core blocks
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blocks
• Additional deals (Horn, Afren, New Age, Red Emperor) bring in funding and help spread risk in frontier blocks
• Still looking for minor partners in Ethiopia Adigala/Ogaden and Puntland blocks
Drill Baby Drill
Rig #1: Weatherford 804 – 3 firm slots
‒ Drilled Ngamia discovery well (Block 10BB)
‒ Currently drilling South Twiga well (Block 13T)
‒ Plan to continue drilling “string of pearls” in Lockichar Basin with Kongoni as next target
Rig #2: Sakson PR 5 – 1 firm slot
− Paipai-1 Cretaceous test (Block 10A) spud end of September
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September
− Will likely move to shallow Block 10BB targets afterward
Rig #3: OGEC 75 – 1 firm, 2 contingent slots
− Plan to spud Sabisa by year end (South Omo block)
− Will likely stay in South Omo or Block 10BA region next year
• Tullow considering mobilizing additional rigs on success case
• AOI looking to share rig with Tullow for Blocks 7/8
• AOI to mobilize rig in 2013 to drill Kenya Block 9
Africa Oil Corp.
Interests in Blocks
Tertiary Basin – Index Map
Northern String of Pearls
Country AOC WI% Operator
Tertiary Rift Trend
10BB Kenya 50% Tullow Oil plc
10BA Kenya 50% Tullow Oil plc
12A Kenya 20% Tullow Oil plc
13T Kenya 50% Tullow Oil plc
South Omo Ethiopia 30% Tullow Oil plc
Rift Valley JSA Ethiopia 100% 1 Africa Oil Corp.
Cretaceous-Jurassic Plays
10A Kenya 30% Tullow Oil plc
9 Kenya 50% Africa Oil Corp.
Adigala Ethiopia 50% New Age
7&8 Ethiopia 30% New Age
Dharoor Puntland 27% Horn Petroleum
Nugaal Puntland 27% Horn Petroleum
Notes:
1 Subject to PSA 66100 km
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Southern String of Pearls
Ngamia-1
Southern String of Pearls
• Prospects extending more than 100 km
• Currently acquiring ~1,800 km of 2D seismic in accelerated program
10A
South Omo
Lokichar Basin
10 km
7
-Projected-TWIGA
SOUTH-1
50 km
Ngamia-1
Prospects Seismic LeadsFTG Leads
10 km
Kenya Block 10BB/13T – Lokichar Sub Basin
MDT Oil Sampling
Ngamia-1 Lokichar Sub-basinTime Structure MapTop Lokhone Shale
Lead “F”
Lead“E”
TwigaNorth
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• AOC: 50% working interest
• Ngamia Discovery confirms petroleum system previously tested by Shell Loperot-1 (1992)
• Ngamia oils similar to Ugandan oils
• Numerous identical prospects along trend now de-risked
• Lockichar Sub-Basin similar in scale to Albert Graben of Uganda with estimated resources of 1.0 BBO (discovered) + 0.4 BBO (enhanced oil recovery) + 0.4 BBO (risked prospective)
MDT Oil Sampling
5 KM13T 10BB
Twiga South-1
NgamiaDiscovery
Ngamia South
Lead “A”
Block 10BB Ngamia Prospect: “Play opener”
13T 10BB
Ngamia-1
Ngamia DiscoveryDip LineW E
TM-1
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Gross Oil Prospective Resources (unrisked)
Low Best High
(MMBbl) (MMBbl) (MMBbl)
51 137 370
Gross Oil Contingent Resources
1C 2C 3C(MMBbl) (MMBbl) (MMBbl)
21 51 101
• Mobilizing long term test equipment
2 KM
Time Structure MapUpper Lokhone Sandstone
Chance of success: 62%
Strike Line
Kongoni Prospect Ngamia DiscoveryN S
TM-1
Base Lokhone Shale
Volcanic1
Dip Line
Strike Line
Ngamia-1 Well Results
Upper Interval (855-1630m):•Oil in Miocene Sandstones
•Porosities from logs: 23-29%, sidewall cores indicate good porosity
•Gross reservoir section: 775m (~2,543 ft)
•Net Pay greater than 100m
•Oil recovered to surface from five zones
Generalized Stratigraphy0
500
Volcanics
Upper Miocene
Meters
855m
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•Oil recovered to surface from five zones
•Oil quality greater than 30o API
•Pressure data confirms multiple oil pools
Lower Interval (1805- 1980m):•175m gross reservoir section
•Oil recovered from MDT sampling
•Porosities from logs average 14%, possibly reduced near fault zone.
•Up to 43m possible net pay from ELogs
1000
1500
2000
Lower Lokhone Sandstone
Lokhone Shale
Upper Lokhone Sandstones
Upper MioceneSandstones
TD 2,340m
Faults
Fault zone
Enlarged
1805m
1980m
1630m
Twiga South-1, Block 13T
• Spud August 21, 2012
• Drilling ahead
• Ngamia ‘look-alike’
•
EW
Twiga South-1
TM-1
Dip Line
Lokichar Sub-basinTime Structure MapTop Lokhone Shale
Lead “F”
Lead“E”
Twiga
Lower Lokhone
Volcanic1
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• Similar trap & reservoir
targets
Chance of success: 39%
Gross Oil Prospective Resources (unrisked)
Low Best High
(MMBbl) (MMBbl) (MMBbl)
22 59 134
5 KM13T 10BB
TwigaNorth
Kongoni
Ngamia
Ngamia South
Lead “A”
Twiga South-1 S
TM-1
Strike LineTwiga North
Twiga South-1N
L. Lokhone
TM-1
Volcanic1
Kongoni Prospect, Block 13T
• Spud Q1, 2013
• Ngamia ‘look-alike’
• Similar trap & reservoir
targets
Kongoni ProspectEW Dip Line
Lokichar Sub-basinTime Structure MapTop Lokhone Shale
Lead “F”
Lead“E”
TwigaNorth
TM-1
Volcanic1
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targets
Chance of success: 39%
Kongoni ProspectSN Strike Line
5 KM13T 10BB
North
Twiga South-1
Ngamia
Ngamia South
Lead “A”
Kongoni
Gross Oil Prospective Resources (unrisked)
Low Best High
(MMBbl) (MMBbl) (MMBbl)
24 64 144
L. Lokhone
TM-1
Volcanic1
L. Lokhone
Kamba & Loperot Prospects, Block 10BB
• Large structures: 70 km 2 & 700 m vertical relief
• Stacked Tertiary sandstone reservoirs, 10-18% Porosity
Kamba Prospect
Lokichar Sub-basinTime Structure MapTop Lokhone Shale
Lead “F”
Lead“E”
TwigaKamba
SW NE
Kamba Prospect
Lower Lokhone
Dip Line
Top Lokhone Sh
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Kamba Prospect
Chance of Success: 34%
Loperot Prospect
(Bypassed/Untested Zones)
Chance of Success: 34%5 KM13T 10BB
TwigaNorth
TwigaSouth-1
Ngamia
Ngamia South
Lead “A”
SWNE
Loperot
SW NEDip Line
Lower Lokhone
Kamba (Projected) Loperot-1
Gross Oil Prospective Resources (unrisked)
Low Best High
(MMBbl) (MMBbl) (MMBbl)
75 201 455Top Lokhone Sh
South Omo Block – Northern String of Pearls
• AOC 30% WI, Tullow Operates with 50%
• Extension of Tertiary rift trend north of Lake Turkana
• Unexplored, no previous seismic or wells
• Completed FTG & 1,000 km 2D seismic in western basin
• 500 km seismic planned for Q4, 2012
• Sabisa Prospect to spud Q4, 2012 & will test a younger Tertiary section Northern String
of Pearls
Sabisa
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• Sabisa Prospect to spud Q4, 2012 & will test a younger Tertiary section
Southern String of Pearls
100 km
10A
Ngamia-1
of Pearls
South Omo
500 km 2D
Seismic 2012-20131,000 km
2D Seismic
20 km
Sabisa
Southern String of Pearls
South Omo Block – Northern String of Pearls
Sabisa ProspectW Dip Line
Time Structure MapTertiary Marker
• Sabisa-1 projected spud: Q4, 2012
• Located after 1,000 km 2D seismic program
• Ngamia-style trap, younger Tertiary sectionE
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Chance of Success: 17%Sabisa Prospect
Sabisa NorthStrike LineS N
Gross Oil Prospective Resources (unrisked)
Low Best High
(MMBbl) (MMBbl) (MMBbl)
25 68 153AB
C
Source: Tullow
SabisaTertiary Marker
Block 10BA - Northern String of Pearls cont.
• AOC: 50% WI
• Block is centered on Lake Turkana
• Loose grid of legacy seismic
• Oil slicks observed in satellite imagery
• FTG complete, 1,350 km 2D seismic underway
• First well spuds 2H-2013
• Would prove up another Ngamia -type’ Tertiary 10A
South OmoNorthern String
of Pearls
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• Would prove up another Ngamia -type’ Tertiary
sub-basin
S NDovuNdovu South Faru Chui N
50 km
Southern String of Pearls
Cretaceous Rift Exploration, Blocks 9 & 10A
• AOC Working Interests: Block 10A: 30% WIBlock 9: 50% WI
• Two Exploratory wells next
10A
Paipai-
Spud 2H, 2012
• Over 6 billon barrels of oil discovered along trend in Sudan in a similar geologic setting
• Early wells in Blocks 9 &10A encountered thick sequences of sandstones with oil and/or gas shows
• Trap-definition required newer seismic; 1,500 km 2D acquired in 2011
• Two Exploratory wells next 12 months:
Paipai: 2H, 2012Kinyonga: 2H, 2013
100 km
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Extension of Sirius oil-prone sub-basin into Kaisut sub-basin
Surface volcanics
Ndovu
Pundamilla
Bogal
Gas Discovery
Kaisut Sub Basin
-Oil prone-
Kinyonga-
Spud 2H, 2013
Tertiary Play
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Paipai Prospect, Block 10A
Miocene
Lower Lower CretaceousCretaceous
Upper Cretaceous
Lower Tertiary
Recent Play Lake
Paipai Prospect Bellatrix-1Sirius-1
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• Spud September 29, 2012 and drilling ahead• Located in the basin with less exposure to
Tertiary faulting.• Cretaceous sandstones in large anticlinal
trap (~80 sqkm)
Chance of Success: 10%
BasementBasement
Jurassic?Jurassic?CretaceousCretaceous
Gross Oil Prospective Resources (unrisked)
Low Best High
(MMBbl) (MMBbl) (MMBbl)
45 121 315
Source: Tullow
Kinyonga Prospect, Block 9
60 SQ KM 4-WAY
CLOSURE
Tertiary Mrkr1
NE
Kinyonga Prospect
Tertiary Play
SW
• Large (~60 sqkm) anticlinal structure
• Tertiary and Cretaceous sandstone targets
• Spud target 2H, 2013 Chance of succes s: 19%19
5km
Time StructureTertiary-Cret. Unconformity
Tertiary-Cretaceous Unconformity
Basement
Tertiary Mrkr2
Play/Trap Types
Gross Oil Prospective Resources (unrisked)
Low Best High
(MMBbl) (MMBbl) (MMBbl)
128 320 656
Jurassic Rift Exploration
• Prolific, proven play in Yemen expected to extend into Puntland, which shares a common geologic history
• Two wells drilled/operated by Horn Petroleum in Dharoor Block in 2012 confirm
*
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Block in 2012 confirm reservoirs and a working petroleum system
• Current plan is to commit to second exploration phase, acquire additional seismic in Dharoor Block and pursue drilling projects in Nugaal Block.
Puntland Well Results, Dharoor Block
Upper Cretaceous
Lower Cret.Jurassic Unconf./
NEShabeel-1 Shabeel North-1
• Horn created for Somalia assets – AOI owns 45% of Horn. Horn listed as “HRN” on TSXV
• Horn holds 60% interest in Dharoor and Nugaal blocks and brought in two partners to help fund major portions of exploration expenditures
• Two wells completed in Dharoor block; fulfills drilling obligation for both blocks
• Huge remaining prospectivity
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• Both wells encountered oil shows in Cretaceous Jesomma sandstones
• Drill stem test in Shabeel North recovered fresh water
• Traps likely breached during latest tectonic movement
• Encouragement to look for un-breached traps
Lower Cret.Jurassic Unconf./ Triassic
Best oil shows in both wells:
• Huge remaining prospectivity
• Acquire block wide gravity and 2D seismic prior to new drilling campaign
Updated Resource Report
• Total gross prospective resources increased from 11.5 billion barrels to 27.9 billion barrels (142% increase)
• Total net prospective resources increased from 5.3 billion barrels to 12.1 billion barrels (128% increase)
• Geological chance of success increased significantly on
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• Geological chance of success increased significantly on prospects in the Lockichar sub-basin from 14% to 34%
• Total risked net prospective oil resources now 938 million barrels (excluding Puntland)
Please refer to the Company’s press release dated August 22, 2012 for details of the prospective and contingent resources in Ethiopia and Kenya by prospect and lead, including the geologic chance of success. Please refer to an independent resource evaluation report, effective June 30, 2011, posted on Sept. 2, 2011 at www.sedar.com under Horn Petroleum Corporation for details of the Company’s Puntland (Somalia) prospective resources.
Estimated Prospective Oil Resources
Geographic
Region
PSC/PSA Operator UNRISKED
Gross Best
Estimate
(MMBbl)
AOC
Working
Interest
UNRISKED
Net Best
Estimate
(MMBbl)
RISKED4
Net Best
Estimate
(MMBbl)
Kenya2
10BB Tullow 3,132 50.0% 1,566 290
Kenya2
13T Tullow 472 50.0% 236 83
Kenya2
10BA Tullow 9,885 50.0% 4,943 347
Kenya2
12A Tullow 4,582 20.0% 916 46
Ethiopia2
South Omo Tullow 2,700 30.0% 810 61
Current Working Interests
SUMMARY OF PROSPECTIVE OIL RESOURCES 1
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1 This summary table was prepared by Company management for the convenience of readers.
2 Please refer to the Company’s press release dated August 22, 2012 for details of the prospective and contingent resources by prospect and lead, including the geologic chance of success.
4 Risked resources have been calculated and summed by the company after risking prospects and leads individually. Geological Chance of Success (GCOS) varies with each prospect or lead.
5 Due to the very immature nature of these Prospective and Contingent Resources, net estimates have not been computed as net entitlement volumes under the PSAs/PSCs. In this regard the
volumes stated herein will exceed the volumes which will arise to AOC under the terms of the PSAs/PSCs.
5 Net Prospective Resources are stated herein in terms of the Company’s net working interest in the properties. Due to the very immature nature of these Prospective and Contingent Resources, net
estimates have not been computed as net entitlement volumes under the PSAs/PSCs. In this regard the volumes stated herein will exceed the volumes which will arise to AOC under the terms of the
PSAs/PSCs.
6 Please refer to independent resource avaluation report, effective June 30, 2011, posted on Sept. 2, 2011 at www.sedar.com under Horn Petroleum Corporation.
7 Based on Africa Oil’s 44.7% ownership of Horn Petroleum Corporation, who holds a 60% working interest in the PSA
8There is no certainty that any portion of the Prospective Resources will be discovered. If discovered, there is not certainty that the discovery will be commercially viable to produce any portion of the
resources.
Ethiopia South Omo Tullow 2,700 30.0% 810 61
Kenya2
Block 9 AOI 1,287 50.0% 644 89
Kenya2
Block 10A AOI 588 30.0% 176 22
22,646 9,291 938
Puntland (Somalia)6
Nugaal AOI 4,083 27%7
1,102
Puntland (Somalia)6
Dharoor AOI 1,210 27%7
327
27,939 10,720
Valuation & Capital Structure
• Considerable running room remaining:
• Heritage/Tullow transaction (Uganda) valued at ~ $4.23/barrel
1 Puntland net prospective resource based on a 5% Geological Chance of Success
Net Prospective
Resource (including
contingent)
(MMBbl)
Enterprise
Value Per
Barrel
Net Prospective
Resource (including
contingent)
(MMBbl)
Enterprise
Value Per
Barrel
Kenya & Ethiopia 9,404 0.24$ 1,051 2.17$
Kenya, Ethiopia & Puntland 1
10,833 0.21$ 1,123 2.03$
Unrisked Risked
ENTERPRISE VALUE PER PROSPECTIVE OIL RESOURCES
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• Heritage/Tullow transaction (Uganda) valued at ~ $4.23/barrel
• Africa Oil’s fiscal terms attractive due to “early mover advantage”
• Significant upside in exploration program aimed at converting unrisked prospective resources into risked
prospective or contingent resources
• $50 billion – unrisked value being targeted (based on Heritage/Tullow precedent value)
• $5 billion – risked value (based on Heritage/Tullow precedent value)
• Simple capital structure:
• No remaining warrants or converts
221.2 Issued & Oustanding (MM) 11.35$ 52 week high 2,600$ 52 week high ($MM) 85.0$ Cash Consolidated ($MM)
7.9 Options (MM) 1.36$ 52 week low 312$ 52 week low ($MM) 60.0$ Cash AOI ($MM)
229.1 Fully Diluted (MM) 10.33$ 15-Nov-12 2,367$ 15-Nov-12 ($MM) 25.0$ Cash HRN ($MM)
Capital Structure Price Performance Funds (30-Jun-12)Market Cap
A History of Value Creation
Company 2002 Recent Notes
Tanganyika $0.55/share
$13.5 million MC
$31.50/share
$1.9 billion MC
Sold to Sinopec 2008
Valkyries $0.45/share
$4 million MC
$16.00/share
$750 million MC
Sold to Lundin Petroleum
2006
Red Back $1.35/share (2000)
$45.4 million MC
$30.50/share
$8.98 billion MC
Sold to Kinross in 2010
Lundin Petroleum U $0.41/share $21.98/share Active
The Lundin Group of Companies
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Lundin Petroleum U $0.41/share
U $101 million MC
$21.98/share
$6.9 billion MC
+ Enquest spin off
US $1.5 billion MC
Active
BlackPearl $0.25/share
$2.1 million MC
$3.20/share
$915 million MC
Active
ShaMaran $0.175 (2003)
$6.7 million MC
$0.43/share
$340 million MC
Active
9 Year value increase: $173MM => $21 BillionAverage share price increase: 32x
Community Development and Social Investment
Locally elected committees to determine project spe nd
Small scale, quick win projects to demonstrate posi tive impact
Medium scale projects to improve community developm ent
Longer term social investment programs to create su stainability
Project Criteria•Local support & content•High Impact relative to cost•Sustainable & integrated
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•Sustainable & integrated•Political & Religious neutrality
Project Examples•Quick wins – farm tools, solar lights & cookers•Community Development – school refurbishments, health clinics, water pumps & storage•Social Investment – advanced rural nursing programme, livestock veterinary services, risk capital investment in SME’s
Opportunity Summary
• Africa Oil has the best onshore acreage position in East Africa, the world’s hottest exploration location
• The Ngamia discovery has opened up a new oil basin which has the potential to be one of the world’s largest
• Strong partnerships are in place to aggressively move exploration and potential development ahead
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and potential development ahead
• Additional rigs are being mobilized to accelerate the drilling campaign which will see 10 – 12 high impact exploration wells drilled by the end of 2013
• The goal of this drilling program is to evaluate new plays and sub-basin areas and establish commercial development parameters
AOI has a Strong Management Team
Keith Hill, President and CEOMr. Hill has over 25 years experience in the oil industry including international new venture management and senior exploration positions at Occidental Petroleum and Shell Oil
Company. His education includes a Master of Science degree in Geology and Bachelor of Science degree in Geophysics from Michigan State University as well as an MBA from the
University of St. Thomas in Houston. Prior to his involvement with Africa Oil, Mr. Hill was President and CEO of Valkyries where he led the company through rapid growth and
ultimately a highly successful $700 million takeover by Lundin Petroleum. In addition, Mr. Hill was one of the founding directors of Tanganyika Oil which was recently the subject
of a $2 billion takeover by Sinopec International Petroleum.
Ian Gibbs, CFOIan Gibbs is a Canadian Chartered Accountant and a graduate of the University of Calgary where he obtained a bachelor of commerce degree. Ian Gibbs has held a variety of
prominent positions within the Lundin Group of Companies; most recently as CFO of Tanganyika Oil Company Ltd. where he played a pivotal role in the recent $2 billion
acquisition by Sinopec International Petroleum . Prior to Tanganyika, Mr. Gibbs was CFO of Valkyries Petroleum Corp which was the subject of a $700 million takeover.
Nick Walker, COOMr. Walker has 27 years of industry experience including 17 years with Talisman Energy Inc. where he served as Executive Vice-President of International Operations West as
well as country manager positions in the UK and Malaysia/Vietnam. He started his career as a petroleum engineer with BP plc. and also worked in senior management positions
at Bow Valley Energy Inc. He previously served on the Board of Oil & Gas UK, the trade association representing the UK oil and gas business. His education includes a Bachelor of
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at Bow Valley Energy Inc. He previously served on the Board of Oil & Gas UK, the trade association representing the UK oil and gas business. His education includes a Bachelor of
Science Degree in Mining Engineering from Imperial College in London, a Master of Science Degree in Computing Science from University College in London and an MBA from
City University Business School, also in London.
James Phillips, VP Business DevelopmentBefore joining Africa Oil, Mr. Phillips was Vice President Exploration-Africa and Middle East for Lundin Petroleum AB where he played a pivotal role in securing the majority of
Africa Oil’s current portfolio. Mr. Phillips is a graduate of the University of California, Berkeley and San Diego State University where he obtained BS and MS degrees,
both in Geology. He has over 25 years of experience in the oil industry including senior positions with Shell Oil company and Occidental including heading up Oxy’s African
exploration ventures.
Paul Martinez, VP ExplorationDr. Martinez, most recently Director of International Business Development with Occidental Petroleum Corporation, has over 21 years of domestic US and international senior
management experience in oil and gas exploration and development, including projects in the Texas Gulf Coast, Permian Basin, Rockies, Latin America, Africa, Middle East, and
Russia. He has held overseas management positions for Oxy in Libya, Oman and Peru. Dr. Martinez holds a doctorate in petroleum geology from Stanford University and a
Bachelor of Science degree in geology from the University of Texas at Austin. Dr. Martinez is based in the Africa Oil Calgary technical office and is responsible for all geological
and geophysical activities of the Company.
Alex Budden, VP External RelationsBefore joining Africa Oil Alex Budden served as a Diplomat for the British Foreign & Commonwealth Office for 21 years. His international experience has seen him serve in Africa,
Asia, the Middle East, Russia, the Balkans and North America. Throughout his career he has focused on international security, conflict, governance, human rights, energy and
environment issues and specializes in government and security relations, complex stakeholder management and strategic communications work.
Cautionary Statements
This document has been prepared and issued by and is the sole responsibility of Africa Oil Corp. (the “Company”) and its subsidiaries. It comprises the written materials for a presentation to investors and/or industry professionals concerning the Company’s business activities. By attending this presentation and/or accepting a copy of this document, you agree to be bound by the following conditions and will be taken to have represented, warranted and undertaken that you have agreed to the following conditions. This presentation may not be copied, published, distributed or transmitted.
The document is being supplied to you solely for your information and for use at the Company’s presentation to investors and/or industry professionals concerning the Company’s business activities. It is not an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company in any jurisdiction nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a recommendation regarding the securities of the Company. The information contained in this presentation may not be used for any other purposes.
This update contains certain forward looking information that reflect the current views and/ or expectations of management of the Company with respect to its performance, business and future events including statements with respect to financings and the Company’s plans for growth and expansion. Such information is subject to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied including the risk that the
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to a number of risks, uncertainties and assumptions, which may cause actual results to be materially different from those expressed or implied including the risk that the Company is unable to obtain required financing and risks and uncertainties inherent in oil exploration and development activities. Readers are cautioned that the assumptions used in the preparation of such information, such as market prices for oil and gas and chemical products, the Company’s ability to explore, develop, produce and transport crude oil and natural gas to markets and the results of exploration and development drilling and related activities, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The Company assumes no future obligation to update these forward looking information except as required by applicable securities laws.
Certain data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, no representation or warranty, express or implied, is made and no reliance should be placed, on the fairness, accuracy, correctness, completeness or reliability of that data, and such data involves risks and uncertainties and is subject to change based on various factors.
No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness. The Company and its members, directors, officers and employees are under no obligation to update or keep current information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice, whether as a result of new information or future events. No representation or warranty, express or implied, is given by the Company or any of its subsidiaries undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy, correctness, completeness or reliability of the information or opinions contained in this presentation, nor have they independently verified such information, and any reliance you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents or otherwise arising in connection therewith is accepted by any such person in relation to such information.
For additional details on the Company, please see the Company’s profile at www.sedar.com.