1A Lundin Group Company
UBS Oil & Gas Conference
Hunting Elephants in East Africa’s Rift Basins March 2012
2
Exploring in Four Major Rift Systems
Africa Oil Assets
• Tertiary rifts (Kenya & Ethiopia)
• Cretaceous rifts (Kenya, Mali)
• Jurassic rifts (Puntland‐Somalia)
• Permo‐Triassic rifts (Ethiopia)
All of AOC plays are extensions of proven multi‐billion barrel rifts
East African extensions of these proven rift trends highly under‐explored
Regional oil resource volumes are sourced from government, industry and company websites. Readers are cautioned that the figures are not reported in accordance with NI51-101 policy.
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East Africa: Vastly Under Explored Proven Petroleum System
Norway
4,610 wells210,000 km2
North Sea
Norway
UnitedKingdom
61 wells before commercial oil in the North Sea
50 billi b0 200 km
Kingdom 50 billion boe reserves5.5 million boepd
< 200 wells
Gulf of Suez
Suez3,096 wells26,000 km2
< 200 wells>2.3 million km2
Basin 8 billion barrels reserves700,000 bpd
Figures shown at same scale
Regional oil resource volumes are sourced from industry and company websites. Readers are cautioned that the figures are not reported in accordance with NI51-101 policy.
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Play SummaryH t t 5 bli 300 000 k 2 (74 MM A ) l d• Have spent past 5 years assembling 300,000 km2 (74 MM Acres) land position – 5 corporate deals, 6 farmouts
• Acquired Seismic and FTG on most blocks 3 seismic crews working to• Acquired Seismic and FTG on most blocks – 3 seismic crews working to complete all blocks by mid 2012
• Aggressive two rig drilling campaign to kick off Q1 2012Aggressive two rig drilling campaign to kick off Q1 2012– 3-5 wells in Kenya & Ethiopia Tertiary Basin– 1-2 wells in Cretaceous rift basin– 2 wells in Puntland-Somalia Jurassic rift basin through Horn Petroleum2 wells in Puntland Somalia Jurassic rift basin through Horn Petroleum– 1 well in Ethiopia Ogaden Permo-Triassic Basin
• Net best estimate prospective oil resources 5.3 billion* barrelsp p
• Strong consolidated balance sheet with $118MM cash that will fund all exploration activities through 2012
* See slide 36 for full details.
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Tullow Partnership in Tertiary and Cretaceous Rift Trend
• Tullow’s Ugandan discoveries now likely exceed 2.5 BBO* in the Lake Albert region.
• Tullow brings a 97% success rate to ourTullow brings a 97% success rate to our new partnership.
• Tullow paid $10 MM past costs and will carry AOC for next $23 75 MMcarry AOC for next $23.75 MM.
• Tullow brings to the partnership:– Drilling expertise and staff
S i i i ti– Seismic processing expertise– Talented exploration personnel– Access to the Uganda export pipeline
Source: Tullow presentation – P50 Discovered and Prospective
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Traditional Gravity Vs. Full Tensor Gravity (FTG)
FTG
Traditional
FTG
FTG
• New technology developed for US submarine mapping; declassified in late 90’s
• Detailed mapping possible to 3D seismic level
• Tullow used FTG very successfully in Uganda Albert Graben
2 4 billi b l / 11 tilevel
• FTG with seismic unlocks basin potential• 2.4+ billion barrels w/ 11 consecutive discoveries and 97% success
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Tertiary Rift Exploration Block 10BB, 10BA, 12A, 13T in KenyaSouth Omo and Rift Valley Study Blocks in Ethiopia
Tullow’s Uganda discoveries now at 2.5+ billion barrels of reserves
Tertiary rift in Kenya/Ethiopia contains the same source and reservoir system as Uganda asreservoir system as Uganda as confirmed by Loperot discovery by Shell in 1992
• FTG surveys completed on all Tertiary rift blocks
2D seismic completed on Block 10BB
Work Program
• 2D seismic completed on Block 10BB
• 2D seismic underway on Block 10BA, South Omo, 13T
• First drilling commenced in Jan-2012, Block 10BB Ngamia prospect
• At least 3-5 other wells planned over next 18 months throughout the Tertiary rift blocks
8
Kenya Block 10BB
• AOC holds a 50% working interest
Area = 12,638 kmArea = 12,638 km22
NN--Kerio Kerio 13T13T13T13T• Loperot oil discovery (1992/Shell) and oil recovered in uphole de‐risks oil charge
SS--Kerio Kerio Lake Lake TurkanaTurkana
13T13T13T13T
• Analogous to Albert Graben of Uganda with estimated 2.5 BBO
• 1st well (Ngamia) spud Jan 2012
Lokichar Lokichar Rift Rift
Kerio TrendLoperotLoperot--11
Oil in UpholeOil in Uphole
Kamba Kamba
Seismic program (610 km) completed Oct 28 201010BB10BB10BB10BBLoperot Trend
Ngamia Ngamia
Leads with oil seeps on lake
Prospects and Leads
12A12A12A12A 2010 programLegacy seismic
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Block 10BB Ngamia Prospect: “Play opener”
SW NEMetres Ngamia‐1
Line LOK-10-24
WESTERN RIFT BOUNDING
FAULT
LOKHONE SH
LOKHONE SH MRKR
LOKHONE SS
NgamiaNgamia--1 well 1 well
5km
Closure: P50: 5.0 km2 (1,300 acres); P10: 18 km2 (4,500 acres)
Analogous to Tullow Lake Albert Discoveries; e.g. Kingfisher, Mputa, Waraga
Internal Estimated Resources (100%): P50: 45 MMBO; P10: 180 MMBO
10
Waraga, Lake Albert Uganda: “Tullow Play Opener”
Waraga‐1
DST 33 650 bopd
Waraga-1
Wells drilled
0.5 Sec
15.4m net pay
3,650 bopd (1” choke)33.80 API
H15
1 Sec6.7m net pay
DST 24,200 bopd (1” choke)33.80 API
DST 14,200 bopd (1” choke)33 80 API
3 Reservoir Zones>27m net pay>12 kbo/d
H15
H02.5 km
4.6m net pay
33.80 API
Total >12kbo/d
Waraga 1 Test commenced 22nd June 2006 First flow of oil to surface in Uganda and East Africa
Flowed at a combined rate in excess of 12 kbo/d
2.5 km
Basement
11
Ngamia Prospect, Spud January 24, 2012
12
Another Key Prospect on Block 10BB - Kamba ProspectProspect
SW NE
P50
P10
5 KM
KAMBA PROSPECTDepth Structure, CI: 20m
P10
• Vertical relief: 730 m Internal Estimated Resource (100%):• Vertical relief: 730 m
• Stacked Tertiary SS Reservoirs
• Avg. Porosities 10-18%
Internal Estimated Resource (100%):
• P50: 200 MMBO
13
Block 10BA, Seismic Program
South Omo Block, ET • AOC acquired 50% WI through Centric acquisition
• Tullow operates with 50% WI, paying 80%
M lti l il li k i t t d f t llit d t• Multiple oil slicks interpreted from satellite data
• FTG survey complete
• 1,350 km 2D seismic underway
FaruChui TwigaNdovuN S
, y
First well: 2‐3Q‐2013
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Blocks 12A / 13T• AOC holds 50% WI,
• Tullow: 50% WI (Operator)
• Seismic indicates 13T
10 BB 10A13 TSeismic indicates 13T
prospectivity on trend with Ngamia Prospect
• Highly underexplored with sparse
13 T
g y p pseismic; no wells drilled
• FTG completed in both blocks
• Seismic planned for both blocks:
9
• Seismic planned for both blocks:
• 500 km in 13T; underway
• 500 km in 12A; 2Q‐201212 A
Miocene Source Rock in Outcrop
FTG Surveys for Blocks 12A, 13T
12 A
pGood to excellent, Type I; 3% TOC
National parks/game reserves Digital Elevation Model50km
15
String of Pearls, Block 13T
Refocused program(red)
13T 10BB
Leads identified for new seismic
Abandoned program(blue)
Ngamia
e se s c
NGAMIA
(blue)
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Block 12A
Block 12A Play
Kerio Valley in southwest appears on FTG as well
developed gravity low (sedimentary basin/kitchen?)
Target is the Lower Miocene Tambach Fm.
Seismic Program will focus 500 km over Kerio Valley
17
South Omo Block 2D Seismic Program• AOC holds 30%WI, TullowAOC holds 30% WI, Tullow Operates with 50%.
• Extension of Tertiary rift trend north of Lake Turkanatrend north of Lake Turkana
• Unexplored with no previous seismic or wells
FTG l
12
• FTG complete
• Seismic program underway
Omo delta entering Lake Turkana(view to south)
18
Cretaceous Rift Exploration Block 10A and 9 in KenyaBlocks 7 and 11 in Mali
Over 6 billon barrels of oil discovered on trend in the analogous system in Sudan
Thick oil stained section in 1980’s vintage Amoco/Total wells confirms hydrocarbon systemhydrocarbon system
• Tullow is partner on Block 10A
Work Program
• FTG survey and 2D seismic completed on Block 10A
• Drilling planned in the second quarter 2012 on Pai Pai prospect, Block 10A
• Gas discovery made in 2010 on Block 9; Bogal prospectGas discovery made in 2010 on Block 9; Bogal prospect – AOC evaluating gas commercialization
• Seismic completed on oil prone Kaisut basin, Block 9
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Block 10A
•AOC 30%, Tullow (OP): 50%
A Rift C t iftLakeLake
Area = 14,597 kmArea = 14,597 km22
•Anza Rift: Cretaceous rift extending into Kenya from Sudan
• 3 wells drilled in the 80’s by
Lake Lake TurkanaTurkana
Block 10 BABlock 10 BA
Amoco
•Wells drilled on breached traps Block 10ABlock 10A
•Wells encountered residual oil staining over thousands of feet.
• 2010: Completed 750 km 2D seismic
• Pai Pai prospect selected for first
Block 9Block 9Block 10BBBlock 10BB
25km • Pai Pai prospect selected for first well ( )
________ 20102010--2011 Program2011 Program________ 20102010--2011 Program2011 Program
National Park
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Regional Seismic line- Pai Pai
Maikona formation MiocenePliocene Volcanics
Recent Play LakePaipai Bellatrix-1Sirius-1
Maikona formation Miocene
Upper CretaceousLower Tertiary
Volcanics
Jurassic?
Lower Cretaceous
Basement
Internal P10: 287 MMBOInternal Mean: 116 MMBO
Exploration Strategy:
Find & drill structural traps that have maintained structural integrity through Tertiary (late) readjustments
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Block 9
Block 10BABlock 10BA
Lake Lake TurkanaTurkana
Block 10ABlock 10A
Block 09Block 09Block 09Block 09
MarsabitMarsabitNationalNationalParkPark
Block 10BBBlock 10BB
Block 12ABlock 12A• AOC 100%
• Cretaceous play extending to SE from Sudan
• 2011: acquired 762 km 2D seismic in Kaisut area70 km
KaisutOil prone
Bogal Gas Discovery, 2011: acquired 762 km 2D seismic in Kaisut area
• Formulating gas terms for Gov negotiations2010
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Kaisut Area ProspectSW NE
Metres
SW NE
Tertiary Mrkr1
60 SQ KM 4‐WAYCLOSURE
Tertiary Mrkr2
Near Top Cret
Cretaceous Oil Kitchen
p
Basement
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Block 9- Bogal-1 Bogal‐1
• Cretaceous clastics (2800-3900 m)• 260 sq km closure; Bogal at edge of closure• 71 m net gas pay with 8-11% porosity• Deeper tests inconclusive severe lossesDeeper tests inconclusive, severe losses• 2-3 TCF potential• “Mega Fractures” documented in LK SS
– Significant losses while drilling
– Image Logs4400-10m
Green Level
5km5km
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Kenyan Energy Market
16000
18000
20000
Kenya Total Primary Energy Supply
Geothermal/Wind 6%,
8000
10000
12000
14000
ktoe
Biomass 77%
0
2000
4000
6000 Hydro 1%
Oil 16%
• Demand growth is robust over a sustained period (Annual growth rate ~5%)• The majority of energy demand is satisfied by:
Source: IEA, 2010
• The majority of energy demand is satisfied by:– Traditional sources (Kenyan forests 40 yrs ago covered 11% of country, now at 1.5%)– Hydro/geothermal (to date, minimal impact)– Imported oil (with detrimental environmental and foreign exchange impacts)
• Indigenous Kenyan gas would compete w/ all other imported energy (ET hydro, TNZ gas, etc.)• A 2-3 TCF gas field could supply Kenya w/ ~2000 MW (gas to power) for 15 years• Kenya’s installed capacity stands at ~1400 MW, so impact of a “Bogal” would be material!
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Jurassic Rift Exploration Dharoor and Nugaal Blocks in Puntland, SomaliaAdigala Block in Ethiopia
Prolific, proven play in Yemen expected to extend into Puntland, which shares a
l i hi tcommon geologic history
Yemen fields produce from high q alit Cretaceo s andhigh-quality Cretaceous and Jurassic reservoirs and source rocks
Numerous oil shows from wells drilled by previous operators confirm Jurassic source rockconfirm Jurassic source rock
• 2D seismic program completed in 2008
Work Program
• 2D seismic program completed in 2008
• 2 wells planned
• First well commenced Jan-2012 on Shabeel prospect, Dharoor Block.
New Puntland Focused VehicleDEAL
• Share exchange agreement between AOC and Denovo (HornPetroleum Corporation)
• AOC transfer of its 60% interest in both Dharoor and Nugaal
FINANCING
• AOC put in $10 MM cash and additional $31 MM raised• Proceeds to fund the drilling of two wells in PuntlandProceeds to fund the drilling of two wells in Puntland
OWNERSHIP
• AOC holds approximately 50% of Horn Petroleum
PROFILE
• 74.8 million shares outstanding/122.3 million fully diluted• Horn Petroleum listed on TSXV
60% ki i t t i N l d Dh il l ti• 60% working interest in Nugaal and Dharoor oil explorationprojects in Puntland, Somalia
• Service contract with AOC to provide technical, operational andfinancial supportfinancial support
• President: David Grellman; Directors: Keith Hill, Ian Gibbs
Dharoor Block, Puntland• Darin‐1 well drilled in 1958 on the flank of the rift; found oil
DARIN‐1
across several zones.
• AOC, with new seismic data, has mapped several large prospect including:
– Shabeel: Most Likely 300 MMBO recoverable, internal ti t
SHABEEL NORTH
estimates.– Shabeel N.: Most likely 375 MMBO recoverable (internal
estimate)
SW NEMeters SHABEEL
SHABEEL NORTH
SHABEEL
Turonian
Cret Mrkr
Meters SHABEELDHAROOR BLOCK
TURONIAN MFS DEPTH MCI= 50 METRES
0 10 KM
L Cret Carb
MJ Uncf
• Shabeel spud Jan‐2012
• Shabeel North to follow
Line AOC-08-052
Rig on Shabeel location
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Permo-Triassic Rift Exploration Blocks 7/8 in Ethiopia
Multi-TCF gas reserves have been discovered in Triassic sandstonessandstones
Light oil has been tested in fractured Jurassic carbonatesfractured Jurassic carbonates
El Kuran field discovered by Tenneco in the 1970’s confirmedTenneco in the 1970 s confirmed oil and gas in both systems
Work Program
• 1 well planned on El Kuran prospect on Ogaden Block 7/8 – this is an appraisal well following up on two successful wells previously drilled in thetwo successful wells previously drilled in the 1970’s by Tenneco
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EW
El Kuran Appraisal, Ogaden Block 8El Kuran-1Structure Map Top Jurassic
El Kuran-1
El Kuran-2
W EEEl Kuran-1
• AOC Operates with 55% WI
• Light oil recovered from Jurassic limestones in El Kuran‐1
5 km
• Light oil recovered from Jurassic limestones in El Kuran‐1 (1970’s/Tenneco)
• Exploration/Appraisal well planned for 2012
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Community Development
CD projects must have: CD projects include:p j• Religious neutrality• Sustainability• Local content
• School rehabilitation• Bursary Fund• Farm tools
• Potential for capacity building• High Impact relative to cost• Political neutrality
• Birkahs (water storage)• Human health posts• Medicines for livestock• Support for hospitals• Solar lights/cookers
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FOOD SECURITY •Five‐year partnership with FARM AFRICA on long‐term livestock and
National Initiatives in Association with Lundin Foundationy p p g
agriculture; access to improved inputs, micro‐irrigation, VSL, livestock and veterinary services•Investments in improved seed production/distribution, micro‐loan fund for smallholder farmers
WATER •Partnership with AMREF to provide potable water to vulnerable pastoralist populations
HEALTH •Funding Intensive Care Unit and MCM Hospital in Addis•Establishment of Advanced Rural Nursing program (Aga Khan University)•Investment in rural health franchise enterprise
EDUCATION •Funding primary schools and income‐generating activities•Establishment of Africa’s first Management Case Study Development Centre (Aga Khan University)
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World Class Potential in Multiple Petroleum SystemsAfrica Oil CorpSummary of Unrisked and Undiscovered Oil Prospective Resources1
Current Working InterestsCurrent Working InterestsGeographic Region
PSC/PSA Operator Gross Best Estimate(MMBbl)
AOC Working Interest
Net Best Estimate(MMBbl)
Kenya2 10BB Tullow 2,066 50.0% 1,033
Kenya2 9 AOI 1,399 100.0% 1,399
Kenya2 10A Tullow 423 30.0% 127
Ethiopia2 7&8 AOI 155 55.0% 85
Kenya3 10BA Tullow 2,188 50.0% 1,094
Puntland (Somalia)4 Nugaal AOI 4,083 30%5 1,225
Puntland (Somalia)4 Dharoor AOI 1,210 30%5 363 11,524 5,32611,524 5,326
1 This summary table was prepared by Company management for the convenience of readers.2 Please refer to the Company’s press release dated March 29, 2011 for details of the prospective resources by prospect and lead, including the geologic chance of success.3 Pl f t i d d t l ti t d t d J 1 2010 t d F b 11 2010 t d d C t i E C3 Please refer to independent resource evaluation report, dated January 1, 2010 posted on February 11, 2010 at www.sedar.com under Centric Energy Corp.4 Please refer to independent resource evaluation report, effective June 30, 2011, posted on Sept. 2, 2011 at www.sedar.com under Denovo Capital Corp.5 Assumes proposed transaction with Denovo Capital Corp. completes, providing Company with ~50% ownership of Denovo, who will hold 60% working interest in Puntland Blocks.6 There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that the discovery will be commercially viable to produce any portion of the resources.7 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 Resources, 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.
33
Size of the PrizeProspective Resources
Net Best Estimate (MMbbl)
Indicative Risk Factor
Risked Potential Prospective Resources
(MMbbl)
Potential Value($MM)
5,326 20% 1,065 4,506
10% 533 2,253
1% 53 225
• Recently completed East African sale transaction:
1% 53 225
Recently completed East African sale transaction:– Heritage sale of interest in Uganda Lake Albert (Blocks 1 & 3A) to Tullow– 355 Mmboe mean working interest contingent resource sold– $1.5 billion transaction value– $4.23/boe
The above summary table was prepared by the Company for the convenience of readers.
There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that the discovery will y y p y ybe commercially viable to produce any portion of the resources.
Net Prospective Resources are stated herein in terms of the Company’s Working Interest (WI) in the properties and, due to thevery immature nature of these resources, have not been computed as net entitlement volumes under the PSAs. In this regard, the volumes stated herein will exceed the volumes which will arise to AOC under the PSA terms.
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A History of Value CreationA History of Value Creation
Company 2002 Present 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 illi MC
$16.00/share$750 illi MC
Sold to Lundin Petroleum 2006$4 million MC $750 million MC 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 $24.00/share ActiveLundin Petroleum U $0.41/shareU $101 million MC
$24.00/share$7.6 billion MC+ Enquest spin off US $1.5 billion MC
Active
BlackPearl $0 25/share $5 06/share ActiveBlackPearl $0.25/share$2.1 million MC
$5.06/share$1.4 billion MC
Active
ShaMaran $0.175 (2003)$6.7 million MC
$0.25/share$194 million MC
Active
9 Year value increase: $173MM => $22 BillionAverage share price increase: 29x
35
Summary • AOC has assembled a robust highly prospective East African portfolio that
spans 4 different proven petroleum provinces with multi-billion barrel potential
• AOC has experienced management and staff with offices in Vancouver,AOC has experienced management and staff with offices in Vancouver, Calgary, Addis Ababa, Nairobi, and Bosasso
• AOC has secured excellent partners, such as Tullow, to help fund exploration programs and guide/accelerate operational activitiesprograms and guide/accelerate operational activities
• An aggressive drilling campaign began in Q1 2012: two rigs operating continuously to drill 7 to 10 wells in the next 18 months
• AOC consolidated balance sheet is strong; $118MM cash
Shares Outstanding 211.4MM Fully Diluted 228.8 Market cap ~ $421MMAOI – TSXV AOI – OMX StockholmAOI TSXV AOI OMX Stockholmwww.africaoilcorp.com
36
AOI has a Strong Management TeamKeith Hill, President and CEOM Hill h 25 i i h il i d i l di i i l d i l i i i O id l P l d Sh ll Oil CMr. 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.
J Philli COOJames Phillips, COOBefore 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 20 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.
Gibb C OIan 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.
David Grellman, VP OperationsDavid Grellman, VP OperationsMr. Grellman is General Management/Operations professional with a unique blend of technical and management skills combined with extensive operations experience in the upstream global oil and gas industry. Mr. Grellman spent the majority of his career at Occidental Oil and Gas Corporation as Exploration Manager or General Manager in numerous countries including the Philippines, Sri Lanka, China, Syria Albania and Pakistan.
Gary Guidry, DirectorMr Guidry brings to the Board of Africa Oil Corp an extensive background and proven track record in international petroleum development and project execution A Petroleum EngineerMr. Guidry brings to the Board of Africa Oil Corp. an extensive background and proven track record in international petroleum development and project execution. A Petroleum Engineer by training, he is an Alberta‐registered Professional Engineer with expertise in diverse environments ranging from deep‐water West Africa and the Gulf of Mexico, South American rainforests to the deserts of the Middle East. Most recently, Mr. Guidry was President of Tanganyika Oil Company Ltd. where he led the company from an early stage oil development project in Syria to a $2 billion takeover by Sinopec International Petroleum in late 2008.
37
Cautionary Statements
• This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions the uncertainties resulting from potential delays or changesfactors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.
• Regional resource and reserve references as resource information on other companies have been sourced from websites and other public information and may
t b t d t t t d i d ith NI 51 101not be accurate and are not stated in accordance with NI 51-101.