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Exploring & Fuelling Namibia

NAMCOR ‘s participation in the oil and gas sector in Namibia and beyond Presented by Mr Sam E. Beukes Managing Director of NAMCOR March 22, 2007. Exploring & Fuelling Namibia. Presentation Outline. Location Map Country Background Information Vision and Mission Statements

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Exploring & Fuelling Namibia

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  1. NAMCOR ‘s participation in the oil and gas sector in Namibia and beyond Presented by Mr Sam E. Beukes Managing Director of NAMCOR March 22, 2007 Exploring & Fuelling Namibia

  2. Presentation Outline • Location Map • Country Background Information • Vision and Mission Statements • What are the drivers of this strategy? • Oil and Gas Exploration History • Upstream Business Activities • Current Licensing Situation • Acreages with NAMCOR shareholding • New Strategic Direction (i) New Government Mandate (ii) License Under Application • Joint Acquisition of new Spec seismic • Support for expansion drive

  3. Namibia 1. Location Map Key Figures Land Area: 825 418 km2 Population: 2.03 million (2005 est.) GDP per capita: $2000 Coastline: 1572 km Life Expectancy: 44 years

  4. 2. Country Information Country Information

  5. 3. Vision and Mission Statements Our Vision To be a world-class petroleum organisation providing sustainable benefits to all stakeholders. Our Mission By * ensuring Security of Supply, through upstream and downstream operations; * harnessing innovative industry best practices; * proactively embracing international safety, health and environmental protocols; * recruiting and retaining high performing, passionate and competent people.

  6. 4. What are the drivers of this strategy? • A strong drive and support from the principal shareholder for the company to become a fully fledged exploration and production institution • Volatility of prices of crude oil on the international market • Increasing importance of the security of supply of both crude oil and refined petroleum products for the country • A new and a compelling mandate from the principal shareholder for the company to seek E & P and Downstream business both locally, regionally and internationally • A strong growth of the company’s portfolio of businesses • Strong advocacy from the shareholder for financial self sufficiency and commercialisation

  7. 5. Oil and Gas Exploration History • Initial Oil & Gas exploration started in the 1970’s • Kudu Gas Field Discovery 1974 is a direct result of exploration activities in the 1970’s • Discovery was made by Chevron Oil Co., Regent Petroleum & Soekor (PetroSA) • With independence in 1990 several licensing rounds were held • 1st, 2nd , 3rd and 4th Licensing Rounds were • Rounds produced a mixed mixture of results, i.e. success and failure • A total of 14 wells were drilled in this period offshore alone • Country has coastal length of 1572 km • An extensive 2D and 3D database been build over the years • Country is hugely underexplored

  8. Cont’d • E&P laws in Namibia do not enforce the participation of the national oil company • NAMCOR’s participation (carried basis) has been purely a matter of business discussions between the operator and ourselves

  9. 6. Upstream Exploration Activities (a) Current Licensing Situation - 13 licenses 05/06

  10. (b) Acreages were NAMCOR has shareholding • Block 2814A (Kudu Gas Field) • Hunt License Area (Luderitz Basin) • Block 1711 (SinteznefteGAs) • Owambo Basin License (Circle Oil) • Blocks 2813A, 2824B, 2914A (BHP Billiton) • Blocks 2416B, 2417 (INA Industrija Nafte)

  11. Tullow Oil – Kudu Gas Field(Block 2814A) • NAMCOR has 10% working interest • NAMCOR will participate in drilling campaign • 2 Exploration Wells to be drilled end of Q1,2007

  12. Hunt Oil Company • NAMCOR 10% carried • Seismic interpretation being done in London, UK offices

  13. Sintezneftegas – Block 1711 • Acreage with highest potential both oil and gas • NAMCOR has 7% carried • Partners in Block are: • SinteznefteGaz 70% • PetroSA 10% • EnerGulf 10% • NAMCOR 7% • BEE 3% • Drilling of 1st well is planned for 2007

  14. Circle Oil – Owambo Basin • FAOC assigned its interest to Circle Oil Namibia • NAMCOR has 10% carried interest • EnviroDynamics presented Draft EIA report to MME & NAMCOR • Seismic survey is planned to start after the rainy season (end of May 07 through to Nov 07)

  15. BHP Billiton – Blocks 2813A, 2824B, 2914A • Completed 3D Seismic Survey in April 2006 • Acquired 1492 sq. km survey • BHP Billiton completed Farm Out process • New partners: Mitsui Corporation of Japan and PetroSA of South Africa • Currently interpreting acquired seismic • Potential carried participation for NAMCOR

  16. INA Industrija Nafte – Blocks 2416B, 2417 • EIA has been completed • NAMCOR is discussing participation in the license • Hungarian NOC expressed interest in license • Seismic acquisition is to start mid April 2007

  17. (c) New Strategic Direction • New Government Mandate (ii) New License under application

  18. (i) New Government Mandate • NAMCOR must actively seek ways and means to become a fully fledged Exploration and Production company • NAMCOR must become involved in oil and gas exploration activities in the country (hence the application for the Ondjou Block) • NAMCOR must venture outside the country and get involved in joint venture exploration and production activities, be it exploration and/or acquisition of equity in producing assets and so on • Company signed MoU with PetroSA (RSA) & ENH (Moz): joint exploration and development of oil & gas opportunities in region • Planning visits to Tanzania and Kenya to explore further business opportunities in East Africa

  19. (ii) New License under application Ondjou Prospect – Block 2011B and 2111A • NAMCOR submitted application for the block • March 26-27, 2007 license negotiation meeting with Ministry • Proposed Work program • Desktop studies of existing data • Reinterpretation of existing 2D data • AVO analysis: evaluation of lithology and fluids • Electromagnetic Survey to determine source maturity and presence of reservoir • Acquire 3D data if required • Looking for technical partnership to share drilling risks

  20. (d) Planning acquisition of new Spec Seismic • In order to keep the exploration momentum of 2005/2006 the company is planning: • An extensive review of the of the exploration potential of the Namibian margin • An expansion of the demarcation of the blocks further into the deepwater section • A spec seismic acquisition program in areas with potential but previously not covered by existing surveys. • A consolidation and packaging of all datasets with the view to enhance and keep exploration interest high.

  21. 7. Support for this expansion drive • NAMCOR Downstream Business • Healthy Balance Sheet • Through Strategic Partnership

  22. Exploring & Fuelling Namibia Thank you WWW.NAMCOR.COM.NA

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