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Talk Outline

Namibia: The Oil and Gas Activities and Hydrocarbon Potential Obeth Mbui Kandjoze Manager New Ventures & Promotion NAMCOR AAPG International Conference & Exhibition November 5-8, 2006 Perth Convention & Exhibition Centre • Perth, Australia. Talk Outline. Location Onshore & Offshore Basins

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Talk Outline

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  1. Namibia: The Oil and Gas Activities and HydrocarbonPotential Obeth Mbui KandjozeManager New Ventures & PromotionNAMCORAAPG International Conference & ExhibitionNovember 5-8, 2006Perth Convention & Exhibition Centre • Perth, Australia

  2. Talk Outline • Location • Onshore & Offshore Basins • Fiscal & Legal Regime • Database • Tectono-stratigraphic Development • Source rock development and maturity • Kudu Development • Licensing Status

  3. Location Windhoek Perth

  4. Onshore & Offshore Basins

  5. Petroleum (Exploration & Production) Act, 1991 Petroleum (Taxation) Act, 1991 Petroleum (Exploration & Production) Amendment Act, 1993 Petroleum (Exploration & Production) Amendment Act, 1997 &1998) Model Petroleum Agreement, 1998 Tax and Royalty System Royalty 5% PIT 35% 3 APT levels APT1 set at 25% after IRR exceeds 20% APT2 and 3 negotiable Fiscal & Legal Regime

  6. License Types • Reconnaissance License • Duration not exceeding 2 years • 2 year extenstion, non exclusive • Exploration License • Not exceeding 4 years, Exclusive • 1st and 2nd Two year extensions • Production License • Duration 25 years • 10 year extension

  7. Database • Exploration started off 1970’s • 33,000 km seismic acquired • Single well drilled 1974 • Discovery of Kudu gas field in 1974 • 1980’s NAMCOR acquired seismic over Kudu • 1987-1988 Kudu 2 and 3 drilled • Kudu 3 tested; 38 MMscf/day

  8. ECL 1989 –NAMCOR & Halliburton, a 10,600km 2D seismic offshore plus 3,770 km over Kudu remains the core of data Held 3 Lic. Rounds post 90’s Now Open Lic. System To date 14 wells drilled offshore Now Seismic Database 2D Data 35000 km non-exclusive seismic 45000 km proprietary data 3D Data 1345 sq km proprietary Aeromagnetic Data Satellite Gravity Surface Geochemical

  9. 1911/10-1 1911/15-1 2012/13-1 2815/15-1 Seismic & Well Database • 14 wells drilled offshore Namibia • 7 of these on or around Kudu • 10 ODP/DSDP holes, mostly Neogene TD

  10. Aeromagnetic & Satellite Gravity

  11. Complements satellite radar slick studies Proves existence of hydrocarbon systems offshore Namibia only gas shows isotopic analysis shows mature marine source rock Surface Geochemistry Data

  12. Tectonostratigraphy

  13. Permo-Triasssic Karoo formation unconformable on basement. The Karoo formation overlain by Lower Cretaceous synrift sediments, followed by a terrestrial-marine transition sequence and a thick marginal marine Upper Cretaceous drift section. The Tertiary section dominated by marine claystones and silty claystones. y r a i t r e T Base Tertiary Unconformity s u o gf e c Late drift a section t e r C gf e t SM a 4. Cen./Tur. source rock L Submarine Erosion Early drift ef s section u o e c a SM t 3. Aptian source e r Base drift Kudu C 'sdr' sequence AJ-1 y l r ?SL SL 2. Neocomian source rock a E Syn-rift section ? r Base rift unconformity n a i m SL/SM 1. Artinskian source rock r e Pre-rift section P Petroleum geology Tectonic events Gas shows (RSA Orange basin) rift faulting rf Kudu with liquid component extensional faulting ef Oil show/recovery (AJ-1, RSA) gravity faulting gf { SM marine Source rock intervals SL lacustrine Stratigraphy

  14. Source Rocks • Two proven source rock intervals • Aptian-Albian • Turonian-Cenomanian • Marine, oil prone • High TOC values and significant HI”s

  15. Kudu 9A-2 Aptian-Albian (W1-W2) Source: Well penetrations 1911/15-1 Albian Carbonates No source potential 2213/6-1 2313/5-1 2513/8-1 No evidence of Albo-Aptian source in shelfal wells (thin or absent) Analysis shows dominantly marine organic matter – presently in the gas to dry gas maturity stage 2815/15-1 Albian clastics <1% TOC Type III AF-1 Aptian HI >500g/kg AE-1 Aptian (4100m-4776m) 2-3% TOC Kudu 9A-2 KA-2 Albian (4500m-4700m) >4% TOC Apto-Albian (4800m-5100m) 2-3% TOC DSDP 361 DSDP 361 Layered anoxis Aptian shales with very high TOC, alternating marine and terruginous influence >30kg/tonne AC-2 Albian (2650m-2700m) 2% TOC Aptian (2900m-3100m) 2% TOC DSDP 361 PA-1 Aptian (1900m-2100m) 2% TOC OA-1 Apto-Albian (3742m-3793m) 3% TOC (6-8kg/tonne) 180-200 HI Aptian –Albian Source Rocks

  16. DSDP 530 Cenomanian-Turonian SR 1911/15-1 W4 source potential TOC 5-10% 2012/13-1 W4 source potential TOC up to 5% 2513/8-1 No source rock potential identified 2012/13-1 1911/15-1 2815/15-1 L. Cenomanian (1860m-2000m) 1-2% TOC (Gas Prone) AE-1 L. Cenomanian (1600m-1700m) 3-5% TOC AK-1 L. Cenomanian (2700m-2750m) 4% TOC W3/4 Cenomanian- Early Senonian OA-1 Maastrichtian (2400m) >4% TOC Kudu wells – no source potential reported Good Oil prone source The Cenomanian-Turonian interval has good to excellent source potential and where present & mature would be capable of significant oil generation over the Namibian Shelf Cenomanian-Turonian SR

  17. Source Rock Correlation

  18. Project critical hurdles: • currency risks • Eskom participation • allocation of project risks Gas SalesAgreement Domestic sales in Namibia Power Purchase Agreement Kudu Upstream JV Energy Africa Kudu Limited (90%) Namcor (10%) + Partners Nampower Kudu Power Station Company Nampower (100%) + Partners (?) Power Purchase Agreement Eskom - export sales to RSA KUDU Project Scheme US$ US$ or N$? • Upstream JDA offer: • minimal “fixed” return • no commodity pricing

  19. LICENSE BLOCKS

  20. thank you ! National Petroleum Corporation of Namibiawww.namcor.com.na

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