AOI – TSXV

World-Class East Africa Oil

Exploration Play
Somalia, Ethiopia and Kenya
Highly under explored region of East Africa which is
surrounded by billion barrel discoveries on all sides
AOI has secured major acreage positions in all key
petroleum systems which extend into the area
Outstanding fiscal terms in all blocks
AOI concessions cover over 200,000 gross km2
Near term exploration results in and around key blocks
Excellent in-country management teams with successful
track records in Africa
A Lundin Group Company
 Surrounded by Oil

Block Summaries
Country Concession Acreage WI
Somalia Dharoor 30,000 km 2
55%
Nogal 50,000 km 2

Ethiopia 2, 6, 7, 8 47,362 km2 55%

Adigala 24,000 km 2
50%
Kenya 10A 14,747 km 2
55%
10BB 13,000 km 2
75%
9 27,778 km2 20%
Potential to further increase presence in region – prospective blocks and distressed companies identified

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 East Africa: Vastly Under Explored
Proven Petroleum System

Yemen

Ethiopia

Norway
North Sea
4,610 wells
Somalia 210,000 km2
UK
Kenya 61 wells before commercial
Africa oil in the North Sea
< 200 wells 50 billion boe reserves
>2.3 million km2 5.5 million boepd

Gulf of Suez Basin

3,096 wells
26,000 km2
8 billion barrels reserves
Madagascar 700,000 bpd

Africa Oil concessions

Hydrocarbon trends
East African rift system
Figures shown at same scale

3
 Major New East African Analogue
Heritage/Tullow Discoveries

SuDAN
Heritage/Tullow

Heritage/Tullow have drilled 12 consecutive oil

discoveries resulting in 1 billion barrels of new oil
discovered. Buffalo
Two years ago, prior to recent drilling program, this basin Giraffe
looked just like Africa Oil’s current portfolio – numerous Warthog
oil seeps, older wells, etc.
The rift basins of East Africa are highly under-explored DRC
despite having billion barrel accumulations on all sides.
There are four distinct independent petroleum systems Uganda
which are proven to exist within the Company’s existing
Kingfisher
acreage. Block 10BB is within a similar system as the
Albert Graben play. It has very similar geological and
structural features and has Tertiary sourced oil recovered
in the Loperot #1 well drilled by Shell in 1992.

Permits
Albert Graben
Country border
Oil field
Oil wells field
Oil seeps

Rwanda

4
 Exploration Program
Aggressive East African Exploration Program Over Next Two Years
2009 2010 2011
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Ethiopia
Adigala Area Seismic 500 km
Data Processing, Interpretation

Ogaden Blocks Seismic 500 km

Data Processing, Interpretation
Ogaden well-1
Kenya
Block 9 Bogal well

Block 10A Seismic 750 km

Data Processing, Interpretation
10A well
Block 10BB Seismic 500 km
Data Processing, Interpretation
10bb well
Somalia
Dharoor Interpretation
Dharoor-1

Nogal Nogal-1

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 Somalia

81,000 km2 concession area Somalia hydrocarbon basins contiguous with Yemeni
Numerous prospects basins prior to rifting in the Gulf of Aden

Oil discovery (?) Yemeni basins contain 9 billion BOE reserves with current production of
over 400,000 bpd
Oil seeps and
shows in wells Most production from Cretaceous Qishen and Jurassic Alif sandstone
reservoirs sourced by Madbi Shales
Al Medo Basin
In Yemen between 1994 and 2006 there was an average discovery size of
Dharoor Valley 96 million BOE recoverable reserves with a discovery success rate of 23%
Somalia Block
Once contiguous Somalia basins have identical geology and potential
Puntland
Nogal Basin
Cretaceous basins rifted apart beginning 16-18 million years ago
Oil indications Nogal Valley
Block

Ethiopia

Over 4 billion barrels

oil in place potential
(Sproule Mean Case Estimate
January, 2007)

Somalia

Somalia

100 km

Concessions located in Puntland, a more stable and

semi-autonomous region of Somalia
Good quality existing seismic on Nogal Block
Newly acquired seismic on Dharoor Block
Numerous large prospects identified – drill ready
Possible oil discovery (1958) in Dharoor Block
Oil seeps and shows

200 km

6
 Nogal South Prospect
Good Seismic Coverage on Somali Blocks Depth structure Top Jurassic

Nogal Block

Dharoor seismic data

Somalia Petroleum Geology
• Somalia is a virtually unexplored territory
- Only 60 wildcats in 580,000 km2 of
sedimentary basins
- 11 oil and gas discoveries giving a wildcat
success rate that is comparable with the best
oil provinces in the world
- Only 3 wells drilled in Nogal and Dharoor
basins – all three encountered oil in
Cretaceous sandstones

yellow-old; green-planned; orange-shot 2008

7
 Kenya
1 discovery best estimate contingent resources of 5 MMBO,
5 prospects best estimate unrisked prospective resources for each
ranging from approximately 5 MMBO to 80 MMBO, and 17 leads with
the best estimate unrisked prospective resources for each ranging from
approximately 20 MMBO to 300 MMBO barrels
Ethiopia
177 million barrels oil
Block potential
10A
Uganda Somalia
Tullow Block 9
Block
10BB 748 million barrels oil
Anza potential
Kampala Basin
Kenya
Lake
Victoria Nairobi Block 10A acreage equivalent in size to 90 North Sea blocks –
for scale of reference, an area this size in the North Sea has over
20 oil fields with over 200 exploration wells drilled
Extension of the major Sudan oil trend – continuation of
Refinery
Muglad Basin
Mombasa
Proven petroleum system
Railway Block 10BB within similar system as Albert Graben play
Planned pipelines
Large legacy database including drill data
New pipelines likely to be built through Kenya to develop
400 km Ethiopia and Uganda reserves

Tullow contemplating 1,500 km pipeline to Mombasa

Kenya Spur pipeline from 10BB approximately 250 km

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Prospect and Leads

Block 10BB
Lokichar
• One well drilled
• Moderate seismic coverage
• 2,772 km2
Lake • 1 discovery
Kerio Turkana • 5 prospects
Lokichar Basin Basin • 8 leads
Basin
Kerio
• Undrilled
• Reconnaissance seismic grid
• 2,388 km2
Loperot 1 • 6 leads
Lake Turkana
• Undrilled
• Sparse seismic
• 1,774 km2
• 3 leads

Loperot discovery
Prospects
Leads

Play Concepts
Extension of Sudan’s Muglad Basin
Cretaceous sandstones
Rift-faulted structures
Oil prone, Cretaceous source
Waxy, high pour point oil
Newly identified Jurassic target

500 km

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 Ethiopia

Acreage equivalent in size to 240 North Sea blocks – for

scale of reference, an area this size in the North Sea has
Adigala Basin over 50 oil fields with over 500 exploration wells drilled
Adigala Block Somalia
Exploration activity in area increasing but this section of
Ethiopia East African rift system remains extensively under explored
Blocks 2, 6, 7, 8
Ogaden Proven petroleum system
Basin
Significant nearby discoveries and shows

253.1 million barrels oil

potential

Kenya

200 km Ethiopia

Proposed Petronas
Drilling Location

25 km

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Proven oil and gas source rocks in the Jurassic and Permo-Triassic
Over 4 tcf gas discovered in the Ogaden Basin with several wells
recovering significant amounts of good quality light oil
El Kuran oil discovery on AOI Block 8; active oil seeps to west and
southwest
Structural leads on existing seismic in AOI blocks
Transport of oil and gas could be north through Djibouti or south into
Kenya to Mombasa
Ogaden Basin Activity

Petronas currently developing Calub

and Hilala gas fields
Petronas to drill 3 exploration wells
and 2 appraisal wells in 2009

11
 The Team
Rick Schmitt, President
Mr. Schmitt brings over 29 years of diverse international
experience in the upstream oil and gas industry,
managing and developing projects in the prolific oil
basins of Yemen, coupled with expertise in exploration,
exploitation, operations, new ventures and demonstrated
strength in strategic planning and negotiations. Mr.
Schmitt held senior management and executive positions
with Occidental and Canadian Occidental over a period
of 20 years and prior to joining Africa Oil was President
and General Manager of Occidental Yemen for 5 years.
Mr. Schmitt has a B.Sc. in geology from the University of
Birmingham in the U.K.
Keith Hill, CEO
Mr. Hill has over 22 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 Petroleum 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.
James Phillips, Regional VP Exploration
Before joining Africa Oil Mr. Phillips was Vice President
Exploration Africa and Middle East for Lundin Petroleum
AB. 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 24 years of experience in the oil industry including
senior positions with Shell Oil company and Occidental
including heading up Oxy’s African exploration ventures.
Gary Guidry, Director
Mr. 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 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.
Ian Gibbs, Director
Ian 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 where
he played a pivotal role in the recent $2 billion acquisition
by Sinopec International Petroleum. Prior to Tanganyika
Oil, Mr. Gibbs was CFO of Valkyries Petroleum which was
the subject of a $700 million takeover.
Darren Moulds, CFO
Mr. Moulds brings to Africa Oil 9 years of financial
experience in the oil and gas sector. A graduate of the
University of Saskatchewan he obtained a bachelor of
commerce degree and is a United States Certified Public
Accountant.
Cameron Bailey, Director
Mr. Bailey is a Chartered Financial Analyst with a Bachelor
of Commerce degree from the University of Calgary.
He has worked in the energy investment business,
specifically investment banking, for the past 19 years.
He is the founder of, and has organized the initial public
offerings for, a number of oil and gas exploration and
production and oilfield services companies.

The Company Africa Oil Corp.

• 55.4 million shares outstanding Calgary Office Vancouver Office
96.1 million fully diluted 444 – 7th Ave. S.W. 885 W. Georgia Street
Suite 700 Suite 2101
• Listed AOI – TSX-V Calgary, AB Vancouver, BC
• Management team – successful track record Canada T2P 0X8 Canada V6C 3E8
and experience in region T 403 716 3770 T 604 689 7842
F 403 716 3771 F 604 689 4250
africaoilcorp@namdo.com
africaoilcorp.com

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 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.
Resource and reserves references are in most cases from independent technical reports (please see website for more details). Resource and reserve references on other companies have been
sourced from websites and other public information and may not be accurate.
06/23/09