March, 2015 www.oandoenergyresources.com

Nigeria’s Future Strategy In Global Context:Nigerian Oil & Gas Conference

Wale TinubuChairman Oando Energy Resources &Group Chief Executive Oando PlcLagos, Nigeria

Presented by

Disclaimer

This presentation includes certain forward looking statements with respect to certain development projects, potential collaborative partnerships, results of operations and certain plans and objectives of the Company including, in particular and without limitation, the statements regarding potential sales revenues from projects, the both current and under development, possible launch dates for new projects, ability to successfully integrate acquisitions or achieve production targets, and any revenue and profit guidance. By their very nature forward looking statements involve risk and uncertainty that could cause actual results and developments to differ materially from those expressed or implied. The significant risks related to the Company’s business which could cause the Company’s actual results and developments to differ materially from those forward looking statements are discussed in the Company’s annual report and other filings. All forward looking statements in this presentation are based on information known to the Company on the date hereof. The Company will not publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise, other than is required by law.

Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.All estimates of reserves and resources are classified in line with NI 51-101 regulations and Canadian Oil & Gas Evaluation Handbook standards. All estimates are from

stPetrenel Report having an effective date of 31 December 2013. BOEs [or McfGEs, or other applicable units of equivalency] may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl [or an McfGE conversion ratio of 1 bbl: 6 Mcf] is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Reserves: Reserves are volumes of hydrocarbons and associated substances estimated to be commercially recoverable from known accumulations from a given date forward by established technology under specified economic conditions and government regulations. Specified economic conditions may be current economic conditions in the case of constant price and un-inflated cost forecasts (as required by many financial regulatory authorities) or they may be reasonably anticipated economic conditions in the case of escalated price and inflated cost forecasts.

Possible Reserves: Possible reserves are quantities of recoverable hydrocarbons estimated on the basis of engineering and geological data that are less complete and less conclusive than the data used in estimates of probable reserves. Possible reserves are less certain to be recovered than proved or probable reserves which means for purposes of reserves classification there is a 10% probability that more than these reserves will be recovered, i.e. there is a 90% probability that less than these reserves will be recovered. This category includes those reserves that may be recovered by an enhanced recovery scheme that is not in operation and where there is reasonable doubt as to its chance of success.

Proved Reserves: Proved reserves are those reserves that can be estimated with a high degree of certainty on the basis of an analysis of drilling, geological, geophysical and engineering data. A high degree of certainty generally means, for the purposes of reserve classification, that it is likely that the actual remaining quantities recovered will exceed the estimated proved reserves and there is a 90% confidence that at least these reserves will be produced, i.e. there is only a 10% probability that less than these reserves will be recovered. In general reserves are considered proved only if supported by actual production or formation testing. In certain instances proved reserves may be assigned on the basis of log and/or core analysis if analogous reservoirs are known to be economically productive. Proved reserves are also assigned for enhanced recovery processes which have been demonstrated to be economically and technically successful in the reservoir either by pilot testing or by analogy to installed projects in analogous reservoirs.

Probable Reserves: Probable reserves are quantities of recoverable hydrocarbons estimated on the basis of engineering and geological data that are similar to those used for proved reserves but that lack, for various reasons, the certainty required to classify the reserves are proved. Probable reserves are less certain to be recovered than proved reserves; which means, for purposes of reserves classification, that there is 50% probability that more than the Proved plus Probable Additional reserves will actually be recovered. These include reserves that would be recoverable if a more efficient recovery mechanism develops than was assumed in estimating proved reserves; reserves that depend on successful work-over or mechanical changes for recovery; reserves that require infill drilling and reserves from an enhanced recovery process which has yet to be established and pilot tested but appears to have favorable conditions

This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Oando Energy Resources Inc (the “Company”) shares or other securities.

2

$55.74

3Sources: Wood Mackenzie Global Oil Supply, Yahoo Finance

Oil & Gas Trends - Crude Oil

2008 2009 2010 2011 2012 2013 2014

UNCONVENTIONAL*CONVENTIONAL

CR

UD

E O

IL P

RIC

E

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

’000 boepd

2015 2016 2017 2018 2019 2020

VS

90,000

100,000

110,000

120,000

Feb

, 2

010

Jun , 2

010

Oct , 2010

Feb

, 2

011

Jun , 2

011

Oct , 2011

Feb

, 2

012

Jun , 2

012

Oct , 2012

Feb

, 2

013

Jun , 2

013

Oct , 2013

Feb

, 2

014

Jun , 2

014

Oct , 2014

Feb

, 2

015

120

100

80

60

40

20

0

$73.11

$

* Includes Tight Oil, Deepwater, Canada Oil Sands **Biofuels, Gas-to-liquids, Coal-to-liquids, Oil Shale(Kerogen)

Crude Oil Demand & Supply

4Sources: BP Statistical Review 2014

81

2009

mbpd

India

2010 2011 2012 2013

mbpd mbpd mbpd mbpd

85mbpd

88 89 90 91mbpd mbpd mbpd mbpd

83 84 86 87

DemandSupply

Crude Oil Demand: Compounded Annual Growth Rate 2009 -2013

3.6%

China UAE Africa Europe US

6.7% 3.3 2.3 0.7 0.2% % % %

Crude Oil Demand vs Supply 2009 -2013

-

Europe & Eurasia

Africa

Middle East

South & Central America

North America

Pacific Asia

329.6 Bnboe7.29 mmbbls/d7.7 Tcm176.4 Bcm

147.8 Bnboe17.23 mmbbls/d56.6 Tcm1032.9 Bcm

229.6 Bnboe16.83 mmbbls/d11.7 Tcm899.1 Bcm

130.3 Bnboe8.19 mmbbls/d14.2 Tcm204.3 Bcm

42.1 Bnboe8.23 mmbbls/d15.2 Tcm489.0 Bcm

808.5 Bnboe28.36 mmbbls/d80.3 Tcm568.2 Bcm

Oil & Gas Global Industry Overview

Source: BP Statistical Review 2014 5

Oil Reserves

1,688 bnboe

Oil Reserves

Oil Production

Gas Reserves

Gas Production

Oil Production

86.75 MMbbls/d

Gas Reserves

186 Tcm

Gas Production

3,370 Bcm

Creating An Enabling Environment for Investment

6

Challengesto Address

Governance & Transparency

Security

Concerns

Improved Infrastructure

Government

Support for

the Sector

AlternativeJVFunding

Bureaucracy

(Red-tape)

Attractive

Fiscal Policies

& Incentives

üNigerian Oil: Global Play

Source: NNPC, EIA, BP Statistical Review 2014 7

MAIN PROBLEMS

Demand Shift

Crude oil and petroleum products exports to USA has dropped by 67% to 33 mbls in 2014

Unutilized Capacity

Nigeria’s oil production has remained stagnant since 2010 as Foreign investments inflow have reduced over the last 5 years

32 %

Bunkering & Oil Theft

Oil theft in Nigeria is believed to be about 6 -30 percent of the country’s daily production

Lack of Refineries

Nigeria currently imports petroleum products even though it's the 13th largest oil producer

13th

Largest Oil Producer Globally

SOLUTIONS

Create Bi-lateral Relationships

Develop relationships with growingenergy dependent economies such as India & China

Attractive Fiscal Terms

Improved Government regulation and attractive fiscal terms to emcourage foreign investments & confidence in the oil industry

Security

Ensure Efficient Security measures are in place to prevent bunkering and oil theft

Investments in Refineries

Given the importance of crude oil derivative products, crude oil must be refined into consumable products

N

N

11th

Largest Oil Reserves Globally

Nigerian Gas: Continental Play

Source: NNPC, EIA, BP Statistical Review 2014 8

MAIN PROBLEMS

Gas Flaring

Nigeria flares the second largest amount of gas in the world. Flaring about 18% of the associated gas

Transportation

Nigeria lacks proper gas distribution and transportation systems

Power Deficit

Over 70% of Africa’s population have no access to electricity, which acts as a fundamental brake on development in the region

SOLUTIONS

Investment in Infrastructure

Investment in gas infrastructure including pipelines, compressors, gas tanks and gas refineries for processing and delivery of gas to the end user

Exportation of Gas to Support Power

Nigeria has the largest gas reserves which is sufficient to power up the country and still export energy to other African Countries

Gas to Power Solutions

Utilization of turbines at gas flaring sites to convert gas to power for surrounding environs

3rd

Largest Gas Producer in Africa 1

st

Largest Gas Reserves in Africa

NIGERIA

Nigeria: Rise of Indigenous Participation

Source: Wood Mackenzie, Renaissance Capital Research 9

M&A is a major value driver for indigenous E&P Companies in Nigeria

OMLs 60-63, OML 145, OML 131

Indigenous CompaniesIndependentsMajorsNOCs*

50%

3%3%

44%

OML 24 OML 4, 38 & 41 OML 55

OML 30 OML 55

OML 53OML 34

OML 29

OML 40

OML 4, 38 & 41

OML 42

OML 26

OML 83 & 85

OML 18

Entry

OM

L 62O

ML 6

1

OM

L 63

OML 60

OML 38

OML 4

OML 41

OML 40

OM

L 42

OML 34

OM

L 2

6

OML 30

OML 131

OML 145

OML 83

OML 85

OML 18

OML 55

OML 29

OM

L 2

4

Other Assets Oando Assets

Exit

Total Production (2006 - 2013)

Ebendo

OM

L 62

OML 60

OM

L 61

Eleme

Bonny

Brass River

Qua Ibo

Obama

Oshi

Irri-isoko

Ob-Ob

Umusadege

Kwale-Okpai IPP

Forcados

CloughCreek

Tebidaba

Ebocha

Idu

Akri

Oil & Gas Plant

FPSO

Petrochemical Plant

Power Plant

OM

L 63

Kwale

Oil & NGL Terminal

OML 125

Wellhead Platform

Flowstation

Oil Pipeline

Gas Pipeline

Beniboye

Key

Ogbainbiri

Qua Ibo

Akepo

*Assets highlighted in red do not belong to OER

55,246 230.6 547.3boepd M boeM MMboe

Net Production 2P Reserves 2C Resources

2%

48% 50%

7%

57% 36%

6%

56% 38%

Oil & Condensate Gas NGL

10

Case Study: OER Growth

www.oandoenergyresources.com