Sapele-3 Presentation

14th October 2011

14th October 2011 Sapele-3 Presentation 2

Sapele-3 Update

14th October 2011 Sapele-3 Presentation 3

Sapele-3 Seismic Section

Significant extension of Deep Omicron

proved beneath the Cross-Cut fault.

Gas-Condensate encountered in D-1R equivalent

sandstone interval

Gas Condensate

Oil

14th October 2011 Sapele-3 Presentation 4

Sapele-3 Well Results

0

90 V SS

B 9

SAPELE-3

SAPELE-1

O OMICRON DEE O OMICRON DEE

BASE OMICRON DEE

Sapele-3 Sapele-116km

• Sapele-3 Top Deep Omicron interval (green tab) confirmed to have 11m of net reservoir.

• Independent assessment of the reservoir fluids from logs confirms either a high residual hydrocarbon saturation or the reservoir is currently hydrocarbon bearing.

14th October 2011 Sapele-3 Presentation 5

Sapele-3 Well Results

0

90 V SS

B 9

SAPELE-3

SAPELE-1

O OMICRON DEE O OMICRON DEE

BASE OMICRON DEE

Sapele-3 Sapele-116km

• Sapele-3 Middle Deep Omicron interval (Maroon tab) confirmed to have 11m of net reservoir, lateral equivalent to the 65ft water bearing sand interval in Sapele-1.

• Independent assessment of the reservoir parameters from log data indicates upto 500mD permeabilities for this interval.

‘65f

t San

d’