© Copyright May 2015

Petralon Energy

Confidential. Not for further reproduction or distribution.

CORPORATE PRESENTATION August 2016

Petralon Energy - Company Overview

• Petralon Energy is an indigenous African independent energy company positioned to extract

value across the energy value chain with a current focus on the Exploration & Production of

oil and gas

• Its initial business focus is Nigeria, where its founders have extensive industry experience,

strong local contacts among various industry stakeholders and the technical and financial

capacity necessary to speedily initiate and execute oil and gas transactions.

• Upon establishing a solid base in Nigeria, Petralon will then opportunistically seek out oil and

gas opportunities in other African countries, with rapidly evolving oil and gas sectors,

including Angola, Ghana, Gabon, Kenya, Namibia & Uganda.

• The Company has a strong Management team with solid financial, technical and operating

competencies in addition to experience in the local and international oil & gas sectors, who

have successfully managed medium to large-sized private & public companies.

• Its Board of Directors is made up of key technocrats who have played crucial roles and hold

strong relationships in the sector, having occupied executive level positions in International

Oil Companies and the financial system.

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E & P Strategy

• In order to establish its footprint in the E & P space, Petralon’s initial strategy is that of

partnerships via farm-ins and acquisitions, with asset owners and with integrated engineering

firms that provide turnkey services to the upstream sector.

• The company has already established a technical partnership arrangement with Xodus West-Africa

and their parent companies, Xodus International and Chiyoda Corporation of Japan, which

provides the capability to swiftly conclude all planning activities necessary to identify the optimal

entry strategy for any drilling campaign.

• We may also target a one off corporate acquisition (a majority stake) that can provide Petralon

with a leveraging platform for entering into bilateral negotiations with the Ministry of Petroleum

and International Oil Companies with a view to acquiring assets from them.

• The company has secured capital through a number of sources namely, its sponsors; a private

equity firm and partnership with a large Nigerian bank, ensuring it has the funding with which to

fund its activities, thus avoiding a major cause of delay in upstream oil exploration and production.

3

Low High Medium

Low

Medium

High

Returns

Capital Requirement and Risk Tolerance

Stage 1

Stage 2

Stage 3

• Farm-in/partner with marginal field asset owners;

• Quick win solutions -workovers, capped wells, re-entry/sidetracks, minimal facilities;

• Short term investment payback from production

• Directly bid for marginal fields;

• Bid for producing IOC assets with established recoverable resources;

• Focus on production stability/reserve replacement

• Target exploration opportunities with material upsides;

• Directly bid for and own assets in other African countries;

• Take on minimal exploration and country risk

Petralon Energy: Short-Mid-Long Term Strategy

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Non-Executive Board Members

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Mutiu Sunmonu, CON

• Chairman

Mr. Sunmonu is the Chairman of Julius Berger

Nigeria Plc, the former Managing Director of SPDC &

Country Chairman of Shell Companies in Nigeria,

with an oil & gas career spanning over 36 years, in

Nigeria, UK and the Netherlands. He was the pioneer

responsible for mobilizing the private sector to set

up the National Business Council for Sustainable

Development (NBCSD) and currently serves on the

board of various organizations across multiple

sectors of the economy including Real Estate,

Construction and Oil & Gas and Education. He is a

Commander of The Order of The Niger (CON) and a

fellow of the Nigerian Society of Engineers (FNSE).

Mr. Aigboje Aig-Imoukhuede retired as CEO of Access Bank in

December 2013. He joined the banking industry in 1998 and had a

highly successful career at GTBank Plc, where he resigned as

Executive Director in 2002 to lead the Access Bank transformation

team, eventually transforming it into one of the largest Banks in

Nigeria. He is currently the President of the Nigerian Stock Exchange

and was Chairman of FMDQ, an OTC Exchange that serves Nigeria.

Aigboje is the Chairman of Wapic Insurance Group, he also serves on

the Board of the Africa Finance Corporation. He is the recipient of the

African Banker of the Year, West African Entrepreneur of the Year

(Ernst & Young) awards and Commander of the Order of the Niger. He

is an alumnus of Harvard Business School and also an Honorary

Fellow of the Chartered Institute of Bankers of Nigeria. Aigboje holds

an LLB degree from the University of Benin.

Aigboje Aig-Imoukhuede, CON Director

Founders & Key Management

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Ahonsi Unuigbe

Founder & Chief Executive

• Ahonsi was a founding Executive of First

Hydrocarbon Nigeria, where he served as Chief

Financial Officer & Executive Director. He has 15

years of experience in oil & gas project finance, and

sectors spanning the energy & petrochemicals &

power sectors, regional governments and banking.

He was previously Budget and Planning

Commissioner for Edo State, where he also served

as, Chairman of the International Donor Financing

and Vice Chairman of the State Economic and

Strategy Committees. He is also a recipient of the

Desmond Tutu Leadership award.

Adeola Akinrinmade

Financial Controller

• Adeola worked at First Hydrocarbon Nigeria, from

its inception, as a Finance Manager and was

responsible for all financial & project accounting as

well as contracts & procurement functions. She

supported the executive team in researching

factors that impact business performance

including cost and income drivers and in recording

& reporting financial data. Prior to this, Adeola was

the pioneer management and business analysis

and reporting consultant and later Project

Accountant with Afren Energy Services Limited.

Management Team (cont.)

Olufunso Amoo

Technical Adviser

• Funso is the founder of Funtay Global Resources

Limited and Tako E & P Solutions; which are

indigenous oil and gas companies. He has over 24

years international oil and gas industry experience,

and is a specialist in well drilling and fast track asset

development. Funso had a 17 year career with

Royal Dutch Shell where he functioned in many key

roles. He has been a Senior Drilling Superintendent

and Deputy General Manager (Well Engineering and

Well Execution) with various subsidiaries of the BG

Group and served as Head of Operations and

Devt./COO of Oando E & P. Funso holds an MBA and

a Bachelor’s degree in Petroleum Engineering.

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Uduakobong Equere

Commercial Manager

• Uduak commenced his career as an Investment

Analyst at Vetiva Capital Management, where he

provided equities coverage and supported

investment banking transactions in the energy

sector. Subsequently, he worked on the Business

Development Team of Afren plc, where he was

involved in the companies new ventures, petroleum

economic evaluations, investor relations, and

supported transactions in First Hydrocarbon

Nigeria. He holds a Bachelor’s degree in Economics

and is currently pursuing an MBA from the Imperial

College Business School.

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Key Partners & Advisors

Xodus Group - Technical & Operations Partner

• Xodus Group is an independent, international energy consultancy providing

a uniquely integrated package of solutions for its clients, and with

operations in oil & gas, and renewable energy. The company has over 600

employees, in various locations around the world, including Nigeria.

Petralon will leverage on Xodus to provide the technical partnership critical

to the execution of its various E&P projects, providing DD support, asset

screening, sub surface studies, and other required technical evaluations.

PWC & Ascension Consulting – Finance, Accounting & Tax Partners

• PWC is a world-renowned company, amongst the top 10 consulting firms in

the world, and which provides audit, consulting, financial advisory, risk

management and tax services to their clients, including Petralon.

• Ascension Consulting Services is a professional tax, regulatory, and people

services organization that serves global and national business. It is highly

specialized in the provision of tax solutions.

Olaniwun Ajayi LP - Legal Partners and Company Secretaries

• Olaniwun Ajayi LP is a leading and full-service international law practice, which

provides solution-driven services to its Clients. It is well versed in energy and

natural resources law and will provide the required legal services to Petralon,

including but not limited to, the drafting and review of contracts and

transaction documents (i.e. FIAs, JOAs, Facility Agreements, etc).

• The firm will also provide company secretarial support to Petralon, by helping

to put in place the right governance structures and mechanisms, overseeing

and recording board, shareholder and trustee meetings, ensuring compliance

with legal, regulatory and listing requirements, etc.

Pedabo Associates Limited– Management Consulting Partners

• Pedabo is a Management Consulting company, that provides independent and

specialist support in management, financial and tax consulting services to both

government and private organizations.

• The firm offers various professional services aimed at meeting the client’s

expectations.

Key Partners & Advisors

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Our First Asset : Dawes Island

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• Petralon Energy (“Petralon”) farmed-in into the Dawes Island Field (“the Asset”) in July 2014, in

partnership with Tako E&P Solutions Ltd.

• The Dawes Island Marginal Field is located in OPLs 2005 & 2006 (formerly OML 54), in Swamp

Terrain, about 5 km from the Port Harcourt Refinery (PHRC); 15km SW of Port Harcourt, 7km

West of the Onne Free Trade Zone and 35km North of Bonny Terminal; with a Field Coverage

Area of 40km2 .

• Previously owned by Chevron (formerly OML 54), which drilled on it an oil and gas discovery

well in 1979, the field was also covered by 3D seismic surveys; in 2004, the field was awarded to

and is currently owned by Eurafric Energy Limited (“Eurafric”).

• Various prospectivity studies and evaluations have been carried out on the field, indicating the

presence of hydrocarbons (mainly oil).

• Petralon committed to funding the initial re-entry Capital Expenditure requirement for the field,

with a current spend in excess of $15million

• The company’s drilling campaign has been concluded and encountered commercially

recoverable oil bearing sands in multiple reservoirs; the well has been completed with a plan to

attain sustained production by Q4 2016

Dawes Island Marginal Field Location

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Development Plan

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• The Phase 1 Development Plan which involves the re-entry of Dawes Island-1 well has been

completed, with drilling efforts encountering ca. 100ft pay in the targeted G and H sands

• The Christmas Tree has been installed and the well flowed

• It is envisaged that a twin well will be drilled within 12 to 15 months

• The anticipated base case production from the field is 2,000 bopd, at an average of 1,000

bopd from each of the two sands

• The well stream will be processed using a Barged Early Production Facility, with crude

evacuated through third party facilities

• Evacuation option being finalised with draft crude handling and offtake agreements

currently being negotiated with off-taker

Development Strategy (Phase 1)

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I. Phase 1 (De-risk)

• De-risk the field in a cost-effective manner to execute well re-entry, sidetracking,

completion and well testing activities

• Rig Mobilisation and Acceptance checks (March/April 2016)

• Successfully re-entered Dawes Island-1 well; cleaned out wellbore, installed whip

stock, sidetracked the well and drilled to a depth of 9400 ft (July 2016)

• Fully completed the well as dual string producer on G & H sands. Christmas Tree

installed and well flowed before being capped for the tests (Mid August 2016)

• Schlumberger has been engaged to carry out flow tests on G and H sands.

Mobilisation for the tests to commence by the 4th week of August

• Extended Well Test to be initiated subsequently using an Early Production

Facility( EPF)

Development Strategy (Phases 2 & 3)

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II. Phase 2 (Consolidate)

• Use the results from Phase 1 to plan full-field integrated oil and gas development

• Work on expanding the processing, storage and evacuation facility or

constructing pipeline to a nearby processing / gathering facility if the upside is

proven

• Work with other Partners for Gas Commercialization and distribution

• Prepare exploration / appraisal program to test prospects

III. Phase 3 (Expand)

• Build on Phase 1 and 2 results to target field upside potential

• Infill drilling (2 – 10 wells depending on upside)

Community Engagement

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Access to Water

General MOU

• First CSR initiative which has been concluded is the development of a major borehole project with all the

required treatment and purification facilities to serve residents of the community

• Project was developed based on a Needs Assessment conducted in the community, which previously had no

access to clean water and commuted for up to 30 minutes on boats to the nearest town to get water regularly

• The project is targeted to service our immediate host communities, as well as the communities impacted by

our operations

• We actively engage our host communities (Ogoloma/Koni-ama), through their traditional institutions, youth

organization's, movement leaders etc., as a panacea for our peaceful co-existence

• Post farm in to the asset, we put in place a General Memorandum of Understanding (MOU), which broadly

defines the relationship between our partnership and the community

• Committed to utilizing youths/people from our local community to handle available jobs

• Over 30 community members currently engaged and on our payroll for activities such as roustabouts and local

security

• Community members have also been engaged for catering supplies and supplies of items such as barges which

were utilized during the drilling campaign, thereby encouraging and developing local business concerns

Employment/ Wealth

Creation

• The 5% pledge is our commitment to utilize 5% of our Net Profits on community oriented projects, aimed at

improving their lives by developing the community and creating a path to economic empowerment

• A fund will be created for the proceeds from this pledge, which will be openly managed actively by

representatives of the community and specialist advisers

• Projects will be prioritized based on community identified needs in areas of infrastructure development,

trainings and educational scholarships, skill acquisition programs, empowerment schemes etc

The 5% Pledge

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Dawes Island Operations

Koomey Accumulator Unit which supplies hydraulic power for operating the BOP stack

Support Barges at the Dawes Island Field

Christmas Tree installed on the Dawes Island Wellhead

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Heavily corroded Dawes Island well-head before repairs Well-head after repairs by Petralon and partners

Omega Rig 4 on Dawes Island well location

Drilling/Well Re-entry

Drilling Contractors on the Rig

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Community Engagement/Borehole Water Project

Petralon Financial Controller - Adeola Akinrinmade, with JV partners, Community Liaison Officer, and some community youth

Petralon CEO - Ahonsi Unuigbe, and the Amanyanabo of Ogoloma, during a visit to finalise the MOU with the community

The Amanyanabo of Ogoloma, the Petralon CEO - Ahonsi Unuigbe, and the JV partners during a visit to finalise the MOU with the community

Completed Borehole Project aimed at providing access to clean water to our host and impacted communities

CONTACT INFORMATION

o Ahonsi Unuigbe (Founder & CEO)

207 – 209 Canton Concourse

12, Landbridge Avenue

Oniru Estate, Lekki

Lagos Nigeria

T: +234 (0) 803 301 8888

E: ahonsi@petralon.com

THANK YOU