Namibia International Oil & Gas Conference 2019Uaapi Utjavari

Legal Disclaimer

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The information contained in this presentation (hereinafter, this “Presentation”) has been prepared by Azimuth Limited and its affiliated group companies

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contained in this Presentation.

Introduction to Azinam, a PE backed E&P company

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Uniquely positioned in Namibia & South Africa – the new industry hot spot

Focused niche explorer

Large offshore acreage position across Namibia and

South Africa

Portfolio with Basin and Petroleum system diversity

Additional value creation for Azinam yielded from third

party activity and success, and opening of new multi-

billion barrel basins

Azinam’s strategy is to participate in a drilling

programme over the next three years, benefitting from

cyclical lows in drilling cost

Launched by Seacrest & PGS in 2012 with seismic data advantage

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2012 2013 2014-17 2018

1. Anchor position – “seismic for equity”

• Basin screening

with PGS and

other data sources

• Azinam footprint

established

• Early identification

of key high impact

play types and

prospects

• Azinam increased

equity in licenses

• Managed license

timelines and

invested in seismic

• Increasing pace of

farm-in activity

following industry

recognition

• Third party wells and

new seismic

• Azinam entry into South

Africa

• CPR completed

• First well drilled in

October

• Subsequent 8 well

program planned

3. Cementing Namibia acreage dominance position

2. Position strengthened ahead of drilling 4. South Africa entry and Azinam drilling

• 2013 HRT wells

recovered oil and

proved working

source rock

• Tullow and Galp

led independents’

investments in area

Hydrocarbons

proven – Majors

start moving in

HRT Drills Wingat and

Murombe wells

Sample of light

(41° API) oil from

the Wingat-1

exploration well

1 3

2 4

Cormorant

Prospect S

Target 5 and

Target 6 being

negotiated

Industry has already confirmed significant potential in Namibia & South Africa

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1) Key elements of working petroleum

systems proven and in place

• Extensive broadband 3D seismic data

• High quality oil source proven in Basins

• Structural/Stratigraphic play types

2) Attractive operating environment

• Stable investment environment

• Low government take in Namibia and

South Africa (50% and 30%,

respectively)

• Low operating costs in the Offshore

areas

3) Cyclical drivers

• High cash flow

• Low drilling costs

Key attractions Low government take

0% 20% 40% 60% 80% 100%

South Africa

Guinea Bissau

Morocco

Namibia

Mauritania

Côte d'Ivoire

Senegal

Kenya

Equatorial Guinea

Cameroon

Benin

Congo

Angola

DRC

Gabon

Tanzania

Government take1

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Namibia Exploration History

Largely unexplored region with only 17 exploration wells drilled over 48 years

10 year hiatus for

international O&G

1974First well drilled

(Kudu 9A-1)

encountered

gas

1994/954 wells drilled

in the Walvis

basin

19982 wells drilled

in the Luderitz

basin

1) Source: Macrotrends with data from EIA, NAMCOR; 2) Graph displayed using logarithmic scale and historical prices inflation adjusted

20081 well drilled

in the Namibe

Basin

2012-146 wells drilled.

Wingat-1 recovered 41

API Oil

20182 wells drilled

as activity

picks up

Phase 1:

1968-1976UN Sanctions

Phase 2:

1990-1997

Oil price

drop

Phase 3:

2011-2014

Phase 4:

2018+

$20

$40

$60

$80

$100

$120

$140

$160

1970 1980 1990 2000 2010

Oil price

drop

Prices dropped ~58% from

start of 1997 to end of 1998

89m

97m

91m

110m

28m

17m

$0

$20

$40

$60

$80

$100

$120

2013 2014 2015 2016 2017 2018

USDm

Opportunity generated by current drilling costs vs. potential discoveries

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Exploiting the weak rig market to access portfolio of high value opportunities

1) Source: NAMCOR and Azinam

> 70% fall in well

costs since 2014

Drilling cost of cycle lows1 Significant resources & robust CoS

0

200

400

600

800

1,000

1,200

1,400

1,600

0% 5% 10% 15% 20% 25% 30% 35% 40%

Gro

ss U

nrisked R

esourc

es (

mm

boe)

COS

Osprey Channel 2 Prospect W Wolf Marula Target 5 Target 6 Fan 7

Namibia Walvis Basin: Multiple Distinct Play Types

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Albian Deep-water Fan play

SR: Proven Aptian ‘Kudu’ Shale

Cenomanian-Turonian Deep-

water Channel play

SR: Proven Aptian ‘Kudu’ Shale

Barremian-Aptian syn-rift

carbonate play

SR: conceptual syn-rift lacustrine

3 Key Play Types:

Prospect SCormorant

Namibia PEL 30: Osprey Overview

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Large Basin Floor fan clearly imaged on excellent quality 3D seismic data

Regional and seismic evidence for reservoir development in the Albian

• Fan shape bodies

• Channel forms – feeder & distributary channels

• Ondongo Sand at this level in Murombe-1 well in similar basinal position relative

to Wingat carbonate shelf

Namibia PEL 44: Channel 2 Overview

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Analogue to Lisa discovery – unlocking huge potential

• Clearly defined channel sand complex correlated with proven equivalent

sands in the Murombe-1 well to the north and overlying proven mature

source rock

South Africa Block 3B/4B: Wolf Overview

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Total license potential of 14.3bnboe1 gross unrisked resources

Two key targets:

• Wolf four way dip closed carbonate prospect surrounded by mature

Aptian source

• Marula four way dip closed clastic play supported by AVO

Wolf prospect

All petroleum systems fundamentals in place offshore NAM & RSA

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All the elements of a proven petroleum province have been encountered; no change post wells

Source:

• Three exploration wells have proven two sources (Aptian and

CT) & one highly likely additional synrift source

Reservoir:

• Proven in Murombe-1 well and two most recent wells

(Cormorant and Prospect S). Visible with confidence on modern

3D Broadband seismic

Seal:

• All pervasive thick shales are present along the margin

providing excellent seal potential

Charge:

• 3D seismic reveals multiple faults providing feasible conduit

from source to prospect

Plays:

• Great variety of structural and stratigraphic plays along the

entire margin

Cormorant

Wingat-1Murombe-1

Norsk Hydro(1995) Norsk Hydro(1994)

Prospect S

AJ-1 Discovery

Summary

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Walvis & Orange Basins lies within a zone which contains proven mature lacustrine and

marine oil prone source rock systems

Prospectivity of the area has improved as more 3D seismic and well data has become

available

Proven Aptian – Albian and Cenomanian – Turonian deep water clastic systems are currently

the key plays in both basins focusing on stratigraphic and structural traps

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2

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In addition to the attractive geology, both basins are located within a country which has a

highly attractive fiscal regime combined with a very pragmatic and supportive regulatory

regime.

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