SouthAfrica Pletmos synopsis

Project Synopsis: P219

Offshore South Africa

(Outeniqua Basin) Pletmos Inshore Block

February 2014

PROJECT HIGHLIGHTS • Ga-V1 ‘Syn-Rift’ gas discovery already on Block

• New undrilled Barremian Post-Rift (‘Drift’) Play, defined / already proven by producing Bredasdorp Basin Analogues to south west

• Sea Lion discovery in Falklands is palaeogeographic analogue

• Existing wells prove ‘drift’ reservoir potential but all were targeted at ‘Syn-Rift’ prospects so did not penetrate stratigraphic ‘Drift’ prospects

• 6 new large stratigraphic ‘drift’ prospects unlocked by reprocessed 2D (Combined Resource Potential 2.8 Tcf (Upside 5.5+ Tcf rec.)

• Main Barremian sand targets naturally sealed by cross slope deposition

• Positive evidence from initial AVO & ‘rock attribute’ studies suggests possible hydrocarbon response but new longer offset data now required

• Mature Jurassic source in the Plattenburg Graben with modelling showing most likely to be gas but 30% probability of oil

P219 Trinity (South Africa)

Opportunity to participate in large, newly defined, but undrilled Cretaceous ‘Barremian’ post-rift (‘Drift’) play in Pletmos Block. Mapped prospects contain 2.8+ Tcf combined potential with evidence of DHI support analogous to proven producing ‘drift’ play fields in nearby Bredasdorp Basin. Existing small Syn-rift gas discovery already on Block.

Trinity Exploration & Production Ltd. EXECUTIVE SUMMARY: Introduction: Envoi has been commissioned by Trinity Exploration & Production plc, the AIM listed UK based company, to assist in finding a qualified offshore operator to actively drive the exploration of its large (10,800 km2), 100% owned and operated Pletmos Inshore Block, offshore South Africa. Trinity’s acreage, incorporating the undeveloped Ga-V1 gas discovery, is located within the Pletmos Basin, a sub-basin of the regionally more extensive Outeniqua Basin offshore southern South Africa. The Pletmos Block, which is situated in water depths ranging from 10 m to 150 m, is also just inboard of the undeveloped Ga-A gas field (operated by PetroSA), and is only 150 km north east of the proven / producing field developments in the Bredasdorp sub-basin (ref: regional map). Trinity’s latest interpretation of 2,500 kms of re-processed 2D PSTM seismic, has defined two untested ‘post-rift’ (‘drift’) sand plays consisting of an Upper Barremian Turbidite channel basin floor play and Lower Barremian ‘Wedge play’ fairway linked to the source-rich and mature Plettenburg Graben. A total of seven potentially large stratigraphic & smaller partially structural prospects have been identified which have a mid-case estimated resource potential of 2.8+ Tcf (or c. 450 Mmbbl in oil case). None have been tested by the historical wells that were drilled to test deeper ‘Syn-Rift’ prospects following the Ga-A and Ga-V discoveries on the Superior High. Significantly, some of the newly defined Barremian ‘drift’ prospects also exhibit AVO anomalies but the existing seismic data does not have a high enough data frequency or long enough offsets for more definitive analysis of the encouraging rock attributes than has been undertaken. The new seismic programme has been designed to achieve much higher frequency content in the post-rift sequence compared to the existing seismic database. Furthermore, the use of a 6 km streamer will achieve the desired long offset needed specifically to evaluate AVO/AVA signatures of the mapped prospects. It is anticipated that these new data will support the definition of characteristic ‘hydrocarbon

signatures’ in the prospects, where success in one prospect significantly de-risks other prospects as ‘a string of peals’ at the same geological interval The license was awarded on 17th April 2012 for an initial 3 year exploration period. Work commitments for this initial period consist of i). the re-processing of 2,500 km of vintage seismic data, which has been completed and ii). the acquisition of 2,000 km of new 2D data and related G&G studies. Trinity would like to find a capable offshore operator, willing to fund the infill 2D seismic work obligation to earn an interest in the Block before the current term expires in April 2015. This new 2D data is expected to significantly de-risk the prospects ahead of drilling. Exploration History: By comparison with South Africa’s long and rich history of coal mining and mineral exploitation over the last two centuries, hydrocarbon exploration is relatively recent. The first oil and gas exploration in the 1960s was carried out by Soekor (the former State Oil Company of South Africa which became PetroSA). In 1965, small accumulations of oil were discovered onshore in the Western Cape Province, but at the time these were non-commercial. In 1968, the GA-V1 well drilled in the Pletmos sub-basin was the first offshore discovery which encountered gas in the shallow Lower Cretaceous (late Valanginian) ‘Syn-Rift’ sands onlapping the so called Superior High. The well was never tested, however, due to the low permeabilities encountered. The first commercial discoveries in the region were not made until the 1990’s, in the northern part of the Bredasdorp sub-basin, where the F-A and E-M ‘Syn-rift’ fields were discovered along with subsequent satellite discoveries (ref: Montage). These fields produce mostly gas, with some oil, from Berrasian to Valangian Syn-Rift sediments and are today connected by pipeline via the F-A platform to the PetroSA Gas-to-Liquids (GTL) plant at Mossel Bay on the Western Cape coast. The substantial sized F-O field some 40 km to the SE of F-A is also now being tied in to F-A’s export infrastructure.


Concurrent exploration, targeting the Lower to Mid-Cretaceous ‘Post-Rift (‘drift’) sand plays in the central and southern part of the Bredasdorp Sub-Basin resulted in the discovery of, amongst others, the Sable field (discovered in 1989 with first production 2003) and the Oribi field (discovered in 1990 with first production 1997) which are both FPSO developments through the Orca facility. These have been joined by what is known as the Southern Gas Complex that began producing in 2007. These ‘syn’ and ‘post-rift’ Bredasdorp Basin discoveries are currently South Africa’s only producing offshore fields, which produce around 140 MMcfg per day + 7,500 bbl condensate per day. Elsewhere, and to the northeast of Trinity’s acreage, in the onshore extension of the Algoa Basin, Soekor’s CO 1/67 well drilled in 1967 near to Port Elizabeth encountered oil shows in 18 metres of Lower Cretaceous dark syn-rift sediments. This showed the presence of a working hydrocarbon system in the largely underexplored north-easterly part of the Outeniqua Basin in addition to the proven system in the western and central area. In Trinity’s Pletmos Block itself, several historical wells were drilled targeting Syn-Rift prospects, which penetrated and confirmed the shallower Post-Rift ‘drift’ play stratigraphy. Although none of these wells found hydrocarbons in their Syn-Rift targets, several wells, including in particular the Gb-C1 well, not only proved the Barremian drift play sediments, albeit down dip of the undrilled prospects as now mapped by Trinity, but they also


encountered a series of potential source rock units in the Lower Cretaceous, with the Hauterivian and potentially deeper Jurassic source rocks. The Tmax data suggests these are still mature for both oil and gas in the deeper part of the Plettenburg Graben at present day temperatures (Ref: Annotated Seismic Section below). Significantly, the perception is that this area is largely gas prone where the evidence suggests it is presently mature for oil and could be a combination as is evident in the Barremian Sable ‘analogue’ discovery in the Bredasdorp Basin to the west (ref: Sable Field over view on the next page). Almost all drilling in South African waters over the last four decades has been on the continental shelf in less than 200 metres of water depth, with the deepwater extensions of the main basins essentially unexplored. The Falklands is also very relevant in that it is recognised as a key analogue to the Outeniqua Basin area where the undrilled prospective Barremian ‘drift’ play prospects, mapped in Trinity’s acreage updip of the historical wells, appear to be a direct analogue of the Sealion discovery in the North Falklands Basin where the historical 14/1 well failed to find reservoir or any significant shows but in a similar situation to the stratigraphic ‘wedge play’ in the Pletmos acreage, Rockhopper drilled the large 200+ MMbbl

Sea Lion discovery in 2010 (See: Summary below) Interest in South African acreage has increased markedly in recent years due to the comprehensive new work done plus the significant successes up around the South East African coast offshore Mozambique and Tanzania which very clearly highlighted the unexplored potential of the region. As a result most acreage, including that offshore South Africa, is now licenced and includes significant players, such as Shell, BHP Billiton and Anadarko to the west of Trinity’s acreage, Canadian Natural Resources and Total to the south and ExxonMobil to the east.

Pletmos Basin History: A total of 22 wells were drilled between 1968 and 1990 in the Pletmos sub-basin area (which incorporates the Pletmos Inshore Block), which covers a large (10,800 km2) area just off the southern coastline of the Western Cape and Eastern Cape Provinces. Most wells were operated by Soekor and include the Ga-A1 well drilled in 1968, which today lies in Block 11a, immediately south of the present day Pletmos Block. The Ga-A1 well discovered and tested gas from Lower Cretaceous syn-rift sands reservoir and is estimated to contain a P50 recoverable resources of around 170 Bcf. Gas is also reported to have been encountered in the deeper fractured Palaeozoic ‘pre-rift’ quartzite basement. Block 11a now contains some 12 wells including the Ga-A1

discovery and several appraisal wells of which 4 wells, located by a 3D survey acquired in 1999, tested gas at rates of between 5 and 25 Mmscf. Interestingly the Ga-Q1 well in Block 11a also penetrated and tested up to 11 MMscfd gas from the deeper pre-rift, albeit tight, Cambro-Ordivician quartzite play, although the flow rate rapidly declined during the DST. The subsequent Ga-V1 well drilled in 1988 is perhaps more significant, partly because it lies within the current boundaries of Trinity’s Pletmos Block, but it encountered trapped hydrocarbons in the syn-rift play consisting of a 50 metre net Late Valanginian pay sand interval but with low permeabilities (0.5-1.5 Md). This accumulation is now estimated by Trinity to contain P50 recoverable resources of c. 80 Bcf recoverable (with an upside

potential of 470 Bcf), which although too small a volume to justify a stand-alone development (est. 200 Bcf commercial threshold) with fracc’d horizontal wells it could be jointly developed commercially with another future discovery in the Block. The GA-V1 well is also understood to have encountered a 10 metre net pay interval in the shallower, but distal Barremian ‘drift’ turbidites on the Superior High, so not in the main Drift play fairway encountered between 1,500 –


1,800m in the Ga-B1, Gb-C1 and Ga-F1 wells in the Plattenburg Graben to the east. Here they penetrated higher quality Cretaceous post-rift ‘drift’ (Barremian) turbidite sands ranging in gross thickness from 30m to 200m containing porosities ranging from 19% to 22%. These early wells are understood to have all been drilled to target the syn-rift targets found in the discoveries between 1,800m - 2,000m but none are now thought to have tested valid closures or the syn-rift contained poor sands where drilled. Interestingly, the Gb-J1 well drilled in 1985, encountered two thin but tight gas bearing sands at around 3,780m MD in the deep pre-rift sequence. None of the early wells are interpreted to have penetrated the shallower drift play closures now mapped by Trinity.

The existing wells also encountered some 1,000 metres of source rock potential in the Lower Cretaceous and possibly Jurassic syn-rift shales in the Plettenburg Graben that are modelled from Tmax data to be below the oil and gas windows (Ref: Regional Seismic Geosection two pages back). These are therefore part of the main Plettenburg source kitchen where hydrocarbons can migrate upwards into the overlying Drift Play fairway being targeted by Trinity. The Pletmos region has seen limited modern exploration activity involving either new seismic or wells since 1990, although Rift Petroleum recently acquired new 2D data on the adjacent Algoa-Gamtoos license. Also interesting is the Soekor 1967 CO 1/67 well onshore to the north east of Port Elizabeth which is reported to have encountered 18 metres of dark shales with oil shows in the Lower Cretaceous of the Algoa Basin, which although is not in the Pletmos Basin, clearly indicates that these en-echelon sub-basins contain mature hydrocarbons. Scouting data equally reports that various other wells drilled during the 1980’s in the Gamtoos sub-basin situated between the Pletmos and Algoa, immediately to the east of Trinity’s Pletmos Block also variously contained live oil shows. Available Data: The Pletmos Block which covers an area of some 10,800 km2 in water depths of less than 200 metres, and over which several thousand kilometres of 2D seismic data has been acquired since the 1960’s. The 36 historical wells drilled in the region, which were all drilled targeting the Syn-Rift play, are useful tie points. Only the existing Ga-V1 syn-discovery within the Pletmos Block, the Ga-A1 syn-rift and Ga-Q1 pre-rift discoveries in Block 11a, and wells Ga-B1, Gb-C1 and Ga-F1 wells which intersected the Barremian reservoir confirming both the presence and effectiveness of these reservoirs in the Pletmos Inshore Block. All the other old wells simply confirm where the Barramian play is not present. Trinity has reprocessed some 2,500 km of the 3,793 km of existing data and completed a comprehensive G&G review of the entire data set leading to its planned infill seismic programme of high frequency / long offset seismic data before the current Licence expires in April 2015. Significantly, none of the new prospects that Trinity has identified on their PSTM re-processed data could have been mapped without the reprocessing. Further new seismic is expected to enhance the interpretation of the new Barremian prospects and allow definitive rock physics analysis for more accurate fluid prediction.

Evolution & Summary of Petroleum Geology: In Middle Jurassic times and before the Atlantic opened in what was essentially ‘Pre-Rift’, Southern Africa and South America were in close proximity within the Gondwana landmass. The regions subsequent split and prospective syn-rift and the post-rift (‘Drift’) phases of tectonic and stratigraphic evolution can be summarised:

I - Syn-rift Phase (Middle Jurassic – Middle Lwr Cretaceous): The earliest onset of Gondwanaland breakup led to dextral trans-tensional stresses from microplate rotation initiated by rifting in what is now the Outeniqua Basin offshore South Africa. These arcuate rifts tended to follow the line of older compressional structures formed by the formation of the Permo-Trias Cape Fold-belt. As a result, the area is divided into several sub-basins where rifted highs separate several en-echelon grabens. A major fault SW-NE trending lineament stretching over 1,200 km, known as the Agulhas-Falkland Fracture Zone, developed with dextral strike-slip movement and deformation along existing associated normal faults. The resulting separation of the Falklands Plateau from the African plate during the Lower Cretaceous breakup (ref: paleo-map above), resulting in a series of pull-apart basins forming within the Outeniqua Basin and also, the then proximal North Falkland Graben, which were separated by ridges of elongate basement highs. Today, the Outeniqua Basin is bounded to the North by the Palaeozoic strata of the Cape Fold Belt, a zone of complex deformation formed from the Permo-Trias onwards. To the South, the Marginal Fracture Ridge, a linear ridge of shallow basement, bounds the southern edge and together with the Agulhas-Falkland Fracture Zone, is still a major SW-NE trending transform fault present day and separates the Outeniqua Basin from the deep water Agulhas Basin further south. The Outeniqua Basin today consist of a series of smaller sub-basins including the Bredasdorp, Pletmos, Infanta, Gamtoos, and Algoa Sub-Basins, which lie mostly on the continental shelf and are bounded to the south by the larger and deeper Southern Outeniqua sub-basin. These smaller basins contain up to 9,000 metres of Jurassic and Cretaceous to Recent sediments which are deposited on basement consisting mostly of metamorphosed quartz-arenites and shales of the Paleozoic-age Cape Supergroup. The Pletmos Basin present day is a WNW-ESE trending sub-basin bounded by normal faults and situated between the Infanta and St Francis Arches, two of the region’s basement highs. The normal faults, the Plettenburg, Superior and Pletmos Faults, along with their associated minor faults, have created the asymmetrical Plettenburg Graben predicted to be the main local source kitchen for the primary drift play prospects mapped in the Pletmos Block. Over 1,000 metres of organically rich shales are mapped in the post rift sequence of the Valangian to Hauterivian interval. Burial history and temperature profile predicts that peak oil generation and expulsion of hydrocarbons was most likely early Tertiary; pyrolysis of source samples record a Tmax of 450 DegC and indicate these shales are still in the oil generation window to the present day.


Mid Case High Case 'Mean'

A U. Barremian Turbidite 232 383 249B U. Barremian Turbidite 245 467 277C U. Barremian Turbidite 189 400 223D U. Barremian Turbidite 380 850 458E L. Barremian Wedge 201 476 248F L. Barremian Wedge 823 2,462 1,143

F Deep Hauterivian Fan 666 1,676 848Ga-V1 Valanginian Syn-Rift 78 470 176

2.81 Tcf 7.18 Tcf 3.62 Tcf

P50 P10 'Mean'

E L. Barremian Wedge 55 131 68F L. Barremian Wedge 227 686 317F Hauterivian Wedge 167 423 213

449 MMbbls 1,240 MMbbls 598 MMbls

Pletmos Block - Prospective Resource Summary

Totals (Oil Equivalent)

TargetProspect

Totals

Gas Case (BCF) Recoverable

Pletmos Block - Lower Barremian Resource Potential (Oil Scenario)

Prospect TargetOil Case (MMbls) Recoverable

Extensional stresses during the Late Jurassic / Early Cretaceous produced long-term thermally driven subsidence, interspersed by short periods of uplift and sub-aerial erosion that resulted in distinct regional unconformities. Syn-rift subsidence across the Outeniqua sub-basins led to deep marine, poorly oxygenated conditions and the deposition of oil-prone shales of Kimmeridgian to Valanginian age which were penetrated in numerous wells, the most important with respect to Pletmos prospectivity being Gb-C1; the shales typically exhibit TOC’s of 1% to 3.5%. These have been drilled and proven in the Bredasdorp, Gamtoos and Algoa basins and from DSDP / OSP scientific research boreholes in deep water offshore over a wide area are clearly effective in the Southern Outeniqua Graben given the discoveries in Block 9, Block 11a and the shows within the broader area. Source is by analogy most likely effective in the Plettenberg Graben with the reported oil shows in the contiguous Gamtoos and Algoa Basins. This source potential is overlain by thick aggradational fluvial sediments deposited along the axis of the graben in a south-easterly direction, derived from erosion of the uplifted basement around the sub-basins. Early Lower Cretaceous (Valanginian) rifting came to an end and was marked by a regional uplift and an erosional unconformity which defines the start of post-rift or ‘drift’ phase. II - Post-rift (‘Drift’) Phase (Middle Lwr Cretaceous – Present): The Lower Cretaceous (Barremian) turbidite channel and fan sands are the primary target in the Pletmos Basin which locally dominated the early ‘Drift’ deposition. Analogous Barremian play deposits transported from the northwest are already proven in the producing fields in the southern part of the Bredasdorp Sub-Basin. In the Pletmos Basin, the existing wells and new seismic interpretation indicate Lower Barremian turbidite fans were deposited along the axis of subsiding graben against the main Plattenburg bounding fault which were subsequently tilted by the progressive subsidence and therefore today locally mapped to pinch out up-dip to form large ‘wedge play’ traps with open migration pathways out of the mature Plattenburg Graben core. Although considered to be higher risk than the overlying Upper Barremian turbidite channels deposited from the east and west along the axis of the graben, the Wedge play potential is larger than the basin floor channel prospects mapped by Trinity. To date, none of the mapped ‘bright’ amplitude events in Pletmos has been tested by a well. Developing the rock physics model from observed amplitude events to a more rigorous AVO / AVA response is the next step in de-risking these prospects. Fluid substitution modelling of the wet sands predicts a gas or high GOR oil will exhbit Class IIP or Class III AVO response. The 2D coverage, frequency content and offset of the current data does not allow this thesis to be tested. These two Barremian play targets are contained and sealed within some 2,000 metres of Cretaceous sediments deposited during a period of relatively high subsidence and sedimentation rates that filled the Plattenburg Graben and Pletmos Sub-basin area. Subsidence and sedimentation rates decreased towards

the end of the Cretaceous when a relatively thin Tertiary was deposited. This is characterised by mostly marine shelf deposition and erosion. Tertiary erosion is particularly noticeable evident on the northern flank of the Pletmos Basin where upwards of 800 metres of truncation may have occurred as the basin was tilted. Region-wide Aptian organic-rich shales of both marine and terrigenous origin, largely Type II with a Type I component, have been documented in the Outeniqua, in particular in the Bredasdorp Basin, where it has been found over 200 metres in thickness. Although in the Pletmos the equivalent source sequence is only some 80 metres and lies immediately above the predicted generation window. They are believed to extend seawards into the deeper water to the South where they are likely to be mature with migration pathways back up dip into the shallower Pletmos area. Tectonically the westwards movement along the Agulhas-Falkland Fracture Zone resulted in the separation of the Falklands Plateau from Southern Africa and a permanent connection of the South Atlantic and Indian Oceans was established.


Pletmos Block Prospectivity: Trinity has focused its technical work on the post rift and drift stratigraphic based play potential of their Pletmos Inshore Block. A Barremian Turbidite fairway is defined with variable amplitude signatures that point to the potential for multiple stratigraphic closures that have been mapped on the newly reprocessed seismic data. The preceding Geological sections above have already highlighted the potential of both the Upper Barremian turbidite channel and basin floor fan play and larger but higher risk Lower Barremian ‘Wedge’ Play potential which have a combined 7 primary prospects with a combined mid-case recoverable resource estimate of 2.8 Bcf (and an upside potential of 7+ Tcf if the Ga-V1 discovery is included). The individual prospect potential are summarised in the table above. Upper Barremian Potential: Trinity’s interpretation shows four Upper Barremian prospects (A, B, C & D) acreage are considered analogues of the proven / producing fields in the Bredasdorp Sub-Basin including the Oribi, Oryx and Sable fields as already mentioned above in the Exploration History. Three of the existing wells originally targeting Syn-rift ‘highs’ penetrated the prospective shallower Barremian, Drift play fairway stratigraphy. These wells clearly indicate the reservoir potential.

Upper Barremian Potential: The Ga-B1 well drilled in the 1970’s (ref: map showing the historical wells above), encountered a net 23.9 m of Upper Barremian sands in a gross 28 m interval which had a porosity of 21% The Gb-C1 well drilled in 1977, is the type well for the Lower Barremian and penetrated a net 70 metres net Upper Barremian potential reservoir section. Neither well penetrated valid closure where they penetrated the section. Lower Barremian Potential: The Gb-C1 well also encountered some 140 metres of net Lower Barremian sand in a 210 m gross interval, where the total net Upper and Lower Barremian reservoir interval had an average of 19% porosity, albeit this was water wet where drilled down-dip of the closure now mapped by Trinity. Trinity’s newly reprocessed seismic data highlights an unconformable ‘wedge’ sequence with two potentially very large Lower Barremian stratigraphic closures (Prospects E

& F – ref map above) which were not penetrated by any of the existing wells. Seismic Attribute Analysis: The Trinity PSTM reprocessed seismic data has highlighted several interesting amplitude anomalies, that with new data should demonstrate Class 2P or Class 3 AVO signatures if charged with hydrocarbons; (See example in figure above) and on which preliminary ‘rock physics’ analysis has been carried out to determine whether any of these seismic attributes can be classed as DHI’s.

A study of known Class 2P and Class 3 AVO responses in the proven Barremian reservoirs of the Bredasdorp Sub-Basin have been compared to the Barremian water bearing sands of the Pletmos Block. The conclusion of this study was that the depth of burial, and acoustic properties of the Pletmos Barremian reservoirs is optimal to detect AVO signatures. These early results are very encouraging, but are constrained by the limitation of the historical low frequency and short offset seismic data. Existing Syn-Rift Discoveries: In addition to the large new Barremian Prospect potential mapped by Trinity, the Pletmos Block also contains the Ga-V1 gas discovery in the low permeability ‘syn-rift’ shallow marine clastics of late Valanginian age (early Lower Cretaceous). This discovery is estimated to contain recoverable resources of c. 80 Bcf that modern horizontal wells, fraccing and production technology would be able to unlock if and when it can be tied back to any new discovery made in the area. The likely development of the Ga-A field in the adjacent block (Block 11a), would also likely offer some development synergies with any discoveries made on the Pletmos Block. Pre-Rift Potential: Additional potential in the ‘Pre-rift’ is also evidenced in Block 11 by the Ga-Q1 well drilled in 1983 by Soekor which encountered and tested 11.4 MMcfdg from fractures in Cambrian-Ordovician basement quartzites associated with rifting lineaments. This can also be mapped into the Pletmos Inshore Block, but to date has neither been targeted nor tested there.


Market & Infrastructure: South Africa is the largest economy in the region, with well-developed infrastructure and skilled workforce. It has deep-water ports and a long-established marine engineering sector, with which it has become an established oil and gas logistics hub for existing East and West African oil and gas activities. It has attractive gas market fundamentals including a tax and royalty system with favourable terms. Gas prices are linked to Brent oil and are around US$ 8 / Mcf at US$100 / bbl Brent oil, ensuring even modest offshore reserves can be commercial. The existing gas to liquids processing facility on the south coast at Mossel Bay is the world’s third largest refinery of its type. It processes the current 140 MMcfgd Bredasdorp Basin production and is operating at around 60% capacity so is able to take new gas feedstock, offering a rapid route to commercialisation for any discoveries on the Pletmos acreage. Its output accounts for approximately 15% of South Africa’s transport fuel requirements, with the under-utilised GTL trains providing the capacity for this to increase significantly. Other potential destinations for liquids include the Caltex refinery near Cape Town and the Saldanha oil storage and processing facility. Coal is currently the only alternative to oil and gas in the region. Fiscal & Concession Terms: South Africa has a history of stable fiscal and regulatory terms and strong government support of the oil and gas sector. Political risk is seen as low and the country has well developed financial and legal sectors. The offshore petroleum fiscal regime involves a government carry for the exploration period only, a 5 % royalty and a 28% profit tax. Opex and Capex may be offset and there are allowances for exploration and development. Value Potential: Trinity has modelled the economics and, based upon scoping evaluation and a gas price at the current US$ 8 / Mcf, around 200 Bcf of gas is required for a commercial development. In a success case developing a 1 Tcf resource base via a 7 well development, preliminary economics indicate the project would have an NPV10 in excess of US$800 million, and a rate of return of around 24%. Work Programme & Obligations: Trinity has fulfilled the requirement to re-process a minimum of 2,500 km of the existing seismic data and so the outstanding work commitment is to acquire 2,000 km of new 2D infill seismic data before the current term expires in April 2015. The license can thereafter be renewed for three additional 2 year periods, subject to negotiating appropriate work commitments.

Terms: Trinity would like to find a qualified partner, ideally with a track-record of operating offshore African projects, to earn an interest in the Pletmos Block by funding and operating the outstanding work commitments before the current term expires in April 2015. Additional Information: Access to key data will be made available after execution of the CA where seriously interested parties will subsequently be invited for a presentation and full data review in Trinity’s offices in Trinidad or London as appropriate. All expressions of interest and requests for more information, including a copy of the CA for execution prior to access to the online data room, should be made through Envoi. Envoi Limited New Office address (moved 27th January 2014): Unit 1B, Walpole Court, Ealing, London, W5 5ED United Kingdom T : +44 (0)20 8566 1310 E : [email protected] Contact: Mike Lakin AN ACROBAT VERSION OF THIS SYNOPSIS IS ALSO AVAILABLE FOR REVIEW ON THE ‘ACTIVE PROJECTS’ PAGE OF ENVOIs WEB SITE

www.envoi.co.uk

Disclaimer: The information in this memorandum is for guidance only. Neither Envoi Limited (Envoi), Trinity Exploration & Production Ltd (‘Trinity’) nor any director, officer or employee of Envoi or Trinity accepts responsibility for or makes any representation or warranty, express or implied, with respect to the accuracy or completeness of the information, estimates and opinions contained in this document. This document does not constitute an offer, and neither this document nor the information, estimates and opinions contained in it shall form the basis of any contract. Companies wishing to acquire an interest in the project will be expected to make their own review of all documents and form their own judgements entirely. Envoi/P219Trinity(South Africa)Syn.doc

mailto:[email protected]

http://www.envoi.co.uk/

PetroSA GTL plant36,000 bbl/d equiv.Caltex refinery

100,000 bbl/d

Saldanha oil storage42,000 bbl capacity

Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin

CO 1/67 well(Soekor 1967)

18m of Lwr Cretaceoussyn-rift dark shales

with oil shows

AlgoaBasin

A

A’

A g u l h a s - F a l k l a n dF r a c t u r e

Z o n e

S O U T H A F R I C A

PLETMOSBLOCK

O u t e n i q u a B a s i n

P l e t m o s S u b - B a s i n

BredasdorpSub-Basin

InfantaArch

0 100km

C a p e F o l d B e l t

Outeniqua Basinmargin

Colombine-

AgulhasArch

M a r g i n a l F r a c t u r e R i d g e

Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field

Southern CoastGas Complex

Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field

KEY:Licence

ProspectsFields

Wells

Pipeline

Reservoir

Seal

S Source

Refinery

RR

HYDROCARBON PROSPECTIVITY OFTHE PLETMOS BASIN,

OFFSHORE SOUTH AFRICACompiled by: Envoi

Ref : P219 Trinity / South Africa

Date : October 2013


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field

Port Elizabeth

MosselBay

George

PlettenburgBay

Superior High

Plettenburg Graben

200m

GamtoosBasin


I n d i a n O c e a n



AlgoaBasin

Bredasdorp Sub-Basin

InfantaSub-Basin

InfantaArch

Pletmos Fault

St Francis Arch

Plettenburg Fault

Agulhas-Falkland FractureZone

Superior Fault

0 50km


2000m

Water Depth

A

A’

Ga-A FieldDiscovered 1968.

Gas in Syn-rift reservoir(Untested, but expected

will be appraised / developed)

F-O Field


Shallow Basement

PLETMOSBLOCK

Barremian Post-Rift(Drift) sand playfairway

MAP SHOWING REGIONAL PROSPECTIVITYOF THE PLETMOS BLOCK

Ga-V1 DiscoveryDrilled 1988

Gas in both Syn & PostRift reservoir (Untested)

Source ShalesMigrationpathways

F-A FieldBerrasian toValangianreservoirs

SableField

Oribi Field

E-M Field

reservoirs

Sediment EntryPoint

Sediment EntryPoint

Post-Rift (Drift)sand playfairway

Sediment Entry

Point

Drift Prospects(A - F)

BREAKUP UNCONFORMITY

PAS

SIV

E M

AR

GIN

RIF

TIN

GTR

AN

SFO

RM

MA

RG

IN

SUMMARY OF RELEVANT PETROLEUM GEOLOGYPETROL.

GEOL.HYDROCARBON

OCCURANCEERASCHEMATICLITHOLOGY

MAINLITHOLOGYPERIO

D TECT.EVOL.

ME

SO

ZO

IC

CE

NO

ZO

IC

JU

RA

SS

ICU

.CR

ET

AC

EO

US

PALA

EO

Z.

L.C

RE

TA

CE

OU

S

BASEMENT

TARGETPROSPECTS

TARGETPROSPECTS

Albian

Aptian

Barremian

Valangian

Berrassian

Hauterivian

PALA

EO

GE

NE

NE

O-

GE

NE

SY

N -

RIF

T P

LAY

PO

ST

- RIF

T P

LAY

S

R

S

R

S

F-A FIELD

CO 1/67 well

E-M FIELD

SABLE FIELD

Kimmeridgian

ORIBI FIELD

Ga-A FIELD

R

E-BC FIELD

EB-T FIELD

0

1

2

3

4

5

km

6

GA-V1Discovery

(offset towest)

TrinityProspects

TrinityProspects

GA-aGas Field

Syn-Rift

Post-RiftDrift

SCHEMATIC N-S CROSS SECTION SHOWING PROSPECTIVITY OF THE OUTENIQUA BASIN AND PLETMOS SUB-BASIN

Pletmos Block

SW NE

0 20km

PlettenburgGraben

Pletmos Sub-BasinO u t e n i q u a B a s i n

PLETMOSFAULT

SUPERIORFAULT

PLETTENBURGFAULT

Te r t i a r y

Syn-RiftSyn-Rift

Post-Rift‘Drift’

I n d i a n O c e a n

Late Cenomanian

to Maastrichtian

Valanginian to

Late Cenomanian

?

?

?Adapted from PASA 2013

Syn-Rift

Bredasdorp Sub-Basin (Offset to West)

C r e t a c e o u s

J u r a s s i c

A A’


100,000 bbl/d


Port Elizabeth

Saldanha Bay

Mossel Bay

George

Oudtshoorn

East London

Cape Town

CapeAgulhas

Capeof Good

Hope

GamtoosBasin

IndianOcean

Atlant icOcean

AgulhasPlateau

AgulhasBasin



with oil shows

AlgoaBasin

A

A’


Z o n e


PLETMOSBLOCK



BredasdorpSub-Basin

InfantaArch

0 100km



Colombine-

AgulhasArch


Transkei S

well

K a r o o B a s i n

Or

an

ge

B

as

in

200m

200mShelf e

dge

Ga-A Field

F-O Field


Ga-V1 Discovery

F-A Field

Sable Field

Oribi Field

E-M Field

SCHEMATIC CRETACEOUS PALAEO MAP


S o u t hA t l a n t i c

Bredasdorpoil and gas fields

SO

UT

H

AM

ER

I CA

F A L K L A N DI S L A N D S

F a l k l a n dP l a t e a u

N o r t hF a l k l a n d

G r a b e n

O u t e n i q u aB a s i n

GO

ND

WA

NA

S o u t hF a l k l a n d

B a s i n

Sealion oil discovery(Rockhopper)

Darwin discoverygas condensate

(Borders & Southern)

Ga-A gas field(PetroSA)

PLETMOSBLOCK

AFRICA

SOUTHAMERICA

AT L A N T I CO C E A N

I N D I A NO C E A N

LOCATION MAP OF AFRICA

SOUTH AFRICA

SouthAfrica Pletmos synopsis

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Transcript of SouthAfrica Pletmos synopsis