History and Future Strategy of Oando

OER Portolio - Exploration Assets* Oando OML 321/323 - Overview OPL 278-Overview Acquired 2009 Working Interest 30% NIGERIA Operator Knoc OPL 321 & 323 Fiscal System Type of Contract PSC Royalty Oil Tax Oil 8% OPL 282 OPL 278 50% Profit Oil/Cash Varies from 70%-25% Flow Allocation based on a formula set Acquired 2006 Working Interest 60% Operator OEPL Fiscal System OPL 236 CAMEROON Type of Contract Royalty Oil PSC 20% Tax Oil 65.7% Profit Oil/Cash Flow Allocation Varies from 80%-40% based on cumulative out in the PSC OPL 282-Overview EQUATORIAL GUINEA Acquired EEZ 5 - Overview Acquired 2009 Working Interest 100% Operator Equator SAO TOME & PRINCIPE - NIGERIA JOINT DEVELOPMENT ZONE Fiscal System Type of Contract PSC & PRINCIPE Royalty Oil 2% Costing Oil 80% Allocation Ceiling Tax Oil 30% Profit Oil/Cash Flow Allocation Varies from 70%-25% based on a formula set out in the PSC Working Interest Operator 2006 4% OEPL Fiscal System SAO TOME EEZ Block 5 ☑ Type of Contract Royalty Oil Tax Oil Profit Oil/Cash Flow Allocation PSC 20% 65.7% Varies from 80%-40% based on cumulative OML 236 - Overview GABON Acquired Working Interest Operator 2007 95% OEPL EEZ 12-Overview EEZ Block 12 Type of Contract Royalty Oil Fiscal System PSC 20% 65.75% Acquired Working Interest 19 2009 PSC Negotiation (ongoing) *Oando Energy Resources owns 81.5% of Equator Exploration Limited (EEL) EEL Assets: OML122, OPL 321 & 323, EEZ 5 & 12 Tax Oil Profit Oil/Cash Flow Allocation Varies from 80%-40% based on cumulative

View entire presentation