History and Future Strategy of Oando

Producing Assets: OML 125 (Abo Field) Overview Acquired Working Interest Net 2P Reserves Producing Wells 2008 15% 7.6 MMboe 7 (5 Producing & 2 Shut in) Operator NAE (Agip) Fiscal System 1993 PSC Fiscal System Type of Contract Royalty PSC 8% Cost Oil Allocation Ceiling NA Petroleum Tax 50% Profit Oil/Cash Flow Allocation Varies from 80%-40% based on cumulative 16 16 OPL 315 OPL 323 OML 125 ABO OPL 318 OML133 0 30 kms BOSI OKODO ERHA NORTH Oando OML 95 RUTA MALU NEDUM OPOLO OML 120 OYO HU 239 OML 108 SON

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