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Investor Presentaiton

Ghana's Hydrocarbon Sector Takes-Off Mindful of experience of peers, a solid framework in-place to manage Ghana's hydrocarbon sector Ministries of Petroleum and Power Formulate, implement, monitor and evaluates energy sector policies Petroleum Commission Regulate, manage and coordinate activities in the upstream petroleum sector GNPC + GNGC Exploration, production, and trading of oil and gas VRA + Grid Co + ECG Upstream gas offtaker, power generation, transmission and distribution Ghana's hydrocarbon sector continues to attract investments with growing reserves position Proven Gas Reserves: Oil Production (million bbls) 2.1 trillion cubic feet 62.4 Proven Oil Reserves: 1,1143 million barrels Gas Production ("000 MM Scf) 40.5 41.3 35.6 37.2 37.6 24.2 26.4 1.2 2010 2011 2012 2013 2014 2015f 2016f 2017f 2014 2015f 2016f 2017f Millions 4 3 2 1 0 January Quantity Produced (bbls) (LHS) --Daily Production Average (bbls) (RHS) February March 26.7 23.0 10.4 Average Production of over 100,000 bpd in 2015 Thousands 120 100 - 80 DEEPWATER TANO TULLOW 49.95% (op) 60 Wawa Discovery Area 40 TEN Development & Production Area 20 TEN Fields 0 April May June July August September Tullow 47.175% Wawa Teak Jubilee Field Development Ghana WEST CAPE THREE POINTS TULLOW 26.405% Akasa Mahogany Numerous Positive Developments Amendments to the Petroleum Revenue Management Act have improved flexibility of oil price benchmarking for the budget while also firming up the distribution formula for receipts Preliminary ruling on of the International Tribunal on the disputed area of the Ghana- Cote D'Ivoire border placed a moratorium on drilling of new wells in the disputed area, but enabled work to continue on ongoing wells; supporting expectations that TEN will start production on schedule in Q4 2016. A final ruling is expected in 2017 As at end Sept 2015, the TEN project was 74% complete Conclusion of key agreements to facilitate the coming on-stream of Sankofa Gye Nyame with project development activities in 2015 ■ c.US$700mn World Bank guarantee facilitating c.US$7.9bn private investments GNPC commissioned phase-1 of the Western Corridor Gas Infrastructure Project in 2015 During 2015, 15,789 MMscf of raw gas was processed at the Atuabo Gas Plant and transported to the VRA for electricity generation at Aboadze Power Plant Area Phase 1 Source: Ministry of Petroleum, Ministry of Power | GNPC - Ghana National Petroleum Corporation, GNGC- Ghana National Gas Corporation, VRA- Volta River Authority, Grid Co- Grid Company of Ghana, ECG- Electricity Distribution Company 32 |
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