History and Future Strategy of Oando

OER Portolio - Assets Under Development OML 131 Overview Acquired 2014 Working Interest 100% Operator Oando Fiscal System Type of Contract PSC Royalty Oil 8% Tax Oil 50% Varies from 40%-80% Profit Oil/Cash Flow Allocation based on a formula set out in the PSC OML 134 Overview Oando NIGERIA OML 122 (Bilabiri/Owanare) - Overview Acquired Working Interest Operator 2009 Oil 5%, Gas 12% Peak OML 90-Akepo Field OML 134 CAMEROON Type of Contract Fiscal System Tax Royalty/CITA Royalty Oil 10% OML 122-Bilabri Field Tax Oil 60% Profit Oil/Cash 100% Flow Allocation OML 145 OML 131 EQUATORIAL GUINEA OML 145 - Overview Acquired 2009 SAO TOME & PRINCIPE - NIGERIA JOINT DEVELOPMENT ZONE Working Interest 20% Operator Exxon Mobil OML 90 (Akepo) - Overview Fiscal System 2009 40% Sogenal OER Fiscal System Type of Contract PSC Royalty Oil Tax Oil 8% 50% Profit Oil/Cash Flow Varies from 35%-70% Allocation based on cumulative production Acquired 2008 Working Interest 15% Operator NAE (Agip) Acquired Fiscal System Working Interest Operator Type of Contract PSC Royalty Oil Tax Oil 8% 50% Technical Service Agreement Profit Oil/Cash Flow Allocation Varies from 40%-80% based on cumulative production Type of Contract Royalty Oil Overriding Royalty Tax Oil Marginal Field 2.5%-18.5% based on production 2.5%-7.5% based on production 55% Profit Oil/Cash Flow Allocation Varies from 80%-40% based on cumulative 18

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