Economic and Fiscal Update

The New Environment Will Enhance Future Production The decline in production in maturing fields is being compensated by the introduction of new extraction techniques, new explorations and an improved regulatory framework The Oil Sector Today and the New Oil Code Gabon's proven reserves are estimated at 3.6 billion barrels The Government's strategy is to encourage investment in exploration as well as in production enhancement in mature fields, in order to curb the decline in oil production In June 2011, Gabon Oil Company, a state-owned company, was created to increase the Government's involvement in oil production In 2014 Gabon adopted a new oil code with the objective of levelling the playing field among operators, fostering transparency and attracting new operators with a favorable tax regime Investment in exploration by oil companies has increased four times in 2014 compared to 2013 15 blocks in 2013 and 9 blocks in 2014 were awarded in the deep and ultra-deep waters to revive the sector Investment in Oil Exploration (USD million) Oil Production (million of barrels) 90.85 88.65 Oil Companies in Gabon (% of 2014 total oil production) Total oil production in 2014: 80.16 million barrels 1,169.55 86.59 Vaalco Gabon Marathon 7% CNRI 1% 84.87 7% Total Gabon Addax 26% 544.77 378.35 387.14 390.26 329.56 80.40 8% 80.16 Maurel & Prom 12% Shell Gabon 20% 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 Perenco 19% Sources: Ministry of Oil and Hydrocarbons 8

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