Investor Presentaiton

OVERVIEW OF THE GAS SECTOR 3 Distinct Phases in the Evolution of Nigerian Gas Phase 1: Pre-1999 Demand Constrained Era ■ Era marked by intense flaring ■ Fiscal incentives to stimulate demand ■ Focus on exports (LNG) as most promising source of demand, hence birth of an export oriented gas sector ☐ Proliferation of fiscal incentives and absence of gas legal framework ☐ Phase 2: 1999-2005 NLNG Era ■ Kick-off and subsequent growth of LNG ☐ Beginning of steady decline in flares ■ Initiation of new export projects - EGTL etc. ■ Commencement of consolidation of fiscal and legal regime - DGA, NAGFRA Bill Phase 3: Post 2005 Demand Boom/ Supply Constrained Era ■ Sudden boom in demand from both domestic and export sectors ■ Sudden shift from demand to supply constrained ■ Birth of the Gas Master-plan initiative The Gas Master-Plan initiative was borne in response to the sudden boom in gas demand in Nigeria

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