Elephant Oil

CAPITAL STRUCTURE & USE OF PROCEEDS Major Shareholders Matthew Lofgran Gavin Burnell related entities Adrian Beeston Stephen Lundy Peter Elliott and related parties TOTAL SHARES OUTSTANDING JELEPHANT OIL *60% of the current shares are owned by Management, Founders and Board Members Benin Shares 2,688,733 2,224,383 1,326,753 707,822 230,811 12,178,411 USE OF PROCEEDS Namibia Total 22.1% 18.3% 10.9% 5.9% 1.9% Further expansion of portfolio Remainder ( 40% CURRENT SHARE STRUCTURE Management, Founders & Board Other Shareholders & Investors $ USD Approx. $5,300,000 Approx. $400,000 Approx. $400,000 Approx. $900,000 60% $7,000,000 60% 40% 25

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