History and Future Strategy of Oando

Producing Assets: OMLS 60-63 (NAOC JV) Oando wwww Overview Akono Korolei 2 Egunabo 1 Ogbotobo OML 46 Osuopele Southwest 1 OML 62 Benisede Angalalei 1 Iseni 1 Opomoyo Acquired 2014 Eremor Eremor WAVE Epu 1 Oshi Zarama Kolobiri 1 Beni Uden Koroama Uzu 1 Kabiama 1 Etelebou OML 61 OPL 279 Egbedi Creek 1 OML 22 Gbaran Manuso 1 OML 28 OML 35 Orubou 2 Dodo North 1 Opukushi North AgbayaEremor Ekedei 1 Working Interest 20% Ogbotobo Kolo Creek Enwhe Enwhe Tunu Opukushi Kanbo Ajatiton Net 2P Reserves Net 2C Resources Producing Wells 401.2 MMboe Ebeziba 1 Ajaketon 1 Egbomie 2 oda (Ubie) Tinpa 1 Clough Creek Clough Creek East 1 Elebele Creek 1 Ogbainbiri Seibou Afuo OPL 2005 38.9MMboe Atala Atala 1 170 Clough Creek - Tebidaba OML 32 Nun River Osiama Creek South Sengana River 1ST1 OPL 282 OML 63 Emette 2 Oloibiri Azuzuama Operator NAOC Diebu Creek Kugbo West 1 OML 36/ OML 23 Okoroba 1 Obama Soku Diebu Creek East 1 Opugbene 2 Pirigbene Igbomotoru North 1 Pirigbene South-East Nimbe South OML 55 Fiscal System Oil Type of Contract Royalty Joint Venture 20% Annual Capital Allowance Years 1-4; 20% Years 5+; 19% PPT/CITA 85% PPT VAT 5% NDDC Levy 3% Education Tax 2% Gas Joint Venture 7% Capital Expenditures may be deducted against PPT 30% CITA (Pioneer Status) 15 14 *OML 62 is currently shut in and not producing as at Q3 2015 5% 3% 2% OML 88 Middleton Ango 1X Npete 1 Middleton Oriri 1 Osiri OML 59 Ekeh Ekeh 1 Olobia 1 OPL 233 Okpa 1 Tebidaba Igbomotoru 1 Santa Barbara Santa Barbara South OML 33 Okiori 1 Bubouwe Bou 1 Nembe Creek East OML 29 OML 25 Elepa 1 Nembe Creek Walterkiri 1 Odeama Creek Kurogbagba 1 OPL 471 OML 86 Otuo North Kulama 1 Akuku 1 Barracuda 1 OML 66 Legend Apoi North - Funiwa Obra 10tuo South OML 141 Kanus Kiri Kurogbagba St Pass LNG Sengana Brass Terminal Gas Fields Oil & Gas Fields Oil Fields πτώση Key Oil & Gas Field Oil & Gas Field Lead Oil & NGL Terminal Power Plant Single Well Discovery HU Shallow Offshore Platform Flowstation Oil Pipeline Gas Pipeline

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