… Africa is our home

www.sapetro.com

South Atlantic Petroleum Corporate Presentation 4th Eastern Africa Oil, Gas & Energy Conference Nairobi, Kenya 19 – 20 June 2013

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South Atlantic Petroleum: Overview

South Atlantic Petroleum (SAPETRO) is an indigenous Nigerian oil & gas exploration and production company with a portfolio of high-quality assets offshore East and West Africa in: • Benin • Juan de Nova • Madagascar • Nigeria

We are focused on creating value for our stakeholders through the pursuit of rewarding exploration, development and appraisal opportunities in under-explored territories in Africa.

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South Atlantic Petroleum: Overview

SAPETRO has built a strong in-house team comprising over 60 employees with:

• strong geology and geophysics competencies;

• proven experience in production and development engineering;

• a track record in project delivery with several other established E&P companies; and

• financial, commercial and business management skills acquired from leading IOCs, independent upstream companies and other conglomerates.

We are continuing to grow…

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Our Strategy: High Impact Exploration Assets

• SAPETRO has a balanced portfolio of assets across West and East Africa in deep and shallow water territories

• Our strategy is to acquire several high risk/high reward acreage opportunities in

largely unexplored areas with relatively low entrance costs and extremely large available ‘footprints’

• These were primarily geology/petroleum system driven opportunities rather than political or bid round driven

• All areas have thick, largely undisturbed sedimentary sections with the potential

for major conventional resources in excess of a billion barrels

• Their previous lack of exploration resulted from either great water depths, inaccessibility and lack of data or previous seismic imaging inadequacies

… Africa is our home

www.sapetro.com

Nigeria

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Nigeria: Asset Overview

Storage- 2MMbbl Processing- 185kbod

• SAPETRO holds interests in the deep-water Nigerian blocks OML 130 and OPL 246

• The block lies 150km south of Port Harcourt in water depths ranging from 1,100-1,800km

• The block contains:

• the producing Akpo field which has produced over 200 million barrels of condensate to date; and

• the Egina field, with a production capacity of 200,000 barrels of oil per day which is scheduled to come on stream in 2017.

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OML 130 & OPL 246: Overview

Storage- 2MMbbl Processing- 185kbod

Jurisdiction Federal Republic of Nigeria

Licence Type Production Sharing Agreement (PSA) & Production Sharing Contract (PSC)

Participating Interest

OML 130 – 10% in PSA; 5% in PSC OPL 246 – 60% in PSA

Acreage Size: 2,590km2 ; Water Depth: 1,100 – 1,800 metres

Operatorship Undertaken by Total under Technical Services Agreement

Permit Tenor Initial 20 year period from 2005

Remaining Work Obligation None

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OML 130 & OPL 246: Fields & Prospects

OML Area 1,295 km2

Storage- 2MMbbl Processing- 185kbod

EGINA-MAIN (548MB)

AKPO FIELD (574 MB)

EGINA SOUTH (41 MB)

PREOWEI-1B DISCOVERY

(176 MB)

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Akpo

The outstanding Akpo condensate field is the block’s first development and has produced over 200 million barrels of condensate to date. • Discovered in: 2000 • 2P Reserves: 574 MMbbl • Planned wells: 44; 22 Producers,

20 Water Injectors 2 Gas Injectors • Delivered Wells: 36; 21 Producers,

13 WI & 2 GI • Peak Production: 180,000 bcpd • FPSO Capacity: 2 MMbbl storage • First Oil: March 2009

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Egina

Storage- 2MMbbl Processing- 185kbod

The Egina oil field is the block’s second multi-billion dollar deep-water project and work is underway on the Field Development Programme. • Discovered in: 2003 • 2P Reserves: 548 MMbbl • No. of wells: 44; 21 Producers,

23 Water Injectors • Peak Production: 200,000 bopd • FPSO Capacity: 2.3 MMbbl storage

208,000 bopd • First Oil: 2017

… Africa is our home

www.sapetro.com

Benin

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Benin: Asset Overview

• Block 1 lies adjacent to the Nigeria/Benin international boundary in water depths of up to 750m

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Jurisdiction Republic of Benin

Licence Type PSC

Participating Interest 100%

Acreage Size: 551km2; Water Depth: 0 – 750 metres

Operatorship YES

Permit Tenor Re-development (Sèmè) Expires 30 Nov 2030 Exploration (Block 1) Expires 30 Nov 2013

Remaining Work Obligation 1 exploration well by 30 Nov 2013

Block 1 & Sèmè Field: Overview

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Sèmè Field Redevelopment Overview

Sèmè is a brownfield development with a long and proven production history stretching back 30 years.

• Minimum facilities offshore Conductor Supported Platform transporting crude to shore via a 14 km long pipeline

• 12,000 blpd capacity processing facility incorporating a two-stage separation process with treated produced water disposed of via an outfall pipeline

• Crude stored in two refurbished existing 250,000 bbl capacity tanks

• Crude export via a 7 km long pipeline to Pipeline End Manifold (PLEM) and Conventional Buoy Mooring (CBM) for tanker offloading

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• 3 development wells

• All wells target Abeokuta sand

Sèmè Field Re-development Reservoir Model

• Good reservoir quality

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• Perle C prospect is a four way structural dip closure

• Primary objectives at H6 and H6.5

• Secondary objectives at H7 and H8

• Cumulative oil in place approximated at 100MMstb

Perle C Exploratory Drilling

… Africa is our home

www.sapetro.com

Juan de Nova & Belo Profond

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Juan de Nova & Belo Profond: Asset Overview

• SAPETRO has participating interests in the adjoining Juan de Nova Maritime Profond exclusive exploration permit and in the Belo Profond Production Sharing Contract

• The Juan de Nova permit is situated deep offshore in French territory in the Mozambique channel, adjacent to ENI and Anadarko’s discoveries in the Rovuma Basin

• Belo Profond is adjacent to the Juan de Nova permit and extends the plays to the south along the Davie Fracture zone

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Juan de Nova: Overview

Jurisdiction France – Terres Australes et Antarctiques Françaises (TAAF)

Licence Type Exploration Permit

Participating Interest

90% SAPETRO (under SPA with ROC Oil) 10% Marex

Acreage Size: 52,990km2; Water Depth: 600 – 3,200m

Operatorship Yes – Currently delegated operator under the terms of the SPA

Permit Tenor Exploration – 5 years with effect from 30 Dec 2008 (+ two renewal phases of 5 years each) Exploitation – 50 years

Remaining Work Obligation 3D Seismic (planned for Q3 2013)

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Belo Profond: Overview

Jurisdiction Madagascar

Licence Type PSC

Participating Interest

90% SAPETRO 10% Marex

Acreage Size: 13,770km2; Water Depth: 1,800 – 3,000m

Operatorship Yes

PSC Tenor Exploration – 8 years (4 Phases) ending 29 July 2015 Exploitation – 25 or 35 years for Oil or Natural Gas respectively

Remaining Work Obligation 3D Seismic (planned for Q3 2013); 1 well $50m

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Why the Mozambique Channel?

Continental Crust A large sunken continental fragment (the size of the North Sea) with continuous sedimentation for more than 200 million years and which is up to 8,000 meters in thickness

Source Rocks Three proven, productive oil source rock intervals (USGS 2012 Assessment), including a massive Marine Type II Jurassic section present nearly everywhere in the acreage and mature for oil

Oil Seeps Multiple recovered C-25 peaked oil samples from a small number of oil slicks persistent over years

Many Structural & Stratigraphic Plays

A wide variety of both structural and stratigraphic plays; 4-way and fault closed anticlines, toe thrusts, basin slope and basin floor turbidite fans, extensive Paleogene channels, possible salt sheets

Excellent Tertiary Shale Seals

Thick, deep water Neogene shales are widely present, salt sheets are also believed to be present as seen on the new 2012 seismic

Geologic History The heart of the East African Transform Margin with mature source rocks, reservoirs, traps and seals, all on continental crust

Large Acreage Position

Over 80% of the entire continental fragment sub-province is contained on SAPETRO’s nearly 70,000 km2 acreage position

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Technical Achievements

Seismic Acquisition

• At 12,525km the SAPETRO seismic survey is the largest yet conducted in the world employing PGS’ GeoStreamerTM/GeoSourceTM technology

• Completed despite adverse weather conditions including cyclone Giovanna

• Seismic interpretation currently being conducted

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Technical Achievements

Geochemical Slick Sampling

• Ocean surface slick sampling programme conducted using the European Space Agency’s radar satellites and Gore Technology’s C5-C35 analysis methodology

• More than 40 samples collected

• Some of the samples appear to indicate the presence of oil with affinities to the Anadarko ‘Ironclad’ discovery more than 500km away

• Samples consistent with paleogeographic and plate tectonic studies

• Results provide basis for further exploration works

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Technical Progress in Identifying Petroleum System Elements & Exploration Leads

• Pseudo wells and source rock presence and maturity studies indicate a major oil-prone

petroleum system further supporting the conclusions of a 2012 USGS Assessment of Recoverable Resources

• Reservoirs, traps, seals, and migration pathways identified

• Meshach: a structural and seismic attribute supported lead near a persistent oil slick/seep area awaiting sea bed imaging and coring as well as 3-D seismic survey definition

• Resource calculations for the Meshach Lead: 430+MM to >1000MMbbls STOOIP

• Numerous other leads, many larger than Meshach

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Eastern Flank of the Davie Fracture Zone: Pseudo Well

X ing Horizons Time Depth (m)

490-1160 Sea Bottom

2900 2185

Top Eocene

3300 2579

Turonian Volcanics

4200 3497

L.Jura/Triassic

4900 4810

Synrift Sequence

5800 6730

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Eastern Flank of the Davie Fracture Zone: Maturity

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Necessary Elements of Functioning Petroleum System

STRATIGRAPHIC PINCH-OUTS

TOP SEAL: THICK MARINE SHALE SECTIONS

TOE THRUST LEAD

ANALOG:ANADARKO/ENI DISCOVERIES IN BLOCKS 1 & 4, MOZAMBIQUE

W E

HYDROCARBON GENERATION WINDOW (HGW) WITHIN DEEP SEATED MARINE SOURCE SHALES

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Cretaceous ‘Meshach’ Lead Near Seep Area

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Meshach Area: Structural & Amplitude Anomalies

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Depth Map of ‘Meshach’ Lead Near Seep Area

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Possible 3-D Survey Upside To >1000 MMbbl STOOIP

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Over 40 Other Leads & Plays Identified to Date

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Contact Details

Nigeria (Head Office) South Atlantic Petroleum Limited 2nd, 11th and 12th Floors South Atlantic Petroleum Towers 1, Adeola Odeku Street Victoria Island, Lagos Tel: +234 (0) 1 270 1906, +234 (0) 9032750, +234 (0) 4623100 Fax: +234 (0) 1 270 1907 Benin Republic South Atlantic Petroleum Benin SA Lot H27, Les Cocotiers, 01 B. P. 327, Cotonou, Republique du Benin Tel: +229-21-305039, +229-21-305055, +229-21-305090 Fax: +229-21-305044 France South Atlantic Petroleum JDN SAS 9 Rue du Faubourg Saint Honore, 75008 Paris Tel: +33 1 42 66 02 20 Madagascar South Atlantic Petroleum BP SAS 26 Avenue Général Ramanantsoa, Isoraka BP 3788, Antaninarenina, Antananarivo

info@sapetro.com