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Shaping the future o f o il e xplo ratio n and pro duc tio n in Afric a Par e to Oil & Offshor e Confe r e nc e Se pte mbe r 14-15, 2016 | Oslo, NO Why L e ko il? We a re a n indige nous Nig e ria n upstre a m E &P


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SLIDE 1

Shaping the future o f o il e xplo ratio n and pro duc tio n in Afric a

Se pte mbe r 14-15, 2016 | Oslo, NO

Par e to Oil & Offshor e Confe r e nc e

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SLIDE 2

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Why L e ko il?

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We a re a n indige nous Nig e ria n upstre a m E &P c o mpa ny with a fo c us o n We st Afric a

F

  • re c a ste d stro ng pro duc tio n g ro wth with low c ash br

e ake ve n

We o pe ne d a world- c lass b a sin with transformational o il a nd g a s po te ntia l

F

  • c us o n c ost disc ipline a nd e ffic ie nc y

Stre ng th to c re a te value thr

  • ugh the c yc le
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SLIDE 3

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Co r po r ate str ate gy

A well-balanc ed por tfolio of assets

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SLIDE 4

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Our asse ts

*Acquisition subject to ministerial consent

Ota kikpo

20.4 mmbls ne t |56.6 mmb ls g ro ss 2P + 2C re so urc e s

65.2 mmbls ne t | 163.0 mmb ls g ro ss, ST OI I P upside

OPL 310

541.8 mmboe ne t | 774.0 mmb o e g ro ss pro spe c tive re so urc e s*

OPL 325

5 - 6 billion boe ST OIIP**

**Third party estimate by Lumina Geophysical

+

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SLIDE 5

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

  • Adja c e nt to sho re line with multiple c r

ude e vac uation options

  • 3 pre vio usly drille d we lls with hydroc arbons e nc ounte re d at

multiple inte r vals

  • Ro b ust e c o no mic s with bre ake ve n be low $25/ bbl

Otakikpo

Pr

  • duc ing mar

ginal field

40% wo rking inte re st, 88% e c o no mic inte re st*

*During Cost Recovery

5,703 b o pd

C6

5,484 b o pd

E 1

T e ste d & F lo we d Zo ne s

C5

6,404 b o pd Co mme rc ia l Pro duc tio n Sta rting in the ne xt fe w we e ks

10,000 bopd ste ady state by ye ar

  • e nd

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SLIDE 6

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Otakikpo : Ae r ial Vie w

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Ota kikpo We ll – 002 Sto ra g e Ae ria l Vie w – F ra c T a nk 1

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SLIDE 7

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Otakikpo : Onsite Sto r age

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Crude Sto ra g e T a nk 1 20K b b l F ra c T a nks o n F

  • unda tio n F
  • o ting
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SLIDE 8

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Otakikpo : E PF F ac ility Pr

  • gr

e ss

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Co nstruc te d PI G la unc he r a t E PF

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SLIDE 9

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Otakikpo : Cr ude E vac uatio n I nfr astr uc tur e

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HDD rig fo r o ffsho re e xpo rt pipe line a t Ota kikpo

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SLIDE 10

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA PARE

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L ACT units fa b ric a te d in Sug a rla nd, T e xa s (USA)

Otakikpo : L ACT U nits

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SLIDE 11

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

  • L
  • c a te d in the Da ho me y Ba sin tha t runs a lo ng the We st

Afr ic an T r ansfor m Mar gin c o ve ring a re a o f 1,900 km 2

  • Shallow wate r

asse t c lose to L agos a nd e xisting g a s

infra struc ture

  • Additional upside pote ntial e xpe c te d fro m o the r ide ntifie d

syn-rift le a ds within the b lo c k

  • L

e ko il fa rme d-in to Afre n’ s inte re st in F e b rua ry 2013 a nd

ac quir e d the balanc e of its inte r e st in De c e mb e r 2015

OPL 310

Contains the “Ogo” wor ld-c lass disc over y

40% wo rking inte re st*, 70% e c o no mic inte re st**

*Subject to ministerial consent **During and post cost recovery

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SLIDE 12

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

  • We ide ntifie d this b lo c k a s a ke y tar

ge t with e xplor ation upside in o ur pro prie ta ry Da ho me y

Ba sin study

  • OPL

325 is a de e p to ultra -de e p-wa te r b lo c k lo c a te d in the Dahome y Basin o n the we ste rn side o f the Nig e r De lta

OPL 325

Pr

  • mising asset with deep water

tur bidite fan play

62% e q uity inte re st

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SLIDE 13

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

2016: De live r y T ime

T r ansition fr

  • m “E

” to “E &P” c omplete

Q3 Q4

Ota kikpo OPL 310 OPL 325

Pro duc tio n - Pha se 1

Be gins

E xpa nd Pro duc tio n to 10,000 bpd Ong o ing fa rm-o ut c o nside ra tio n

Se ismic inte r pr e tation c o mple te d

Ministe ria l c onse nt Ong o ing fa rm-o ut c o nside ra tio n Ma inta in Pro duc tio n a t 10,000 bpd

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SLIDE 14

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Our fo c us fo r 2016 and be yo nd

  • Ste a dy sta te pr
  • duc tion of 10,000 bpd
  • De - risking e xploration asse ts a nd finding c o mple me nta ry po rtfo lio o ppo rtunitie s
  • Co nsid e ring non- dilutive fina nc ia l struc ture s a nd stra te g ic pa rtne rships
  • Allo wing a c c e ss to sub sta ntia l so urc e s o f c a pita l
  • Build a re so urc e b a se tha t will drive substantial produc tion growth o ve r the ne xt five ye a rs
  • Re ta in a stro ng te a m a nd b e a good c or

por ate c itize n

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SLIDE 15

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Wo r ld-c lass shar e ho lde r r e giste r

BLAKENEY

I nstitutio na l

Dire c to rs / Re ta il Othe r

Source: Bloomberg as of September 9, 2016

USA E uro pe Othe r

L SE AI M: L E K

424,580

30-da y a ve ra g e vo lume

488,199,893

c urre nt sha re s o utsta nding

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SLIDE 16

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

T his pre se nta tio n ma y c o nta in fo rwa rd lo o king sta te me nts whic h invo lve sub je c tive judg me nt a nd a na lysis a nd a re sub je c t to sig nific a nt unc e rta intie s, risks a nd c o nting e nc ie s, inc luding tho se risk fa c to rs a sso c ia te d with the o il a nd g a s b usine sse s, ma ny o f whic h a re

  • utsid e the c o ntro l o f, a nd ma y b e unkno wn to L

E KOI L . I n pa rtic ula r, a ny fo rwa rd lo o king sta te me nts spe a k o nly a s o f the d a te o f this pre se nta tio n, the y a ssume the suc c e ss o f the stra te g y o f L E KOI L a nd the y a re sub je c t to sig nific a nt re g ula to ry, b usine ss, c o mpe titive a nd e c o no mic unc e rta intie s a nd risks. No re pre se nta tio n, wa rra nty o r a ssura nc e (e xpre ss o r implie d ) is g ive n

  • r ma de in re la tio n to a ny fo rwa rd lo o king sta te me nt b y a ny pe rso n

(inc luding b y L E KOI L , a ny o f its re la te d b o die s c o rpo ra te , dire c to rs,

  • ffic e rs,

e mplo ye e s

  • r

the ir re pre se nta tive s). I n pa rtic ula r, no re pre se nta tio n, wa rra nty o r a ssura nc e (e xpre ss o r implie d ) is g ive n in re la tio n to a ny unde rlying a ssumptio n o r tha t a ny fo rwa rd lo o king sta te me nt will b e a c hie ve d. Ac tua l future e ve nts ma y va ry ma te ria lly fro m the fo rwa rd lo o king sta te me nts a nd the a ssumptio ns o n whic h the fo rwa rd lo o king sta te me nts a re b a se d . Give n the se unc e rta intie s, re a de rs a re c a utio ne d no t to pla c e undue re lia nc e o n suc h fo rwa rd lo o king sta te me nts, a nd sho uld re ly e ntire ly o n the ir o wn inde pe nde nt e nq uirie s, inve stig a tio ns a nd a dvic e re g a rding a ny info rma tio n c o nta ine d in this pre se nta tio n. Any re lia nc e pla c e d b y a re a de r o n the info rma tio n c o nta ine d in this pre se nta tio n is who lly a t the re a de r's

  • wn

risk. T he info rma tio n in this pre se nta tio n is pro vid e d fo r info rma tio na l purpo se s o nly a nd do e s no t ta ke into a c c o unt the inve stme nt o b je c tive s, fina nc ia l situa tio n a nd ne e ds o f a ny pa rtic ula r inve sto r. E a c h

  • f L

E KOI L a nd its re la te d b o die s c o rpo ra te a nd a ffilia te s a nd the ir re spe c tive dire c to rs, pa rtne rs, e mplo ye e s, a g e nts a nd a dvise rs disc laim a ny lia bility fo r a ny dire c t, indire c t

  • r

c o nse q ue ntia l lo ss o r d a ma g e s suffe re d b y a ny pe rso n a s a re sult o f re lying o n a ny sta te me nt in, o r o missio n fro m, this pre se nta tio n. Subje c t to a ny c o ntinuing o blig atio ns unde r applic able la ws, L E K OI L disc laims a ny o blig atio n o r unde rtaking to disse minate any update s o r re visio ns to a ny fo rwa rd lo o king sta te me nts in this pre se nta tio n to re fle c t a ny c ha ng e in e xpe c ta tio ns in re latio n to a ny fo rwa rd lo o king sta te me nts o r a ny c ha ng e in e ve nts, c o nditio ns o r c irc umsta nc e s o n whic h a ny suc h state me nts is base d. No thing in this pre se ntatio n shall unde r a ny c irc umsta nc e s c re ate a n implic atio n tha t the re ha s b e e n no c ha ng e in the a ffairs o f L E K OI L sinc e the date o f this pre se nta tio n. Allo the r disc lo sure s as in pre vio us pre se ntatio ns apply.

Disc laime r

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SLIDE 17

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

T e am

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SLIDE 18

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

 F

  • r

me r ly the inte r natio nal E ne r gy Se c to r He ad at Allianc e Ber

nstein 

E ng ine e ring a nd o pe ra tio na l ro le s within

Sc hlumbe r ge r in a c a re e r tha t spa nne d

Nig e ria , E g ypt, Pa kista n, Oma n a nd Sc o tla nd  BSc . in E le c tro nic a nd E le c tric a l E ng ine e ring fro m Ob a fe mi Awo lo wo Unive rsity I le -I fe , Nig e ria (1991); a nd a n MBA fr

  • m MIT

Sloan 

Me mb e r o f the # 1 I nstitutio na l I nve sto r- ra nke d te a m o f a na lysts c o ve ring the

  • ilfie ld se rvic e s industry a s a n Asso c ia te

Dire c to r a t UBS Inve stme nt Re se ar

c h

Highly e xpe r ie nc e d te am

L e ka n Akinya nmi

E xe c utive Bo a rd Me mb e r, Chie f E xe c utive Offic e r  Ove r 25 ye ar s e xpe r ie nc e in the industr y with Oil majo rs and Sc hlumber

ger 

F

  • rme r c hie f pe tro le um e ngine e r at Shell fo r

the wo rld-c lass Bonga fie ld  So und ability in building/ le ading dive r se te ams o f varying size s and de live r ing in a pe rfo rmanc e -drive n e nviro nme nt. Has he ld re spo nsibilitie s in Nige r ia, E uro pe , Middle -E ast and Asia

Sa m Olo tu

Chie f T e c hnic a l Offic e r  Ove r 35 ye ar s o f e xpe r ie nc e in the industr y with Shell and Agip in a c ar e e r that spanne d lo c atio ns in Nige r ia, I taly, T he Ne the r lands and Oman  F

  • rme r he ad o f se c urity, Nige ria at Shell

 Has he ld var io us se nio r manage me nt po sitio ns (Pro duc tio n Ope ratio ns and Mainte nanc e Manage r, Se nio r Po rtfo lio De ve lo pme nt Manage r and Ge ne r al Manage r Co rpo rate Se c urity)

L e ke Ade dipe

Chie f Ope ra ting Offic e r

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SLIDE 19

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

H ighly exper ienc ed team (c ontinued)

Do tun Ade juyig b e

He a d o f Co mme rc ia l

 Co o rdinate s the c o mme rc ial, busine ss and strate gic planning func tio ns at L e ko il inc luding hydr

  • c ar

bo n mar ke ting and suppo r t fo r c o r po r ate financ e func tio ns  Wide -r anging e xpe r ie nc e in pr

  • je c t

manage me nt, c o nsulting, pr ivate e quity, and c o r po r ate financ e ac r

  • ss pro je c ts in Afr

ic a, E ur

  • pe , No r

th and So uth Ame r ic a  Ho lds an MBA fr

  • m INSE

AD 

Awar d winning and le ading Nige r ian e xpe r t in the ge o sc ie nc e s, spe c ializing in se dime nto lo gy, ge o lo gy and ge o physic s  35+ ye ar s o f e xpe r ie nc e in E xplo r atio n Ge o lo gy, at

Shelland mo st r

e c e ntly Head of Geologic al

Ser vic es 

Me mbe r

  • f the Niger

ian Mining and Geologic al Soc iety (NMGS) and a F ellow of the Niger ian Assoc iation of Petr

  • leum E

xplor ationists (NAPE )

  • Dr. K

e hinde L a dipo

Se nio r E xplo ra tio n Adviso r

 Re spo nsible fo r the sho rt-te rm and strate gic funding

  • f L

e ko il  F

  • r

me r ly fr

  • m Oando, partic ipating in all de bt

c apital raising and M&A  10+ ye ars o f financ e and inve stme nt banking e xpe r ie nc e at T

he Car lyle Gr

  • up fo c using o n Sub-

Sahar an Afr ic a; and at JP Mor

gan and Cr edit Suisse

fo c using o n L e ve r age d F inanc e in o il & gas  Ho lds an MBA fr

  • m INSE

AD

K e ji Aja yi

He a d o f Co rpo ra te F ina nc e

Alfre d Ca sta ne da

He a d o f I nve sto r Re la tio ns

 Spe c ialize d in inte rnatio nal o il & gas e quity fund raising at L adenbur g T halmann and R ever e  10+ ye ar s o f e quitie s and c apital mar ke ts e xpe r ie nc e inc luding L ekoil’s 2013 I PO and subse que nt e quity funding  Me mb e r o f the # 1 I nstitutio na l I nve sto r-ra nke d Oil Se rvic e s E q uity Re se a rc h te a m a t Morg a n Stanle y fro m 2010-2012  Ho lds a BS in bo th Ac c o unting and F inanc e fr

  • m

F

  • r

dham Univer sity

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SLIDE 20

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

Bo ar d o f Dir e c to r s

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SLIDE 21

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

No n-E xe c utive B

  • ar

d Dir e c to r s

 32+ ye ars o f o ilfie ld e xpe rie nc e inc luding wo rking with Dowell Sc hlumber ger in I raq, Abu Dhabi, Ve ne zue la, Canada, Syria, F ranc e and Nige ria  F

  • under

and Managing Dir ec tor , SOWSCO Well Ser vic es – o ne o f Nige r

ia’s fo re mo st indige no us o il se r vic e fir ms  F

  • unding me mbe r o f PE

T AN (Petr

  • leum

T ec hnology Assoc iation of Niger ia) 

Me mbe r

  • f the audit and r

e mune r atio n c o mmitte e s o f L e ko il

Sa m Ade g b o ye g a

Cha irma n o f the Bo a rd  25 ye ar s+ o il industr y e xpe r ie nc e , qualifie d as a Char

ter ed Ac c ountant with Ar thur Ander sen in 1981 

Me mbe r o f the Asso c iatio n o f Co rpo rate T r e asur e r s and the I nstitute o f T axatio n  Busine ss De ve lo pme nt Manage r and subse que ntly Gro up T re asure r at E

nter pr ise Oil fo r 11 ye ars 

F inanc e Dire c to r o f multiple liste d E &P c o mpanie s, inc luding Pr

emier Oil be twe e n

1999 and 2005  Managing Dire c to r, He ad o f o il and gas, at the R

  • yal Bank of Sc otland in 2007-2008

 Wo r ke d as a c o nsultant to , and no n- e xe c utive dire c to r o f, a numbe r o f liste d and private E &P c o mpanie s sinc e 2010 mo st re c e ntly o n the bo ard o f Hur r ic ane E xplor ation Plc

Jo hn Va n De r We lle

 Mo st r e c e ntly Chair man of Afr ic a at Sc hlumber ger and was also the Pr esident of the Sc hlumber ger F

  • undation, a no n-pro fit

c o rpo rate fo undatio n  30+ ye ar s at Sc hlumber

ger

, ho lding se nio r

  • pe ratio nal po sitio ns glo bally, inc luding Vic e

Pre side nt and Glo bal T re asure r, and Managing Dir e c to r fo r Nige r ia and We st Afr ic a  Co -fo unde r o f the Petr

  • leum Club of L

agos

and se rve s o n a numbe r o f bo ards inc luding

Guar anty T r ust Bank plc and the

Sc hlumbe rge r F

  • undatio n

 Ho lds a BSc in Ac c o unting fro m the U nive r sity

  • f Ghana, and an MBA fr
  • m Stanfor

d Univer sity; alumnus o f the Oxfor d Institute for E ner gy Studies

  • H. Ade so la Oyinlo la

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SLIDE 22

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

No n-E xe c utive B

  • ar

d Dir e c to r s

 Glo bal he ad o f the Abu Dhabi Investment Author ity’s inte r nal e quitie s de par tme nt

  • ve rse e ing po rtfo lio s, risk manage me nt and

due -dilige nc e pr

  • c e sse s

 F

  • rme r Se nio r Vic e Pre side nt and Po rtfo lio

Manag e r at Allianc e Ber

nstein, manag ing multi-billio n

do llar po rtfo lio s in Glo bal and I nte rnatio nal L arge Cap Gro wth E quitie s  Chie f E xe c utive Offic e r & Chie f I nve stme nt Offic e r o f Allianc e Capital Management, So uth Afr ic a whe r e he c r e ate d and manage d the busine ss and gre w asse ts to U S$2 billio n unde r manag e me nt

Gre g o ry E c ke rsle y

 Gro up CE O o f Asset Management Gr

  • up

(AMG) L imite d  L e gal prac titio ne r with an L L .M (Public I nte rnatio nal L aw) fro m Kings College,

Univer sity of L

  • ndon and a Maste rs in Busine ss

Administratio n (MBA) with a distinc tio n in F inanc e fro m Imper

ial College, Univer sity

  • f L
  • ndon

 Calle d to the Niger ian Bar Assoc iation in 1989.  Co mple te d se ve r al attac hme nts with the fo llo wing: Caisse Prive e Banque , Brusse ls; Banque Rivaud, Paris; Banque Prive e , Ge ne va

Aisha Mo ha mme d-Oye b o de

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SLIDE 23

SHAPI NG T HE F UT URE OF OI L E XPL ORAT I ON & PRODUCT I ON I N AF RI CA

I R@ le ko il.c o m

www.le ko il.c o m