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Africa Oil Corp
Africa Oil Corp Investor Presentation
| Keith C. Hill | Page 8 of 11 |
February 09, 2016
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"Africa Oil Corp "
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Tullow Deal Closed • Tullow is one of the most successful explorers in last decade and found the analogous deposit in the Albert Graben of Uganda. Drilled 35 out of 36 successful wells. • Tullow takes 50% and operatorship in 4 AOI blocks in Kenya and one in Ethiopia. They will pay $10MM past costs and carry AOI for next $23.75MM of their share of costs. • Tullow have a full operational team, particularly on the drilling side, that AOI would have to build. They also will have a top notch G&G team who know rift basins better than anyone. • Tullow operates the Uganda export pipeline consortium and we will now have a front row seat at these negotiations. 8