Meren Energy Inc.

Hello everyone, my name is Sharon and I will be your conference operator today. At this time, I would like to welcome everyone to the Africa Oil Corp First Quarter 24 Resorts Management presentation. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star 1 and 1 on your telephone keypad. If you would like to withdraw your question, please press star 1 and 1 again. Please note that at any time, participants on the webcast can submit the questions using the Q&A box on the webcast interface. Please note that this event is being recorded. The recording will be available for playback on the company's website. I would now like to pass the meeting to Mr. Shaheen Amini, Africa Oils Investor Relations Manager. Please go ahead, Mr. Amini.

Thank you, Operator. On behalf of management, I thank you for joining us today for our first quarter 2024 results presentation. On the call today, we have President and CEO Roger Tucker, our CFO Pascal Nicodem, and our Chief Commercial Officer Oliver Quinn. There will be a presentation for around 25 minutes before we go into the Q&A session. I would like to remind everyone that remarks made during this session are subject to forward-looking statements which involve significant risk factors and assumptions that have been fully described in the company's continuous disclosure reports. The information discussed is made as of today's date and time, and Africa Oil assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. The company's complete financial statements and related MD&A are available on the company's website and on SEGA. Roger, we are ready for you. Please go ahead.

Thank you very much, Shaheen. And if we can get up. So what this shows is that we have had an extremely active first quarter of 2020, 2024. And if you can see on this timeline, since I started is where it starts, but if you actually focus in on the first quarter, you will see that we've had a significant number of transactions, which has effectively changed the shape of was the farm out to Taal of our interest or part of our interest in impact in Namibia in return for a full carry right the way through And this was, as you can imagine, an incredible transaction. And so we have completely de-risked that part of our portfolio. In addition to that, we then continued in March with the farm outs, then to block 3B, 4B, in return for a two-well carry through the initial expiration phase of that block. And we anticipate that we will see drilling in that block in 2025. We have effectively removed all CapEx from the company on a point-forward basis, therefore significantly de-risking the future of the company. Then in March, you will also note that we have made an offer to the minorities within impact to increase our interest, our equity interest holding in the Namibian block and that process is ongoing. So the next slide, let's go and look at what underpins what we're trying to do with the company. So the next slide. And so what we're setting is these are our strategic principles. It's not a strategy, but it's our principles. And if we go around the circle in the center, we are going to grow our business through the existing portfolio. And the existing portfolio, which we'll go on to look at, is based around Nigeria for our production, Equatorial Guinea, The developments that we're now into with exploration in Namibia and our carried exploration in 3B, 4B. We are partnered with Tier 1 operators, notably Total, as I've just mentioned, and Chevron. And we're going to try to maintain our interests and focus our attention on our existing assets. In other words, you're not going to see us leap into a new country entry or anything like that because we believe that we've got significant running room within the assets that we hold. You can see that a key fundamental element of this is that we're going to try to consolidate our own assets and we're in the process of doing that at the moment in impact in Namibia. Our current growth strategy is to grow around those existing assets. Next slide, please. Let's focus then on what you're only going to hear us talk about. There is still some noise in our portfolio which we're trying to clean up and I'm sure there's going to be questions about that at the end. But you're going to see us talk about Nigeria, which is where we are actually in three fields, which are three of the top five fields in the whole of Namibia, operated by Chevron and Total. You'll see us talk about Equatorial Guinea, where we've just entered as an operator. We're in the process of trying to farm down that area. You'll see us talk about Namibia. We're in with Total, another world-class operator there. And you'll see us talk about Block 3B, 4B in the western side of South Africa. And we believe that what we're doing at the moment is creating from the position that I inherited, effectively a world-class independent EMP company exposed to some fairly significant growth opportunities and very stable production base. Next slide, please. Let's go and look in some detail at what we hold. If anyone's been with us for a long time, you will actually know this. One of the things which is different in the way that I'm describing the company since I came in, Is that we often use this just say that we produce circa 20,000 barrels? in Nigeria in actual fact What what we do is we have an equity interest in the three fields which are actually doing over 300,000 barrels a day. They are mature well-known stable assets And what's going on at the present time is shown on on this diagram first of all Our OML 130 was extended for the 20 years, which gives you an indication of how long those assets are going to produce for. We have an ongoing drilling program, and that actually is ongoing at the present time, and we've just extended the rig to continue drilling in Agena. And so the next slide, please. And in this area, you are going to see organic growth because the pray away field in PML4 has gone through the feed process. And we are preparing to develop that field, which will add fairly significant production to us, about 6,000 barrels a day. But again, a very material development. on the bottom bullets here, that is actually going to produce at a gross level of 65,000 barrels a day over the existing infrastructure. So a big, big development that we have a reasonably material position in. Next slide. And then if we leap down and have a look at what's going on in Namibia, we're in two licenses there, but they're both encompassed by the red line around the two of them. And this is an area receiving significant activity at the present time. And what we have in this area is a very significant major oil discovery. where Total are beginning to feed out into the market, the sheer scale of this. The first field, Venus, has been now drilled and appraised by four wells, which have been tested, the most recent of which is Mangetti, up in the north of the block, which is a fantastically interesting well because that is an extension of the Venus field. also tested a younger fan on the top of the Venus reservoir which is also hydrocarbon bearing so we now effectively have two fields identified in this area actively reviewing development options and you will have seen that Total is beginning to present data both on the subsurface geology and in their capital market state have given an indication to feed on the development, which will be Venus, sometime this year. Next slide. And what I'm going to do now is pass this over to Pascal. I can see the slide.