NAMCORRegional Stratigraphy update Syn-Rift Play Project NAMCOR In-House Projects ©2019 National Petroleum Corporation of Namibia (NAMCOR) FARM-IN OPPORTUNITIES PEL 67

NAMCORNATIONAL PETROLEUM CORPORATION OF NAMIBIA (PTY) LTD

FARM OUT OPPORTUNITIES OFFSHORE NAMIBIA

APPEX 2020London

3-5 March 2020

VICTORIA SIBEYAExecutive: Upstream Exploration

www.namcor.com.na

©2019 National Petroleum Corporation of Namibia (NAMCOR)

Presentation Outline

Introduction _ NAMCOR business overview

Sedimentary Basins

Hydrocarbon Licensing Status

E&P Database

Farm-In Opportunities (Block 2714 A & B, 2815&2915 and Block 2914A)

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Main functions:

• Ensuring optimum exploitation of Namibia’spetroleum resources and meaningful Namibianparticipation in petroleum-related activities

• Marketing and Promotion

• Technical Advisory Services to the Ministry of Mines& Energy

Legally enacted entity established under the

Petroleum (Exploration and Production) Act of

1991

National Petroleum Corporation of Namibia (Pty)

Ltd “NAMCOR”

Ownership structure of NAMCOR

Ministry of Mines and Energy

Government of the Republic of Namibia

DownstreamUpstream

Exploration

Development

Technical Adviser

Supply and Trading

Commercial and

Marketing

NAMCOR Business OverviewNAMCOR’s mandate as an SOE of the Ministry of Mines and Energy allows it to participate across the value chain

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SEDIMENTARY BASINS

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Sedimentary Basins

Legend: Offshore Geology

4 Sedimentary basins offshore

2 onshore Basins

Kudu Gas Field

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HYDROCARBON LICENSING STATUS

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Hydrocarbon License Status

Believed to hold significant hydrocarbon potential due to a geological

similarity with Brazil and Angola.

Relatively unexplored with only 24 Exploration & appraisal wells drilled so

far in an area that covers more than 500,000 km2 offshore.

Eight of the wells are located in the Kudu gas field have 1.4 TCF

First well drilled offshore Namibia in the Orange basin was gas discovery,

In 2012, Wingat well discovered non-commercial reserves of light oil in

Walvis Basin.

About 39 exploration licences, 1 production licence and 3 reconnaissance

licences have been issued.

Kudu is the only commercial discovery in

Namibia

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NAMCOR’s participation

An average of 10% carried interest in

97% of the issued licenses

Block/PEL Participation

2714A (PEL 67) 67%

2714B (PEL 72) 67%

2815&2915 (PEL 79) 67%

2914A (PEL 85) 20%

Exploration Assets with NAMCOR working interest

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E & P Database

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E & P Database2D 3D Wells

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©2019 National Petroleum Corporation of Namibia (NAMCOR)11

Wells Coverage

16 Exploration wells drilled offshore

8 appraisal wells – Kudu Gas Field

10 DSDP/OPD

Total planned – 2 well (2020) & 1 well (2021)

Potential two wells onshore

Total drilled – 24 wells offshore

Extremely under-explored – few drilled wells

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©2019 National Petroleum Corporation of Namibia (NAMCOR)12

Prospect Inventory Project

✓Updated lithological chart of Orange Basin

✓Update regional tectonostratigraphic interpretation of Orange Basin

✓Play definition and play concepts

✓Regional Stratigraphy update

Syn-Rift Play Project

NAMCOR In-House Projects

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FARM-IN OPPORTUNITIES

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PEL 67 & 72 : LICENSE SUMMARYLicence Activities

Licence 67 & 72

Water Depth Range 200-1,500m

Blocks 2714A and 2714B

Operator (WI%) NAMCOR 67%

Partners (WI%) Quiver 33%

Location Orange Basin Namibia

Size 10,945 sq.km

The exploration datasets acquired in Block 2714:

– About 6,930 km of 2D seismic data

– 3 500 km2 3D seismic data

– Kabeljou-1 Well

In addition have access to:– Orange Basin Regional Reports

– Other well reports from nearby Orange Basin wells

– Aerial Gravity (Sandwell & Smith)

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Potential Targets

Leads/Prospects Reservoir Lead Age

Inner Rift Lower Cretaceous sandstone

Barremian or Older (Lower Cretaceous)

Barremian Onlap Play

Lower Cretaceous sandstone

Barremian

Aptian Onlap Play Cretaceous sandstone

Aptian

(After Chariot, 2017)

LEADS/PROSPECTS

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RESOURCE REPORT (DeGolyer& MacNaughton-December 2013)

5,385 MMBOil (STOIIP)33 Tcf–gas 1,248 BBbl –condensate

LICENSE OWNERSHIP

After HRT 2013

Companies Participating Interests (%)

NAMCOR 67%

Giraffe Energy CC 33%

ACREAGE AREA

Area Size (km2) Water Depth (m)

13,829 0-210

PEL 79 LICENSE SUMMARY

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DATA AVAILABILITY2D

Extensive coverage – Data brokered by TGSOver 4,760km

3D2011 Full fold 1,137 km2

PSTM and PSDMAssociated derivatives

2815/15-1Drilled 1996 (Chevron)Thick Upper & Lower fluvial -deltaic sandstones facies (Stratigraphic trap)Gas shows encountered at 2847-2861m; 9m net tight gas sand, low porosity avg. 8.5%

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LEADS/PROSPECTS

Courtesy of HRT 2013

Block 2815 & 2915 Potential Targets

Prospect Reservoir Lead Age Size (km2)

Meerkat (Blue) Albian coastal/shallow marine Albian 250

Sitatunga (Red) Turonian shallow marine Turonian 220

Eland (Green) Cenomanian shallow marine Cenomanian 150

After HRT 2013

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MEERKAT PROSPECT – SUMMARY

Water Depth: 183-220m

Resource Potential: >2.6 billion bbls

Prospect Extent: 250 km²

Reservoir Thickness: 600m (gross)

Reservoir EOD: Shallow Marine Sandstone

Reservoir Age: Albian (102–111 Ma)

Trap: Stratigraphic trap with low structural relief

Source Rock:

• 1) Marine SR (Aptian SR)

• 2) Lacustrine SR (Syn-Rift Section)

Courtesy of HRT 2013

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PEL 85: LICENSE SUMMARY

License Status

Water Depth 200-1000m

Block 2914A

Operator Rhino Resources 55%

PartnersNAMCOR 30% (10% Carried and 20% WI) and Korres 15%)

Location Orange Basin

Block Size 5,000 sq.km

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LEADS AND PROSPECTS

Water Bottom

Base Tertiary

?Cenomanian SRAptian SR

Base Barremian

Flamingo “Big horn”

Shoebill

Guinefowl

Potential Targets

Prospect Reservoir Lead Age

Shoebill Cretaceous Turbidites Cenomanian

Blue Waxbill Cretaceous Turbidites Barremian

Scops Owl Cretaceous Turbidites Aptian

Guineafowl Cretaceous Turbidites Barremian

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SHOEBILL PROSPECT (MAIN)

Potential resource: ~2.3 billion bbls

Prospect extent: 300 km2

Reservoir thickness: 270 m (gross)

Reservoir EOD: Basin Floor Fan Sandstone

Reservoir age: Cenomanian (93-97 Ma)

Trap: Structural and stratigraphic trap with an unconformity trap

Source rock: ✓ Marine SR (Cenomanian 93Ma)✓ Marine SR (Aptian 118 Ma)

Depth structure: Top Reservoir – Cenomanian Unconformity

Source: HRT, 2013

Shoebill Prospect

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Conclusion

Namibia is privileged with excellent geodatabase available to make sound investment decisions and improve

geological understanding.

Progressive seismic acquisition both onshore and offshore Namibia helps with de-risking prospects.

Proven offshore petroleum system from past and recent drilled wells coupled with increased exploration activities

have unlocked hydrocarbon potential in Namibia. This has attracted major oil and gas companies which will play a

vital role in developing hydrocarbon resources in Namibia.

NAMCOR is undertaking regional studies such as the PI Project with the aim of building in-house capacity for G &

G team and enhance G & G understanding of the subsurface for the benefit of the Oil & Gas sector in Namibia.

NAMCOR is now actively involved in Hydrocarbon Exploration in Namibia and we are open to new partnerships in

our Exploration projects with working interest.

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visit NAMCOR’s boothContact details:Victoria Sibeya

Executive: Upstream ExplorationTel +264 61 204 5000

[email protected]

National Petroleum Corporation of Namibia

1 Aviation Road, Petroleum House

Private Bag 13196, Windhoek

+264 61 204 5000

+264 61 204 5061/30/92

[email protected]

For more information:

Thank you.

National Petroleum Corporation of Namibia

1 Aviation Road, Petroleum House

Private Bag 13196, Windhoek

+264 61 204 5000

+264 61 204 5061/30/92

[email protected]

Documents

NAMCORRegional Stratigraphy update Syn-Rift Play Project NAMCOR In-House Projects ©2019 National Petroleum Corporation of Namibia (NAMCOR) FARM-IN OPPORTUNITIES PEL 67