Investor Presentation Investor Presentation October 2009 21 March - - PowerPoint PPT Presentation

Investor Presentation October 2009

AiM: SOLO www.solooil.co.uk

Investor Presentation

21 March 2013

Investor Presentation

Disclaimer

This presentation may contain forward-looking statements. Forward-looking statements refer to events and conditions which are not historical facts and include, for example, statement concerning our objectives, goals, strategies, future events, future performance, capital expenditures, financing needs and business trends. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. You should not place undue reliance on these forward-looking statements. Any forward- looking statements are based upon information available to us on the date of this

• presentation. Actual results may differ materially from those anticipated in these

statements. This presentation does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any shares in Solo Oil, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.

Investor Presentation

Who we are

INTRODUCING SOLO OIL OBJECTIVES PORTFOLIO

Note: All figures in this presentation quoted as gross unless otherwise stated

Junior oil and gas company Listed on the London AiM Market (SOLO) To acquire and develop a diverse portfolio

• f oil & gas assets in the Americas,

Europe and Africa Non-operated oil & gas assets: Major stake in the prolific Ruvuma Basin, Tanzania More than 5 tcf of prospective resources identified in Tanzania Ntorya-1 (Tanzania) discovery flowed 20 mmscfd and 139 bopd Enhanced Oil Recovery project in Ontario, Canada Likonde-1 well

Investor Presentation

How we work

INVEST

in oil & gas, but do not operate on the ground undervalued assets across a range of geographic locations

SELECT

• n unrealised

exploration and exploitation potential

FOCUS LEVERAGE

the skills and knowledge of existing project operators

USE CAPITAL

to gain access and add value across the project portfolio

MONITOR

the progress without duplicating the

• perators’ work

Acquiring production, near production and high impact exploration projects to add value

Investor Presentation

Management

David Lenigas

CHAIRMAN

Neil Ritson

EXECUTIVE DIRECTOR

Sandy Barblett

NON-EXECUTIVE DIRECTOR

Holds a Bachelor of Applied Science in Mining Engineering and has 30 years of resources industry experience. Currently also Executive Chairman

• f Leni Gas and Oil plc, Stellar

Resources plc and Non-Executive Director Rare Earth Minerals plc.

• Mr. Lenigas maintains a wide range
• f resource industry contacts and

activities. Formerly Executive Chairman of Lonrho plc and Lonrho Mining Ltd. Has a BSc in Geophysics and has worked in the energy sector for

• ver 35 years, initially with BP plc

for 23 years, before managing the international operations of Burlington Resources Inc. More recently, he was CEO at Regal Petroleum plc, before founding Vanguard Energy Group, where he was Chairman and CEO. As Founder and Chairman of VE Resources Limited he oversaw the rapid growth of a company in the

• il services sector.

CEO of Leni Gas and Oil plc and Non-Executive Director of Enovation Resources Limited. Has a bachelor of business from Curtin University of Technology (Perth) and a bachelor of laws from the University of Queensland. Over 15 years’ senior management experience working with private and publicly listed companies. Formerly a partner in Ironbridge Capital Partners, based in London,

• Mr. Barblett has also worked with

Pace plc, the leading developer for the global pay TV industry. Has advised a number of companies on raising private equity and general fund raising, corporate strategy and mergers and acquisitions.

An experienced entrepreneurial team with a track record of delivery

Investor Presentation

ONTARIO REEFS, CANADA

Ausable Field well #5

Investor Presentation

Ontario Reefs

Operated by: Moving from small-scale production to enhanced oil recovery Solo Oil interest: 28.56% Operator: Reef Resources Status: Development OVERVIEW: Increasing production of light oil and liquids rich natural gas assets ASSETS: The Ausable Reef; with operating capacity of over 500 boepd. Airport North and South Reefs; with natural gas feedstock for a gas cycling enhanced oil recovery (EOR) program. Plus 3-4 additional reefs in the Ordovician reef complex STRATEGY: Moving from low recovery oil production scheme to a gas cycling EOR program, converting wells and optimising surface facilities PROGRESS: Production has commenced at the Ausable Field. Optimum injection and recovery has not been achieved to date. Technical studies are ongoing.

Gas will be injected from local utility and nearby equity discoveries to boost pressure and strip reservoir liquids

Investor Presentation

Follow-on potential

Ausable Reef EXPLORATION POTENTIAL: proprietary 23,000-acre 3D survey has delineated further Ordovician reefs Several discoveries remain undeveloped and some reefs have not yet been tested for hydrocarbon potential EOR: Following the commencement of EOR at the Ausable Reef, there is potential to roll out the same optimised solution at other prospective target locations OPTION: The company has discussed increasing its working interest and technical participation in the project, but no agreement has been reached Opportunities to grow the EOR operation across the existing license footprint

Investor Presentation

RUVUMA PSA, TANZANIA

Successful flow test at Ntorya-1

Investor Presentation

Ruvuma Basin PSA

Encouraging results from licences strategically located in a proven gas region Solo Oil interest: 25% Operator: Aminex plc (Nduvo Resources) Status: Exploration & Appraisal Operated by: LOCATION: 6,079 km2 (Lindi and Mtwara licences) in southeast Tanzania, 90% onshore, 10% offshore RESOURCE POTENTIAL: 5.75 tcf natural gas (ISIS Petroleum Consultants). Ntorya-1 discovery in 2012 EXPLORATION POTENTIAL: The existence of identified discoveries, leads and prospects with mean potential of 5.75 tcf and a further significant potential for oil underlines the enormous potential of the Ruvuma PSA INCREASED PARTICIPATION: Solo has increased its interest from 12.5% to 18.75% and now 25% INFRASTRUCTURE: Mtwara Port located 25 km from Ntorya-1 discovery. Construction of Mtwara to Dar es Salaam gas pipeline commenced

Investor Presentation

Regional Context

The Ruvuma Basin covers onshore and offshore areas of Mozambique and Tanzania International oil & gas companies that have made gas discoveries at Ruvuma include BG Group/Ophir Energy, Cove Energy, Eni, Petrobas, RAK Gas, Statoil, Maurel et Prom and Petrodel Resources Ltd A total resource in excess of 100 tcf has been discovered Ntorya-1 extends the proven fairway onshore Ruvuma PSA puts Solo Oil at the forefront of East Africa’s frontier energy district

In good company…

Investor Presentation

Exploration

Ruvuma PSA HISTORIC 1153 km of 2D seismic conducted, 1981-2002 No wells drilled in the PSA, but wells drilled to the north (Texaco, 1992) and southeast (Agip, 1982) RUVUMA PSA Aminex/Ndovu Resources acquired 370 km of

• ffshore seismic (Lindi Block) and 430 km of 2D

seismic onshore (Lindi and Mtwara Blocks) Drilling commenced in 2010 with Likonde-1 well Likonde-1 had excellent shows of residual oil and live gas at TD (3,647 m) Second well, Ntorya-1, made a gas discovery of potential commercial interest. Condensate was also recovered on test Additional exploration wells are now planned

Investor Presentation

Successful flow test

Demonstration that the Ntorya Discovery is highly prospective for gas and condensate RESERVOIR: Ntorya-1 found gross 25 metre thick mid-Cretaceous sandstone Total net sands ~20 metres, clean with up to 20% porosity at 2,663 metres. Uppermost 3.5 metres were tested at various rates to a maximum of a 1” choke GAS FLOW: 20.1 mmscf/d through a standard 1” choke; formation pressure of 5,424 psi LIQUIDS PRODUCTION: 139 bopd of 48 API condensate RESULTS: Test analysis is now complete and supports the view that Ntorya-1 is potentially economic

Investor Presentation

Reserves and resources

A recent report from ISIS estimates a total resource of 5.75 tcf gas-in-place at the Ruvuma PSA, and 1.17 tcf at Ntorya RESOURCE REPORT (ISIS Petroleum Consultants) ISIS attributes 5.75 tcf of potential gas-in-place

• n the Ruvuma PSA licences (~1.4 tcf net Solo)

Ntorya is estimated to hold mean 1.17 tcf of unrisked gas-in-place, of which 178 bcf is proven Excellent potential for further discoveries:

Unproven up-dip 1 tcf segment of Ntorya Four large gas prospects, ranging up to 2.6 tcf Four other prospects/leads identified Oil potential in deeper formations Appraisal block (application)

Investor Presentation

Access to markets

Ruvuma PSA will benefit from excellent access to the market when the Mnazi Bay to Dar es Salaam Gas Pipeline is constructed

The pipeline will enable efficient transport of natural gas to Dar es Salaam

MNAZI BAY-DAR ES SALAAM GAS PIPELINE A 530 km pipeline linking Mnazi Bay gas field production to Dar es Salaam, Tanzania’s largest city Project initiated in July 2012. Construction is underway and is expected to take 12-18 months to complete Natural gas will be transported to large-scale electricity producers, other industrial users and major population centres in Tanzania Pipeline will allow production from existing and future wells to be commercialised in the near future

Investor Presentation

Next Steps

Solo Oil is working to optimise the value of its interest in the Ruvuma PSA. This will be achieved by maintaining a strong operational and strategic focus

OPERATIONAL

Monitor the development path, which aims to:

Obtain an appraisal license at Ntorya. Add ~850 km of infill 2D seismic in 2013 Drill at least two further exploration wells, one in Lindi and

• ne in Mtwara

Drill an appraisal well at Ntorya and commence both development planning and gas sales negotiations

Add value to the Solo Oil investment through key corporate actions:

Close a farm-in with a new partner as soon as practical in 2013 Ensure the acquisition of seismic and future drilling are achieved Manage Solo Oil’s interests in the Ruvuma PSA with a view to achieve value increase on behalf

• f shareholders

STRATEGIC

Investor Presentation

CONCLUSION

Investor Presentation

Fast-tracking progress

Building on its experience and a highly prospective multi-jurisdiction asset base, Solo is actively working to build value across its portfolio

TANZANIA

Successful exploration track record Likely commercial gas discovery at Ntorya-1 Significant upside with over 5 tcf potential, onshore at low cost New partner being sought to accelerate exploration and development

ONTARIO

Ausable Field undergoing a careful reappraisal to determine a comprehensive solution to further investment and production Repeat opportunities for advanced EOR roll-out in other known Ordovician reefs

ADDITIONAL OPPORTUNITIES

Solo Oil will make further strategic investments as appropriate

Investor Presentation

Latest developments

MARCH 2013

Aminex and Solo confirm that the process of discussion with interested parties is continuing with a view to agreeing terms for a farm-out as soon as practical.

JANUARY 2013

Due to the level of data-room interest the bid date was moved back from February to early March.

“The level of interest has been very significant and it has not been possible to accommodate all the interested parties in the physical data-room prior to the original bid

• deadline. Several companies have asked for the deadline to be extended in order to allow

them to complete their evaluation and we have therefore agreed with Aminex and FirstEnergy Capital LLP to accept bids up until early March.”

Investor Presentation

Contact us

Solo Oil plc Suite 3B Princes House 38 Jermyn Street London SW1Y 6DN T: +44 (0) 20 7440 0642 F: +44 (0) 20 7440 0641 E: info@solooil.co.uk