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TSX: OER

Stock Price (as at 10 April, 2014) $1.45

EnergyResources Shares Outstanding


Market Capitalization
573,705,160
$723 Million
52 Week Range $0.94 - $1.90

Oando Energy Resources (OER) is the new trading name of Exile Resources lnc (Exile)

A Truly Indigenous post the acquisition of certain Shareholding interests in Oando PLCs upstream
subsidiary in respect of Oil Mining Leases (OMLs) and Oil Prospecting Licenses
(OPLs). It is publicly traded on the Toronto Stock Exchange.
Oil & Gas Company
The Company is an independent oil and gas company focused on exploration and
Listed on the TSX production opportunities in the highly prolific Niger Delta region of Nigeria and the
Exclusive Economic Zone of So Tom and Prncipe

ConocoPhillips Acquisition
E
GAM ~$1.57BN
R
H A NGE Acquisition price after
C customary adjustments

36.5kboepd
Net Oil & Gas average production for 2013:
11kbopd (Oil) & 25kbopd (Gas)

221MMBOE
2P Reserves
Onshore: OMLs 60, 61, 62 & 63

492MMBOE
2C Resources
Onshore: 210MMBOE
Offshore: OML 131 & OPL 214 (282MMBOE

In May 2012, ConocoPhillips (COP) offered for sale its


entire Nigerian business comprised of the sale of 100
percent interest in the issued share capital of the Proven + Probable (2P) Reserves and Contingent (2C) Resources
following:
Onshore Business
700
Mmboe

Phillips Oil Company Nigeria Ltd (POCNL): 20%


interest in OMLs 60, 61, 62 and 63 and related
infrastructure and facilities through the NAOC-NNPC 600
Joint Venture. NAOC is operator.
Offshore Business
500
Conoco Exploration and Production Nigeria Ltd.
(CEPNL): 95% interest in OML 131. CEPNL is
operator. Shell is operator of unitized discovery area 400
(Bolia-Chota field).
Phillips Deepwater Exploration Nigeria Ltd. 210
629
300
(PDENL): 20% interest in OPL 214. ExxonMobil is 559
operator
Closing : 30th April, 2014 200

The summary evaluation highlights the economics and 221


100
provides an indicative valuation of the:
Onshore Business:
2P Reserves (boe): 221 mmboe 0
COP NAOC OER
2C Reserves (boe): 210 mmboe
2P + 2C Reserves (boe): 431 mmboe
NPV10 Base Case valuation of US$ 2.18 billion 2P 2C
$/boed $50,628
Offshore Business:
Contingent Resources at 282 mmboe OERs reserves and resources are in accordance with NI 51-101 while NAOC and COP are in accordance with Nigeria
Offer price of US$100m ($/bbl US$0.35) Reporting Standards.
Valued at US$354 million
Total Production, Capital Expenditure & Operating Cash Flows

Oil Production Profile (Net to COP) CAPEX (Net to COP)


60 300

50 250

40 200

US$ MIllions
mbpod

30 150

20 100

10 50

0 -

Vendor Case Oando Base Case Vendor Case Oando Base Case
Net Operating Cash Flows*

350

300

250
US$ Millions

200

Gas
150
Oil
100
Kwale IPP
50

- * Before working capital adjustment

Valuation Onshore Assets Oando Case Valuation Offshore Assets Oando Case
3,500 1,200 1,168
1,100 US$, millions
3,000 US$, millions
115 1,000
409
2,500 150 900
800
2,000 1,124 700
600
1,500 Purchase Price: US$ 1.44Bn
2,851 500
2,701
112 2,177 400
1,000 154 354
300
200
500 788 200
**Effective Purchase Price: : US$ 130 million
152 100
- - OML131 OPL214 Contingent Woodmac
2012 FCFs* Oil Kwale IPP Existing gas Bid Case 2C 3P Total Exploration Total
Prospects Resources Valuation*

NPV
* Wood MacKenzie M & A Service, December 2012
Crude Oil Price (US$)
2C MMboe US$millions** ConocoPhillips to divest its Nigerian business unit
80 Oando Price Deck 90 100 110 to Oando Energy Resources for US$1.79 billion
US$, millions 2,118 2,177 2,211 2,302 2,406 OML 131 200 37
** Valuation based on Uge field (OPL 214 );
2P Reserves, mmboe 431 431 431 431 431 OPL 214 82 154 and unitized Bolia Chota field (OML 131),
with Shell being the operator
US$/2P boe 4.91 5.05 5.13 5.34 5.58 Total 283 191
*2012 Operating CFs less WC and CAPEX
Selected Nigerian Transactions

Announced Date Buyers Value Oil Prod 2P Reserves Implied Value Implied Value

US$millions bopd MMboe US$/2P boe US$k/bopd


1-Aug-12 OML 34 - Niger Delta 600 6,750 115 5.2 89
1-Jul-12 OML 30 - Heritage/Shoreline 850 15,750 501 1.7 54
9-May-11* OML 42 - Kulczyk/Neconde 585 9,000 162 3.6 65 Source - IHS Herold; Reserves - Oando
31-Mar-11* OML 40 - Eland, Elcrest, Starcrest 154 - 32 4.8 -
21-Oct-10 OML 26 - Afren/First Hydrocarbon 148 2,700 18 8.1 55 * 2P : MMbbls
26-Mar-10 China Petroleum & Chemical Corporation 2,457 55,840 131 18.8 44
2-Oct-09 Perenco S.A. 282 7,341 21 13.5 38 ** Recoverable Resources : Buyer's News
Release (Nigerian & Algerian Assets)
Mean 454 9,450 151 4.7 47
Median 486 7,875 95 4.9 54 NI51-101 Compliant Reserve Estimates

21-Jun-13* Block 31 (Angola) - Sinopec 1,520 14,600 53.3 28.5 104


18-Dec-12** Block 405A - PT Pertamina 1,750 23,000 100 17.5 76
19-Nov-12** OML 138 - Sinopec 2,460 24,000 100 24.6 103

20-Dec-12 Oando Energy Resources 1,441 43,000 431 3.3 34


221 6.5

INVESTOR CONTACT
Pade Durotoye +234 (1) 2601290 Tokunboh Akindele +234 (1) 2702496
Chief Executive Officer pdurotoye@oandoenergyresources.com Head, Corporate Development & Investor Relations takindele@oandoenergyresources.com www.oandoenergyresources.com