EXPLORING THE ALBERTINE GRABEN

A WORLD CLASS BASIN

The Albertine Graben, where Conjugate Energy’s Projects are located,
is considered one of the most prolific and proven petroleum systems
of the world’s seven rifted conjugate margin systems.

It is a highly promising and sought-after region, regarded as a world-class basin with vast oil reserves and additional exploration upside. Only 30%
of the basin has been covered with modern seismic surveys or drilled.
The basin presents numerous additional high-impact exploration opportunities. There have been 36 exploration wells drilled from which there were 21 successful oil and gas discoveries. An additional 80 appraisal and development wells have also been drilled. Showcasing the basin’s potential for lucrative production project ventures, 16 of the 21 discoveries have been appraised and approved for development.

Exploration well success rate in the basin stands at an impressive 58%,
with overall drilling success being 88%, indicating a very favourable environment for exploration activities. Notably, onshore and nearshore
oil reserves have had a significant impact and the presence of high flow rate pores and permeable Miocene sand reservoirs, capable of producing
up to 15,000 barrels of oil per day, further enhances the basin’s appeal.

KANYWATABA AND TURACO

Conjugate Energy’s 2 granted license areas, Kanywataba and Turaco, contain several prospects that share similarities in seismic anomalies and are also comparable to established oil and gas discoveries in the Albertine Graben. The Company’s prospects include 3 multi-target opportunities with original oil in place (OOIP) exceeding 400mmbbl
plus 3 additional prospects of a similar size.

The Kingfisher Field, operated by CNOOC, is located adjacent to Conjugate’s Kanywataba licence and boasts an impressive 600mmbbl OOIP (200mmbbl recoverable). Additionally, 10 large fields with reserves exceeding 100mmbbl, along with 6 smaller fields with reserves of under 100mmbbl, have been discovered along the eastern and northern basin margins..

Conjugate’s licenced areas hold many similarities to its highly
endowed neighbour Kingfisher. The direct hydrocarbon anomalies
evident in the Kingfisher seismic survey were instrumental in its
delineation and similar direct hydrocarbon anomalies are present in
the Kanywataba and Turaco seismic survey data. These direct hydrocarbon anomalies have identified multiple prospects with varying resource potential and all display a strong potential hydrocarbon presence.