World-class basin discovered by Hardman Oil & Gas in 2005

  • 116 well drilled to May 2022, 36 exploration wells, 21 oil and has discoveries, 16 adequately appraised, 14 approved for development

  • Exploration well success 58% (All-in drilling success 88% throughout the basin)

Onshore and Nearshore oil has material impact

  • High flow rate Miocene reservoirs (up to 15,000 bopd)

  • Ngassa-2 Overpressure & potentially large trap

  • Ten large (>100MMbbl) field discoveries supported by smaller fields (<100MMbbl)

  • 6 Billion Barrels of oil discovered, 500 bcf of gas

Leading edge geophysical methods have de-risked prospects

  • Northern Albertine Graben fields discovered with Direct Hydrocarbon Anomalies

  • Kingfisher and Ngassa fields discovered and delineated with Direct Hydrocarbon Anomalies

‘An abundance of oil and an export route that has the potential to transform the country.’

UGANDA - SET FOR ECONOMIC RERATING

CURRENT GDP: USD$45.7 BILLION - Oil can boost GDP up to 6.5 billion per annum or 17%

Highlights:

  • 6.0 Billion Barrels of Oil in Place discovered to date

  • Unrealised USD$105 Billion in recoverable oil reserves (USD$75/B, 1.4 BB of Recoverable Reserves)

  • Final Investment Decision achieved by CNOOC and TotalEnergies on the East African Crude Oil Pipeline (EACOP) first oil planned for 2025

  • Uganda’s main source of income is Agriculture (coffee/spices)

High Impact Exploration Opportunities within Kanywataba/Turaco Blocks

  • The largest oil fields in the Albertine Graben are discovered in hanging wall traps similar to Conjugates Ntajumba & Erriba prospects (Hanging-wall traps are successful trapping styles with discoveries made in many sedimentary basins worldwide)

  • Multiple prospects with a variety of resources potential, all displaying Direct Hydrocarbon Anomalies

  • 3 multi-target prospects > 100mmbbl OOIP, 5 single target Leads > 100MMbbl OOPI and 2 prospects <100MMbbl OOIP

  • Prospects in the Kanyawataba and Turaco licence area share seismic anomalies analogous to oil and gas discoveries through out the basin.