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High Impact Onshore Oil Exploration in Kenya

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High Impact Onshore Oil Exploration in Kenya 1st May 2013 CORPORATE PRESENTATION Version 13.0 2 Block 1, 20%, 22,247 km2 Block 2B, 100%, 7,807 km2 7.43 million gross and 3.03 million net acres Net unrisked prospective resources 530 mmbbls Taipan Resources Inc 3 A World-Class Oil & Gas Team & Assets Kenya is the top location for onshore oil exploration in the world, with Africa Oil Corporation estimating 23 billion barrels in Tertiary/Cretaceous rifts following play opening discoveries in 2012* There have only been 42 wells drilled in Kenya vs. 17 wells plannedto be drilled in the next 18 months by Tullow Oil, Africa Oil Corporation, Marathon Oil and Afren. Taipan is planning to drill it’s first well in the first half of 2014 Taipan is the fourth largest, gross acreage holder in Kenya with 30,054 km2 Block 1 (20%) Block 2B (100%) Management of Taipan has discovered over 2 billion barrels of oil equivalent in similar early-stage basins The Anza Basin is one of the largest Tertiary-age rift-basins of the East African Rift system which contains multi-billion barrel oil discoveries Taipan believes Block 2B is located in the "sweet spot" of the Anza Basin and plans to drill its first well in 2014 targeting the Tertiary Taipan is currently farming down its 100% interest in Block 2B - Marathon Oil recently paid $57 mm for a 50% interest in Block 9 which is contiguous to Block 2B Two analogue wells for Block 2B will be spudded by Africa Oil later this year on Block 9: Bahasi-1 (formerly Kinyonga) High Estimate 656 mmbbls Sala (formerly Pundamilia) High Estimate 952 mmbbls * AOC 2013 Corporate Presentation Strong Board & Management Team 4 Max Birley, CEO and Director • +30 years international exploration & production experience • Senior roles with Marathon, Premier, Oil Search, • Discovered over 2.0 BBOE in 8 fields across 3 continents • Involved with producing projects totalling 500,000 boepd • In-country operating experience - Equatorial Guinea, India, Pakistan, Yemen, Kenya • Managed & developed multi-billion dollar African assets Joel Dumaresq, CFO and Director • +20 years experience in the financial sector • Former financial and investment banking roles with RBC Dominion Securities • 12 years Managing Director of Matrix Partners Inc. – Vancouver based private equity and merchant banking firm • Extensive M&A expertise • Managed controlling interests in a range of private and public enterprises world-wide Charles Watson, N.E.D. • +30 years experience including Bechtel and Royal Dutch Shell • Former Chairman of Shell Russia and Sakhalin Energy • Former Executive Vice President Royal Dutch Shell Russia & CIS, Shell Energy Europe, Shell Gas and Power & Exp. & Production for Africa & the Middle East Adam Zive, N.E.D. • Senior roles in Oil & Gas equity research with Credit Suisse, Renaissance Capital, and Desjardins Securities • Former head of Oil & Gas Research, Africa at Renaissance Capital • Ranked Superleague analyst by Brendan Woods 4th Largest Acreage Holder in Kenya 5 After Tullow, Africa Oil, & Afren South Omo Marathon 2 2 $50M Taipan current holdings: 22,247 km + 7,807 km = Oil Disc. Taipan Resources 30,054 km2 Blocks 1 & 2B Paipai Block 1 & 2B include multiple exploration plays in Suspended Twiga oil Oil shows different basins disc. Only 42 wells drilled onshore Kenya to date Vastly under-explored + 20 year hiatus in drilling Ngamia All new wells drilled so far - all discoveries or oil discdisc.. have hydrocarbon shows Significant new oil discoveries in onshore Kenya in 2 Block 9 Marathon farm-in $57M Bogal-1gas separate basins (Ngamia & Twiga Lokichar, Sabisa disc. Turkana Basins) All acreage tightly held. New blocks will have +$20 million commitments according to the MOE. Mbawa gas Recent corporate activity in the Tertiary disc. play amounts to ~ $117 million The Block 2B farm-out campaign is well advanced & is generating substantial Source: NOCK industry interest Limited offshore licensing only Licensing 20002000 Comparison 20122012 Recent Commercial Activity in Kenya 6 Approximately $117 in million farm-in activity in last few months South Omo Marathon buy 20% $40+$10 million Block 7/8 New 2012, Block 9 (50%) & 12A (15%) - Marathon farm-in (to Age farm-in AOC) for $57 million** 2012, South Omo - Marathon Oil acquiresAgriterra’s 20% Block 11B Bowleven interest for $40+$10 million farm-in $10 million 2012, Block 11B - Bowleven farm-in (to Adamantine) $10 Block 1 Afren million for 50% interest farm-in $12 2011, Block 10BB - Tullow farm-in (to AOC) and drill million Ngamia & Twiga Tertiary oil discoveries 2009, Block 1 - Afren farm-in (to Lion Petroleum) for $12 million Block 7/8 El Kuran oil discovery - New age farm-in (to AOC) increases interests to 40% Taipan currently farming-out 50% interest of Block 2B and expects to announce a definitive agreement Tullow farm-inin Block 9 (+12A) to AOC Marathon farm-inin $57M Oil seep Oil discovery Basemap modified from NOCK **Source: Africa Oil Corp Proven Plays & Discoveries: 7 “Surrounded By Success” Muglad & Melut Ogaden Basin Basins Heglig+Unity Field >4 TCF gas in Karoo& 594 mmbbl of oil 6 bn bblsoil in Jurassic plays + El Kuran oil Cretaceous plays Genale Jurassic Paipai Oil seep Hilala and Calub Turkana Basin Oil shows in Gas and oil fields Sabisa Oil Cretaceous encountered in To be tested El Kuran Tertiary sediments Oil Disc. Albertine Basin Bogal 1, 1-4 Tcf >2.5 bn bbls oil Cretaceous in the Tertiary Tarbaj Oil Seep. Jurassic sands Uganda Lokichar Basin Anza Basin Ngamia & Twiga Kubwa well All 10 wells drilled in basin- Oil shows Oil discoveries in proper have oil/gas shows Tertiary sediments +200 mmbbls L8 / Mbawa Gas Disc. 170ft Lamu/Offshore Basins Cretaceous pay Potential for Billions bbls oil+gas in the Cretaceous & Tertiary Drilling Activity in Kenya 2 proven oil discoveries, 2 wells with oil shows, 5 wells to be drilled in 8 next 6 months next to or near our acreage El Kuran 1.3 BBO El Kuran-3 spud Sabisa-1 Drilling June 2013 (Spud 15th January 2013) Oil Shows Paipai-1 Light oil shows, 180ft sand, 656ft Cretaceous Block 1 Twiga South-1 Oil Discovery source rock interval Commitment 98 ft. net pay, 2,812 bopd Spud 2014 Potential 5000 bopd Ngamia-1A Oil Discovery >328 ft. net pay FARO 281 bopd further tests Block 2B Spud 2014 Etuko 1 to Spud Spud within 3 months Block 3A+B (formerly Kamba) 2 well commitments Spud 2Q-3Q/2013 Bahasi-1 Prospect* spud 2H/13 – 320 mmbbls Block L4/L13 Sala prospect** Spud 2013 15 Historic Drilling **402 mmbls Bogal-1 Gas 10 Cretaceous 1-4Tcf s l l e Kubwa well W 5 Oil shows Oil discoveries & Mbawa Gas Discovery shows 0 Drilling imminent 180 ft. pay (within next 9 months) 50's 60's 70's 80's *formerly Kinyonga Prospect Drilling planned Decade 90's 00's 10's **formerly Pundamilia Prospect (9 – 18 months) The Normal & Transform Branches of the 9 East African Rift System Late Tertiary (Oligo-Miocene) Basins of the East African Rift System shown The normal opening braches of the rift system are readily recognised (East + Normal Branches of West Complexes & Ethiopia branch) East African Rift System Transform Branch of East African Rift System The transform branch of the Late Tertiary rift system (Anza Basin) has been overlooked The Anza Basin is one of the largest basins of the East African Rift System Seismic Phase moving10 Into the drilling phase Block 2B Taipan 100% Operator Area 7,807 km2 Initial Exploration Period Elected to enter First Additional Exploration Period The Millennium Atlas: Petroleum Geology of the central and northern North Sea. 11 Block 2B Central Graben – for 2000 Anza Basin size comparison km Moray Firth Basin North Sea oil, gas and condensate fields. 5000 km Block 2B Comparison of Scale to the North Sea & Texas Block 2B -Anza Basin – Remains very early stage withpotential world-wide Anza Basin ~ 10 wells drilled in basin North Sea ~2408 wells drilledmulti-billion in barrels basin of and oil found Block 2B equivalent to 43 North Sea Blocks Anza Basin is comparable inGraben size of to the the North Central Sea 12 Anza Basin Compared to Texas Texas 700,000 km2 vs. Kenya 570,000 km2 Since 1960 approx. 500,000 wells drilled in Texas. Probably 1,000,000 since first oil Less than 50 wells drilled to date in Kenya East African Basin Scale Comparison 13 Albertine & Lokichar Basins are each ~6,000 km2 All diagrams = same scale Anza Basin ~78,000 km2 N >2.5 Billions bbls >200? mmbbls m k 0 3 1 ~ Sweet-Spot of the Tertiary-age Anza 14 Basin is in Bock 2B Paipai Prospect Cretaceous part of the Anza Basin Light oil shows, 180 ft. Is indicated by the green color sand, 656 ft. Cretaceous source rock interval Tertiary part of the Anza Basin is indicated by the blue color Block 9 Sala Prospect 402 mmbbls Thickest Tertiary section or best part of the basin indicated by purple Bahasi Prospect Oil discoveries & spud 2H/2013 Block 2B shows 320 mmbbl Drilling imminent (within next 9 months) Drilling planned (9 – 18 months) Hot-thinned 0 kilometres 200 Residual Gravity continental crust (200km High-pass filter) Anza Basin: 15 Regional Stratigraphy & Plays Anza & Lokichar Source Rock Study 16 Sirius-1 (Cretaceous Source) Twiga South-1 Oil Discovery Pseudo-well 1 Loperot-1 (Modelled pseudo Well) (Source rocks) Lokichar Basin Hothori-1 (Modelled Well) Ngamia-1A Oil Discovery >328 ft. net pay Bahati-1 (Oligo-Miocene Source) Potential sources and oil shows from the Anza & Lokichar basins have been reviewed Both basins have a similar Tertiary history – moreover, there appears to be compatible coeval source horizons in both basins Important “analysed”
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