Africa Energy (AEC) Corporate Presentation summary

Asset portfolio and discoveries

• Holds a 10% interest in Block 11B/12B offshore South Africa, with two major gas condensate discoveries: Brulpadda and Luiperd.

• Block 11B/12B covers 18,734 km², with significant exploration upside and three additional drill-ready prospects.

• Production Right application submitted; negotiating gas offtake terms and planning early production system leveraging existing infrastructure.

• Estimated resources exceed 1 billion barrels of oil equivalent (Bboe) in the Paddavissie Fairway.

• Partners include TotalEnergies (operator), QatarEnergy, and Canadian Natural Resources.

Financial and corporate overview

• Market capitalization stands at $180 million, with no debt and $7.1 million in cash as of September 2022.

• Backed by the Lundin Group, with major shareholders including Africa Oil Corp., Impact Oil & Gas, and the Lundin family.

• Recent transactions will increase effective interest in Block 11B/12B to 10%.

• Eight employees and a supportive shareholder base.

South African energy context and market opportunity

• South Africa faces a severe energy crisis, with frequent load shedding and a declared state of disaster in February 2023.

• Gas is identified as the optimal solution for technical, economic, and environmental reasons, offering lower emissions and faster build times than coal or nuclear.

• Block 11B/12B gas could replace over 2,300 MW of diesel-fired generation, reducing carbon emissions by more than 50%.

• Domestic gas market potential includes power plants, GTL refinery, and industrial users, with FLNG as an alternative.