Onshore Kwanza Basin

WELL UNDERSTOOD PETROLEUM SYSTEM WITH SIGNIFICANT SCALE AND UPSIDE

Onshore Kwanza Basin

Key Facts

Angola is Africa's Third Largest Crude Producer

50% of Angolan GDP Comes from Oil

70% of Government Revenue is Derived from Oil

90% of Exports are Oil Related

PRIORITISING MONETISING EXISTING DISCOVERIES

• CRCL owns 90% of APEX (an Angolan Oil and Gas player with interests in three historically producing licences)

• KON-11 and KON-12 (Non Operated) : brownfield development opportunities, including historically producing Tobias and Galinda fields

• KON-16 (Operated) : exploration potential, including pre-Salt well with oil shows

• Unproduced prospective oil resources estimates:
• KON-11 – 65 MMbbls gross, 11.7 MMbls net to CRCL
• KON-12 – 19 MMbbls gross, 4.28 MMbls net to CRCL

• Estimated Prospective Resources:
• Post-salt 456 MMbbls – unrisked P50 (138 MMbo risked), 81.1 MMbls net to CRCL
• Pre-salt 1,029 MMbbls – unrisked P50 (223 MMbo risked), 215.9 MMbls net to CRCL

• Marginal field fiscal terms apply, resulting in advantageous royalty, tax and depreciation regimes

KON - 11 TOBIAS (CORCEL 18% WORKING INTEREST)

•Salt induced anticline; Discovered 1961 (Operator Petrofina)
•Reservoir depth 700m; Area of closure 3,400 acres; 100m oil column
•Binga limestone, porosity 4-14%, highly fractured
•1 seismic line (2010) through reservoir
•Historic production 29 mmbbls; 12 historic well of which 7 producers / 4 dry holes / 1 water injector
•Peak production 17,500 bbls/d
•Unproduced prospective oil resources 65 MMbbls (11.7 MMbls net to Corcel)

KON-12 GALINDA (CORCEL 22.5% WORKING INTEREST)

•Salt induced anticline; Discovered 1959 (Operator Petrofina)
•Reservoir depth 1,900m; Area of closure 7,000 acres; 70m oil column
•Binga limestone, porosity 4-12%, modest fracturing
•2 seismic lines (2010) through reservoir
•Historic production 2.8 mmbbls; 8 historic well of which 3 producers / 4 oil shows but no production / 1 dry hole
•Peak production 2,700 bbls/d
•Unproduced prospective oil resources 19 MMbbls (4.3 MMbls net to Corcel)

KON-16 - Exploration (CORCEL 31.5% OPERATED INTEREST)

Cameia analog and Cuvo formation
Historic Morro de Tuenza #1 well with oil shows – drilled in 1960 by Petrofina
17m oil in core from top pre-salt Cuvo formation
Clearly downdip of salt-cored structure