Exploration:

Prospects and Challenges

for a Small Independent

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Cautionary Statement

This presentation contains statements concerning ERHC Energy Inc.’s future operating milestones, future drilling

operations, the planned exploration and appraisal program, future prospects, future investment opportunities and

financing plans, future stockholders’ meetings as well as other matters that are not historical facts or information.

Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual

results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors

that could impact these areas and the Company’s overall business and financial performance can be found in the

Company’s reports and other filings with the Securities and Exchange Commission. These factors include, among

others, those relating to the Company’s ability to exploit its commercial interests in Kenya, Chad, the JDZ and the

Exclusive Economic Zone of São Tomé and Príncipe, general economic and business conditions, changes in foreign

and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and

economic conditions, regulatory initiatives and compliance with governmental regulations and various other

matters, many of which are beyond the Company’s control. Given these concerns, investors and analysts should

not place undue reliance on these statements. Each of the above statements speaks only as of the date of this

presentation. The Company expressly disclaims any obligation or undertaking to release publicly any updates or

revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard

thereto or any change in events, conditions or circumstances on which any of the above statements is based.

Part 1.

The Exploration

Model

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Exploration Company Business Model

• Step 1: Acquire– Acquire early stage exploration assets – low entry costs

• Step 2a: Build – Develop prospectivity of assets – G&G work, reserve

estimate, drilling

• Step 2b: Build – Gain increased valuation of assets and company with Step

2a

• Step 3: Sell– Sell assets or sell company at tremendous profit (just

before drilling or on discovery)

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Exploration Value Proposition

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4 to 10 years 5 to 12 years 5 to 20+ years

Ma

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Exploration Development Production

Usual Point of Sale

Salient Points on Model

• No cash flow• Until discovery of oil and/or sale of asset or company

(“Payout”)

• Equity is sole source of capital• Working capital before Payout is from sale of equity in (a)

asset and/or (b) company

• Process-driven value• Value accretions of asset and company predictable through

asset prospectivity development

• High risk • But high reward when successfully executed

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Part 2.

Case Study:

ERHC Energy

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Introducing ERHC• U.S. Public Company

– Regulated by U.S. SEC; based in Houston

– Shares trade on the OTCQB marketplace (OTCQB:ERHE)

– Market Capitalization: $34.4 m (November 7, 2013)

– Issued Shares: 764m

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• 100% of two blocks and other rights in the Sao Tome & Principe Exclusive Economic Zone

• Rights in six of the nine blocks of the Joint Development Zone

• One oil block in Republic of Chad

• One oil block in northwest Kenya

ERHC Exploration Assets

• Kenya • Block 11A

• Chad• Blocks BDS 2008

• Nigeria-Sao Tome & Principe JDZ • Blocks 2, 3, 4, 5, 6 and 9 (working interests)

• Sao Tome & Principe EEZ • Blocks 4 and 11

• Small Equity Stake • In Toronto-listed Oando Energy Resources (TSX: OER)

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The Original ERHC Plan

Remember the Exploration Business Model and E&P Value Proposition in Part 1:

• Step 1. Acquire frontier E&P rights for low entry costs

• Step 2a. Build asset value through greenfield G&G work, attract partners and drill wells

• Step 2b. Build company value by doing 2a, driving ERHC rapidly up the value curve

• Step 3. Sell ERHC or E&P rights for large profit prior to drilling or upon discovery (within 5 years)

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Oil Frontier: Sao Tome & Principe

Original Plan Execution: Step 1. Acquire

• 1997: Exclusive Agreement with STP– 25 year term– Over 50% of net revenues from all STP oil production in return for

• Mapping STP maritime boundaries and delineating Exclusive Economic Zone• Developing STP oil industry, including establishing national oil company and licensing oil rights• One-time payment of $5million

• 1997-1999: ERHC does the following: – Pays $5 million– Maps maritime boundaries and delineates EEZ– Establishes national oil company (JV with government)– Contracts for seismic acquisition

• 1999-2003: ERHC and STP renegotiate Agreement until: – ERHC gives up all previous rights and entitlements in return for preferential minority rights in

• 6 offshore blocks in the Nigeria-STP Joint Development Zone (JDZ)• 4 offshore blocks in the STP EEZ

• 2004: ERHC exercises preferential minority rights in the JDZ• 2005-2006: ERHC teams up with International Operators to acquire additional rights (by

competitive bidding) in JDZ Blocks 2, 3 and 4

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Original Plan Execution: Step 2a. Build

• 2006 -2009: Pre-drilling Activities

– Geological and Geophysical Work

– Preparation for drilling and contracting of drillship and rig

• 2009-2010: Drilling

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Well Block Total Depth

Kina-1 JDZ Block 4 3,750m

Bomu-1 JDZ Block 2 3,580m

Lemba–1 JDZ Block 3 3,758m

Malanza-1 JDZ Block 4 4,196m

Oki East-1 JDZ Block 4 3,873m

Original Plan Execution: Step 2b. Build (Value)

$0.00

$0.10

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$0.60

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$0.90

Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

$/

Sh

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February 2009Sinopec-ERHCannounceplans to drillexploration well

June 2009Addax-ERHC announce4 exploration wellprogram

~$80 MM~$160 MM

August 2009Drilling begins onLemba – 1 in Block 3 of JDZ

March 2009Sinopec-ERHC prepare for Bomu– 1 wellon Block 2 of JDZ

~$310 MM

~$535 MM

~$340 MM

~$672 MM

~$540 MM

11x price increase over 8 month period Jan – Sept 2009

Month 1 Month 8

Milestones

Market Cap

Original Plan Execution: Step 3. Sell?

• 2010: Results of drilling

– No commercial discoveries announced

– >$400 million exploration costs written off

– Value curve inverts

• What to do?

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Sell at diminished

value?

Renew plan and start

again?

Renewing the Plan

• 2010-2011– Acquire

• Sao Tome & Principe EEZ – Blocks 4 and 11

• Chad – BDS 2008, Chari Ouest III and Manga Blocks (onshore)

• Kenya – Block 11A (onshore)

• 2011-2013– Build (Exploration)

• G&G work (ongoing)

• Formation of partnerships (ongoing)

– Build (Value)• At inception of value curve again

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KenyaBlock 11A

Estimated unrisked resources based on analogues with nearby Lokichar Sub Basin

(Tullow’s discoveries)range: 250-1200MMBO

9/18/2012

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Republic of Kenya

• ERHC’s Block 11A (2.9 million acres) is at the intersection of two major rift systems

• The East African rift play is one of the hottest trends in global oil exploration

• Recent East African rift discoveries include:– Ngamia (Kenya) 200-250 million barrels of oil

– Twiga (Kenya) flowed at a cumulative rate of 5,200 barrels/day

– Lake Albert (Uganda) 1.3 billion barrels of oil

Similar to Uganda FindsOperator Tullow estimates the discoveries may be similar in size to the Lake Albert Rift Basin in Uganda, which are estimated at 2,000 MMBOE

Northwest KenyaThe proximity and in-trend relationship between the Lotikipi plane and the Abu Gabra Rift basins of southern Sudan suggest high oil and gas prospectivity

Regional GeologyGravity data enabled the delineation of a sedimentary basin within the Block 11A area below the Lotikipi plain with a basin-fill believed to be in excess of 5,000 meters

Recent Exploration Success• Ngamia-1 and Twiga South-1 wells in Block 10BB nearby

Block 11 ARegional GeologyThe area is dominated by the Cretaceous Central Africa Rift System (CARS) and the Tertiary East Africa Rift System (EARS) with the associated basin depositional trends

Recent Rift Margin Discoveries in Block 10BB

Kenya Block 11A Exploration

• Pursue East African Rift Play:

– Approx. 1.5 MM acres of prospective Rifts identified

– Two main rift areas;• South:

– Apparent Tertiary rift basin enters the block, as identified based gravity maps derived from satellite measurements

• North:– Lotikipi basin: Cretaceous?/Tertiary rift basin identified by land and

airborne gravity acquired by Amoco and Camec, as well as identified on scarce seismic coverage shot by Amoco in 1985

– Estimated unrisked resources range: 250-1200mmboe (based on analogues with nearby Lokichar Sub Basin Tullow Oil’s discoveries)

Twiga South-1Discovery

In southern part of Block 11A Global Bouguer Gravity shows apparent presence of a similar Tertiary Rift Basin as where recent discoveries were made by Tullow Oil.

Tertiary Rift Basin

Block 11A

100Km

LotikipiGatome

Elemi

Block 11A Block 11B

In northern part of Block 11A airborne gravity acquired by Amoco and CAMEC identified the Lotikipi graben , a Cretaceous? Tertiary Rift basin. Seismic shot by Amoco in 1985 points to the possibility for fault traps as seen in recent Tullow discoveries.

Chad

BDS2008

Resource potential 250 MMBOE

9/18/2012

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Republic of Chad

• ERHC’s Block BDS2008 is located on the northern edge of the Doba and Doseo basin in southern Chad

• The Republic of Chad has proven oil reserves of 1.5 billion barrels

• Undeveloped discoveries estimated at 2.6 billion barrels

• The Doba/Doseo area produces more than 120,000 barrels per day

• Served by the 660 mile Chad/Cameroon Pipeline and the N’Djemena Refinery opened in 2012

NigerCNPC largest playerCurrent Production: ~17,000 bbl/dUnconfirmed EUR: 1.0 BlnbblContinue to explore

Ndjamena RefineryOperator: CNPCCapacity: 20,000 bbl/d expandableto 60,000 bbl/dOnline Date: June 2011Supply: Block H Area II (CNPC)

Block H Area IIOperator: CNPC (Former EnCana)Expected Production: ~17,000 bbl/dReserves (remaining): 85 MMbblOOIP: 700 mmbbl (CNPC)Continue to explore

Chad/Cameroon PipelineOperator: ExxonCapacity: 225,000 bbl/dUtilization: 115,000 bbl/dDistance: 1,070 kmPort: Cameroon loadingExpandable by adding pump stations

Republic of Chad•Proven Reserves are 1.5 Billion Bbls

Source International Petroleum Encyclopedia

•Undeveloped Discoveries are 2.6 Billion Bbls, and 14.6 TCF of Gas

Source USGS, World Petroleum Resources Project

Sudan All FieldsKey Operators: CNPC & ConsortiumsCurrent Production: 465,000 bbl/dPeak Production: 538,000 bbl/d (2011)Reserves (remaining): 1.96 Bln bblsEUR: 3.0 Bln bblsKey basins: Muglad, MelutWells Drilled: 300Commercial & Technical Success: 60%

Greater Nile Oil ProjectOperator: GNPOC (Formerly Arakis)Current Production: 203,000 bbl/dPeak Production: 300,000 bbl/d (2004)Reserves (remaining): 662 MMbblEUR: 1.49 Bln bbl

Chari Ouest - Doba BasinOperator: Exxon (Esso)Current Production: 115,000 bbl/dPeak Production: 220,000 (2004)Reserves (remaining): 462 MMbblEUR: 795 mmbbl

ERHC BLOCK BDS2008

Chad Infrastructure

60,000 bbl capacity, presently processing 20,000 bbl per day Opened 6 February 201260% CNPCI 40% CNO

660 mile long pipeline 225,000 bbl per day capacity

Chad Production126,200 bbl per day in 2010

(CIA World Fact Book)

9/18/2012

Chad Block BDS2008 Exploration Focus• Pursue Rift Margin Play:

– Approx. 570,000 acres on Rift Margin of Doseo and Doba basins

– Two main areas of focus:• Focus Area 1:

– North of Esso’s Tega and Maku discoveries in Doseo basin» Additional 2D seismic required to firm up leads» Unrisked resource potential ≈100 MMBO

• Focus Area 2:– East of and on trend with OPIC Benoy-1 Rift Margin discovery in Doba basin

» Initially acquire airborne gravity/magnetics survey in Q4,2013» Based on results of above, plan acquisition of 2D seismic» With expected analogue structuring as found to the west unrisked

resource potential ≈ 150 MMBO

– Resource potential 250 MMBOE

Focus Area 1 and Area 2

CHARI QUEST III

ERHCBDS-2008

ERHCBDS-2008

CHARI WEST - DOBACHARI EAST - DOSEA

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3

4

5

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DOBA/DOSEO BASINS

Focus Area 1Based on seismic two lead

areas A & B identified, additional seismic required

Focus Area 2No seismic available yet. Similar

structuring expected as to the west where OPIC made Rift Margin

discoveries

OPIC Benoy-1 Rift Margin

BOROGOPDOH

Focus Area 1: Structure Map of Top Lower CretaceousLead areas A & B are possible traps on Rift Margin

Lead A

Lead B

CARACAL proposed pipeline

Lead A Reserve potential: 34 MMBOE (unrisked)Lead B Reserve potential: 66 MMBOE (unrisked)

ERHC BDS 2008 Lead “A”Trap on Rift Margin similar to Rift Margin discoveries in Kenya

ERHC BDS 2008

Esso Tega #164 MMBOE*

NNW

CARACAL CHARI EAST - DOSEO

ERHC LeadTullow Ngamia #11 Billion BOE

Esso drilled late structures that developed during the waning stages of hydrocarbon charge.

ERHC’s concept: Drill early structures on the basin margin (Analogs: Tullow

Ngamia #1 and OPIC Benoy #1)

*As per CARACAL

Benoy#1 well:• 11-40 MMBOE in Lower Cretaceous• 3,053 m (10,013’) MD; Budgeted dry hole =

17.62 MM USD• 53 days to TD, 73 days total• 62 feet net pay, Avg porosity = 17.0; Avg perm =

23.25• Avg Sw = 49.0, Avg Vsh = 6.1• DST #1: 2309 – 2334; 1,231 BOD, 0.15 MMCFGD,

0 BWD, 20/64” ch; API 37.4, GOR 122• DST #2: 2229 – 2232; 1,174 BOD, 0 MMCFGD, 0

BWD, 24/62” ch; API 34, GOR 0

OPIC Benoy-1 Rift Margin Discovery on trend with Focus Area 2

Tega-1

Maku-1,2

BDS2008

BDS2008

Focus Area 2

Focus on BDS2008

OPIC Benoy-1

• Both Focus areas are close to proposed infrastructure by Caracal

ERHCBlock 11

ERHCBlock 4

São Tomé and Príncipe Exclusive Economic Zone

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São Tomé and Príncipe Exclusive Economic Zone

• Virtually surrounded by proven hydrocarbon systems

• ERHC has a 100 percent working interest in Blocks 4 and 11

• Free of signature bonuses

• Additional rights to acquire up to a 15 percent paid working interest in two additional blocks

• Cretaceous Turbidite fan deposits from offshore Gabon may have formed traps in Blocks 4 and 11

• Similar fan plays led to the Jubilee Field discovery

Regional Setting

• São Tomé and Príncipe are volcanic islands approximately 200 km south of the Nigerian coast

• Territorial waters are deep with water depths ranging 2500-3000m

• Thick sediment cover representing distal prodeltaic sediments of the Cretaceous Ogooué delta of Gabon

Part 3. The

Continuing

Investment

Rationale

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Example of Successful Exploration Business Model

• Pre-drilling ofRovuma Field, Mozambique: $18m valuation

• 12 months later, after drilling and huge discovery in Rovuma: $2bn valuation

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ERHC Investment Opportunities

• ERHC is open to discuss

– Farm-in and other partnerships on ERHC’s oil and gas assets

– Equity participation in asset-holding subsidiaries

– Other routes to participation in ERHC’s diverse asset portfolio

Summary

• Early Stage Exploration– High risk– Possibility (but no guarantee) of high reward

• Small Independent– Focus on early mover opportunity and low-entry cost – Revenues during execution limited to sale of:

• Company equity• Equity in asset

• Proven Business Model– Precedents of successful execution and large profits– Perseverance is key

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