Investor Presentation

February 2011

Certain statements contained in this presentation, including information as to the future financial or operating performance of ACC International Resources and its projects, are forward-looking statements. Such forward-looking statements:

• are necessarily based upon a number of estimates and assumptions that, while considered reasonable by ACC International Resources , are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

• involve known and unknown risks and uncertainties that could cause actual events or results to differ• involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and

• may include, among other things, statements regarding targets, estimates and assumptions in respect of production and prices operating costs production prices, and results, capital expenditures, reserves and

d ti i t d fl t d b b d ti d ti t l t d tresources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

ACC International Resources disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.,

The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.

All forward-looking statements made in this presentation are qualified by the foregoing cautionary statementsAll forward looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

Our GoalsOu Goa s

• We plan to be the first major producer of oil in the offshore ofWe plan to be the first major producer of oil in the offshore of Israel.

• The Shemen block provides excellent appraisal and exploration p pp ppotential for very high impact oil and gas projects

• We intend to drill two appraisal wells on the Yam oil discovery and pp yan exploration well on the similar Bravo oil prospect.

• Yam and Bravo projects located in shallow water, close to shore.

• Our success would result in Israel proving to be a significant oil producer in addition to being a major gas producer.

Management Overviewa age e t O e e

A Team ith nea l 100 ea s of e pe ience in the oil and gas ind st

Jean-Pierre Petit Nick Johnson Jan Tomanek

A Team with nearly 100 years of experience in the oil and gas industry

• Over 35 years experience while holding different executive level positions in companies such as Exxon-

• Over 30 years of International experience

• Full cycle Exploration and

• International Exploration and Development Geologist with a solid background incompanies such as Exxon-

Mobil• Experience in logistics and

finance, operations• In charge of operations for

Production experience• Previously with BP, OMV

and Afren• Head of Global Exploration

a solid background in Reservoir Engineering as well as Geophysical expertise

• Over 30 years of experience including offshore Gulf of• In charge of operations for

projects employing over a thousand people in many different countries

• From 1996 to 2002 was the

at OMV 2003-2005• Head of Exploration &

Production at AFREN from startup to billion dollar

including offshore Gulf of Mexico and carbonate work

• VP Oil & Gas Division• Gustavson Associates team

of Geophysicists Geologists• From 1996 to 2002, was the General Manager in charge of building the Chad-Cameroon pipeline and drilling of 400 wells

company 2005-2008• PhD Geology

of Geophysicists, Geologists and Engineers

drilling of 400 wells.

Recent Offshore Israel Gas Discoveries

Miocene sand F iMiocene sand F iT 8 TCFT 8 TCF

ece t O s o e s ae Gas sco e es

LeviathanDiscovery16 TCF

LeviathanDiscovery16 TCF

FairwayFairwayTamar ~8 TCFTamar ~8 TCF

Dalit 0.5 TCFDalit 0.5 TCF

Gaza Marine 1.5 TCFMari B 1.7 TCFN 3 0 TCF

Gaza Marine 1.5 TCFMari B 1.7 TCFN 3 0 TCF

Shemen Block

Noa 3.0 TCFNir 0.3 TCFNoa 3.0 TCFNir 0.3 TCF

History of Block

The Shemen block is located in the eastern di ff h f l i h

sto y o oc

Mediteranean offshore of Israel in the Levant Basin

Most of the block is in shallow (<100 meters)Most of the block is in shallow (<100 meters) water.

The acreage was previously known as Med A hd d d h ld b BG d IAshdod and held by BG and Isramco.

Seven wells have been drilled on the block resulting in two discoveries by Isramco:resulting in two discoveries by Isramco:Yam oil discovery (1990)and Nir gas discovery(2000).

Th li t th bl k t d t ACCThe licence to the block was granted to ACC International Holdings on February 10, 2010.

What ACC has achieved since licence award

• Data gathering

at CC as ac e ed s ce ce ce a a d

Data gathering

• Reprocess and merge existing 3D seismic datasets

• Extensive in house technical studies

Evaluation and interpretation• Evaluation and interpretation

• Develop Block Prospect Inventory

• Regular reporting to Ministry

• Independent audit of Prospects and Resources assessment by Netherland & Sewell (NSAI)

NSAI and Gustavson Associates

Netherland & Sewell Associates

S a d Gusta so ssoc ates

Netherland & Sewell Associates

• NSAI – worldwide petroleum consultants with offices in Dallas and Houston.

Founded in 1961, over 60 professional staff.ou ded 96 , o e 60 p o ess o a sta

• Independent reserves reports and audits

• Reserves report for Noble group gas discoveries in IsraelReserves report for Noble group gas discoveries in Israel

Gustavson AssociatesGustavson Associates

• International oil & gas consultancy, based in Colorado, USA.

Established over 25 years• Established over 25 years

• Full scale mining and natural resources evaluations

“Shemen” Workplan Timescale And Milestones

2010 2011

S e e o p a esca e d esto es

2010 2011

Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct

Licence AwardedLicence Awarded

Data Collection

Reprocess Seismic dataReprocess Seismic data

Seismic data interpretation

Netherland-Sewell ReportNetherland Sewell Report

Identify and contract rig

Start well planning & drilling plan p g g ppreparation (with CDC)

Spud first well

CDC- Caspian Drilling Company Ltd/SOCARp g p y /

• Founded in 1996 – the premier drilling contractor in the Caspian Sea

• Subsidiary of SOCAR (State Oil Company of Azerbaijan)

• Operate two semi submersible rigs in Caspian for super majors- Dada Gorgud & Istiglal

D illi t t f Sh kh D i G hli E A i W A i Chi• Drilling contractor for Shakh Deniz, Guneshli, E Azeri, W Azeri, Chirag

• World class experience in HPHT (High Pressure and High Temperature) drilling operations

• Outstanding safety recordOutstanding safety record

• International experienced staff – JV with Santa Fe Drilling until 2009

• Current business plan – International operations expansion

• Israel – Heads of Agreement with ACC/Shemen

• Israel - MOU with Benjamin Licence group

Block Location with Jurassic StructureBlock Location with Jurassic Structure

Yam 2 (1990) well Tested OIL at over

ACC Yam 4

ACC Yam 3

over800 B/D –sweet oil

Bravo 1 (1970) well did not reachACC Yam 3

Yam 2

Bravo 1 (1970) well did not reach the Jurassic

Proposed wells:

Bravo 1

ACC Bravo 2

Proposed wells: ACC - Yam 3 (App)ACC - Yam 4 (App)ACC - Bravo 2 (Exp)ACC Bravo 2 (Exp)

Will test the Jurassic Structures to 5700m

Yam 2 Test ResultsYam 2 Test Results

• Drilled in 1990 by Isramco –

• the well was flow tested at a rate of over 800 Barrels oil a day from an 8m perforated

section. Gross oil bearing interval 61m

• OIL production established from fractures

• Oil quality 47 deg API, GOR 1000 scf/bbl

• Test cut short due to operational constraints, pressure, temperature

• Well testing not optimised, limit of rig equipment

• No coring, no fracture identification logs or acidisation techniques were available or used.

• Estimated potential rate of over 3,000 Barrels per day (source Isramco)

ACC - Yam appraisal well planACC Yam appraisal well planIn house studies show that fractured section is greater than 8m tested byYam-2 well and that additional deeper reservoir sections are likely to beYam 2 well and that additional deeper reservoir sections are likely to be present (as penetrated in Yam Yafo-1 well)• Appraisal Well will be designed and optimised to test the Jurassic

carbonate sectioncarbonate section• Modern logging suite including image logs for fracture identification• Tests to be planned in detail

C id idi i f i i• Consider acidisation of reservoir section• Consider fracture stimulation (fraccing)

A combination of the above modern techniques is expected to significantly increase the OIL production rate from the Jurassic carbonate section.Potential flow rate from new well estimated tobe 5,000-7,000 bopd

Yam-3 appraisal wellpp

Estimated costs –drilling and testing

–$US 55 - 65 million

Total Jurassic OIL Resource Estimatesota Ju ass c O esou ce st atesNSAI Resource Report (February 2011)

Prospect Mean Oil inPlace MMB

Mean OilResources MMB

Y J iYam Jurassic - Contingent Resources 712.0 142.4

Bravo Jurassic 638 0 127 6- Prospective Resources 638.0 127.6

Total 1,350.0 270.0

N.B. Plus Associated gas: – Yam – 142 bcf (23.7 mmboe)         

Bravo – 127 bcf (21.2 mmboe)

Total Block Gas Resource Estimates (Cretaceous & Tertiary

M G i M G

( yprospects) NSAI Resource Report (February 2011)

Gas Prospects Mean Gas inPlace BCF

Mean GasResources BCF

TY-Yam 2,304.2 1,497.7

H Y 437 5 284 4Hau-Yam 437.5 284.4

Val-Yam 591.2 384.3

Delta-Yam 995.6 647.1

GeAM-Bravo 932.3 606.0

LCret-Bravo 1,383.9 899.5

PlioStruc-Bravo 41.9 27.3

PStrat-Bravo 179.2 116.5

ShPlioWest 37.4 24.3

Plio Cent 6 9 4 5Plio Cent 6.9 4.5

Plio East 19.0 12.3

Total 6,929.1 4,503.9

Total Block Resource Estimates MMBOENSAI Resource Report (February 2011)

Prospect Mean inPlace MMBOE

Mean Resources MMBOE

Contingent Resources (Yam) 712.0 166.2

Prospective Resources (Bravo) 638.0 148.8

Prospective Resources (Gas) 1 154 8 750 6Prospective Resources (Gas) 1,154.8 750.6

Total 2,504.8 1,065.6

Gas 6bcf =1 MMBOE

Value Creation in the E & P sectora ue C eat o t e & secto

Exploration Development ProductionAppraisal

Yam

Bravo

Relative Value Add

Capital Required

Risk profileRisk profile

Conclusions

• ACC Shemen Block provides a low cost appraisal opportunity of deliveringACC Shemen Block provides a low cost appraisal opportunity of delivering significant oil production from the Israeli offshore.

• 3 well programme planned to appraise and explore the Yam discovery and• 3 well programme planned to appraise and explore the Yam discovery and the Bravo exploration project.

C ti l d l t i h ll t 15 k f th h• Conventional development in shallow water - 15 km from the shore.

• Yam and Bravo projects each have mean potential for over 125 million p j pbarrels of recoverable oil and has exceptional value.

• Yam and Bravo projects have combined potential for over 500 millionYam and Bravo projects have combined potential for over 500 million barrels recoverable oil.