I. Introduction to Infield Systems
II. Operations Offshore in Southern & Eastern Africa
a) Offshore Namibia
b) Offshore South Africa
c) Offshore Madagascar
d) Offshore Juan De Nova
e) Offshore Comoros Islands
f) Offshore Mozambique
g) Offshore Tanzania
h) Offshore Kenya
i) Offshore Seychelles
III. Opportunities in Southern & Eastern Africa
a) Opportunities in Namibia
b) Opportunities in South Africa
c) Opportunities in Juan de Nova
d) Opportunities in Mozambique
e) Opportunities in Tanzania
f) Opportunities in Kenya
IV. Market Analysis
a) South & East Africa Subsea wells by Country
b) South & East Africa Pipeline Installations (km) by Country
c) South & East Africa Control Line Installations (km) by Country
d) South & East Africa Platforms by Country
e) South & East Africa Summary of CAPEX ($m)
V. Appendix
VI. Disclaimer
2
O&G Sector Exposure
Infield provides services & products across the full OFS & renewables life cycle
Sources: FMC, Infield Systems4
Products & Services
A leading offshore O&G and associated services consultancy
5
Data, Reports & GIS Mapping Business Strategy and Analysis Transaction Services
• Offshore specific data covering production
infrastructure, rigs, specialist vessels,
construction yards, contracts and OFS
providers
• Sector specific reports
• GIS mapping services covering operational
and forecasted production infrastructure
• Market matching and market tracking –
“Match & Track”
• Complete market intelligence outsourcing
• Bespoke sector services
• Market entry strategy
• Procurement strategy advisory – “Project
Flow”
• Ad-hoc sector analysis
• Pre IPO due diligence
• Market overview IPO
• Debt financing analysis
• Distressed asset purchases
• Buy/sell side market due diligence
• Opportunity identification
Operators Offshore in Southern & Eastern Africa
6
Namibia RSA Madagascar Juan de Nova Mozambique Tanzania Kenya Seychelles
Offshore Oil & Gas in Namibia
New Sub-Salt province?
Source: Infield Systems7
• Namibia has no offshore upstream production to speak of
• The only development is the much delayed Kudu field. The
field was discovered in 1974 by Chevron & Partners
• Namcor and Gazprom agreed to establish a special purpose
company to take a majority stake in the Kudu gas field from
Tullow Oil. Tullow Oil has resumed negotiations with
NamPower to develop the Kudu gas project.
Offshore Oil & Gas in South Africa
Economic Powerhouse of Southern Africa
Source: Infield Systems8
• The offshore upstream industry in RSA started in the early
90’s in the Mossel Bay area with the discovery of the Oribi
oilfield (1990) and the start of production form the F-A fields
(1992) by PetroSA
• The F-A fields were tied back to the Mossel Bay GTL refinery
which at the time was the worlds largest GTL facility
• The PetroSA operated Sable Gas (E-CE) field came onstream
in 2003
Offshore Oil & Gas in Madagascar
Heavy Oil Central
Source: Infield Systems9
• The existence of oil and gas reserves has been confirmed in
Madagascar but the area is considered to be both
underexplored and underexploited
• Onshore there are proved Heavy Oil deposits such as the
Tsimiroro field on Block 3104 & Bemolanga on Block 3102
• Offshore ExxonMobil, Niko Resources & Sterling Energy
have acreage
Offshore Oil & Gas in Juan de Nova
Frontier Exploration
Source: Infield Systems10
• Juan de Nova is under French control and the permits were
issued French Government in December 2008
• No systematic petroleum exploration has taken place
around Juan de Nova and this area is considered to be a
frontier province. Water depths range from 200 - 3,200m
• SAPETRO recently successful concluded the acquisition of
12,256 km 2-D seismic over the Juan de Nova Maritime
Profund block and Belo Profond (Madagascar)
Offshore Oil & Gas in Comoros Islands
Frontier Exploration
Source: Infield Systems & Bahari Resources11
• The Comoros Islands have one exploration block. This is located over anextension of the Rovuma Delta Fan
• The main potential appears to be the extension of the Rovuma Delta into theComoros, possibly lapping onto Grande Comore. The Rovuma Delta shows aworking petroleum system in the Mnazi Bay discovery near-shore
• Bhahari Resources is undertaking initial exploration on the block. The acreage isadjacent to offshore Area 1 and Area 4 of Mozambique's Rovuma Delta, wherethe recent giant hydrocarbon discoveries have been made by ENI and Anadarko.Bahari will undertake a phased seismic and drilling programme within thelicensed area and will in addition carry out for the Government a regional studyof the entire Comorian territory. The report will be used for the furtherdemarcation of blocks and a future licensing round
• The Comorian Government hopes to have in place by 2013 a Petroleum Codethat will govern all aspects of petroleum exploration and production as well asprovide for the internal structures to be created that will oversee, monitor andcontrol operations
Offshore Oil & Gas in Mozambique
New LNG Hub?
Source: Infield Systems12
• Mozambique launched its First Offshore Licensing Round on
31 March 2000. This bidding round offered 14 blocks mainly
in the Mozambique Basin covering the shallow and deep
Zambezi delta area
• Sasol was the first to strike Gas with the Njika in Block
16/19. This is still being evaluated
• Anadarko struck it big with the Windjammer discovery in
2010 (6.5TCF). This along with the Lagosta (4TCF), Tubarao
(3TCF), Camarao (6.5TCF) & Golfinho/Atum (10TCF) have
been grouped together to form the Prosperidade
development
• Shortly on the heels of Anadarko, ENI announced the
discovery of the Mamba South gas field (8TCF) in Rovuma
Offshore Area 4 in 2011. Area 4 has yield other sizable gas
discoveries with Mamba North/Northeast (7TCF) & Coral
(5TCF). The resources exclusively located in Area 4 are now
estimated at about 23 tcf plus of gas in place and the full
potential of Mamba Complex estimated at 75 tcf of gas in
place, which will be assessed with the coming delineation
wells.
Offshore Oil & Gas in Tanzania
First east African Production
Source: Infield Systems13
• Gas production started off Tanzania in 2004, with the SongoSongo field. The discovery well was drilled in l974 by AGIP(now ENI SpA). Songo Songo is conected to an onshore gasprocessing plant then a great proportion of the gas went tofuel the Songas Ubungo power plant in Dar es Salaam togenerate about 190MW of electricity (45% of the country'scapacity)
• In 1981 ENI discovered the Mnazi Bay gas field. Maurel &Prom is continuing to develop this area, with the 2012Mnazi Bay work programme which also includes workoverson three existing wells and either one appraisal or additionalexploration well
• BG Exploration & Production Tanzania Ltd’s recent Mzia gasfind in Block 1 has been stated as having an in placeresource estimate of 4-9TCF
• Tanzania is to review all contracts with oil and gasexploration companies by the end of November. Tanzaniaplans to restructure its state-run petroleum company. TheTanzania Petroleum Development Corporation (TPDC) couldbe split into two separate entities, one to act as anupstream regulator of the fast-growing gas industry and theother as a publicly-owned commercial oil company
Offshore Oil & Gas in Kenya
New Gas Province?
Source: Infield Systems14
• The Mbawa-1 exploration well in the L8 licence area is the
first offshore Discovery in Kenya. Gas was found in three
separate zones
• Tullow have discovered Oil & Gas with the onshore Twiga
South-1 well. Three sandstone reservoir zones, analogous to
Ngamia-1, were encountered and moveable oil, with an API
greater than 30 degrees was discovered
• Anadarko Petroleum is scheduled to begin exploring for oil
and gas in Kenya in December. The two wells, known as the
Kiboko prospect in block L11B and the Kubwa prospect in
block L7, will be drilled back to back and cost about $140
million each
• Simba Energy has announced the results of the Infrasonic
Passive Differential Spectroscopy (or 'passive seismic')
survey recently completed over Block 2A, Kenya, where it
has a 100% working interest
Offshore Oil & Gas in Seychelles
New areas of exploration
Source: Infield Systems15
• Afren (via East Africa Exploration) & WHL Energy are active
in exploration off the Seychelles
• Afren in Dec 2012 started the countries 1st 3D seismic
programme on its acreage, having previously completed a
2D seismic survey. The company’s licence areas have been
estimated to hold gross unrisked prospective resources of
2.8 billion barrels of oil equivalent
• Seychelles will undertake a licensing round this year
Opportunities in Namibia
New Sub Salt province?
Source: Chariot Oil & Gas16
• Kudu will be developed as a Gas to Power project withTullow remaining as operator after Gazprom/NAMCORfarmed in
• Recent offshore exploration activity has confirmed thatsource rock extending down the entire coastal line ofNamibia contains a subsalt petroleum system equivalent toBrazil and other offshore African plays such as Angola
• Chariot Oil & Gas plans more drilling in Namibia next year.The first one likely to be drilled will be Delta 1 in the Centrallicence area with the second to be confirmed after furtherevaluation and integration of recently acquired data setsfrom both the Tapir South and Kabeljou-1 wells
• Chariot have been awarded the Second Renewal Phase Northern Blocks 1811 A&B and of Licence 15 which encompasses Southern Block 2714B offshore Namibia. The Second Renewal Phase of these Licences runs from 27 October 2012 until 26 October 2014
• HRT may drill 4 wells in Namibian waters in 2013
• Repsol is planning to drill at least one exploration well in2014
Opportunities in South Africa
New areas of exploration
Source: Infield Systems17
• The west coast of RSA has attached interest with Cairn India
recently farming into Orange Basin Block 1 on the border
with Namibia. This is a historically underexplored area. Shell
and BHP Billiton are also active in this area
• Forest Exploration plans to supply gas to a power station at
Saldanha or Island Point. This field may come onstream
around 2017 via a mini TLP with separation, dehydration &
compression facilities
• Project Ikhwezi comprises a 39 km subsea tieback of the F-O
gas field to the existing F-A Platform. Major subsea
structures are being built by DCD Marine
• The deepwaters to the south of Mossel bay are under
exploration by Total who has extensive deep water
experience. The deepwater is thought to be analogous to
the North Falkland Basin where Rockhopper Exploration
found oil with its Sea Lion find in 2010.
Opportunities in South Africa
New areas of exploration
Source: Infield Systems18
• Whilst most offshore oil & gas production in RSA has
focused around the Mossel bay area, exploration licences
are well subscribed with many international players involved
• Licences in the Tuglea basin off the east coast are still in the
early stages of exploration with players such as Silver Wave
Energy, Sasol & Impact Africa active
• Anadarko recent farmed in to blocks 5, 6 & 7 off southern
South Africa (Anadarko 80% PetroSA 20%). Dolphin
Geophysical AS has signed an agreement with Anadarko
South Africa (Pty) Ltd for the acquisition of approximately
6250 kms, 2D survey offshore. The survey will be acquired
by Artemis Atlantic and commenced in December 2012.
Opportunities in South Africa
Shale Gas
Source: Shell19
• In September 2012 the RSA government lifted its moratorium on
shale gas exploration in SA.
• The US Energy Information Administration (EIA) has previously
estimated the potential recoverable shale gas resources in South
Africa to be around 485 TCF (EIA estimates there are about 480
recoverable TCF of shale gas in the U.S.).
• The Karoo Basin offers a potential exploration opportunity for
shale gas. In December 2010, Shell submitted three separate
exploration licence applications for areas of around 30,000
square kilometres each. These areas are in the Western Cape,
Eastern Cape and Northern Cape provinces of South Africa.
• According to Shell The Karoo’s natural gas potentials could
provide South Africa with a stable, alternative energy source for
power generation that is 40% more energy-efficient and emits
50-70% less CO2 than coal.
• Hydraulic fracking in this arid region could be assisted by the
publication of the Karoo Groundwater Atlas in Feb 2012. This
identifies the occurrence and characteristics of groundwater in
the Karoo area.
http://www-static.shell.com/static/zaf/downloads/media/karoo_groundwater_atlas.pdf
Opportunities in South Africa
Shale Gas
Source: Infield Systems20
• Other Companies with Shale Gas interests in South Africa
include:
• Sunset Energy – Cranmere & Thelma Areas
• Falcon Oil & Gas/Chevron – South West Karoo
• SASOL/Statoil/Chesapeake – North Karoo
• Anglo Coal – Eastern Karoo
• There is no regional pipeline network for oil and gas except for
the gas pipeline that connects SA with Mozambique
• As a comparison In 2010 alone the US shale gas capex was
24.8$bn on upstream and 8.4$bn in infrastructure according to
Americas Natural Gas Alliance. This is projected to rise to
39.6$bn on Upstream & 94$bn Infrastructure in 2015 (Drilling
(40%), Completions (50%), Facilities (10%))
• A study by Econometrix Ltd commissioned by Shell showed
that developing a 10th of South Africa’s resources may boost
the economy by about 200 billion rand ($24 billion) a year
• South Africa has also awarded CBM exploration permits to
several companies Some 20TCF od Gas is Place reserves have
been suggested. The potential for CBM extraction also extends
to the north into Botswana.
Opportunities in Madagascar
Frontier Province
Source: Infield Systems21
• In the Ampasindava block (2001C) the large Sifaka prospect
is ready to drill and has been independently estimated to
contain gross un-risked best estimate prospective
recoverable resources of 1.2 billion barrels (RISC Competent
Persons Report, March 2008). ExxonMobil (WI 70%,
Operator) and Sterling plan to drill this well once political
stability is re-established
Opportunities in Juan de Nova
New island Opportunity
Source: Wessex Petroleum22
Schematic Cross Section Across the Mozambique Channel
• Wessex Exploration (70%) & Jupiter Petroleum (30%) are jointly looking to farm-out their interest and are offering an incoming
party the opportunity to enter the exploration of this area through a low cost phased farm-in
• Wessex Exploration has completed the first phase of interpreting 1000 kilometres of reprocessed seismic shot six years ago by
TGS-Nopec over its Juan de Nova East
Opportunities in Mozambique
New LNG hub
23
• Anadarko & ENI have been in talks to build a LNG plant in Mozambique as part of a plan to jointly develop their recent major gasdiscoveries offshore
• This may lead to cooperation on the offshore development. Which has been proposed as a subsea to shore development with somedegree of compression 10 years after initial production. The Anadarko Prosperidade gas project will be from an initial 30 to 35 subseaproduction wells
• The most likely market for this LNG produced would be Asia. The total cost of offshore development and construction of a new two-trainLNG terminal will be around US$15bn. The FEED for the Prosperidade development is due to be awarded soon
• Total reached a farm-in agreement with Petronas, for the acquisition of a 40% interest in the PSC covering the offshore blocks Area 3 andArea 6 located in the Rovuma Basin. Petronas will retain the operatorship
Opportunities in Mozambique
New LNG hub
24
• Five options have arisen for the site of LNG & Gas utilisation facilities:
- Two initial LNG trains at Palma, commissioned by 2018, with two more added every two years until the site plays host to 10 trains
- Palma as the LNG hub, fed also with Rovuma basin onshore supplies, with power utilisation, fertiliser production and gas-to-liquids
output also coming online in 2018, 2019 and 2020, respectively
- Pemba centred development with the addition of gas supplies from the southern offshore Rovuma basin with an initial two LNG trains
and then another two trains by 2020. There would also gas pipeline running from Palma to Pemba, where the fertiliser and GTL
production would be sited
- GTL and fertiliser facilities focused in Nacala, gas-fuelled power generation in Palma and a pipeline between Pemba and Nacala
- LNG trains located at Palma but with gas piped also to Beira for fertiliser and GTL production
Opportunities in Mozambique
New Gas/LNG hub
Source: Government of Mozambique25
• The Mozambican government is seeking to draw up a Gas
Master Plan (MGMP) which implies the clear definition of
the cycle of production and of transport of the gas.
Mozambique Ministers have stated the huge energy
resource must be handled in such a way as optimize the
benefits for Mozambican society, including the growth of
institutional capacities in both public and private sectors,
the development of roads and other infrastructures, and an
expansion in access to training and to employment
• An agreement was signed between the government and the
Sasol in 2000, allowing the building of a pipeline 865
kilometres long to carry the gas from Temane to Secunda in
South Africa. Exports of the Inhambane gas began in 2004
• The plans to produce LNG in Cabo Delgado require an
estimated investment of US18$bn. The earliest possible
date for the start of LNG production is 2018
Opportunities in Tanzania
26
• BG Exploration & Production Tanzania Ltd has discovered six fields over Block 1, 3 & 4. Whilst Statoil has made two discoveries in Block 2
• These discoveries have resulted in the some 19.3 TCF being realised. Tanzania is also working on Gas Master Plan the results of which are
due for release later this year. Tanzania will be looking to build gas processing plants & power plants. A financial deal for the construction
of a 532km gas pipeline from Dar es Salaam to Mtwara was signed in June 2012 with China’s Export-Import Bank
• BG Group are looking towards the port of Mtwara as train LNG export hub, whilst is said to favour Statoil Lindi some 60km to the
northwest. Block 1 could support two LNG trains whilst discoveries in block 2 could support a third.
• KBR is to perform Pre-FEED studies for Statoil for a prospective LNG facility
• Tanzania and its semi-autonomous islands of Zanzibar have agreed on the sharing of any future hydrocarbon revenues. This will allow
work on blocks 9, 10, 11 and 12 held under force majeure by Shell for over ten years.
Discovery Chaza (Block 1) Jodari (Block 1) Mzia (Block 1) Papa (Block 3) Pweza (Block 4) Chewa (Block 4) Zafarani (Block 2) Lavani (Block 2)
Operator BG BG BG BG BG BG Statoil Statoil
Resource TCF 0.47 3.4 4.5 1.0 1.7 1.8 4.5 2.0
Discovery Date 07-Feb 11 26-Mar 11 26-Mar 12 26-Mar 12 22-Oct 10 01-Dec 10 01-Mar 12 10-Mar 12
Opportunities in Kenya
Source: Pancontinental27
• BG & partners L10A and L10B plan to carry out a new 3D surveyof 2,280 sq km in the western portion of the licence areas. Thenew 3D survey is planned to commence in November 2012. Fullinterpreted results are expected Q2 2013
• Kenya will move to bidding rounds for its oil exploration blocks.This will move away from the open block one-to-one negotiationswith oil companies.
• Kenya also plans to increase the signature bonus companies arerequired to pay when there are granted a new licence.
• The size of new exploration blocks will be reduced in size so morecompanies can explore acreage.
• Kenya aims to take a bigger slice of the profits from its naturalresources exploration boom by seeking a 25 percent stake in theproduction activities of oil and gas companies operating in theeast African nation. The proposal announced by Kenya's energyminister is one of many the government has put forward in thepast month to increase the state's take from oil and gasresources, including new capital gains tax rules, a morecompetitive licensing process and higher fees for petroleumexplorers. At present most of Kenya's contracts with oil explorersgive state-owned National Oil Corporation of Kenya (NOCK) a 10percent stake in the production business once commercialquantities of oil or gas are found. This means that NOCKcontributes 10 percent of production costs and receives 10percent of profit. However, the government now wantscompanies to give NOCK an initial 10 percent stake, increasing to25 percent once production has started
South & East Africa Market OverviewSouth & East Africa Subsea wells by Country
South & East Africa Subsea wells by Country28
0
5
10
15
20
25
30
2008 2009 2011 2014 2016 2017 2018 2019 2020 2021
Mozambique Namibia Republic Of South Africa Tanzania
Country 2008 2009 2011 2014 2016 2017 2018 2019 2020 2021 Grand Total
Mozambique 0 0 0 0 0 0 2 9 13 3 27
Namibia 0 0 0 0 0 1 5 0 0 0 6
Republic Of South Africa 1 1 2 4 5 8 6 3 6 3 39
Tanzania 0 0 0 0 0 2 2 10 7 3 24
Grand Total 1 1 2 4 5 11 15 22 26 9 96
South & East Africa Market OverviewSouth & East Africa Pipeline Installations by Country (km)
South & East Africa Pipeline Installations by Country (km) 29
Country 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Grand Total
Mozambique 0 0 0 0 0 0 0 0 0 1 62 351 414
Namibia 0 0 0 0 0 0 0 0 0 0 8 0 8
Republic Of South Africa 101 0 7 0 40 0 1 5 1 190 1 31 377
Tanzania 0 0 0 0 0 3 25 0 0 40 190 25 283
Grand Total 101 0 7 0 40 3 26 5 1 231 261 407 1,083
0
50
100
150
200
250
300
350
400
450
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Mozambique Namibia Republic Of South Africa Tanzania
South & East Africa Market OverviewSouth & East Africa Control Line Installations by Country (km)
South & East Africa Control Line Installations by Country (km) 30
Country 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Grand Total
Mozambique 0 0 0 0 0 0 0 0 0 0 6 133 139
Namibia 0 0 0 0 0 0 0 0 0 0 4 0 4
Republic Of South Africa 39 0 7 0 40 0 0 3 1 110 0 16 216
Tanzania 0 0 0 75 0 0 0 0 0 0 4 19 98
Grand Total 39 0 7 75 40 0 0 3 1 110 15 168 457
0
20
40
60
80
100
120
140
160
180
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Mozambique Namibia Republic Of South Africa Tanzania
South & East Africa Market OverviewSouth & East Africa Summary of CAPEX (US$m)
South & East Africa Summary of CAPEX (US$m)31
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Mozambique Namibia Republic Of South Africa Tanzania
Country 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Grand Total
Mozambique 0 0 0 0 0 0 0 0 230 430 942 2,389 3,991
Namibia 0 0 0 0 0 0 0 0 59 143 182 68 451
Republic Of South Africa 223 30 17 13 186 3 47 130 509 578 211 233 2,419
Tanzania 0 0 30 36 11 42 19 0 138 421 951 698 2,344
Grand Total 223 30 47 49 197 44 66 130 934 1,572 2,285 3,388 9,205
South & East Africa Market Overview
32
South & East Africa Platforms by Country
Country FixtureType 2015 2016 2017 2018 2019 2020 Grand Total
Mozambique Fixed 0 0 1 0 0 0 1
Floating 0 0 1 1 0 0 2
Namibia Floating 0 1 0 0 0 0 1
Republic Of South Africa Floating 2 2 0 0 1 0 5
Tanzania Floating 0 0 1 0 2 1 4
Grand Total 2 3 3 1 3 3 13
Country Platform Type Installation Year Status
RSA Mossel Bay E-BK FSO FSO (Conversion) 2015 Possible
RSA Mossel Bay E-BK FPS FPS SemiSub (Conversion) 2015 Possible
RSA Ibhubesi TLP-A FPS TLP (New Build) 2016 Possible
RSA Mossel Bay LNG Import FSRU FPSO (Conversion) 2016 Possible
Namibia Kudu FPSO FPSO (Conversion) 2016 Possible
Mozambique Windjammer (Prosperidade APC) Fixed 2017 Possible
MozambiqueWindjammer (Prosperidade FPS)
FPS SemiSub (New Build) 2017 Possible
Tanzania Jodari (Block 1) FPS TLP (New Build) 2017 Probable
Mozambique Golfinho/Atum FPS TLP (New Build) 2018 Possible
RSA Ibhubesi West FPS TLP (New Build) 2019 Possible
Tanzania Chewa (Block 4) FPS TLP (New Build) 2019 Probable
Tanzania Chaza FPS TLP (New Build) 2019 Possible
Tanzania Zafarani (Block 2) FPS TLP (New Build) 2020 Possible
Security
Source: NATO Shipping Centre33
• This maps show piracy attacks in the last year in the Indian
Ocean
• Mozambique has requested Naval & Air support from South
Africa to secure its waters against Somali piracy
Disclaimer
35
The information contained in this document is believed to be accurate, but no representation or warranty, express or implied, is made by Infield Systems
Limited as to the completeness, accuracy or fairness of any information contained in it, and we do not accept any responsibility in relation to such information
whether fact, opinion or conclusion that the reader may draw. The views expressed are those of the individual contributors and do not represent those of the
publishers.
Some of the statements contained in this document are forward-looking statements. Forward looking statements include, but are not limited to, statements
concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, numbers of development units, statements relating to the
continued advancement of the industry’s projects and other statements which are not historical facts. When used in this document, and in other published
information of the Company, the words such as "could," "forecast”, “estimate," "expect," "intend," "may," "potential," "should," and similar expressions are
forward-looking statements.
Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties
and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ
from these forward-looking statements, including the potential for the industry’s projects to experience technical or mechanical problems or changes in
financial decisions, geological conditions in the reservoir may not result in a commercial level of oil and gas production, changes in product prices and other
risks not anticipated by the Company. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks
and uncertainties.
© Infield Systems Limited 2012
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