Namibia and Guyana Building an Atlantic Margin Focused Company Corporate Presentation March 2018 1
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Eco Atlantic Frontier Plays Guyana and Namibia 3
Eco Portfolio Snapshot Highly prospective licences being developed in partnership with major oil companies limiting risk exposure Guyana Offshore Namibia Offshore Orinduik Block -1800 km 2 Eco: 40% WI (NonOperated) Tullow Oil: 60% WI (Operator) Total Petroleum Farm in Option Agmt Signed on 25% Adjacent to Exxon s String of Recent Discoveries Exxon Predicts over 3 Billion Barrels Recoverable Liza, Ranger, Payara, Pacora, Snoek and Turbot- Discoveries all within kilometers of Eco s Orinduik Exxon ongoing exploration and development drilling 92% Discovery to Drill Rate by Exxon Analyzed Interpreted & Reprocessed 7,000 km of 2D Surveyed and Processing 2,550 Km of 3D Shallow Water Leads in Excess of 1 Billion Barrels Four Walvis Basin Offshore Blocks: PEL 30 - Cooper 32.5% WI (Operator) PEL 34 - Guy 50% WI (NonOperated) PEL 33 - Sharon 60% WI (Operator) PEL 50 - Tamar 72% WI (Operator) Partnered with Tullow Oil, AziNam, ONGC Videsh and NAMCOR Proven exploration record in Namibia since 2011 Interpreted over 10,000 km 2 of 2D Surveyed, Processed and Interpreted over 2,000 Km2 of High Resolution 3D Establishing Drilling Targets Filed first Drilling Permit Near Term Drilling Exxon: Walvis Basin Feb 2018 Farm-In Exxon Discoveries 2015/16/17/18 Exxon Entrance 2018 Eco is fully funded and carried for at least 3 high impact exploration wells. Exxon 20 Wells Guyana 2018 PL37 Well Announced Namibia 4
Strong Board and Management Team Moshe Peterburg Non-Executive Chairman Over 25 years of experience in Africa (Nigeria, Equatorial Guinea, Ghana, Namibia and others) Keith C. Hill Non-Executive Director Currently President and CEO of Africa Oil Corp., Director of Africa Energy and Chairman of Petrovista Energy. Over 30 years experience in the oil industry including 18 years with the Lundin Group Senior positions at Occidental Petroleum and Shell Oil Msc Geology and Bsc Geophysics. Gil Holzman Chief Executive Office Significant experience in the mining and energy resource sectors throughout Africa Managed a portfolio of private and publicly-listed resource and energy companies Helmut Angula Non-Executive Director Over 20 years experience in the Namibian Government Served as Deputy Minister of Mines & Energy Ex-Minister of Fisheries & Marine Resources; Finance; Agriculture; Water & Rural Development; Works & Transport Colin Brent Kinley Chief Operating Officer CEO of Kinley Exploration LLC, providing professional, technical and oversight expertise to resource companies Over 35 years of international expertise in energy project management and new energy company development Chairman of: Coro Mining, (TSX-V:MIN) Director Excelsior Mining Corp. (TSX-V:MIN), Jet Mining Pty LLC Alan Friedman Executive Director President of Rivonia Capital 14 years experience in acquisitions, financings, dispositions and TSX public transactions Co-founder/Director and of Auryx Gold Corp. Namibian assets sold to B2Gold (TSX:BTO) for ~$150m IMG_ 0590. jpg Peter William Nicol Non-Executive Director 30 years experience in the banking industry, with 20 years specializing in the oil and gas sector Headed the Oil and Gas Research team at GMP Securities Europe, Tristone Capital Initiated coverage and finance of over 36 international E&P companies Gadi Levin Non-Executive Director CFO of TSX-V listed companies; Vaxil Bio Ltd., Briacell Therapeutics Corp. and Adira Energy Ltd. Bachelor of Commerce degree in Accounting and Information Systems Significant experience in establishing, growing, financing and monetising oil & gas companies across Africa and South America 5
A strategic Partner: Africa Oil Corp. (TSX: AOI) Africa Oil Corp. recently invested CAD $14m in Eco Atlantic and is a ~19% shareholder of the Company. Currently with over $400m cash in hand has formed a Strategic Alliance with Eco Atlantic to seek new mutual exploration opportunities Africa Oil Corp. subscribed for 19.77% of the Company and invested CAD $14 million ( 8.46 million) at 28% premium to the then market price (as of 10 th November 2017) Funds will be used to actively identify, negotiate and contract new oil and gas exploration assets and conduct the initial work programmes Keith Hill, President and CEO of AOC, was appointed to the Board of Eco Strategic Alliance Agreement with AOC to bid jointly on any new assets or ventures proposed to be acquired by Eco 6
Namibia Highly Prospective Offshore Oil Province Favorable Fiscal terms Politically stable Established Partners Recent country entry by majors Near term increasing exploration activity 7
Namibia - Snapshot Highly Active Underexplored Oil and Gas region Proven Offshore Petroleum System 2013 HRT Wingat-1 Well Recent Farm-in and New Entries: Exxon, Shell Galp, Tullow, Repsol, Total, ONGC Videsh Near Term Drilling Activity Planned 2018 and 2019. PL37 Tullow Spud Sept/18 Politically Stable with Favourable Fiscal incentives Walvis Basin Namibia 8
Eco Walvis Basin Licences Interest in four offshore blocks covering 22,500 km 2 in the Walvis Basin, South West Africa Four licences surrounding HRT prospects. Oil is shows on the HRT licences 2.36 Billion Bbls of P50 prospective resources (Net to Eco) Cooper(0.24 Bn bbl) Sharon (1.33 Bn bbl) Guy (0.79 Bn bbl) Recent busy farm-in activity including Tullow, Repsol, ONGC, Exxon, Total, Africa Energy, and Galp Namibia: Increasing 2018 activity 3D Programs Completed PEL 30,34 2018 and 2019 Drilling: Tullow/Shell/Galp/Chariot/Total July 2017 ONGC Videsh Ltd (OVL) Farmed in to a 30% WI in PEL 37, from Tullow. Block is directly south of Eco Cooper Block (PEL 30).DuetobedrilledSeptember2018 ExxonMobil farmed into Galp block in the center of the Walvis Basin Cooper 3D Shot Drill Ready Guy 3D Shot Drill Ready Tamar Ready for 3D Chariot PL70 Drilling 10/18 Sharon Ready for 3D Tullow PL37 Drilling 9/18 GALP ExxonMobil *Gustavson Associates P50 best estimate as at 31 October 2016 9
Cooper Block Highlights ONGC Videsh conditionally agreed to acquire 15% interest in PEL 0030 Cooper Block from Tullow Oil, offshore Namibia subject to certain conditions. Post Acquisition: WI in the Cooper: Eco (Operator): 32.5%; NAMCOR: 10%; AziNam Ltd: 32.5%; OVVL: 15% Tullow Oil: 10.0%* Tullow option to increase WI by 15% in exchange for a capped well carry NI51-101 Compliant: Gustavson Assoc. 882 Million Barrels (BOE) of Oil (Gross Prospective - Best) resources on Cooper. 1,100 kilometer 3D Survey Environmental Drilling Permits Filed 10
Namibia Block Highlights Cooper Sharon Guy Tamar Block Size 5800 km 2 5700 km 2 5700 km 2 7500 km 2 Water Depth < 600 m < 500 m < 2500 m < 2500 m Licence Exploration Target 5 Yrs + 2 Yrs (3 rd Optional) + 2 Yrs (3 rd Optional) 1100 km 2 3D programme completed in Nov. 2014 Upper Cretaceous Clastics Turbidites Albian fan/channel Lower Cretaceous Carbonates 5 Yrs + 2 Yrs (3 rd Opt.) + 2 Yrs (3 rd Opt.) Acq. 8000 Km of existing 2D Plan 1000km 2 of 3D Basal Tertiary Clastics and Turbidites Upper Cretaceous Clastics Turbidites Lower Cretaceous Carbonates 5 Yrs + 2 Yrs (3 rd Opt.) + 2 Yrs (3 rd Opt.) Completed 1000 km 2D and 1000 km 2 of 3D 2016 Basal Tertiary Clastics and Turbidites Upper Cretaceous Clastics Turbidites Lower Cretaceous Carbonates 5 Yrs + 2 Yrs (3 rd Opt.) + 2 Yrs (3 rd Opt.) Completed 1000 km 2D 3D under consideration Basal Tertiary Clastics and Turbidites Upper Cretaceous Clastics Turbidites Lower Cretaceous Carbonates g Prospective Oil in Place, MMBbl Prospective Oil Resources, MMBbl Low Estimate Best Estimate High Estimate Low Estimate Best Estimate High Estimate Cooper 1896.1 3166.0 5036.7 434.3 752.8 1241.8 Sharon 3136.4 9658.5 23,345.3 701.9 2211.7 5518.4 Guy 2194.9 6903.0 16,906.8 489.4 1581.4 4000.9 Competent Persons Report for Certain Assets in Offshore Namibia and Offshore Guyana (1)/ 11
Guyana Currently Most Exciting and Rapidly Developing Offshore Oil Province Politically Stable Appealing Fiscal Terms Extremely active with exploration and development programs 2018-2020 3 Billion Barrels within Kilometers! Strategically Located Updip of Exxon discoveries at 92% hit rate 12
Guyana-Suriname Basin - Snapshot Fast emerging oil industry frontier On of the most prospective offshore basins globally World Class Discoveries: 150,000 Bbl./Day by 2020 400,000 Bbl./Day by 2025 Stabroek Block: 0ver 3.2 Billion Barrels to date $6 Billion (USD) in Investments in the Oil and Gas sector currently planned Major Oil and Gas Companies: ExxonMobil, Hess, Nexen Total, Anadarko, Repsol, Tullow, DEA, Kosmos Exxon s discovery offshore Guyana is the most exciting thing happening in terms of Latin America exploration right now * Wood Mackenzie, May 2015 13
World Class Discoveries on Stabroek Block Liza 2 Discovery in July 2016 190ft of pay Payara 1 Discovery in January 2017 95ft of Pay Liza 4 Discovery in March 2017 197ft of pay Payara 2 Discovery in July 2017 Adds 500 million barrels to Payara Discovery Ranger 1 Discovery in January 2018 largest discovery so far Application Orinduik Award 2015 2018 Liza 1 Discovery in May 2015 295ft of pay Liza 3 Discovery in October 2016 1.4 B Bbls of Oil equivalent Liza 3 Lower Zone Discovery in January 2017 Adds 100 Million Bbls Snoek Discovery March 2017 82ft of highquality oil-bearing sandstone Turbot 1 Discovery October 2017 79ft of high-quality oil-bearing sandstone Pacora 1 Discovery February 2018 65ft of high-quality oil-bearing sandstone 14
Eco / Tullow Orinduik Block Updip and only a few Kms from ExxonMobil s string of discoveries in the Guyana Suriname-Basin Adjacent to Exxon >3 Bn bbl discoveries Updip in same play as Exxon fields Partnered with Tullow 60% WI Reduced cost exposure through Tullow and Total agreements Accelerated work programme 2D seismic reprocessing & interpretation completed 2016 3D program covering 2,500 km 2 Completed 09/2017 Processing now Orinduik Block 1800 km² licence area 170 km offshore Guyana Situated in the shallow water of the Guyana-Suriname basin Eco 40% working interest/tullow 60% working interest 10 year Petroleum Agreement (4 year term + two 3 year renewals) and JOA signed with Tullow as Operator 15
Guyana Mean Resources >900 MMBO Maturing lead inventory in West Orinduik Amatuk and Kurutuik leads identified Potential targets at multiple levels 3D Additional leads under review Cumulative mean resources: >900 million Bbls Maturing Tertiary Canyon Play in East Orinduik 3D Evaluation ongoing to mature leads Planned 3D Survey will De-risk up-dip trap integrity Lead Water Depth (m) Overburden (m) Area (Mean) (Km 2 ) Pg % Mean Resources (MMBO) Potential AVO Uplift Amatuk 70 ~2830 60 15 ~700 Up to 15% Kurutuik 70 ~2930 25 15 >~200 Up to 15% 16
Multiple Orinduik Prospects Several objectives in Maastrichtian & Companion Shallow drilling to targets ~3000 m Proven system updip of Liza discoveries Combination trap: Pinchout & updip faults Excellent trapping potential Reservoir is upper cretaceous slope channel turbidites Equivalent depositional system to Liza Excellent reservoir quality 3D has is increasing focus on leads and targets Shallow water drilling - 70 Meters Well cost estimated at $20m-$25m Diagrams Courtesy of Tullow Oil 17
Orinduik Farm-in Option Total SA has entered into an option agreement with Eco to Farm-in to the Orinduik Block with Eco and Tullow Farm-in to be exercised within 120 days of delivery of processed 3D data Processing completion anticipated near term Anticipated New WI: Tullow 60% (Operator) Total 25% Eco 15% Total will pay Eco $13.5m for the 25% WI Eco s Paying Interest on each exploration well is expected to be approx. $4m US Source: IHS 18
Eco Atlantic Highly Experienced Management Mature Board Industry Leading Partners First In Strategy Upcoming Drilling 2018/19 Exploration Inventory Cashed Up and Carried 19
Eco Approach PROVEN STRATEGY GLOBAL PARTNERSHIPS DE-RISKED Identify early stage opportunities with upside potential MANAGEMENT TEAM EXECUTION FOCUSED Significant partnerships with major oil companies HIGHLY PROSEPCTIVE Operating in stable jurisdictions with excellent governments and local communities relations UNIQUE EXPOSURE TO GUYANA Experienced management team with proven track record for resource development in Africa and South America 5 projects in highly prospective regions and adjacent to major discoveries Fast growing oil province with recent world class discoveries Fully funded for at least 2 high impact exploration wells in Orinduik (Guyana) and carried on Cooper (Namibia) 20
Key Market Data Ticker LON: ECO TSX-V: EOG Share price 33.5p C$ 0.62 Market Cap 52.76M C$ 97.65M 52 week trading Nomad Brokers AIM: 17.12p- 41.00p TSX: C$ 0.26-0.71 Strand Hanson Limited Pareto Securities Brandon Hill Capital - - Key Shareholders (as of November 2017) Key Shareholders Percentage shareholding (%) Africa Oil 18.87 Moshe Peterberg 6.82 Trent Limited 4.36 Utilico Emerging Markets Ltd. 3.75 Gil Holzman* 4.18 Analyst Coverage Hannam & Partners Pareto Securities 113 GBp 95 GBp Azinam Limited 3.31 Other 58.71 LSE Share Price Chart, March 2017 March 2018 21
Contact us Gil Holzman Chief Executive Officer Tel: +1 (416) 250 1955 Mob: +972 (50) 888 4529 Email: gil@ecooilandgas.com Colin Kinley Chief Operating Officer Tel: +1 (913) 851 0433 Mob: +1 (913) 221 2996 Email: colin@ecooilandgas.com Canada Office: 181 Bay Street, Suite 320, Brookfield Place, Toronto, Ontario, Canada, M5J ET3 T: +1 (416).250.1955 22