CAMAC Energy

Investor Presentation
September 2014

NYSE MKT: CAK www.camacenergy.com

NYSE MKT: CAK www.camacenergy.com

Cautionary Language
Regarding Forward-Looking Statements and Other Matters
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on our current expectations
about our company, our properties, our estimates of required capital expenditures and our industry. Words such as "expect,
"will," "anticipate," "indicate," "estimate," "believes," "plans" and similar expressions are intended to identify such forward-looking
statements. It is important to note that any such forward-looking statements are not guarantees of future performance and
involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking
statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements
include: the preliminary nature of well data, including permeability and gas content, and commercial viability of the wells; risk and
uncertainties associated with exploration, development and production of oil and gas; drilling and production risks; our lack of
operating history; limited and potentially inadequate cash resources; expropriation and other risks associated with foreign
operations; anticipated pipeline construction and transportation of gas; matters affecting the oil and gas industry generally; lack of
oil and gas field goods and services; environmental risks; changes in laws or regulations affecting our operations, as well as
other risks described in our Annual Report on Form 10-K, Quarterly Reports filed on Form 10-Q, and subsequent filings with the
Securities and Exchange Commission (SEC). CAMAC Energy undertakes no obligation to publicly update or revise any
forward-looking statements.
Cautionary Note to Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved,
probable and possible reserves that meet the SECs definitions for such terms. We may use terms in this presentation such as
contingent resources, prospective resources, leads, oil in place and similar terms that the SECs guidelines strictly prohibit
us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10K for the year ended December 31, 2013, available from us at www.camacenergy.com or by writing us at: CAMAC Energy Inc.,
1330 Post Oak Blvd., Suite 2250, Houston, Texas 77056 Attn: Investor Relations; Telephone: (713) 797-2940. Also on our
website at www.camacenergy.com is a glossary of terms. You can also obtain our filings from the SEC by calling 1-800-SEC0330, or via the internet at www.sec.gov.

CAMAC ENERGY

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Over 25 Years In The African Energy Sector

1986

Cameroon-American Company (CAMAC) founded as a privately-held agricultural commodities trading company

1990

CAMAC creates Allied Energy Plc (Allied) to focus on upstream E&P

1992

OPL 210 awarded to Allied, the first indigenous Nigerian oil company to be awarded and named operator of a deepwater license

1995

Oyo-1 (Allied/Statoil/BP) discovers oil in OPL 210, and the Oyo field becomes the first deepwater Nigeria oil discovery

2002

OPL 210 is converted to OMLs 120 and 121

2005

Allied partners with ENI (40%) to develop the Oyo field

2009

Oyo field achieves first oil production with Oyo-5 and Oyo-6. Peak production from these two wells reaches over 25,000 bbls/d

2010

Transaction completed with Pacific Asia Petroleum, Inc. (PAP), and name changed to CAMAC Energy Inc. (CAK)
Allied re-acquires 40% interest in OMLs 120 and 121 from ENI, and now owns 100%

2012

Awarded 4 Blocks in Kenya, and 2 Blocks in Gambia

2013

Oct. CAMAC Energy successfully drills Oyo-7 development well offshore Nigeria; to be completed horizontally
115 feet net oil pay, and 93 feet net gas pay in the Pliocene formation
Also confirmed the presence of hydrocarbons in the deeper Miocene formation

2014

Feb. $270 million equity investment from the Public Investment Corporation (SOC) Limited
Feb. CAMAC Energy acquires remaining economic interests in OMLs 120 and 121 from Allied; CAMAC Energy now owns 100%
Mar. Awarded the Expanded Shallow Water Tano Block in Ghana
Aug. CAMAC Energy successfully drills Oyo-8 development well offshore Nigeria; to be completed horizontally
Encountered four new oil and gas reservoirs with 112 feet gross hydrocarbon thickness
Sep. Closed $100 million credit facility

CAMAC ENERGY

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A Transformative Year for CAMAC Energy

$270mm Private
Equity Investment

Provided acquisition funding and drilling capital

Allied Energy Plc

Acquisition

Exponential increase in production, reserves and resources

Oyo-7 Well
Successfully Drilled

115 feet net oil pay to generate high-impact production growth

Miocene Confirmed
in OML 120

De-risks 1.4 billion boe of Miocene prospective resources

Multi-Year Rig
Contract
Multi-Year FPSO
Contract

Ability to execute the West Africa drilling program

Long-term production facilities in place

Awarded the ESWT

Block in Ghana

Low-risk, near-term development and reserves upside

Oyo-8 Well
Successfully Drilled

Encountered four new oil and gas reservoirs; 112 Feet Gross
Hydrocarbon Thickness to generate major production growth

NOTE: Northern Offshore Energy Searcher drillship has been secured for up to two years commencing 6/9/2014. Armada Perdana FPSO has been secured for up to seven years commencing 1/1/2014.

CAMAC ENERGY

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Uniquely Positioned to Deliver

Generating Predictable, Repeatable Oil Production Growth
Delivering All Brent, High-Margin, Oil Mega Projects
Advancing World-Class Frontier Exploration in West and East Africa
Continuing To Obtain Attractive Exploration Assets

Industry-Leading Drilling Success

Strong, Conservative Balance Sheet

CAMAC ENERGY

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Leading Sub-Saharan Africa Portfolio

9 Assets
4 Countries
10 Million Net Acres
Full Operatorship
Production

GAMBIA
Offshore
Block A2
Block A5

Acres
Interest
320,000 100%
343,000 100%

GHANA
Offshore

Acres

Tano Block (1)

373,000

NIGERIA
Offshore
OML 120
OML 121

(1)

Partner
-

Operator

Interest

Partners

Operator

30%
30%
25%
15%

Acres
Interest
230,000 100%
217,000 100%

Exploration

CAMAC Int'l
GNPC
Base Energy

Partner
-

Operator

KENYA
Onshore
Block L1B
Block L16
Offshore
Block L27
Block L28

Acres
Interest
3,066,000 100%
900,000 100%
Acres
Interest
2,619,000 100%
2,577,000 100%

Partner
Partner
-

Operator

Operator

Expanded Shallow Water Tano Block.

CAMAC ENERGY

SEPTEMBER 2014 CAMAC ENERGY

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Nigeria: Cornerstone of the African Oil Industry

September 2014

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Nigeria Is The Largest Oil Producer in Africa

Nigeria is the worlds 6th largest oil producer

Q1 2014 production of 2.26 million BOPD 1

DESCRIPTION
Nigerian
National
Petroleum
Corporation

(1)

Operating subsidiary is the Nigerian

Petroleum Development Company
(NPDC), established in 1988

Nigeria is the 4th largest oil supplier to the U.S.

Nigeria has proved reserves of 68 Bboe

COMPANIES

PRODUCTION / RESERVES

Production: 898,000 boepd

Reserves: 20.5 bn boe

International
Oil Companies
(IOCs)

Includes six large international oil and

gas companies that are internationally
recognized as super-majors
Most prominent in Nigeria is Shell

Production: 1,174,000 boepd

Reserves: 11.4 bn boe

National Oil
Companies
(NOCs)

The Nigerian upstream space is seeing

increased participation by NOCs of
other countries
Chinese E&P companies hold ~2/3 of
this groups total reserves

Production: 260,000 boepd

Reserves: 1.7 bn boe

Source: Nigerian Bureau of Statistics

CAMAC ENERGY

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Niger Delta Deepwater Seafloor Topography

ERHA FIELD

120
121

BONGA FIELD

CAMAC ENERGY

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Cross Section: Middle Miocene Regional Play

2,500m

4,500m

CAMAC ENERGY

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OML 120/121: Prolific Oil Producing Region

440,000 net acres
ERHA NORTH
200 MMBbls of oil
0.2 Tcf of natural gas

EWO NORTH

SONAM
1 Tcf of natural gas

OYO FAR EAST

PROSPECT O
EWO DEEP

OYO
OYO FIELD

PROSPECT G

ERHA
495 MMBbls of oil
2.7 Tcf of natural gas
140,000 bopd

46 mi offshore
water depths of 330-3,300 ft

Oyo Field:
1,000 ft water depth
1P of 9.9 MMBbls of oil
2P of 18.3 MMBbls of oil
3P of 35.1 MMBbls of oil

ERENG

PROSPECT R
PROSPECT P

BOSI
400 MMBbls of oil
3.5 Tcf of natural gas
EBOLIBO
2007 Gas Discovery:
120 Bcf of 2C resources

BONGA NORTHWEST

6.2 miles

BONGA
1,600 MMBbls of oil
1.1 Tcf of natural gas
150,000 bopd

Source: DeGolyer and MacNaughton.

CAMAC ENERGY

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OML 120/121: Seismically-Defined Prolific Hydrocarbon Province

Extensive inventory of prospects and leads identified
PROSPECTS

OML 120

OYO FIELD
(CAMAC Energy)

OML 120 and 121

440,000 net acres

Name

Block

Formation

MMBoe

121

Pl i ocene

230

120

Mi ocene

187

120

Mi ocene

185

Ereng

120

Mi ocene

167

Ewo North

120

Mi ocene

138

Other

121

Mi ocene/Pl i ocene

130

46 miles offshore

Erha Field
(Exxon)

1,036
LEADS
OML 121

EBOLIBO
2007 Gas Discovery
120 Bcf of 2C resources

Name
Ereng B
Ewo Deep
D
Other

Block
120
120
120
120

Formation
Miocene
mid-Miocene
Miocene
Miocene / Pliocene

MMBoe
203
164
109
318
793

Source: Gaffney, Cline & Associates. Prospective resources are unrisked. Other Prospects total 5; Other Leads total 9.

CAMAC ENERGY

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Oyo Field: Pioneer Deepwater Nigeria Exploration

In 1995, the Oyo Field Became the First Deepwater Nigeria Discovery
100% Drilling Success Rate (8 for 8)
4.5+ MMBOE EUR/Well
Premium to Brent Pricing: Light, Sweet, 33 to 34 API, Low Sulphur
Far East Area

Oyo-4
Gas injection well, 2007

OYO Field:
1P of 10.9 MMBbls of oil
Oyo-7 2P of 14.1 MMBbls of oil
Completion
3P ofstage
32.1 MMBbls of oil

Oyo-5
2009
IP 9,500 bopd
Peak 16,890 bopd

Oyo-1
Discovery well, 1995

Oyo-3
Appraisal well, 2007

Oyo-8
Completion stage
Oyo-2
Appraisal well, 2006

West Area

CAMAC ENERGY

Central Area

Oyo-6
2009
IP 6,300 bopd
Peak 8,800 bopd

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High-Impact, Early Cash Flow

Currently completing two significant development wells in the Oyo field
OYO-7

115 Feet Net Oil Pay + 93 Feet Net Gas Pay

Reached Top of Pliocene pay at 5,564 ft SSTVD
Reached Top of Miocene pay at 7,500 ft SSTVD
Confirmed Hydrocarbons in the Miocene
Most Prolific Producing Zone Offshore Nigeria
De-Risks 1.4 Billion BOE of Miocene Prospective
Resources
OYO-8

Encountered four new oil and gas reservoirs

112 Feet Gross Hydrocarbon Thickness

Reached TD at 6,059 ft
CAMAC ENERGY

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Demonstrable and Repeated Production Growth

DRILLING RIG

FPSO

Secured for up to two years commencing June 9, 2014

Secured for up to seven years commencing January 1, 2014

Maximum Drilling Depth: 7,620 m (25,000 ft)

Water Depth: 762 m (2,500 ft)

Oyo: 40,000 BOPD FPSO

1.1 MM Bbls Storage Capacity

Northern Offshore Energy Searcher drillship

CAMAC ENERGY

Armada Perdana FPSO (CAMAC 100%)

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OML 120/121: Favorable Economics

Revenue per Barrel
$100.00

Royalty to Nigeria
$12.00 (12%)
Net Revenue after
Royalty
$88.00 (88%)

Cost Recovery 1
$70.40 (80%)

$78.85 net revenue

per $100 bbl

Astro Sculptor oil tanker

Profit Oil
$17.60 (20%)

Profit Oil
$8.45 (48%)

Tax Oil
$9.15 (52%)
Petroleum Profits Tax: 50%
Education Tax: 2%

(1)

Cost Recovery includes capital expenditures and operating expense. CAMAC Energy has approximately $900 million of recoverable costs as of June 2014.
Note: Hypothetical $100/bbl used for illustrative purposes. Due to the high quality of Oyo Crude, CAMAC Energy receives a $1 to $2 premium to Brent pricing.

CAMAC ENERGY

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SEPTEMBER 2014 CAMAC ENERGY

Expanded
Shallow Water
Tano Block

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Ghana: Low Risk Development Upside

September 2014

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Ghana: Three Discovered Fields in the Tano Basin

EXPANDED SHALLOW WATER TANO BLOCK
AWARDED IN MARCH 2014

GHANA

combined surface area of 373,000 acres in water depths of 180380 feet

Expanded Shallow Water

Tano Block

CAMAC Energy named operator

Deepwater
Tano Block
(TEN Fields)

West Cape
Three Points
Block
(Jubilee Field
and
Teak-Akasa
Discoveries)

Three field discoveries located 9-21 miles offshore

South Tano Field

Discovered in 1978 by Phillips Petroleum

JUBILEE FIELD
104,000 bbls/d
Q2 2014 production

North Tano Field

Discovered in 1980 by Phillips Petroleum
West Tano Field
Discovered in 2000 by Dana Petroleum
WORK PROGRAM
Initial exploration period of two years
Source: Government of the Republic of Ghana

Determine, within 9 months, the economic viability of developing

the three previously-discovered fields
CAMAC International Ltd

30%,
operator
CAMAC ENERGY

30%

Evaluate existing 3D seismic, and geological and well data

25%

170 km/105 mi offshore

15%
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Block L1B, onshore Kenya, Lamu Basin

Garissa E
110 MMBO

Hagarso NW
400 MMBO

Garissa SE
115 MMBO

Hagarso-1
100 MMBO

Hagarso W
165 MMBO

NYSE MKT: CAK www.camacenergy.com

Lead

18 miles

Kenya: Frontier Discoveries and Proven Basins

September 2014

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9 MM Acres in the Largest Sedimentary Basin in Kenya

4 Blocks in the Lamu Basin awarded in May 2012; effective August 2012
AWARD DETAILS
ETHIOPIA

Oil Discovery
Gas Discovery
CAMAC Acreage

Named operator with 100% interest

Government of Kenya has option to
participate up to 20% upon development

WORK PROGRAM
L1B/L16 Onshore
Initial exploration period expires June 8, 2015

UGANDA

2013
Completed a Gravity and Magnetic Survey
2014
Completed an Environmental Study
Preparing to acquire and process 2D seismic

KENYA

2016
Drill two exploration wells: one on each block
L27/L28 Offshore
Initial exploration period expires August 2015
2014
Acquired 2D seismic in March
Currently processing 2D seismic
Conducting a regional Geophysical Study

TANZANIA

105 miles offshore

water depths of 7,200-14,700 feet

CAMAC ENERGY

2016/2017
Drill one exploration well: Block L27 or L28

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SEPTEMBER 2014 CAMAC ENERGY

BLOCK A2

BLOCK A5

West Lead
800 MMBO

Gambia: Entering the West African Transform Margin

September 2014

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Gambia: Prime Deepwater Acreage in the West African Transform Margin

April 17, 2014

FAN-1 exploration well
(900 mmbbls) spudded by Cairn,
Conoco, FAR, and Petrosen
In 1979, Chevron
drilled Jammah-1

1830
miles
km/18
offshore
mi
offshore

TWO BLOCKS AWARDED IN MAY 2012

WORK PROGRAM

combined surface area of 663,000 acres in water depths of 1603,900 ft

Initial exploration period of four years

In 1979, Chevron drilled Jammah-1 in Block A2 based on 2D seismic

Two leads have a combined 1.3 billion barrels of oil

Gas shows in thick section of high-quality reservoir confirmed

West Lead
630 mmbo - Cenomanian reservoir
168 mmbo - Albian reservoir

hydrocarbons; only well drilled offshore Gambia

CAMAC Energy named operator with 100% interest

Gambia National Petroleum Company has option to participate up to

15% at commercial discovery

Favorable royalty scheme of up to 25%

East Lead
480 mmbo Cenomanian reservoir
57 mmbo Albian reservoir

2014 - Reprocess 2D seismic, and Conduct a Regional Geological Study

2015 - Acquire 3D seismic

2016 - Drill exploration well on each block

CAMAC ENERGY

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Drilling Program Focused on Near-Term Cash Flow

Country

(1)

Q3
2014

Q4
2014

Asset

Well

2015

2016

Nigeria

120

Oyo-8

100%

Successfully drilled; now

completing horizontally

Nigeria

120

Oyo-7

100%

Successfully drilled; now

completing horizontally

Nigeria

120

Miocene
exploration well

100%

Drill

Nigeria

120

Oyo-9

100%

Drill

Nigeria

120

Oyo-10

100%

Drill

Nigeria

120

Oyo-11

100%

Drill

Kenya

L1B

exploration well

100%

Acquire 2D seismic

Kenya

L16

exploration well

100%

Acquire 2D seismic

Kenya

L27/L28

exploration well

100%

Gambia

A5

exploration well

100%

Reprocess 2D seismic, and conduct a

regional geological study

Gambia

A2

exploration well

100%

Reprocess 2D seismic, and conduct a

regional geological study

Ghana

ESWT (1)

N/A

30%

2017

Process 2D seismic, and conduct a

regional geophysical study

Assess commerciality of three

previously discovered fields

Expanded Shallow Water Tano block.

CAMAC ENERGY

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CAMAC Energys Value Creation Model

Production and Revenue Growth
Reserves and Resources Growth
High-Impact Exploration Success
Substantial Farm-Down Opportunities

Africa Asset Expansion

Opportunistic Acquisitions

CAMAC ENERGY

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Experienced, Diverse International Management Team

Kase Lawal
Chairman &
Chief Executive Officer

Earl McNiel
Senior Vice President &
Chief Financial Officer

Segun Omidele
Senior Vice President,
Exploration & Production

Nicolas Evanoff
Senior Vice President,
General Counsel and
Secretary

Heidi Wong
Senior Vice President,
Chief Administrative Officer

CAMAC ENERGY

Chairman of CAMAC Energy since becoming public in 2010; appointed as Chief Executive Officer in 2011
Chairman of CAMAC International Corporation, a privately-owned diversified energy company
Vice Chairman and shareholder of Unity National Bank in Texas
Board Member of the National Urban League
Board Member of the Cullen Engineering Research Foundation
Former Member of the White House Advisory Committee for Trade Policy and Negotiation (Obama)
Former Member of the Presidential Trade Advisory Committee on Africa (Bush and Clinton)
Bachelors degree in Chemistry, Texas Southern University; MBA in Finance and Marketing, Prairie View A&M University

Joined CAMAC Energy in 2012 as Senior Vice President and Chief Financial Officer
10 years as CFO, VP of Corporate Development and Chief Accounting Officer at Pride International, Inc., an international
provider of contract drilling and related services
Former CFO of Transmeridian Exploration, an international independent oil & gas company
Began career with a major international public accounting firm
BBA, Baylor University
Joined CAMAC Energy in 2011 as Senior Vice President, Business Development and New Ventures
28 years with Shell companies in Nigeria, the United Kingdom, and the United States
Regional Resource Volume Manager (Africa)
Team Lead - Deepwater Integrated Projects
Bachelors degree in Petroleum Engineering, University of Ibadan, Nigeria
Masters degree in Petroleum Engineering, University of Houston

Joined CAMAC Energy in 2011 as Senior Vice President, General Counsel and Secretary
Former Senior Vice President, General Counsel and Secretary of Frontera Resources Corporation
Former Vice President, General Counsel and Secretary of Transmeridian Exploration
Held executive legal positions with international drilling contractors, Pride International and Transocean
Juris Doctorate, University of Houston

Joined CAMAC Energy in 2010 from Pacific Asia Petroleum, Inc.

Former GM, Business Development, Government Relations and Commercial Affairs
19 year tenure with Texaco and ChevronTexaco
General Manager of Texaco China
Vice President of Business Development and External Affairs of ChevronTexaco China Energy Co.
MBA, the Wuhan University of Technology in China

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Distinguished Board of Directors

Chairman of CAMAC Energy since becoming public in 2010; appointed as Chief Executive Officer in 2011

Chairman of the Board

Chairman of CAMAC International Corporation, a privately-owned diversified energy company

Vice Chairman and shareholder of Unity National Bank in Texas
Board Member of the National Urban League
Board Member of the Cullen Engineering Research Foundation
Former Member of the White House Advisory Committee for Trade Policy and Negotiation (Obama)
Former Member of the Presidential Trade Advisory Committee on Africa (Bush and Clinton)
Bachelors degree in Chemistry, Texas Southern University; MBA in Finance and Marketing, Prairie View A&M University

Lee P. Brown

Chairman of the Board of Unity National Bank

Former Mayor of Houston
Former Police Department Commissioner of New York, Atlanta, and Houston

William J. Campbell

Principal and Managing Director of PPPCo-CB Energy, LLC, a private oil and gas exploration company
Managing Director of CB Energy, LLC, a private oil and gas exploration company

John D. Hofmeister

Former President of Shell Oil Company

Member of the U.S. Department of Energys Hydrogen and Fuel Cell Technical Advisory Committee
Chairman of the National Urban League
Founder of Citizens for Affordable Energy, a non-profit association which promotes U.S. energy security solutions

Daniel M. Matjila

Chief Investment Officer and Executive Director of the Public Investment Corporation (SOC) Limited
Board member of Ecobank Transnational Incorporated
Former Senior Manager of Quantitative Research Analysis for Stanlib Asset Management Limited, and Anglo American plc

I. Wayne McConnell

Managing Partner of McConnell & Jones LLP, Certified Public Accountants

Former Chairman of the Audit Committee of the American Heart Association

Hazel R. OLeary

U.S. Secretary of Energy from 1993 to 1997 under President Clinton

Appointed to the Federal Energy Administration under President Gerald Ford
Appointed to the Department of Energy under President Jimmy Carter
Former President of Fisk University in Nashville, Tennessee
Former Assistant Attorney General and Assistant Prosecutor in New Jersey

Kase L. Lawal

CAMAC ENERGY

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For more information, please visit

www.camacenergy.com

CAMAC Energy Inc.

Corporate Headquarters
1330 Post Oak Blvd., Suite 2250
Houston, Texas 77056
www.camacenergy.com

Main:
Investor Relations:

713-797-2940
713-797-2945