Sasol Petroleum International (PTY) Limited

Sasol Petroleum International (PTY) Limited Offshore Nigeria Asset Divestment September 2010 Nigeria OML 140 & OPL 214 Offshore Niger Delta Sasol Pe...
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Sasol Petroleum International (PTY) Limited Offshore Nigeria Asset Divestment September 2010

Nigeria OML 140 & OPL 214 Offshore Niger Delta

Sasol Petroleum International (PTY) Limited intends to divest its entire interest in its offshore Nigeria portfolio. This offering constitutes an exciting opportunity to acquire a balanced package of non-operated interests, which include both significant development projects and a large exploration portfolio.

Sasol Petroleum International (PTY) Limited Offshore Nigeria

Sasol Petroleum International (PTY) Limited (“Sasol”) has engaged FirstEnergy Capital LLP (“FirstEnergy”) as its exclusive financial advisor for the divestment of its interests in Nigeria blocks OML 140 and OPL 214. Sasol Petroleum International (PTY) Ltd is part of Sasol Limited, a JSE and NYSE listed group of companies. The interests held by Sasol are located in the prolific deepwater offshore Niger Delta region. In addition to a large number of exploration prospects, the offering includes a stake in the significant BSWAp, Nsiko, Orso and Uge oil discoveries. Discovered recoverable resources are estimated to be 19.1 MMbbl net to Sasol.

Key Opportunity Highlights Strategic Opportunity • Opportunity to acquire or augment an existing Nigerian portfolio by acquiring a package of non-operated interests in the prolific offshore Niger Delta area • Balanced portfolio of development and exploration assets • Low working interest provides exposure to world class development and exploration potential

with

manageable

CAPEX

exposure • Strong operators with proven track records in the deep water offshore Nigeria environment

Proven Reserves and Discoveries • Independent verification of resource numbers by RPS Energy a recognised technical expert (2010) • Participation in the BSWAp development (P50 : 941 MMboe gross recoverable resources), located close to the greater Bonga production hub and operated by Shell (SNEPCO) on behalf of NNPC • Material discoveries include Nsiko field (Gross resources P50: 289 MMboe) Uge field (Gross resources P50: 268 MMbbl) and Orso field (Gross resources P50: 10 MMbbl)

Additional Exploration Upside • Oil and gas prone exploration targets in basin with proven petroleum systems or basins with nearby analogous discoveries • Significant portfolio of prospects and leads with combined unrisked, gross, prospective resources of approaching 2 Bn boe (RPS Energy, 2010)

OML 140

OML 140 Prospect Map

• Sasol holds a 2% Working Interest (“WI”) / 5%

Bonga North

Participating Interest (“PI”)

OPL248

OPL 322

• Block operated by Chevron (38% WI)

OPL 285N

OML118 Bonga NW

• Located in water depths 1,200-3,000 m

Bonga

Bonga SW Nsiko NS

• Block operated under PSC regime, effective date 6th May 2003, covering 1,132 km2

Nsiko N

Discoveries

OPL 324

Bonga South West and Aparo (“BSWAp“)

Northern FB Central FB

10 km

Aguinyi

OML 132

Southern FB

OML 140 25 km

• Extension into OML 140 confirmed in 2003 by the

Aparo

Nsiko S

Sand Shark

Aparo-3 appraisal well • Pre-unitisation agreement in place, assigning 7.5% to OML 140 (P50: 941 MMboe Gross)

OPL 326

OPL 214

OPL250

OPL 2011

• Draft development plan (turret moored FPSO and subsea well development) complete, further engineering studies ongoing.

Nsiko • Nsiko-1 discovery well drilled 2003 and found net pay in multiple oil columns • Field delineated by Nsiko 2 (2004) and Nsiko 3 (2004) wells • Estimated 617 MMbbl STOIIP, and 289 MMboe recoverable resources (gross, P50) • Although discovery is proximate to BSWAp discovery, Nsiko field is considered too large for joint development • Provisional FDP submitted and approved with FID in 2013 and first oil expected ea. 2017 • Production concept is to use subsea wells with a dedicated FPSO, oil export by tanker and gas by pipeline.

Additional Prospectivity • Several prospects and leads identified and undergoing evaluation • Nsiko hub could act as a host for future discoveries

Status and Work Commitments

OML 140 Discovered and Prospective Resources In Place Oil (unrisked Gross, MMbbl)

• Following successful completion of the exploration phase, block converted from OPL 249 to OML 140 in 2009 • Additional exploration well to be drilled in 2011 • Ongoing development studies

Past Costs

Recoverable Oil (Gross MMboe)

Prospect

Maturity

P50

P10

P50

P10

BSWAp

Discovery

2930

3629

941

1345

Nsiko

Discovery

617

843

289

518

Nsiko North

Prospect

83

123

51

91

Nsiko South

Prospect

27

56

18

41

Sand Shark

Prospect

43

72

27

53

Aguinyi

Lead

500

1396

300

1024

• Past costs have totalled $18.8MM to date (net to Sasol)

Source: RPS Energy – June 2010

OPL 214

OPL 214 Location Map

• Sasol holds a 5% WI / 5% PI • Block operated by ExxonMobil (20% WI) • Located in water depths between 800 and 2,000 metres • Block operated under PSC regime, effective date 13th June 2002, covering 2,734km2

Discovery Uge Field • Uge-1 discovery well drilled in 2005 encountering oil and gas in 8 Miocene/ Pliocene reservoirs • Estimated 677 MMbbl STOIIP, and 268MMbbls recoverable oil (gross) • Development studies initiated by operator, with concept development utilising subsea wells producing to a dedicated FPSO oil export by tanker and gas re-injected

Orso Field • Orso-1 discovery well drilled in 2008 successfully targeting primary Miocene and Upper Oligencene distributory channel complexes • Estimated 10 MMbbl recoverable oil (gross)

Status and Work Commitments

OPL 214 Additional Prospectivity In Place Oil (unrisked Gross, MMbbl)

• Phase 1 (Years 1-4) Acquire and process1500 km2 3D seismic and drill one well - complete • Phase 2 (Years 5-7) Acquire and

Recoverable Oil (MMbbl)

Prospect / Lead

Maturity

P50

P10

P50

P10

Uge Field

Discovery

677

880

268

387

Orso

Discovery

-

-

10

-

Uge North

Prospect

243

358

87

143

process 1000 km2 3D seismic and drill

Uge Main Zanclean

Prospect

209

337

73

118

one well – complete

Nza West Tortonian

Lead

148

348

-

-

Nza West West Piacenzian

Lead

66

170

-

-

Udele

Lead

149

297

52

104

Ichokwu East

Lead

160

263

56

92

Uge Far South

Lead

83

140

29

49

• Phase 3 (Years 8-10) Drill one well ongoing

Past Costs • Past costs have totalled $19.5MM to date (net to Sasol)

Source: RPS Energy, (June 2010), Except Uge North: Operator

Offering Sasol’s preference is to conduct a single transaction for both blocks which includes the entire offered portfolio on the basis of a cash consideration, an asset swap or a combination of the above.

Transaction Process Having signed a Confidentiality Agreement, interested parties will be provided with an Information Memorandum and will also be provided with access to the online data room. A physical data room with access to a seismic workstation will also be available at FirstEnergy’s London office. Online Data Room Open

11th October 2010

Physical Data Room Open

11th October 2010

Bid Date (with marked up SPA)

30th November 2010

Offers to remain Open Until

19th December 2010

Cautionary Statement This document contains statements about expected or anticipated future events and financial results that are forward‐ looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.

For more information please contact: Mark Llamas Managing Director Acquisitions & Divestitures +44 (0) 20 7448 0224 [email protected]

Rolf Bakker Vice President & Director Acquisitions & Divestitures +44 (0) 20 7448 0225 [email protected]

Paul Bannister Associate Acquisitions & Divestitures +44 (0) 20 7448 0241 [email protected]

UNDER NO CIRCUMSTANCES SHOULD SASOL PERSONNEL BE CONTACTED DIRECTLY WITHOUT THE PRIOR KNOWLEDGE AND APPROVAL OF FIRSTENERGY All images contained in this document are sourced from the Operator unless stated otherwise

FirstEnergy Capital LLP is a limited liability partnership registered in England and Wales. Registration number: OC346410 Registered Office: 85 London Wall, London EC2M 7AD, United Kingdom Authorised and regulated by the Financial Services Authority