NAMIBIA – CURRENT DEVELOPMENTS www.namcor.com.na

Presentation outline Introduction Licence situation Current exploration players - BHP Billiton - Hunt Oil - Greendale Universal Holdings - INA Industrija Nafte - Neptune Petroleum - Circle Oil - Sintezneftegas Kudu gas to power project Conclusion www.namcor.com.na

Angola Namibe Owambo Walvis Ridge Namibia Botswana Walvis- Lüderitz Nama Lüderitz Arch Orange South Africa 500 km www.namcor.com.na

Seismic and wells . . . . . . . . Kudu gas field www.namcor.com.na

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Current exploration licence holders Diverse mix of large independents, NOC’s and small players Major increase in activity since start 2005 2 large seismic programs underway, more planned www.namcor.com.na

Hunt Oil Company Large sized US Independent Converted reconnaissance licence to exploration licence on 23 August 2005 4 year licence in Lüderitz basin Namcor holds a 10% carried interest www.namcor.com.na

BHP Billiton Awarded 2 exploration licences on 23 August 2005 South of Kudu licence (Southern block) and block west of Kudu licence (Northern block) Kudu Production Area First stratigraphic delineation of acreage in Namibia Provides win-win solution 3D seismic campaign underway www.namcor.com.na

Neptune Petroleum 2 year exploration licence awarded 23 August 2005 Purchased existing seismic and currently interpreting seismic www.namcor.com.na

Greendale Universal Holdings Signed 2 exploration licences on 27 October 2005 (17 166 km²) Blocks 1811 A&B, 2714B Seismic interpretation phase www.namcor.com.na

Circle Oil First onshore exploration licence (Owambo basin) - signed 17 November 2005 Largest acreage ever (138 963 km²) on Namcor cosignatory with 10% stake Well commitment www.namcor.com.na

INA Industrija Nafte Croatian NOC Exploration license on 23 November 2005 Second onshore licence to be awarded Planning 2D seismic aquisition www.namcor.com.na

Block 1711 License signed 31 March 2006 70% Sintezneftegas(operator), 10% Energulf, PetroSA 10% Namcor and local Namibian business 10% Well commitment within 3 years www.namcor.com.na

Kudu licence area Water depth 170m Reservoir depth 4400m On Orange Banks Reservoir – interbedded with volcanic rocks Kudu Production Licence 001 www.namcor.com.na

Kudu gas field history Discovery 1974 (Chevron/Regent/Soekor) Exploration License award: 6 May 1993 (Shell, EA, <Texaco>) Petroleum Field declared: 21 July 1997 Production License awarded on 31 August 2005 Tullow Oil (90%), Namcor (10%) 2 wells planned for 2007 Kudu www.namcor.com.na

Kudu – current concept www.namcor.com.na

. Remote location www.namcor.com.na Windhoek 170 km to Oranjemund 800 km to Windhoek 800 km to Cape Town Diamond coast . Windhoek Kudu www.namcor.com.na

Conclusion Exploration activity increased significantly Opportunities exist for exploration Farm in opportunities Namibia set to become petroleum producer Kudu development imminent www.namcor.com.na