1. NAMIBIA – CURRENT DEVELOPMENTS

2. 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

3. Angola
Namibe
Owambo
Walvis Ridge
Namibia
Botswana
Walvis-
Lüderitz
Nama
Lüderitz Arch
Orange
South Africa
500 km

4. Seismic and wells . . . . . . . .
Kudu gas field

7. 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

8. 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

9. 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

10. Neptune Petroleum 2 year exploration licence awarded 23 August 2005
Purchased existing seismic and currently interpreting seismic

11. Greendale Universal Holdings
Signed 2 exploration licences on 27 October 2005 ( km²)
Blocks 1811 A&B, 2714B
Seismic interpretation phase

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

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

14. 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

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

16. 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

17. Kudu – current concept

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

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