About Tende Energy

OML 65

Tende Energy owns 30% equity in Nigerian joint venture COPDC which is developing the OML 65 licence, a producing onshore block located within the Greater Ughelli Depobelt, Niger Delta, Nigeria.

• The Abura field has achieved production to date of c.50 MMbbl and current production is 10,000 bopd and the field has 16.2 MMbbls¹ 2P reserves. Phase 1 of the fully funded approved work programme for the Abura field is designed to add an incremental production of 11,000 bopd.  Phase 1 will consist up to a nine well work programme which is fully funded.
• OML 65 also contains two further discovered fields with an estimated 34.9 mmbbls¹ additional 2P reserves, Owopele and Osioka. The fields have not been developed to date and will form part of the forward work programme.
• Innovative FTSA (Financial Technical Services Agreement) structure which was developed for this specific project with Nigeria Exploration and Production Limited ("NEPL") formerly NPDC and a subsidiary of Nigeria's national oil company NNPC Limited.
• The recoverable volumes attributed to the Abura, Osioka and Owopele fields by Gaffney Cline are based on an assumed average recovery factor of 30%, which is conservative in the context of recovery factors typically achieved on analogous fields in the Niger Delta.
• Gaffney Cline has estimated 3P reserves of over 78mmbbls for Abura, Osioka and Owopele, implying an additional 27mmbbls of recoverable volumes in the high case.
• In addition, there are two targeted deeper prospects at Abura and Osioka containing an additional 227mmbbls¹ oil in place, to which Gaffney Cline have attributed P50 prospective resources of 91mmbbls, implying a recovery factor of 40%.
• The existing production facilities and infrastructure servicing the Abura field are capable of handling up to 40,000 bopd.

¹ Gaffney Cline & Associates June 2021 CPR

Tende Energy owns ATOG Midco Limited, together with its subsidiaries (“ATOG") which has a portfolio of onshore and offshore interests in Tunisia.

The portfolio in Tunisia is currently producing approximately 800 boepd from the three onshore licences:

• One operated by ATOG: Bir Ben Tartar (100% Working Interest “WI”);
• Two operated by ENI: Adam (5% WI) and Borj el Khadra (10% WI);
• The increased infrastructure capacity facilitated by the newly commissioned Nawarra gas pipeline ($1.2 billion investment by its owner) should enable increased production at the ENI-operated licences, which were previously production constrained.

The portfolio includes the appraised Cosmos discovery, which ATOG operates and owns an 80% interest (ETAP 20%). The original discoveries achieved a combined flow rate of 5,700 bopd under well test and recently updated estimates provide an Estimated Ultimate Recovery (“EUR”) of 15-20 mmboe. The licence contains mapped but undrilled structures which provide significant resource upside and provide the basis for a significant offshore development hub. The Company is expediting plans for the development of the Cosmos discoveries, in conjunction with ETAP, and expects to submit an updated development plan to the Tunisian authorities in the coming months.