February 2023

Strictly confidential
Table of Contents

1. Summary
2. AFEX Global Limited
3. The Matanda Block
4. VOG and GDC overview

Strictly confidential 2
Summary

• Afex Global Limited (AFEX or the Company), an independent oil and gas exploration
Company
company
• AFEX has a 25% interest in the Matanda block, Republic of Cameroon
Matanda Block
• GDC/VOG hold the remaining 75% and is the Operating Partner
• The Matanda Block has 2C contingent gas resources of 163 BCF and un-risked
prospective resources of over 4,943 BCF
• Rapid and low-cost commercialization through GDC’s pipelines and infrastructure into
the local Cameroon market
• Gas price in Cameroon is significantly higher than international gas prices; thus,
performance is isolated from the international commodity market volatility
Investment • GDC has over 50km of pipeline, only 10km additional pipeline is required to connect
considerations Matanda to GDC’s existing infrastructure distribution network. 10km pipeline can be
built within three months
• Cameroon’s only competing domestic fuel supply, apart from limited hydroelectricity
(which is seasonally restricted), is heavy fuel oil
• GDC has a successful track record of developing greenfield capacity based infrastructure
in Africa
• GDC has drilled 4 wells with 100% success rate

Strictly confidential 3
Afex Global Limited
Overview
Afex Global Limited
• Afex Global Limited (AFEX or the Company) is an
independent oil exploration company incorporated in
Bermuda
• Since its founding in 2006, AFEX has successfully executed its
strategy of acquiring oil and gas exploration and production
acreage in the Republic of Cameroon, the Republic of Angola,
the Republic of Mali and the Republic of Equatorial Guinea
• Currently, AFEX is a single asset play with 25% participating
Mali
interest in the highly prospective Matanda Block, Republic of
Cameroon

Diverse Shareholding Base and Robust Board Cameroon

• Shareholders consist of large corporates, family offices and Equatorial
managed funds Guinea
• Board comprised of respected professionals with extensive,
successful sector, geography and product expertise including
small cap oil and gas company value creation, investment Angola
banking, governance and regional network

Core asset with significant value increase potential

• The Matanda Block has 2C contingent gas resources of 163

BCF and unrisked prospective resources of over 4,943 BCF
• Rapid and low cost commercialization through GDC’s
pipelines and infrastructure into the local Cameroon market
• Gas price in Cameroon is significantly higher than
international gas price on Henry Hub; thus, performance is
isolated from the international commodity market volatility

Strictly confidential 4
Afex Global Limited
Share Capital and Shareholding

Shareholding structure Share capital

150,000,000 common shares

Authorized share capital
[to be increased for this transaction]
22% Issued share capital 141,935,329 common shares

37% Par value US$ 0.01 per share

Shareholders

Gulf One Capital BSC (c) (Gulf One)

21% • A leading GCC investment company
• Investments in multiple industries and provides independent
advisory services for infrastructure and industry
Gulf One Capital BSC (c) nominees
10%
• Gulf One is nominee for a number of GCC private investors
11%
11% Bloso Investment Limited
• Private trust of a well-known Saudi family
AGAS International (AGAS)
• A private Bahrain company focused on oil and gas services
Gulf One Capital BSC (c)
Saudi Venture Development Corporation (SVDC)
Gulf One Capital BSC (c) nominees
• Owned by the Al-Hejailan Group, a leading KSA corporate
Bloso Investment Limited • A financial and management support company
AGAS International (AGAS) Others
• Managed Funds
Saudi Venture Development Corporation (SVDC)
• Family offices
Others • Private individuals

Strictly confidential 5
Matanda Block
Timeline

1980-1982 NOW
Gulf Oil drilled
NM-1x and NM-2x,
tested gas and July 2010
2019 to 2020
condensate but Completed 2D
Execute work
abandoned due to and 3D seismic
program: Seismic Q2 2023
low oil price survey May 2013
reprocessing and Drilling of
Drilled an offshore well
Aug 2007 well planning one on-
which increased in activities
Awarded shore well
resources by 40%
Matanda block

Apr 2008
Signed PSC Dec 2018
Dec 2020
GDC/VOG farmed Q4 2023
Jan 2006 SNH (Cameroon
in 75% and Commercialization
government) approved
AFEX incorporated became operator through GDC’s domestic
Aug 2011 extension of the
In Bermuda gas pipelines
CPR issued based Dec 2015 exploration phase
on seismic data AFEX’s interest
increased from 10%
to 25% upon
Glencore’s exit

Strictly confidential 6
Matanda Block
Significant Potential

The Matanda area contains the densest known concentration of surface oil seeps in Africa.

Left: An oil seep location in the rain

forest swamp, south of the Matanda
Block

Right: Oil seeping into pond water,

Matanda Block

The previous drilling on Matanda has tested gas and condensate and proved 40% increase in resources.

Left: On the deck of the Atwood

Aurora rig used for the NM-3x drilling
in 2013

Right: The Atwood Aurora flaring gas

during the NM-3x test, Douala Basin,
Cameroon

Strictly confidential 7
Matanda Block
Resources and Commercialization Plan

Matanda resources Gross Objective Commercialisation plan

Matanda onshore AFEX’s partner • GDC/VOG
Unrisked Prospective Resources (mean) Gas (BCF) 1,196
Description • Local commercialisation
North Matanda (offshore)
1C Contingent Resources Gas (BCF) 43 • GDC has over 50km of pipeline, another 10km
Ease of
pipeline is required to connect Matanda to GDC’s
2C Contingent Resources Gas (BCF) 163 implementation
existence infrastructure distribution network
3C Contingent Resources Gas (BCF) 384
Speed to
Unrisked Prospective resources (P50) Gas (BCF) 3,747 • 10km pipeline can be built within three months
completion

• Work programme including drilling US$ 20 million

Capital
expenditure • 10km pipeline estimated to cost US$ 6 million
required
• Processing plant estimated to cost US$ 10 million
• Cameroon’s only competing domestic fuel supply,
Drilling increases

apart from limited hydroelectricity (which is

seasonally restricted), is heavy fuel oil
certainty

Commodity
• GDC is selling its gas locally at price that are higher
market volatility
than the Henry Hub average gas price
• To a large extent it isolates Matanda from the
movement in the international commodity market
• GDC/VOG has a successful track record of
developing greenfield capacity based infrastructure
Track record in Africa
• GDC has drilled 4 wells with 100% success rate and
now all the wells are in production

Strictly confidential 8
Matanda Block
Vicinity Blocks
Etinde Block (South west of Matanda)
• In 2013, BowLeven (BLVN) completed drilling and testing of the IM-5 well with an
estimated P50 in-place volume of 1,050 bcf of gas and 155 mmboe of condensates
• In 2015, BowLeven retained 20% and farmed out the remaining to NewAge (30%
and operator) and LUKOIL (20%) for a consideration of US$ 250 million
• In 2021, obtained approval to apply for exploitation agreement for the production
of hydrocarbons including delivery of gas to thermal power plants
• Final Investment Decision (FID) expected in 2022
Logbaba Block (North east of Matanda)
• Onshore block 57% owned by GDC/VOG, AFEX’s
partner in the Matanda Block
• Gas discovered in 2009 and first commercial gas
production in 2012
• Diversified customers across thermal gas, and
condensate
• Maintained customer base and gas contract prices
well above international commodity market rate
• Drilled two additional wells 2016 to 2019 to increase
reserves and meet local demand.
• GDC has total pipeline of over 50km
• 100% success rate as 4 wells were drilled by GDC and
are all now in production
Bomono Block (North of Matanda)
• BLVN drilled and tested two exploration wells in 2016
with estimated resource is 146 bcf and 263 bcf of
mean un-risked GIIP in the Tertiary and deeper
Cretaceous reservoir intervals respectively
• Resources support plans for supply of around 5 to 6
mmscf/d of gas for power generation under a
development scheme formulated with Actis and
ENEO
• 2020 Government of Cameroon withdrew license
from BLVN due to inactivity by BLVN
Strictly confidential 9
Victoria Oil and Gas
Overview
Profile
• Victoria Oil & Gas (VOG) and Gaz du Cameroun (GDC) are gas utility
companies based in UK and Cameroon
• Listed on LSE AIM in July 2004
• Owns:
− 57% of the Logbaba concession in the Republic of Cameroon;
− 75% of Matanda Block in the Republic of Cameroon; and
− 100% interest in the West Medvezhye block in Siberia
• GDC has pioneered the monetization of onshore gas in Cameroon
and is currently a major supplier of natural gas to Douala
• GDC/VOG owns and manages the whole supply chain from
wellhead to customer connection with over 50km of pipeline
Timeline
• GDC/VOG entered Logbaba block as operator
2008 to 2009
• Spudded first on-shore well in Cameroon since 1950s
• Two wells drilled successfully: La-105 and La-106
2010 to 2011
• Signed Exploitation License on 29 April 2011
• Commenced gas supply network construction
2012 to 2013 • First commercial gas production in July 2012
• Gas sold at US$ 16.0 per mmbtu
• Began selling gas to ENEO grid power
2014 to 2015 • Acquired gas processing plant
• Became cash generative
• Acquired 75% of interest in Matanda
• 50km gas pipeline to reach 30 industrial customers
2016 to 2017
• Started drilling two wells on Logbaba: La-107 and La-108
• Gas sales averaged at 10.0 mmscf/d
• La-107 and La-108 in production and the proven reserve
level at Logbaba block would support sustained production
2018 to 2019
at current demand (excluding grid power) for several years
• Suspended ENEO contract due to non-payment
• Appointed new management team and Board members
• Terminated contract with ENEO due to non-payment
2020 to 2021 • Obtained extension on the Matanda Block, carried out
seismic reprocessing and well planning work, currently
planned to drill one on-shore well in 2022
• Commercialize Matanda Block
2022 • Continue to increase industrial power customers
onwards • Sell gas to Independent Power Producers (e.g. Aska
Energy) for grid power
Strictly confidential 10
Disclaimer

• This document and all the content were prepared by Gulf One Investment Bank (Gulf One) exclusively for your use in order to explore, on a preliminary basis,
the feasibility of a possible transaction or transactions as described herein and is solely for discussion purposes. This document should not be construed as an
offer, invitation to subscribe, or solicitation, or any advice or recommendation to buy, subscribe for, issue or sell any financial instrument, investment or
derivative thereof referred to in this document or as any form of commitment to enter into any transaction in relation to the subject matter hereof. An offer, if
any, may be made at a later date and is subject to mutually acceptable legal documentation, due diligence, internal approvals and market conditions.
• This document is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Gulf One. This document is
proprietary to Gulf One and may not be disclosed to any third party, reproduced, copied, altered or used for any other purpose without the prior written
consent of Gulf One. All of the information contained in this document is deemed confidential.
• The information in this document reflects Gulf One’s opinions or prevailing views, which are accordingly subject to change without prior notice to you. In
preparing this document, Gulf One has relied upon and assumed, without independent verification, the accuracy, completeness and timeliness of all information
available from public sources or which was otherwise provided by you or reviewed or used by Gulf One in the preparation of this document. The information in
this document does not take into account the effects of a possible transaction or transactions or any other event, including without limitation an actual or
potential change of control in the relevant entity, which may have significant valuation and/or other effects on the proposed transaction or transactions. The
analyses in this document are not and do not purport to be formal appraisals or valuations of the assets, stocks or businesses of the relevant entity(ies). If such
document does include any appraisals or valuation(s), these are to be considered preliminary, suitable only for discussion purposes for the purpose described
therein and not to be disclosed or otherwise used without the prior written consent of Gulf One. Gulf One does not accept any liability whatsoever for any
direct or consequential loss arising from any use of this document and the information, opinions and materials contained herein.
• Nothing in this document shall constitute financial, investment, legal, accounting or tax advice, or a recommendation of any transaction or investment, or a
representation that any transaction or investment is appropriate for you taking into account your investment objectives, financial situation and particular needs,
or shall otherwise constitute any advice or personal recommendation to you.
• This document does not purport to identify or suggest all the risks (direct or indirect) or material considerations which may be associated with any transaction or
investment. You should determine for yourself the relevance of the information contained in this document and obtain such independent financial or legal
advice and carry out such investigation as you deem necessary. In particular, prior to entering into any transaction or investment, you should determine,
without reliance upon Gulf One or its representatives or affiliates, the economic and other risks and merits, as well as the legal, tax and accounting
consequences and considerations which may be associated with any transaction or investment, and that you are able to assume these risks.

Strictly confidential