Exploring for Oil & Gas in Bakassi

UK-Cameroon Trade and Investment Forum

London, 7 May 2014

We’re a $3bn oil and gas exploration and production company. Formed in 1994, Dana is now part of the Korea National Oil Corporation (KNOC).

Our ambition is to become a leading international oil and gas company operating in Europe, Africa and the Middle East.

We aim to grow production significantly by investing up to $5 billion over the next five years.

Dana at a glance

Norway 1,500 barrelsWe have interests in 13 exploration licences and are operator of three

UK 33,000 barrelsOur UK portfolio consists of 28 operated and 47 non-operated licences

Netherlands 10,700 barrelsWe operate nine licenses including the De Ruyter, Hanze, Van Ghent and Van Nes fields, and have interests in 24 non-operated licences.

Egypt 10,000 barrelsWe have a balanced portfolio of operated and non-operated developments in the Gulf of Suez, the Nile Delta and the Western Desert. Mauritania We operate Block 7 where we have made 4 discoveries

Cameroon We operate a Production Sharing Contract (PSC) in the Bakassi West block

GuineaWe have a 23% stake in a very large PSC located offshore Guinea.

Where we work

Production Sharing Contract for Bakassi West signed in June 2012

Co-venturers are Dana (55%), Madison (35%) and SoftRock (10%)

Currently acquiring 350km of 2D seismic data

Plan to drill first exploration well in late 2015 or early 2016

Will invest $50 to $80 million in Bakassi West in the period 2013 to 2016

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Insert more detailed location map here

Bakassi Peninsula

Our activities in Cameroon

Our activities in Cameroon

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Reconnaissance Seismic Survey layout Mangrove Environment

Operations in Bakassi

Seismic base camps in Issobo fully operational

BGP (seismic contractor) employing around 350 Cameroonian nationals; around 30% of these from Bakassi itself

Completion of seismic acquisition expected August 2014

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Base Camp

Field Operations Field Operations

Dana’s concerns prior to investing in Cameroon

Security

Location and logistics

Environmental protection and social investment

Corruption

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1. Security

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Control Room Escort Boats

Field Protection Security Base

2. Location and logistics

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Mangrove with no Infrastructure

Working with the community leaders

Typical Habitation

Working with the community

3. Environmental protection and social investment

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Typical mangroves

Working alongside the local fishermen Investment in schools

Line clearance kept to a minimum

4. Corruption

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Dana’s Values

Integrity is one of Dana’s values – we do not pay bribes

UK Anti-Bribery and Corruption Law (UK Bribery Act)

Supporter of the Extractive Industries Transparency Initiative (EITI) – Cameroon is EITI compliant since 2013

Supporter of the UN Global Compact

Business Coalition Against Corruption

The Business Coalition Against Corruption

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STRUCTURE

Public-private partnership, working with the German Development Agency “Deutsche Gesellschaft für Internationale Zusammenarbeit” (GIZ)

COMMITMENT

To support Cameroon Government's National Strategy for the fight against corruption; by "sensibly reducing the intensity of corrupt practices and similar acts in the Private Sector” in its Private Sector Development Pillar.

Current BCAC membership

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BCAC Contact

Mrs Rose-Patricia YONDO

Project Manager

Business Coalition Against Corruption in Cameroon

Business Council for Africa – Cameroon

Villa "les Cocotiers" - BAT Compound, Bastos

BP: 16558 Yaoundé

Tel: 50 04 67 67

E-mail: bcac.cameroon@gmail.com

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Cameroon’s business environment - in summary

Strengths

Stable economically and politically

Very friendly

Generally safe

Excellent education system providing a well educated, hard working workforce

Government committed to assisting inward investment

Good external and internal air links

Great support in country from Brian Ollie and the British High Commission

Strong commitment to anti-corruption practices, led by the Prime Minister and supported by companies operating in Cameroon

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Weaknesses

Internal infrastructure, including road and rail network, is not well developed

‘Red tape’ could (and should) be reduced.

Thank you