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Assessment of the Undiscovered Resources Associated with the Nogal Valley and Dharoor Valley Blocks Puntland, Somalia (As of January 31, 2007) The following estimate of undiscovered in-place oil resources was prepared during January and February 2007, by qualified evaluators and auditors of Sproule International Limited ("Sproule"). Africa Oil Corp. holds an 80 percent in the Nogal Valley and Dharoor Valley blocks, which have been configured to encompass the Nogal and Darin sedimentary basins respectively. Using data provided by Africa Oil Corp., data available in the public domain and from the nonconfidential files of Sproule, an assessment was made of the undiscovered oil resources of the Nogal Valley Block. At the time this report was prepared, Sproule was unable to make an assessment of the undiscovered resources associated with the Dharoor Valley Block (Darin Basin) due to a lack of data. The Darin and Nogal sedimentary basins are thought to have very similar geological histories and, as such, it is surmised that the undiscovered resources associated with the Dharoor Valley Block might be similar to that of the Nogal Valley Block. The estimates for the Nogal Valley Block are based on a probabilistic model of the expected reservoir parameters of prospective reservoirs and traps that may be encountered within the block. The reservoir parameters of porosity, water saturation, pay thickness, area and formation volume factors were selected based on the available data and are considered to represent the range of possible values that may be encountered by future exploration wells. As no commercial discoveries have been made on either of the blocks as of the effective date of this report, no proved, probable or possible reserves have been assigned to the blocks at this time and the lands have been assessed as unproved properties. Full Technical Assessment of the Undiscovered Resources Associated with the Nogal Valley and Dharoor Valley Blocks  |
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