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Exploring for Oil & Gas in Bakassi

Exploring for Oil & Gas in Bakassi. UK-Cameroon Trade and Investment Forum London, 7 May 2014. Dana at a glance. 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).

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Exploring for Oil & Gas in Bakassi

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  1. Exploring for Oil & Gas in Bakassi UK-Cameroon Trade and Investment Forum London, 7 May 2014

  2. Dana at a glance We’re a $3bn oil and gas exploration and production company. Formed in 1994, Dana is now part ofthe 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.

  3. Where we work Norway1,500 barrelsWe have interests in 13 exploration licences and are operator of three UK33,000 barrelsOur UK portfolio consists of 28 operated and 47 non-operated licences Netherlands10,700 barrelsWe operate nine licenses including the De Ruyter, Hanze, Van Ghent and Van Nes fields, and have interests in 24 non-operated licences. Egypt10,000 barrels We 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 7where we have made 4 discoveries Cameroon We operate a Production Sharing Contract (PSC) in the Bakassi West block Guinea We have a 23% stake in a very large PSC located offshore Guinea.

  4. Our activities in Cameroon • 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 Insert more detailed location map here Bakassi Peninsula

  5. Our activities in Cameroon Reconnaissance Seismic Survey layout Mangrove Environment

  6. Operations in Bakassi Base Camp • Seismic base camps in Issobo fully operational • BGP (seismic contractor) employing around 350 Cameroonian nationals; around 30% of these from Bakassiitself • Completion of seismic acquisition expected August 2014 Field Operations Field Operations

  7. Dana’s concerns prior to investing in Cameroon • Security • Location and logistics • Environmental protection and social investment • Corruption

  8. 1. Security Control Room Escort Boats Field Protection Security Base

  9. Control Room 2. Location and logistics Mangrove with no Infrastructure Typical Habitation Working with the community leaders Working with the community

  10. 3. Environmental protection and social investment Line clearance kept to a minimum Typical mangroves Investment in schools Working alongside the local fishermen

  11. 4. Corruption • 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 Dana’s Values

  12. The Business Coalition Against Corruption STRUCTURE Public-private partnership, working with the German Development Agency “Deutsche GesellschaftfürInternationaleZusammenarbeit” (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.

  13. Current BCAC membership

  14. 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

  15. Cameroon’s business environment - in summary Weaknesses • Internal infrastructure, including road and rail network, is not well developed • ‘Red tape’ could (and should) be reduced. 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

  16. Thank you

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