On Tuesday, November 12, 2013, ERHC Exploration Manager Gertjan van Mechelen presented at the SeeThruEquity Microcap Investor Conference in New York City. The presentation introduced the audience to ERHC, with an overview of its oil and gas exploration assets that stretch from the offshore Gulf of Guinea in West Africa to onshore assets in Chad in Central Africa and Kenya in East Africa. Attending the conference were numerous institutional investors, investment bankers, analysts and representatives from media companies.

1. Exploration:
Prospects and Challenges
for a Small Independent
1

2. Cautionary Statement
This presentation contains statements concerning ERHC Energy Inc.’s future operating milestones, future drilling
operations, the planned exploration and appraisal program, future prospects, future investment opportunities and
financing plans, future stockholders’ meetings as well as other matters that are not historical facts or information.
Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual
results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors
that could impact these areas and the Company’s overall business and financial performance can be found in the
Company’s reports and other filings with the Securities and Exchange Commission. These factors include, among
others, those relating to the Company’s ability to exploit its commercial interests in Kenya, Chad, the JDZ and the
Exclusive Economic Zone of São Tomé and Príncipe, general economic and business conditions, changes in foreign
and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and
economic conditions, regulatory initiatives and compliance with governmental regulations and various other
matters, many of which are beyond the Company’s control. Given these concerns, investors and analysts should
not place undue reliance on these statements. Each of the above statements speaks only as of the date of this
presentation. The Company expressly disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard
thereto or any change in events, conditions or circumstances on which any of the above statements is based.
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3. Part 1.
The Exploration
Model
3

4. Exploration Company Business Model
• Step 1: Acquire
– Acquire early stage exploration assets – low entry costs
• Step 2a: Build
– Develop prospectivity of assets – G&G work, reserve
estimate, drilling
• Step 2b: Build
– Gain increased valuation of assets and company with Step
2a
• Step 3: Sell
– Sell assets or sell company at tremendous profit (just
before drilling or on discovery)
4

5. Market Cap Asset Value
Exploration Value Proposition
Usual Point of Sale
Exploration
4 to 10 years
Development
5 to 12 years
Production
5 to 20+ years
5

6. Salient Points on Model
• No cash flow
• Until discovery of oil and/or sale of asset or company
(“Payout”)
• Equity is sole source of capital
• Working capital before Payout is from sale of equity in (a)
asset and/or (b) company
• Process-driven value
• Value accretions of asset and company predictable through
asset prospectivity development
• High risk
• But high reward when successfully executed
6

7. Part 2.
Case Study:
ERHC Energy
7

8. Introducing ERHC
• U.S. Public Company
–
–
–
–
Regulated by U.S. SEC; based in Houston
Shares trade on the OTCQB marketplace (OTCQB:ERHE)
Market Capitalization: $34.4 m (November 7, 2013)
Issued Shares: 764m
• 100% of two blocks
and other rights in
the Sao Tome &
Principe Exclusive
Economic Zone
• Rights in six of the
nine blocks of the
Joint Development
Zone
8
• One oil block
in Republic of
Chad
• One oil block
in northwest
Kenya

9. ERHC Exploration Assets
• Kenya
• Block 11A
• Chad
• Blocks BDS 2008
• Nigeria-Sao Tome & Principe JDZ
• Blocks 2, 3, 4, 5, 6 and 9 (working interests)
• Sao Tome & Principe EEZ
• Blocks 4 and 11
• Small Equity Stake
• In Toronto-listed Oando Energy Resources (TSX: OER)
9

10. The Original ERHC Plan
Remember the Exploration Business Model and E&P
Value Proposition in Part 1:
• Step 1. Acquire frontier E&P rights for low entry
costs
• Step 2a. Build asset value through greenfield G&G
work, attract partners and drill wells
• Step 2b. Build company value by doing 2a, driving
ERHC rapidly up the value curve
• Step 3. Sell ERHC or E&P rights for large profit prior
to drilling or upon discovery (within 5 years)
10

11. Oil Frontier: Sao Tome & Principe
11

12. Original Plan Execution: Step 1. Acquire
•
1997: Exclusive Agreement with STP
–
–
25 year term
Over 50% of net revenues from all STP oil production in return for
•
•
•
•
1997-1999: ERHC does the following:
–
–
–
–
•
Pays $5 million
Maps maritime boundaries and delineates EEZ
Establishes national oil company (JV with government)
Contracts for seismic acquisition
1999-2003: ERHC and STP renegotiate Agreement until:
–
ERHC gives up all previous rights and entitlements in return for preferential minority rights in
•
•
•
•
Mapping STP maritime boundaries and delineating Exclusive Economic Zone
Developing STP oil industry, including establishing national oil company and licensing oil rights
One-time payment of $5million
6 offshore blocks in the Nigeria-STP Joint Development Zone (JDZ)
4 offshore blocks in the STP EEZ
2004: ERHC exercises preferential minority rights in the JDZ
2005-2006: ERHC teams up with International Operators to acquire additional rights (by
competitive bidding) in JDZ Blocks 2, 3 and 4
12

13. Original Plan Execution: Step 2a. Build
• 2006 -2009: Pre-drilling Activities
– Geological and Geophysical Work
– Preparation for drilling and contracting of drillship
and rig
• 2009-2010: Drilling
Well
Block
Total Depth
Kina-1
JDZ Block 4
3,750m
Bomu-1
JDZ Block 2
3,580m
Lemba–1
JDZ Block 3
3,758m
Malanza-1
JDZ Block 4
4,196m
Oki East-1
JDZ Block 4
3,873m
13

14. Original Plan Execution: Step 2b. Build (Value)
$0.90
$0.80
March 2009
Sinopec-ERHC prepare
for Bomu– 1 well
on Block 2 of JDZ
$0.70
$/ Share
$0.60
$0.50
$0.40
$0.30
~$672 MM
February 2009
Sinopec-ERHC
announce
plans to drill
exploration
well
~$540 MM
~$535 MM
~$340 MM
$0.20
$0.10
August 2009
Drilling begins on
Lemba – 1
in Block 3 of JDZ
June 2009
Addax-ERHC announce
4 exploration well
program
~$310 MM
~$160 MM
Milestones
~$80 MM
Market Cap
$0.00
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Month 1
Aug-09
Sep-09
Month 8
11x price increase over 8 month period Jan – Sept 2009
14

15. Original Plan Execution: Step 3. Sell?
• 2010: Results of drilling
– No commercial discoveries announced
– >$400 million exploration costs written off
– Value curve inverts
• What to do?
Sell at
diminished
value?
Renew plan
and start
again?
15

16. Renewing the Plan
• 2010-2011
– Acquire
• Sao Tome & Principe EEZ – Blocks 4 and 11
• Chad – BDS 2008, Chari Ouest III and Manga Blocks (onshore)
• Kenya – Block 11A (onshore)
• 2011-2013
– Build (Exploration)
• G&G work (ongoing)
• Formation of partnerships (ongoing)
– Build (Value)
• At inception of value curve again
16

17. Kenya
Block 11A
Estimated unrisked resources based on
analogues with nearby Lokichar Sub Basin
(Tullow’s discoveries)
range: 250-1200MMBO
9/18/2012

18. Republic of Kenya
• ERHC’s Block 11A (2.9 million acres) is at the
intersection of two major rift systems
• The East African rift play is one of the hottest
trends in global oil exploration
• Recent East African rift discoveries include:
– Ngamia (Kenya) 200-250 million barrels of oil
– Twiga (Kenya) flowed at a cumulative rate of 5,200
barrels/day
– Lake Albert (Uganda) 1.3 billion barrels of oil
18

19. Recent Exploration Success
• Ngamia-1 and Twiga South-1 wells in Block 10BB nearby
Northwest Kenya
The proximity and in-trend
relationship between the
Lotikipi plane and the Abu
Gabra Rift basins of southern
Sudan suggest high oil and gas
prospectivity
Block 11 A
Regional Geology
The area is dominated by the Cretaceous Central
Africa Rift System (CARS) and the Tertiary East
Africa Rift System (EARS) with the associated basin
depositional trends
Recent Rift Margin
Discoveries in Block 10BB
Similar to Uganda Finds
Operator Tullow estimates the
discoveries may be similar in size to
the Lake Albert Rift Basin in
Uganda, which are estimated at
2,000 MMBOE
Regional Geology
Gravity data enabled the delineation of a
sedimentary basin within the Block 11A area
below the Lotikipi plain with a basin-fill
believed to be in excess of 5,000 meters

20. Kenya Block 11A Exploration
• Pursue East African Rift Play:
– Approx. 1.5 MM acres of prospective Rifts identified
– Two main rift areas;
• South:
– Apparent Tertiary rift basin enters the block, as identified based
gravity maps derived from satellite measurements
• North:
– Lotikipi basin: Cretaceous?/Tertiary rift basin identified by land and
airborne gravity acquired by Amoco and Camec, as well as identified
on scarce seismic coverage shot by Amoco in 1985
– Estimated unrisked resources range: 250-1200mmboe
(based on analogues with nearby Lokichar Sub Basin Tullow Oil’s
discoveries)

21. Block 11A
Tertiary Rift
Basin
Twiga South-1
Discovery
In southern part of Block
11A Global Bouguer Gravity
shows apparent presence of
a similar Tertiary Rift Basin
as where recent discoveries
were made by Tullow Oil.

22. Elemi
Lotikipi
Block 11A
Gatome
Block 11B
100Km
In northern part of Block 11A airborne gravity acquired by
Amoco and CAMEC identified the Lotikipi graben , a
Cretaceous? Tertiary Rift basin. Seismic shot by Amoco in
1985 points to the possibility for fault traps as seen in
recent Tullow discoveries.

23. Chad
BDS2008
Resource potential 250 MMBOE
9/18/2012

24. Republic of Chad
• ERHC’s Block BDS2008 is located on the northern edge
of the Doba and Doseo basin in southern Chad
• The Republic of Chad has proven oil reserves of 1.5
billion barrels
• Undeveloped discoveries estimated at 2.6 billion
barrels
• The Doba/Doseo area produces more than 120,000
barrels per day
• Served by the 660 mile Chad/Cameroon Pipeline and
the N’Djemena Refinery opened in 2012
24

25. Republic of Chad
•Proven Reserves are 1.5 Billion Bbls
Source International Petroleum Encyclopedia
Niger
CNPC largest player
Current Production: ~17,000 bbl/d
Unconfirmed EUR: 1.0 Blnbbl
Continue to explore
Ndjamena Refinery
Operator: CNPC
Capacity: 20,000 bbl/d expandable
to 60,000 bbl/d
Online Date: June 2011
Supply: Block H Area II (CNPC)
Block H Area II
Operator: CNPC (Former EnCana)
Expected Production: ~17,000 bbl/d
Reserves (remaining): 85 MMbbl
OOIP: 700 mmbbl (CNPC)
Continue to explore
Chari Ouest - Doba Basin
Operator: Exxon (Esso)
Current Production: 115,000 bbl/d
Peak Production: 220,000 (2004)
Reserves (remaining): 462 MMbbl
EUR: 795 mmbbl
•Undeveloped Discoveries are 2.6 Billion Bbls, and 14.6 TCF
of Gas
Source USGS, World Petroleum Resources Project
ERHC BLOCK
BDS2008
Sudan All Fields
Key Operators: CNPC & Consortiums
Current Production: 465,000 bbl/d
Peak Production: 538,000 bbl/d (2011)
Reserves (remaining): 1.96 Bln bbls
EUR: 3.0 Bln bbls
Key basins: Muglad, Melut
Wells Drilled: 300
Commercial & Technical Success: 60%
Greater Nile Oil Project
Operator: GNPOC (Formerly Arakis)
Current Production: 203,000 bbl/d
Peak Production: 300,000 bbl/d (2004)
Reserves (remaining): 662 MMbbl
EUR: 1.49 Bln bbl
Chad/Cameroon Pipeline
Operator: Exxon
Capacity: 225,000 bbl/d
Utilization: 115,000 bbl/d
Distance: 1,070 km
Port: Cameroon loading
Expandable by adding pump stations

26. Chad Infrastructure
60,000 bbl capacity, presently
processing 20,000 bbl per day
Opened 6 February 2012
60% CNPCI 40% CNO
Chad Production
126,200 bbl per day in 2010
(CIA World Fact Book)
9/18/2012
660 mile long pipeline
225,000 bbl per day capacity

27. Chad Block BDS2008 Exploration Focus
• Pursue Rift Margin Play:
– Approx. 570,000 acres on Rift Margin of Doseo and Doba basins
– Two main areas of focus:
• Focus Area 1:
– North of Esso’s Tega and Maku discoveries in Doseo basin
» Additional 2D seismic required to firm up leads
» Unrisked resource potential ≈100 MMBO
• Focus Area 2:
– East of and on trend with OPIC Benoy-1 Rift Margin discovery in Doba basin
» Initially acquire airborne gravity/magnetics survey in Q4,2013
» Based on results of above, plan acquisition of 2D seismic
» With expected analogue structuring as found to the west unrisked
resource potential ≈ 150 MMBO
– Resource potential 250 MMBOE

28. Focus Area 1 and Area 2
Focus Area 1
Based on seismic two lead
areas A & B identified,
additional seismic required
Focus Area 2
No seismic available yet. Similar
structuring expected as to the
west where OPIC made Rift Margin
discoveries
3
ERHC
BDS-2008
CHARI QUEST III
OPIC Benoy-1
ERHC
BDS-2008
1
Rift Margin
2
5
CHARI WEST - DOBA
CHARI EAST - DOSEA
7
6
DOH
BOROGOP
DOBA/DOSEO BASINS
4

29. Focus Area 1: Structure Map of Top Lower Cretaceous
Lead areas A & B are possible traps on Rift Margin
Lead A
Lead B
CARACAL
proposed pipeline
Lead A Reserve potential: 34 MMBOE (unrisked)
Lead B Reserve potential: 66 MMBOE (unrisked)

30. ERHC BDS 2008 Lead “A”
Trap on Rift Margin similar to Rift Margin discoveries in Kenya
Tullow Ngamia #1
1 Billion BOE
ERHC Lead
NNW
Esso Tega #1
64 MMBOE*
Esso drilled late
structures that developed
during the waning stages
of hydrocarbon charge.
ERHC’s concept: Drill early structures
on the basin margin (Analogs: Tullow
Ngamia #1 and OPIC Benoy #1)
ERHC BDS 2008
CARACAL CHARI EAST - DOSEO
*As per CARACAL

31. OPIC Benoy-1 Rift Margin Discovery on trend with Focus Area 2
Benoy#1 well:
• 11-40 MMBOE in Lower Cretaceous
• 3,053 m (10,013’) MD; Budgeted dry hole =
17.62 MM USD
• 53 days to TD, 73 days total
• 62 feet net pay, Avg porosity = 17.0; Avg perm =
23.25
• Avg Sw = 49.0, Avg Vsh = 6.1
• DST #1: 2309 – 2334; 1,231 BOD, 0.15 MMCFGD,
0 BWD, 20/64” ch; API 37.4, GOR 122
• DST #2: 2229 – 2232; 1,174 BOD, 0 MMCFGD, 0
BWD, 24/62” ch; API 34, GOR 0

32. Focus on BDS2008
•
Both Focus areas are close to proposed infrastructure by Caracal
BDS2008
OPIC Benoy-1
BDS2008
Tega-1
Focus Area 2
Maku-1,2

33. São Tomé and Príncipe Exclusive Economic Zone
ERHC
Block 4
ERHC
Block 11

34. São Tomé and Príncipe Exclusive Economic Zone
• Virtually surrounded by proven hydrocarbon
systems
• ERHC has a 100 percent working interest in Blocks 4
and 11
• Free of signature bonuses
• Additional rights to acquire up to a 15 percent paid
working interest in two additional blocks
• Cretaceous Turbidite fan deposits from offshore
Gabon may have formed traps in Blocks 4 and 11
• Similar fan plays led to the Jubilee Field discovery
34

35. Regional Setting
• São Tomé and Príncipe are volcanic islands
approximately 200 km south of the Nigerian
coast
• Territorial waters are deep with water depths
ranging 2500-3000m
• Thick sediment cover representing distal
prodeltaic sediments of the Cretaceous
Ogooué delta of Gabon

36. Part 3. The
Continuing
Investment
Rationale
36

37. Example of Successful Exploration Business Model
• Pre-drilling of
Rovuma Field,
Mozambique: $18m
valuation
• 12 months later, after
drilling and huge discovery
in Rovuma: $2bn valuation
37

38. ERHC Investment Opportunities
• ERHC is open to discuss
– Farm-in and other partnerships on ERHC’s oil
and gas assets
– Equity participation in asset-holding
subsidiaries
– Other routes to participation in ERHC’s diverse
asset portfolio
38

39. Summary
• Early Stage Exploration
– High risk
– Possibility (but no guarantee) of high reward
• Small Independent
– Focus on early mover opportunity and low-entry cost
– Revenues during execution limited to sale of:
• Company equity
• Equity in asset
• Proven Business Model
– Precedents of successful execution and large profits
– Perseverance is key
39

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