September 19, 2011

US-Albania Investment Forum - 2011 Sky Petroleum Inc.

Exploration Blocks in Albania

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Disclaimer

Except for historical information, the matters set forth herein, which are forward-

looking statements, involve certain risks and uncertainties that could cause actual

results to differ. Potential risks and uncertainties include, but are not limited to, the

competitive environment within the oil and gas industry, the extent and cost

effectiveness with which Sky Petroleum is able to implement exploration and

development programs in the oil and gas industry, obtaining drilling equipment on a

timely fashion, commodity price risk, and the market acceptance and successful

technical and economic implementation of Sky Petroleum's intended plan. Additional

discussion of these and other risk factors affecting the company's business and

prospects is contained in the company's periodic filings with the Securities and

Exchange Commission.

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Sky Petroleum introduction

Corporate Profile Management and Board Members

Offices: Austin, Texas, USA

Dubai, UAE

Tirana, Albania

Stock: SKPI.OB

Operations

▪ Karim Jobanputra, Chairman and CEO

▪ Michael Noonan, CFO, VP Corporate, Corporate

Secretary

▪ Robert Curt

– Previously in ExxonMobil, Qatar Gas

– Refining and Supply expert

▪ Oliver Whittle

– Previously CEO of Raiffeisen Bank Albania,

Barclays Bank

Consultants

▪ Tim Parson

– Previously Occidental Oil Co

– Schlumberger IPM

– Drilling and Field Development consultant

team lead

▪ Albania: PSC signed for Blocks 4, 5 &

Dumre

▪ U.A.E: Agreement for offshore Mubarek

Field 1

▪ Russia Oil Field investment

– Luzskoye field, Komi Republic of

the Russian Federation 1

– Via Concorde Oil & Gas plc. 1

1 – investment impaired to zero as of 12/31/09

Operations Planning 20111

• Sky engaged Field Development/Drilling Team in August 2011

• 10 prospects / areas of interest in Albania

• Drilling / Work-over feasibility on the first 3 areas is complete

– Palokastra (150m oil shows from OMV 2003)

– Kanina (163m oil leg tested by OMV in 2005)

– Dumre (1995 OMV existing well needs deepening)

• Detailed engineering planning commenced September 2011

• Drilling Contractor and Service Company negotiations in progress to secure equipment and services

• Operations planned to commence in 2012

Palokastra-1 (June 2003 EOWR)

• Status - P&A with150m of oil shows in cretaceous

• Porosity <3% with max 7-8% (2,156-2,598mmd) …“thin micro-fractures cemented with calcite”… (OMV-End of well Report)

• Oil most likely migrated “up-dip” (G&G)

• TD 2,605m ( 8,547ft ) fairly shallow well

• 9-5/8” casing at 2,107m leaves 489m of 8-1/2” open hole available for extended reach side-tracks if required

• Several possibilities to produce oil from nearby traps (see next page)

• Oil shows in 492 ft of rock formation confirm hydrocarbons present

• Picari prospect <7km away is also interesting to G&G for 2,500-2,800m well (fairly shallow)

PathFinder Proposal Hamish MacLean – Drilling Manager

© 2011 Schlumberger. All rights reserved.

An asterisk is used throughout this presentation to denote a

mark of Schlumberger. Other company, product, and

service names are the properties of their respective owners.

Initial engineering indicates all three wells are drillable. Torque & Drag + Hydraulics undertaken.

Detailed optimization may result in new wells rather than sidetracks

A more detailed Engineering proposal will be undertaken when various feasibility studies have been completed to maximize investor ROI/ROCE

Engineering Considerations

Pathfinder (a Schlumberger Company) commenced theoretical planning for extended reach sidetracks (the example below is a study on what is possible so that limitations are defined – it is not a planned well – but

shows that torque / drag / pressures would allow for nearby cretaceous targets to be drilled)

Dumre 7 (1995 OMV End of Well Report)

• Status – P&A

• Well requires deepening (OMV ran out of casing sizes and abandoned well when they lost BHA “fish” in hole)

• VSP run at 6,015m showed “potential seismic reflector at 6,250m” (OMV)

• Sidetrack/Deepening possible

• Depth of Top of carbonates needs confirmation by G&G

• TDS Rig & Oil Based Mud required and confirmed available for 2012

• Flysch formation has been successfully drilled since 1995 so drilling risks are known and contingency plans available (i.e. failures correctable in same well)

• Deepening for G&G information in slim-hole is perfectly feasible

Dumre 7 did not quite get deep enough in 1995 but this OMV well provides very valuable information to Sky Petroleum

Kanina 1 & 1a (from 2005 OMV End of Well Report)

• Testing and evaluation by OMV seems incomplete – several unforeseen equipment & other failures

• With 262m of fractured hole open when tested water

ingress was almost certain with co-mingled zones

• Oil is in the well but 2005 test had several complications

• The coring runs showed oil is present and the rock has

open fractures

• The MDT tool may not have been placed properly or had

enough volume flow to get to the oil past the damaged

zone

• Possible side-track below 4,655m to evaluate fractures

• Testing individual zones will show oil bearing areas

• Good shows with core one below where Tam Packer is

set before testing

• Top of fill above packer is 4,917m leaving ~262m 5-7/8”

open hole for testing / sidetracks (more if pkr removed)

• Sidetrack and test once or twice on the way down (may

be more than one Oil-Water-Contact) then set 4-1/2”

liner and cement it (adding cemnet or equivalent) or use

expandable casing packer. Then perforate and test on

the way up again.

Further prospects are under evaluation

• Study of more than 10 Sky Petroleum prospects is in progress during Sept – Nov 2011

• Go-ahead of operations in this area of Europe means that operations are more cost-effective than before

• Equipment and Technology availability becoming much easier to integrate into this area of Europe

• Many major Service Companies and Equipment Types are available