Highlights

 

Track record of adding value through major gas condensate discovery in Algeria

Active 18 months to move large hydrocarbon discovery towards bookable recoverable reserve status

Algeria Isarene - Appraisal drilling phase commenced in Q2 2010

Farm-out of 18.375% of Isarene expected first half 2011, subject to Government approval

Italy - 270 MMbbl Rovasenda prospect scheduled for drilling first half 2012

Elsa-2 appraisal well delayed, permit suspended, preserving licence value pending clarification

Tunisia – Two well drilling programme completed on the Ksar Hadada permit

Raised US$120 million at Stg12.75p per share in April 2010, US$82 million at year end 2010

Actively seeking new business opportunities in the Mediterranean and MENA regions