excellent summary

Summary
 Record revenue from crude oil sales of $60.1 million, up 25.7% from the previous year
 Much improved production performance from Galoc with up time of 84% for the year and
a total of 2.6MMstb (gross) produced
 Tindalo Extended Well Test (EWT) failed to produce oil at economic rates resulting in
abandonment of the field at year end
 Healthy Balance Sheet ? year end cash balance of $24.2 million and reduced debt of
US $9.2 million (debt currently at US $3.1 million)
 Successful farm-out of 27% interest in SC 54B to Shell Philippines Exploration B.V. and
7.6% interest in SC 54A to TG World (BVI) Corporation
 SC 58 deepwater multi-beam and sea-bed coring program completed with positive
results of widespread micro-seepage of mature hydrocarbons across the most
prospective parts of the block
 Pre Stack Depth Migration processing of the Kawayan 3D completed in July for SC 63
 Excellent 2010 HSSE performance across all assets and activities with zero fatalities and
zero Lost Time Injuries
 Positive outlook ? highly-prospective 5 well exploration program with drilling to
commence Q2 2011