accra block

During the quarter, Tap took the opportunity to increase its participating interest in the Offshore
Accra Contract Area from 40% to 45%. The transaction was on commercially attractive terms and
enhances Tap’s strategic options in the area. This transaction remains subject to approval by GNPC.
The processing and interpretation of the 3D seismic acquired earlier in 2011 continued during the
quarter. Our mapping now shows multiple large prospects in both the post rift Upper Cretaceous fan
sands (the same play type as Jubilee) and in the pre-rift Lower Cretaceous rotated fault blocks (the
same play type as the Espoir and Baobab oil fields). To date several prospects and leads, most drill
ready, have been mapped and have unrisked potential of greater than 3 billion barrels.
We anticipate that the first well in 2012 will likely target a large, deep water, Jubilee lookalike trap
with half a billion barrel potential. In order to strengthen the Joint Venture’s operating capability to
drill a deep water prospect, and also to manage risk we are looking to farm out a portion of our
equity to a world class deep water operator.