Highlights:- $160mil market cap, $60mil in cash alone (cash...

Highlights:

- $160mil market cap, $60mil in cash alone (cash increasing during the quarter from insurance claim I assume + other receipts). This includes no production from Woolleybutt since Apr 09 (8-9000barrels/day).

-"In WA-351-P (Tap 25%, BHP Billiton Operator), Carnarvon Basin Australia, interpretation of the Aragon
3D seismic has confirmed the presence of a large number of leads representing several different play
types. The majority of the permit is covered by the Aragon 3D seismic survey which was acquired in
2008 and processed in early 2009. An assessment of the leads inventory is expected to be completed
during the first quarter of 2010. [i.e next two months]

- "In Philippines Block SC41 (Tap 50%, Operator), several different independent play types have been
identified in the permit, with individual prospects having the potential for 100-200 MMstb of oil. Although
Tap believes that SC41 has the potential to host commercial hydrocarbons and could be a ?game
changer? for the company, it has commenced a farmout campaign on behalf of the Joint Venture to
facilitate further drilling. ExxonMobil has recently announced a hydrocarbon find in the Dabakan?1 well
located approximately 6 kms to the north of SC41. This discovery bodes well for the exploration potential of SC41. In January 2010 ExxonMobil commenced drilling a second well in SC56, Banduria-1.