Ann: Pavo-1 Drilling Update, page-2

The Pavo-1 well had drilled to around 3,282 metres Measured Depth (“MD”) in the 8 ½” hole before
operations were suspended while the drilling rig was down-manned and the well made safe due to cyclone
activity in the area.

The well intersected multiple sands within the Caley to Crespin reservoirs, with logging while drilling tools
indicating porous and permeable reservoir intervals with similarity to the Dorado reservoir.

Elevated gas readings and increased resistivity were observed between 2,944 metres MD and 3,001 metres
MD indicating the presence of hydrocarbons.

The drilling rig has now returned to full manning levels and is preparing to re-commence drilling and logging
operations.

Forward plan
Upon re-commencement of operations, the well will be conditioned to run wireline operations while being
deepened to approximately 3,600 metres MD to investigate the Milne and Dumont members.

An extensive wireline program will then be run over the Caley and Crespin reservoirs, where logging while
drilling and surface gas readings indicated the presence of hydrocarbons in reservoir intervals.