QUARTERLY UPDATE ON ACTIVITIES FOR THE PERIOD TO 30 JUNE...

QUARTERLY UPDATE ON ACTIVITIES FOR THE PERIOD TO 30 JUNE 2010
HIGHLIGHTS:
 First commercial sale of oil from J-50 well on 7 May 2010.
 The commercial potential of Block 31 confirmed with production test flow rate
from J-50 on choke at 350 to 435 bopd with 10,000 barrels of oil produced and
sold in July.
 Independent review of Block 31 seismic post J-50 drilling confirms a P(50)
increase of recoverable resources from 43 mmbbls to ~ 80 mmbbls
 Planning has commenced for 2010 commitment well (J-51) as a step out
development well from J-50 targeting the same Mid Triassic production
horizon .