update

Atzam Project Update:
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Independent expert recommends Atzam #4 production rate of 466 bopd
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Atzam #4 well
production continuing- good quality oil on restricted choke with no water produced to date and ongoing strong natural
reservoir pressure ? Updated Reserve Report– Initial 1P reserves of 362,515 barrels for 6 foot producing section
alone ? 1P reserves
to increase in excess of 500,0000 upon production of
additional 7 foot C17 carbonate yet to be perforated
? Atzam oil field 20mmbbl 2C contingent resource estimate being reviewed with Atzam #4 success ?
Significant exploration upside on Atzam block
- unexplored salt dome and anticline structures
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Atzam #5 development well on schedule to spud in late September
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Construction of new Atzam tank facilities to commence
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Citation
fully funded for the Atzam #5 development well and oil storage facility upgrades