Independent Evaluation of Resources and Reserves - Offshore Block Madagascar

We carried out an independent audit of a resource and reserves assessment carried out by the Client on an offshore block in Madagascar. Reviewed reports, interpretations, seismic, well log and test data to confirm the blocks reserves and the contingent and prospective resources. This part of the assessment was conducted in accordance the standards set down by the Petroleum Resource Management System.

We went on to develop an independent resource certification report in accordance the "Note for Mining and Oil & Gas Companies - June 2009" published by the LSE/AIM.

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