Competent Person Report (CPR) - Company Reserves

We developed a CPR for all of this company’s upstream oil and gas assets, which are located in Egypt and Morocco, as part of an ongoing annual exercise. The update included a valuation of reserves. The reserves certified included producing oil and gas fields and producing and non-producing gas fields. The Report was developed to PRMS standard and in accordance with the London Stock Exchange’s Alternative Investment Market (AIM) Guidance Note for Mining, Oil and Gas Companies published in June 2009. The report was designed to validate the company’s 1P and 2P reserves.

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