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Business Update

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09 Jul 2012

Further to SacOil successfully posting a US$25 million Performance Bond (the "Bond") as part of fulfilling its obligations under the Joint Venture and Production Sharing Agreements ("PSC"), the OPL 233 joint venture partners have completed the interpretation and evaluation of the existing seismic and well data on the block. In addition, the modelling and planning of a 3D Ocean Bottom Cable ("OBC") survey was completed and finalised in Q2 2012.

In preparation for the 3D seismic acquisition, the joint venture partners are now finalising the seismic contractor assessments and engagements for the acquisition. Immediately after the contract award, which is expected to be imminent, acquisition and processing will commence leading to what is anticipated to be the selection of an optimal well location. The acquisition and processing of the OBC is funded through the cash collateral of US$10 million provided by SacOil as part of the posting of the Bond.