* Repsol YPF Background Information:

• Founded 1986
• Oil & gas operations in over 30 countries worldwide
• One of world’s 10 largest private oil companies
• Total assets approx US$ 60bn (2005)
• Oil Reserves > 1.16 billion boe (2005)
• Oil Production 531,000 bopd (2005)
• >35,000 employees worldwide
• Major investor in environmental, education, cultural, social and sporting initiatives

Equity Partners

Mr. Alfonso Cortina
Former CEO of Repsol YPF *

• Nine years as Chairman and Chief Executive Officer of Repsol YPF (‘96 – ‘05)
• Professional private investor in African upstream oil & gas exploration
• One of the foremost Spanish corporate executives
• Senior Advisor of Texas Pacific Group Fund in Spain
• Past & Present Chairman and CEO of numerous Spanish multinationals including Inmobilaria Colonial, S.A., Banco Central Hispano, FCC et. al.
• Masters in Engineering and Economics, Madrid

Equity Partners

• Founded in 1976 as Angola’s state-owned energy corporation
• Overall management of Angola's petroleum and natural gas reserves
• Annual Revenues of US$ 9.5 bln (2005)
• Oil Reserves > 3.6 bln boe (Q3 2006 estimate)
• Oil Production 496,000 bopd (2005)
• 5,500 employees worldwide
• Operations throughout Angola & offices in Congo, China, USA, UK and Singapore
• Over 30 subsidiaries including Shipping, Telecoms, Airlines, Banking, Logistics and Retailing
• Sponsors of the Arts / Sports and Humanities throughout Africa

Strategic Partners

• H Oil often conducts its oil exploration, trading and infrastructure projects in joint venture with global industry leaders
• H Oil has a strategic relationship in upstream in oil & gas activities with:

• H Oil’s strategic partners for import/export of capital goods and infrastructure projects include:

DEMOCRATIC REPUBLIC OF CONGO - H Oil African History and Presence

• H Oil Group is newly installed in DRC
• Office facilities opened in Nov 2007
• Applications with Ministry of Hydrocarbons for two exploration blocks of exceptionally high potential
• Products supply to La Congolaise des Hydrocarbures under discussion

NIGERIA - H Oil African History and Presence

• H Oil Group in Nigeria since 1970
• One of first export cargoes of crude oil from Nigeria was purchased by H Oil’s President while at Glencore
• Partners with El Shaddai Petroleum Ltd., an important indigenous firm, with an option to acquire OPL-294 (est. unrisked reserves of 400m boe), awarded in the 2007 Bid Round
• Lifted 100,000 bbl/day of Oso Condensate, Forcados and Pennington during the 1990s
• Supplied 600,000MT of petroleum products annually to PPMC during the 1990s
• Won tender for OPL-246 on behalf of Petrobras and Total in 1998

ANGOLA - H Oil African History and Presence

• H Oil Group in Luanda since 2001
• Joint venture with Grupo Gema, important indigenous group, for oil & gas exploration (Chairman is former Secretary of Council of Ministers and Head of Civil Branch of Government)
• Reviewing licence awards in the upcoming Kwanza Basin (onshore) round (2007/2008)
• $400M Contract for upgrading of Luanda backbone telephone network (2007)
• $170M hospital design & construction contract (2007)
• $200M network upgrade for Radio Nacional de Angola (2005/2006)

SOUTHERN SUDAN - H Oil African History and Presence

• H Oil presence in Southern Sudan commenced in early 2005 with meetings between our President and Dr. Riek Machar, First Vice President of the Government of Southern Sudan (“GOSS”)
• H Oil applied for and was allocated Block Ea in Southern Sudan by GOSS & Nile Petroleum Corporation in late 2005
• H Oil opened a permanent Juba Office in mid-2006 to commence its activities with respect to Block Ea

Selected Exploration, Development & Production History

1. Algeria (1973-1976)

2 Blocks in Ghadames Basin

2. Angola (1992)

Blocks 3/95 and 3/91

3. Argentina (1985)

Neuquen Basin

4. Ireland (1994)

6 Offshore Blocks

(1983-1987)

2 Blocks

5. Bolivia (1975-1976)

One onshore Block

6. Brazil (1978-1982)

Four offshore blocks: Amazon,

Barreirinhas, Espírito Santo, Santos

7. Colombia (1987-1990)

Llanos basin: 5 Blocks, 5 successful wells 1,200M boe discovered

8. Equatorial Guinea (1991)

Alba Offshore & Malaba Field Development

9. Egypt (1973 )

3 Blocks Western Desert Basin + Field Development

10. Greenland (Denmark) (1977-1978)

One Block – Disko Island

11. Indonesia ()

Operator Offshore Blocks Sumatra + Java

12. Iran (2003)

Buyback Projects Nowrooz,

Soroosh, Persian LNG Phase 13

13. Libya (1991-2000)

Murzuk Basin: Blocks 186,187,190, 115,M1

Sirtie Basin: Blocks 09, 010, 536

Kufra Basin: two Blocks

1,150M boe discovered

14. Netherlands (1973)

One Block Central Gas Basin

15. Norway (1977-1996)

One operated Block

16. Peru (1975-1976)

One Onshore Block

17. Southern Sudan (2005-2007)

Block Ea - Operator

18. Spain (1973-2005)

Gaviota Underground Gas Storage

& Gas Field Development: 1,600M m3

Prestige Fuel Recovery (2004)

Calypso Permit – 2 Offshore wells

(1400m depth)

Chipiron Field Development ( 15,000 bopd)

Poseidon Gas Field Development

Albatross Field Development

19. United Kingdom (1977-1996)

34 Operated + Non-operated Blocks in the

North Sea

20. United States of America ()

Operator Gulf of Mexico

34 Blocks

Oil & Gas Exploration Team Operations History

• Countries in blue are where H Oil’s Operating & Technical team have operated oil & gas concessions
• For detailed information on selected country see following pages

H Oil Network

Headquarters and technical team based in Madrid, Spain

Regional offices:

• Juba (S. Sudan)
• Luanda (Angola)
• Lagos (Nigeria)
• Kinshasa (DRC)
• Paris
• London (under formation)

Representative offices and networks include:

• Kenya
• Algeria
• Morocco
• Serbia
• Croatia
• Bosnia
• Iraq
• Jordan
• Iran
• Cyprus
• UK
• Montenegro

H Oil Strategic Objectives

• Persistent and continuous investment in local business development and partnerships to achieve awards of exploration assets that can quickly be revalued through application of G+G expertise
• Operate through the G+G phases
• Farm-out to majors at exploration drilling stage and retain substantial carried interests
• Sell smaller stakes to financial investors and specialist funds on an opportunistic basis
• Partial exits through special dividends on farm-outs
• Evolve into operatorship for exploitation of world-class hydrocarbon assets

Where We Play for Advantage

• High quality exploration assets in politically difficult and/or sensitive countries
• Indigenous partnerships (Nigeria, Angola, etc.)
• Marginal fields
• Production improvement opportunities
• Distressed and bankruptcy situations
• Opportunistic, strategic trading opportunities

H Oil & Minerals Competitive Advantage

H Oil & Minerals, the specialist E&P company of the H Oil Group, was established in early 2006 upon award of Block Ea in South Sudan

• Company achieved a successful start due to its competitive advantages:
• World-class exploration acreage
• Almost 40 years of continuous business and contact network development throughout Africa
• World class, proven exploration and development team
• Proven transaction structuring and execution expertise
• Strategic alliance with Sonangol Pesquisa & Produçao for Africa
• Ability to substantially reduce financial and technical risks in E&P
• Ability and opportunity to cross-sell infrastructure projects (HOMT)