H Oil Group

* Repsol YPF Background Information:

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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)

H Oil Group

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Private corporation dedicated to upstream and downstream oil & gas activities (H Oil & Minerals) and infrastructure development (H.O.M.T.)
Founded in Switzerland and Madrid in 1987 by a former founding member of Glencore International AG and other senior members of Glencore*
Specialist in Africa and the Balkans
Over 200 years combined senior management oil industry expertise, with previous discoveries in excess of 1.9 billion boe of hydrocarbons
Focused on early stage acquisitions & equity investment in high quality upstream oil & gas exploration assets in Africa
Historic trading volumes of up to 100,000 bbl/day
Promotion, development and financing of infrastructure projects in Africa of > US$380 million in 2007

Álvaro Hachuel
Jacques Hachuel