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)