Company PETSEC ENGY

Petsec Energy Ltd is an independent oil and gas exploration and production company. The Company holds interests in two onshore blocks in the Republic of Yemen, 80 kilometers apart in the Marib Basin Damis (Block S-1) production license and Al Barqa, Block 7, exploration license. In the Middle East North Africa, the Company holds 100% working interest in the block of 1,152 square kilometers (284,665 acres), located in the Shabwah/Marib Oil Basin. The Damis Block S-1 production license in the Shabwah Governate contains five oil and gas fields, with target resources of approximately 54 million barrels of oil and 550 Bcf of natural gas. Its Nagyah Oilfield includes 32 wells, and associated production facilities capable of producing approximately 20,000 barrels of oil per day (bopd), connected by an 80,000 bopd pipeline to Block 5 and the Marib Pipeline which terminates at the Ras Isa Oil Export Terminal on the Red Sea to the West.