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GEPS Reports Sub-Saharan Africa Democratic Republic of Congo April 2008 (PUBLISHED MAY 2008) Editor: Ghislain Moundounga e-mail: [email protected] phone:+41 22 721 1717; fax: +41 22 721 1919 contact: www.ihs.com/energy [email protected]

© Copyright 2008, IHS and its affiliated and subsidiary companies, all rights reserved. All trademarks belong to IHS and its affiliated and subsidiary companies, all rights reserved.

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Democratic Republic of Congo Sub-Saharan Africa April 2008

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CONTENTS

GENERAL ISSUES...............................................................................................................5

Territorial issues ...............................................................................................................5 PETROLEUM LEGISLATION ............................................................................................6

Trends...............................................................................................................................6 PETROLEUM RIGHTS ........................................................................................................6

Pre-award & negotiations.................................................................................................6 Awards .............................................................................................................................7 Company deals ...............................................................................................................11 Farm-in opportunities .....................................................................................................12

GEOLOGICAL BACKGROUND.......................................................................................13 Basin overview...............................................................................................................13

GEOLOGY & GEOPHYSICS.............................................................................................15 Geophysical operations ..................................................................................................15 Plans ...............................................................................................................................15

EXPLORATORY DRILLING ............................................................................................16 Plans ...............................................................................................................................16

FIELD DEVELOPMENT....................................................................................................17 Development drilling......................................................................................................17

PRODUCTION & RESERVES...........................................................................................20 Trends.............................................................................................................................20 Production listings..........................................................................................................21

COMPANY ACTIVITY MONITOR ..................................................................................21 Data Listings ..................................................................................................................22

FIGURES

Current Activity

CONTRACT DATA SHEETS

Contract Name Operator Block I Divine Inspiration Group

WELL DATA SHEETS

None

MAPS

Map Name Scale Last Issue Reference Coastal Area General

1 : 200000 1 : 3000000

Feb 2008 Dec 2007

CD08L1CST CD07C3GEN

LEGEND

New Information Updated information Highlight

April 2008 Sub-Saharan Africa Democratic Republic of Congo

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GENERAL ISSUES

Territorial issues

Offshore

D.R. Congo Government approved agreement on maritime boundary with Angola

Democratic Republic of Congo (DRC) has approved and ratified the oil and gas exploration agreement signed by DRC and Angola on 30 July 2007. The agreement, which was submitted to the parliament of both countries, aims at establishing a common interest zone (ZIC) prior to solve an offshore boundary issue. The law related to this agreement was voted on 22 September 2007 by the National Assembly and on 2 October 2007 by the Senate. It was promulgated by the President of DRC in late October 2007. The Angolan authorities proposed a 10km-wide corridor extending from shore (DRC-Angola boundary) to about 320km offshore and including part of the Congo river canyon.

DRC Government has not started discussions with Congo and Gabon regarding the doted area crossing these two countries. It is understood that the defined ZIC will probably be restricted to Cabinda-DRC boundary as of now (see attached map).

The agreement was approved and ratified by Angolan authorities in February 2008.

Background Information

In October 2005, delegations from both governments met to discuss the opportunity to assign to the DRC a 10km wide "maritime corridor", limited to the south by Angolan Block 2, Block 1, Block 15, Block 31 and future Block 46 and extending offshore to the 200 miles limit, for oil exploration. The area would exclude development areas surrounding fields already discovered in Angola unless they are abandoned or depleted.

A long-running border dispute between the two countries had prevented the DRC to have access to a prolific deepwater area so far. The current maritime boundary between the two countries is based on the limits of oil exploration and exploitation blocks granted by the Angolan government. There has been no treaty signed by the two countries defining their common maritime boundary.

According to the government of Kinshasa, the DRC's maritime zone was arbitrarily defined by US Congo Gulf Oil Company in the late fifties. ChevronTexaco has been the operator of the 1,050 sq km shallow-water area attributed to the DRC until 1 July 2004, when it sold its wholly-owned subsidiary Muanda International Oil Company Ltd (MIOC) to Perenco (RDC) S.A. The area forms a triangle limited to the south by the Congo river canyon, to the east by the coast of Muanda and to the north by Block 0, operated by Chevron in Cabinda. Prior to the sale to Perenco, ChevronTexaco was producing at an average of around 19,000 bo/d from eight shallow-water fields in the maritime zone of the DRC.

The oil ministers of Angola and the Democratic Republic of Congo (DRC) signed a Memorandum of Understanding (MoU) in 2003 establishing the basis for joint hydrocarbon exploration and development in the disputed maritime zone between Angola and the Democratic Republic of Congo (DRC). The two countries apparently agreed in principle to define a "maritime corridor" for common oil exploration located in the southern part of Block 0 and Block 14.


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On 20 August 2003, the Angolan government approved the MoU. The agreement could lead to a joint committee overseeing operations in the area, much in the same way as the one which was settled upon between Angola and the Republic of Congo in the form of a Unitization Zone. In August/September 2004, the Council of Ministers of Angola confirmed the MoU signed in 2003.

PETROLEUM LEGISLATION

Trends

On/Offshore

Government working on new oil and gas policy

On 17 December 2007, Oil Minister of Democratic Republic of Congo organised a five-day workshop on new oil and gas legislation. The new Petroleum Act is now ready and has been submitted to the Parliament for ratification.

Official release is still waited as of mid-May 2008.

PETROLEUM RIGHTS

Pre-award & negotiations

Onshore;Cuvette Centrale

COMICO to be granted acreage in Central Basin

In July 2007, Compagnie Minière Congolaise (Comico) was pre-awarded three blocks out of 21-block subdivision recently made in Central Basin. The three blocks are Block 01 (Mbandaka), Block 02 (Lokoro) and Block 03 (Busira). As of mid-November, negotiations for the PSC were in final stages. Ratifications is believed to be imminent. Cohydro will have 15% carried interests.

Located onshore DRC, the Central Basin has developed in a series of extensional troughs from Late Cambrian to Tertiary. The main sub-basins are: Lokoro, Busira, Inongo, Lomami and Lonkonia. A 21-block subdivision of this area was proposed to the Government by the state oil company Cohydro in July 2007.

Comico is a local mining company which is now moving into the oil and gas exploration sector. It is understood that the company will be seeking partners as soon as the awards are ratified by presidential Decree.

Onshore;Albert Graben

Divine Inspiration Group to be granted Block I in Albertine Graben

On 29 April 2008, the Hydrocarbon Ministry of Democratic Republic of Congo (DRC) announced in Kinshasa that it has signed a Production Sharing Contract (PSC) covering Block I in the Albertine Graben with Divine Inspiration Group, a consortium including South Africa's oil company PetroSA and the Cyprus-H Oil & Minerals Ltd. According to DRC authorities, Mrs Brown from Divine Inspiration has already paid USD 2.5 million before the application was approved in early March 2008.

Block I covers 3,820 sq km in the north of Lake Albert and its western shore just opposite the Ugandan side of the lake where Tullow and Hardman recently made two oil discoveries: Mputa (January 2006) and Waraga (July 2006).


On 21 July 2006, a Production Sharing Agreement (PSA) covering Block I and


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Block II in Albertine Graben was negotiated, agreed and signed by Tullow, Heritage and the previous Government represented by Mr Nicolas Badingaka who was at that time the oil Vice Minister. Tullow paid a signature bonus of US$500,000. A Presidential Decree was then required for the contract to become effective.

On 17 October 2007, the Oil Ministry informed Financial Ministry on the new statue of Block I including some problem related to the award procedure as well as the signature bonuses. Apparently Tullow has been informed by Oil Ministry on 1 November 2007.

In mid-November 2007, local industry sources suggested that Tullow has seen its contract covering Block I cancelled by DRC authorities due to signature bonus dispute. So Block I was reversed in open blocks of DRC and therefore available for bidding.

In July 2007, rumours on the streets in Kinshasa were that the government was claiming additional signature bonus worth US$ 500,000 for the second block. Tullow confirmed that the PSA agreed and signed in July 2006 by the previous Government was covering both Block I and Block II, so it had one signature bonus of US$500,000 which was paid on-time. However, the oil Minister Lambert Mende Omalanga stated that the second signature bonus was required for the second block.

On 1 May 2008, Tullow answering press released made by DRC Oil Minister, stated that the bonus which was paid was not specified for which block. Therefore it is understood that it was covering both blocks.


Dominion ;SOCO to be granted acreage in Central Basin

On 26 March 2008, Soco Exploration and Production DRC Sprl (Soco E&P-DRC) confirmed that it has signed a Memorandum of Understanding (MoU) with Dominion Petroleum Ltd and Cohydro. The consortium applied for a Production Sharing Contract (PSC) in the Central Basin, probably in October 2007. The PSC is believed to be related to Block 7. Cohydro will have 15% interests as a carried partner.

Located onshore DRC, the Central Basin has developed in a series of extensional troughs from Late Cambrian to Tertiary. The main sub-basins are: Lokoro, Busira, Inongo, Lomami and Lonkonia. The authorities have divided the Cuvette Centrale (Central Basin) into 21 blocks and the block subdivision was approved by oil minister in mid-November 2007.

Awards


Dominion granted Block V in Albertine Graben

On 17 March 2008, Dominion Congo Ltd, a subsidiary of UK-based Dominion Petroleum Ltd, and its partner Soco Exploration and Production DRC Sprl (Soco E&P-DRC) announced that they have signed a Production Sharing Contract (PSC) with the Government of the Democratic Republic of Congo (DRC) for the acquisition of exploration rights on the Albertine Graben Block V. Signed on 28 November 2007, the PSC will become effective upon ratification by the DRC President.

The 7,105 sq km Block V covers about 1,260 sq km of Lake Edward and its eastern shore just opposite the Ugandan side of the lake where Dominion has already an existing acreage (Block 4B). It is in the same sedimentary basin as Lake


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Albert, the site of significant oil discoveries during 2006 and 2007 on the Ugandan side. No well has ever been drilled in that part of the Albertine Graben (East African Rift System). The exploration period is 5+5+5 years and the first five-year phase carries 300 sq km of 3D seismic acquisition and 2 exploration wells. (The company shwos on its website 350km of 2D).

Dominion will operate the tract with a 46.75% interest. Partners are Soco E&P-DRC with 38.25% interests and the state oil company La Congolaise des Hydrocarbures (Cohydro) with 15% interests (carried).

Background information

In October 2007, the partners Dominion and Soco signed an agreement with Cohydro, the state oil company to apply for one PSC in the Albertine Graben. The PSC was related to Licence covering Block IV and Block V.

The Albertine Graben basin was sub-divided into five blocks (total of 20,790 sq km) according to ministerial decree No. 103 dated 11 August 2005.

Dominion is an independent oil and gas exploration company operating in East and Central Africa, registered in Bermuda and listed on the Alternative Investment Market of the London Stock Exchange.

SOCO is an international oil and gas exploration and production company, headquartered in London, traded on the London Stock Exchange and a constituent of the FTSE 250 Index. The Company has interests in Vietnam, Yemen, Thailand, the Republic of Congo (Brazzaville), the Democratic Republic of Congo (Kinshasa) and Angola with production operations in Yemen.

Onshore;Lemba Trough;Lower Congo Basin

EnerGulf Lotshi PSC ratified; award becomes effective

On 12 March 2008, the President of the Democratic Republic of Congo (DRC) Joseph Kabila Kabange, ratified the Production Sharing Contract (PSC) for the Lotshi block to be operated by EnerGulf Africa Ltd, a wholly owned subsidiary of EnerGulf Resources Inc. The PSC was signed in December 2005 between Energulf, the state oil company Cohydro and the DRC Ministry of Energy.

The 475 sq km Lotshi block is carved out from the 4,916 sq km the "Zones du Bassin Côtier" (ZBC) area in the Coastal Basin (also known as Lemba Trough) of the western Democratic Republic of Congo (DRC). It adjoins the Yema and Ndunda blocks in the north and the Cabinda C block operated by Roc Oil in Angola in the west.

EnerGulf operates the tract with a 90% interest. A 10% carried interest is held by Cohydro.

Under the terms of the five year contract, EnerGulf has agreed to pay a signature bonus of US$ 500,000 and to provide a bank guarantee of an additional US$ 500,000 towards the work programme. On 30 January 2006, EnerGulf confirmed the bonus had been paid.


On 14 September 2005, EnerGulf announced it entered into a Memorandum of Understanding (MoU) with the authorities of the DRC to negotiate the final terms of a hydrocarbon exploration and production licence covering the ZBC area.

The ZBC area has been divided into six blocks, i.e. from north to south: Nganzi, Mavuma, Lotshi, Yema, Ndunda and Matamba-Makanzi. The Matamba-Makanzi and Yema blocks are located east of three onshore production concessions


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operated by Perenco-Rep (Est Mibale, Liawenda-Kinkasi and Muanda-Banana). The ZBC area encompasses the former Rendus permit, which was held by a Polish company called King & King. The authorities have officially cancelled this permit on 13 September 2005 as the Polish company has been unable to fulfill work commitments relevant to the first five years of its contract (see separate article under King & King, Relinquishments & Cancellations).

A total of 27 oil companies submitted an application for the ZBC area. According to local press reports, the list of applicants included the following companies: B & B, Energetic Petroleum, EnerGulf Resources Inc., Heritage Oil Corp., MC Petrolex, Ophir Energy, Petroco, PetroSA, Soco International Plc, South Oil, Surestream and Tullow Oil Plc.

DRC is said to be offering acreage to interested companies under "production sharing terms", which has not been the usual practice, the concession regime having prevailed until recently. It appears that production remaining after cost recovery is shared between the DRC and the contractor on a negotiable scale linked to cumulative production from the development area. In local press reports, it has been mentioned that the sliding scale profit shares as negotiated by EnerGulf is 30% in favour of the state and 70% in favour of the contractor's group for cumulative production from 0 to 8 MMbo and 45% in favour of the state and 55% in favour of the contractor's group for cumulative production in excess of 8 MMbo. These figures are not confirmed.

In total, 13 wells have been drilled in the past in the Coastal Basin of western DRC, four of which by Socorep in the period from 1963 to 1965 (Lindu 1, 2, 3 and Kanga 1) and nine by Zairep from 1972 to 1984 (Matamba-Makanzi 1, Farabola 1, Puela 1, Zadi Kongo 1, Makanga 1, Kamba 1, Luibi 1, Tshikay 1, Kimpenza 1). Spudded in December 1963, Lindu 1 was abandoned at TD 1,900m in the basement in March 1964, after testing a total of 2,617 barrels of 30° API oil (5 DSTs) from the Barremian Chela Formation below 1,876m. Six untested leads with potential reserves of 880 MMbo have been identified in the past in the area of interest. The primary potential reservoir zones associated with these leads are at depths between 1,800 and 3,000m.

SOCO Nganzi block PSC ratified; award becomes effective on 12 April 2008

On 12 March 2008, the President of the Democratic Republic of Congo (DRC), Joseph Kabila Kabange, ratified the Production Sharing Contract (PSC) for the Nganzi block to be operated by Soco DRC Ltd, a local subsidiary of Soco International plc. The PSC was signed in July 2006 between Soco, the state oil company Cohydro and the DRC Ministry of Energy. The contract will become effective on 12 April 2008.

The 848 sq km Nganzi block is carved out from the 4,916 sq km the "Zones du Bassin Côtier" (ZBC) area in the Coastal Basin (also known as Lemba Trough) of the western DRC, about 25 km west of the basement limit. It adjoins the Lotshi block in the north and the Cabinda Norte block operated by Sonangol P&P in Angola in the west.

Nganzi block is poorly explored with the most recent seismic data acquired in 1970 and two exploration wells drilled by Zairep in the 70's: Makanga 1 (TD: 1,144 m) and Puela 1 (TD: 1,659 m). In 2005, Soco acquired a reconnaissance aeromagnetic and gravimetry data set over the onshore extension of the Lower Congo Basin. This survey was carried out under a MOU signed with the government. Interpretation of this new data set indicated the presence of a deep pre-salt graben in the northern part of the block. Several horst structures, on trend with the M'boundi field in Congo, have been mapped. They will be further


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matured with 2D seismic data to be shot in 2007.

Soco operates the tract with a 85% interest. A 15% carried interest is held by Cohydro.


On 19 July 2006, Soco International plc announced that its subsidiary Soco DRC Ltd has signed a PSC for the Nganzi block with the government and Cohydro, the national oil company. Soco will operate the 800 sq km block with an 85% interest, Cohydro 15%.

The ZBC area has been divided into six blocks, i.e. from north to south: Nganzi, Mavuma, Lotshi, Yema, Ndunda and Matamba-Makanzi. The Matamba-Makanzi and Yema blocks are located east of three onshore production concessions operated by Perenco-Rep (Est Mibale, Liawenda-Kinkasi and Muanda-Banana). The ZBC area encompasses the former Rendus permit, which was held by a Polish company called King & King. The authorities have officially cancelled this permit on 13 September 2005 as the Polish company has been unable to fulfill work commitments relevant to the first five years of its contract (see separate article under King & King, Relinquishments & Cancellations).

A total of 27 oil companies submitted an application for the ZBC area. According to local press reports, the list of applicants included the following companies: B & B, Energetic Petroleum, EnerGulf Resources Inc., Heritage Oil Corp., MC Petrolex, Ophir Energy, Petroco, PetroSA, Soco International Plc, South Oil, Surestream and Tullow Oil Plc.


South Africa Congo Oil granted Block III in Albertine Graben

Local industry sources suggest that South Africa Congo Oil has been granted Block III in the Albertine Graben. On 7 December 2007, a Production Sharing Contract (PSC) was signed with the authorities. The Presidential Decree is awaited. The South Africa based company will explore the acreage in association with the state oil company, Cohydro.


Block III covers 3,204 sq km of land between Lake Edward and Lake Albert just opposite the Ugandan side of the lake. It is in the same sedimentary basin as Lake Albert, the site of significant oil discoveries during 2006 and 2007 on the Ugandan side, which is located on the north-eastern part of Lake Albert. No well has ever been drilled in that part of the Albertine Graben (East African Rift System).

Onshore;Lemba Trough;Lower Congo Basin

Nessergy granted exploration rights over the newly defined Angola/DRC ZIC

On 12 March 2008, the President of the Democratic Republic of Congo (DRC), Joseph Kabila Kabange, ratified a Production Sharing Contract (PSC) for an area located in the newly established Angola/DRC Common Interest Zone (ZIC). The limits of the acreage granted to UK-based Nessergy Ltd have not been disclosed. Further details are being sought. As a reminder, the agreement referring to the Angola/DRC Common Interest Zone (ZIC) was signed by both governments on 30 July 2007 and became effective after parliament ratification in October 2007.

Nessergy is an oil exploration and production company.


Angola approved and ratified the oil and gas exploration agreement in February


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2008. The agreement, which was submitted to the parliament of both countries, aims at establishing a common interest zone (ZIC) prior to solve an offshore boundary issue. The law related to this agreement was voted on 22 September 2007 by the National Assembly and on 2 October 2007 by the Senate. It was promulgated by the President of DRC in late October 2007. The Angolan authorities proposed a 10km-wide corridor extending from shore (DRC-Angola boundary) to about 320km offshore and including part of the Congo river canyon.

DRC Government has not started discussions with Congo and Gabon regarding the doted area crossing these two countries. It is understood that the defined ZIC will probably be restricted to Cabinda-DRC boundary as of now (see attached map).

Company deals

Onshore;Lower Congo Basin

Surestream Petroleum farms out 42% stake in Matamba-Makanzi Block to Glencore

US-based broker-dealer Nanes Delorme Capital Management LLC confirmed that Surestream Petroleum farmed out a 42% stake in Matamba-Makanzi exploration permit to Glencore Exploration Ltd in August 2007. Nanes Delorme acted as executive advisor to assist Surestream in the transaction. It is understood that the deal was closed and approved by Democratic Republic of Congo authorities in mid-January 2008.

In February 2006, Surestream was awarded three onshore blocks under PSC terms. President Joseph Kabila signed two presidential decrees for three blocks in the Lower Congo Basin: Yema; Matamba-Makanzi and Ndunda. The licences will expire in February 2011. There are two five-year renewal options for each of these licences. The company has plans for a 2D seismic acquisition in 2008 and a drilling of two exploratory wells in 2009.

The Matamba-Makanzi block (376 sq km) lies on the north bank of the Congo River, between Muanda Banana block (Perenco) and Ndunda Block. Three wells have been drilled here: Matamba-Makanzi 1 (1972), Tshikay 1 (1983) and Kamba 1 (1983); all plugged and abandoned by Zairep as dry.

Surestream remains operator with 43% interests. Partners are Glencore Exploration Ltd (42%) and Cohydro (15% carried).

Surestream Petroleum is headed by Senegalese ex-Prime Minister Moustapha Niasse as Chairman, with co-directors Christopher Pitman, Pierre Achach and Stéphane Rigny. It has offices in London, Johanesesburg and Kinshasa.


Samroc to purchase Oil&Gas assets in DRC

On 26 March 2008, South Africa Mineral Resources Corporation (Samroc) announced in Johannesburg that it has agreed to pay R 516.9 million cash (US$ 63.58 million) for the acquisition of South Africa Congo Oil Company (Pty) Ltd (SacOil). Samroc decided to proceed with this acquisition on 11 March 2008 and an agreement was reached one week later, on 17 March 2008. Samroc will change its name to SacOil.

The deal aims at reversing SacOil into a listed vehicle to enable the company and its partners to effectively fund an exploration and development programme in the Albertine Graben. On 7 December 2007, SacOil signed a Production Sharing Contract related to Block III in the Albertine Graben. Samroc has already advanced US$ 3.5 million, payable direct to the Democratic Republic of Congo (DRC) Government in lieu of signature bonus for Block III.


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Block III covers 3,204 sq km of land between Lake Edward and Lake Albert just opposite the Ugandan side of the lake. It is in the same sedimentary basin as Lake Albert, the site of significant oil discoveries during 2006 and 2007 on the Ugandan side, which is located on the north-eastern part of Lake Albert. No well has ever been drilled in that part of the Albertine Graben (East African Rift System).

The agreement is subject to the fulfilment by not later than 31 May 2008 of certain suspensive conditions, the material ones being:

- The granting of all necessary regulatory approvals including a listing of the new shares to be issued by the JSE Limited;

- Samroc completing a due diligence investigation of SacOil to its satisfaction;

- Approval of the agreement by a resolution of the shareholders of Samroc in a general meeting;

- The assignment to SacOil of all rights in respect of the Oil Concessions;

- The issue by the President of the DRC of an Ordinance or equivalent authorisation of the relevant Production Sharing Agreements in respect of the Oil Concessions.

In the event that the Ordinance referred to in the last condition above is received for one of the oil concessions but not the other, the purchase consideration will be adjusted pro rata for the authorised oil concession.


SacOil has been established by a consortium of companies, led by Divine Inspiration Group (Pty) Limited ("Divine") and Encha Group Limited ("Encha") to pursue investment opportunities in the oil sector in DRC. The consortium has committed to the DRC Government that it will develop the oil sector in DRC and that it will promote community development and local participation.

Farm-in opportunities


Surestream Petroleum is finalising Ndunda block farm-out; up to 40% interests available

As of early April 2008, Surestream Petroleum was finalising the farm-out of part of its stake in the onshore Ndunda exploration permit, in Democratic Republic of Congo (DRC). The company will farm out up to 40% out of its 85% working interest. US-based broker-dealer Nanes Delorme Capital Management LLC was retained as executive advisor to assist Surestream in this deal. According to Nanes Delorme, discussions are at advance stages with two international firms (one from India and one from the Middle East). The transaction is now expected to be closed by end April 2008.

The 878 sq km Ndunda block lies on the north bank of the Congo River, some 25 to 30 km from its mouth. Just one well has been drilled here: Zairep plugged and abandoned Zadi Congo 1 in 1973.

In February 2006, Surestream was awarded three onshore blocks under PSC terms. President Joseph Kabila signed two presidential decrees for three blocks in the Lower Congo Basin: Yema; Matamba-Makanzi and Ndunda. The licences will expire in February 2011. There are two five-year renewal options for each of these licences. The company has plans for a 2D seismic acquisition in 2008 and a


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drilling of two exploratory wells in 2009.

Surestream Petroleum is headed by Senegalese ex-Prime Minister Moustapha Niasse as Chairman, with co-directors Christopher Pitman, Pierre Achach and Stéphane Rigny. It has offices in London, Johanesesburg and Kinshasa. Surestream operates the track and Cohydro the state oil company holds 15% as carried partner.

GEOLOGICAL BACKGROUND

Basin overview


Albertine Graben

The Albertine Graben, straddling the border between the Democratic Republic of Congo (DRC) and Uganda, is the northernmost part of the western arm of the Eastern African Rift System.

The pre-rift period, predating the mid-Tertiary, includes mostly Permo-Triassic to Upper Jurassic Karroo continental clastics. The deepest borehole in Uganda, Butiaba Waki 1, in Hardman's Block 2, drilled in 1938, logged some 200m of Jurassic fluvio-lacustrine sediments, including bituminous shales and sands with asphaltic oil. The well bottomed at 1,232m in the basement. Overlying the Jurassic were Lower Miocene to Pliocene fluviatile and lacustrine sands and shales topped by some 530m of Early Pleistocene sands, shales and conglomerates. Oil of some 16° API has been recovered from two shallow holes along the Albert Lake shores. Geochemical analyses on various seeps show the oil to be generally of fresh water algal origin. Oil of marine origin has also been demonstrated from other seeps.

Heritage Oil Corp. completed negotiations for one exploration and production licence in the portion of the Albertine Graben located in the Democratic Republic of Congo in the first quarter of 2003. However, due to the security situation in the region, Heritage and the government have chosen not to execute the formal PSA for the moment. The area of interest encompasses former Block 1 (10,250 sq km) and Block 2 (10,125 sq km), which Petrofina held from 1991 to 1993 in the former Zaire.

Turaco 1, 2, 3, Block 3, Uganda

Exploration of the Albertine Graben is on-going in Uganda where several seismic surveys have been conducted by Heritage and Hardman in their respective acreage since 1998. The UK company drilled three wells in 2003-2004, Turaco 1, its first well in Block 3 (Uganda), Turaco 2 and Turaco 3. The first two wells did find hydrocarbon shows and the latter was finally tested. On 13 December 2004, Heritage announced that Turaco 3 had tested significant amount of gas. Encouraging results were, however, tempered by the unforeseen presence of significant amount (80-90%) of carbon dioxide in the gas stream. The well reached a final depth of 2,850m. Two potential hydrocarbon-bearing zones consisting of stacked layers of sands and shales were intersected over more than 350m. Net pay of 84m with an average porosity of 24% was inferred from log evaluation. After running logs, the company conducted three DSTs on three separate intervals. Flow rates of between 8,000 and 12,000 Mcf/d of gas on chokes ranging from 20/64" to 28/64" at wellhead flowing pressures of between 1,200 and 1,600 psi were recorded.


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Cuvette Centrale

Central Basin (previously known as Cuvette Centrale)

State company Cohydro (La Congolaise des Hydrocarbures) took advantage of its presence at the AAPG Annual Meeting in Dallas, 18-21 April 2004, to promote the 750,000 sq km Central Basin (also known as "Cuvette Centrale"). Basic details on structure, stratigraphy and hydrocarbon potential are given below.

The Central Basin (also known as Cuvette Centrale and Congo Interior Basin) was explored in 1955-56 by Fina, (Zairep), which drilled two wells, i.e. Samba 1 (TD 2,038m) and Dekese 1 (TD 1,856m). In 1981, the Esso-Shell-Texaco consortium drilled two further wells, i.e. Gilson 1 (oil shows, TD 4,665m) and Mbandaka 1 (TD 4,350m). In total, 3,200km of 2D seismic lines have been shot in the basin. Based on these data as well as airmag, magnetics and gravity data, it is estimated that the sedimentary section from Late Proterozoic to Tertiary reaches up to 10,000m.

The Central Basin has developed in a series of extensional troughs from Late Cambrian to Tertiary. The main sub-basins are: Lokoro, Busira, Inongo, Lomami and Lonkonia.

The basal sediments are Upper Proterozoic in age and have been postulated to have been deposited in a period of rifting. Faults developed along weakness zones during tectonic phases in the Permo-Carboniferous, Upper Jurassic and Lower Cretaceous.

Cambrian arkosic deltaic sandstones and claystones underlay Ordovician to Devonian marine sandstones and fluvio-deltaic claystones (including source rocks). Red sands and claystones of the Karoo facies were deposited during the Carboniferous and Permian (Lower Karoo) and during the Triassic and Jurassic (Upper Karoo). Jurassic sediments include grey claystones interbedded with bituminous shales, not known to be mature in the "Cuvette Centrale". Fine sandstones and clays, some bituminous, have been dated of Cretaceous age.

Potential sources rocks have been identified in the Ordovician (Alolo shales, TOC 1.7 to 3%) and in the Cambrian (Mamungi and Kole shales). The Alolo shales also serve as potential seals. Potential reservoirs exist in the Permo-Carboniferous Lukuga Formation (up to 30.5% porosity), the Devonian-Ordovician Banalia Arkoses, the Ordovician Galomboge sandstone (porosity ranging from 8% to 19%) and the Cambrian Bobwamboli arkoses.

According to Cohydro, the most prospective regions for hydrocarbon exploration are: the Lokoro Sub-basin (Bandundu province): Tolo, Dekese, Oshwe and Kimpala areas; the Busira Sub-basin (province of Equator): Boende area.

In particular, Cohydro indicates that two prospects, identified from seismic re-interpretation within seven recognized prospective zones, are particularly noteworthy. These are: Prospect B (NNE of Gilson 1 well) and Prospect G (ENE of Dekese 1 well), both with the Galomboge sandstone as main objective. A geochemical and microbiological program is being prepared over these two prospects (250m grid soil sampling over Prospect B and 500m grid soil sampling over Prospect G).


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GEOLOGY & GEOPHYSICS

Geophysical operations


SOCO completed geochemical survey in Nganzi Block

Soco DRC Ltd completed above ground geochemical surveys in Nganzi block in September 2007. The company was allowed to initiate sampling for a surface geochemical survey by DRC Government in June 2007. In addition, SOCO plans to acquire around 330 km of 2D seismic data. These surveying works have been postponed due to the presidential Decree which is understood to be imminent. The PSA was approved by DRC authorities in August 2007. The tender for this 2D seismic work was issued in August 2007. As of 4 January 2008, the company is believed to be carrying some negotiations with a Chinese.

The Nganzi block is located to the east of the Lower Congo Basin, about 25 km west of the basement limit. It is poorly explored with the most recent seismic data acquired in 1970 and two exploration wells drilled by Zairep in the 70's: Makanga 1 (TD: 1,144 m) and Puela 1 (TD: 1,659 m).

Plans


SOCO confirms its plans to shoot 2D seismic in Nganzi in 2008

On 26 march 2008, Soco Exploration and Production DRC Sprl (Soco E&P-DRC) confirms its plans to acquire around 360km of 2D seismic data in Nganzi block. Initially planned for late 2007, the surveying operation has been postponed to the summer of 2008 (probably in mid-May 2008). In July 2007, despite the presidential decree, the company was allowed to acquire a reconnaissance aeromagnetic and gravity survey across the Block to define the basin geometry leads identified by the aero survey. The results of both surveys will be used to help lay out the planned 2D seismic acquisition.

The 2D survey will be used to mature future exploration drilling locations. The company will also obtain and reprocess previously acquired seismic data. In 2005, leads were identified using a reconnaissance aeromagnetic and gravimetry data set over the onshore extension of the Lower Congo Basin. This survey was carried out under a MOU signed with the government. Interpretation of this data set indicated the presence of a deep pre-salt graben in the northern part of the block. Several horst structures, on trend with the M'boundi field in Congo, were mapped.

Located to the east of the Lower Congo Basin, about 25 km west of the basement limit, the 848 sq km Nganzi block is carved out from the 4,916 sq km the "Zones du Bassin Côtier" (ZBC) area in the Coastal Basin (also known as Lemba Trough) of the western DRC. It is poorly explored with the most recent seismic data acquired in 1970 and two exploration wells drilled by Zairep in the 70's: Makanga 1 (TD: 1,144 m) and Puela 1 (TD: 1,659 m).

The Nganzi block was awarded to Soco by Presidential Decree on 12 March 2008. The company announced on 17 March that the award will become effective on 12 April 2008. Soco E&P-DRC operates the tract with a 85% interest. Cohydro, the state oil company holds the remaining 15% interests (carried).

Onshore

Surestream Petroleum plans 2D seismic

As of mid-April, Surestream Petroleum plans to acquire a 1,200 km 2D seismic survey over Yema and Matamba-Makanzi blocks in 2008. Initial plan was to


16 GEPS Reports

conduct the survey in Augsut 2007. The company was initial in talks with the Geophysical Institute of Israel to conduct the survey. It is understood that the contractor may now be a Chinese company. Surestream's managing director Chris Pitman said in 2006 that the company had a US$ 25 million budget for the next five years to acquire more seismic data, possibly another 1,200 km, and to drill five wells. Work will concentrate on the Yema and Matamba-Makanzi blocks which are better known than Ndunda, the third block in Surestream's DRC portfolio. The Yema block contains the Lindu oil discovery made by Socorep in 1965. Surestream was awarded the three permits in February 2006 with a 100% working interest.

Albert Graben

Tullow Oil plc plans 2D seismic at Lake Albert

Tullow Oil and its partner Heritage plan to acquire 2D seismic survey on the DRC side of Lake Albert in 2008, after the Production Sharing Agreement (PSA) has been ratified. This survey is part of Tullow's effort to move ahead fast with the exploration of its acreage covering most of the Albertine Graben and it will target potential extension to the geological play types that have been identified by Heritage and Tullow in the Ugandan side of the lake. The company plans to acquire circa 400 sq km over the 2,872 sq km Block II in 2008. Tullow made several oil discoveries in Uganda in 2006: Mputa 1 & 2, Waraga 1, Nzizi 1 and Kingfisher 1. Studies on an early production system (EPS) are fast tracked to bring the discoveries on the Ugandan side on stream possibly as early as 2009. On the DRC side, work will start with the 2D survey, part of a larger seismic program covering also prospects on the Ugandan side and comprising also a 3D survey there.

In early September 2006, Tullow reported that it signed a production sharing agreement (PSA) with the government for Block I and Block II in the Albertine Graben. Local industry sources suggested in mid-November 2007 that the PSA for the 3,820 sq km Block I has been cancelled and Block I is now open and available for bidding. Tullow is operator of Block I with a 48.5% interest, partners are Heritage 39.5% and Cohydro 12%. The PSA was signed in July by the companies, in early August by the Congolese authorities and it was still subject to presidential approval.

EXPLORATORY DRILLING

Plans


COMICO has plans to drill two stratigraphic wells in 2008

Compagnie Minière Congolaise (Comico) has plans to drill two stratigraphic wells in the Central Basin. The company was pre-awarded three blocks Block 01 (Mbandaka), Block 02 (Lokoro) and Block 03 (Busira) in July 2007. The company was allowed by authorities to start exploration works while waiting for Decree of award to be signed by the President of DRC. Comico is looking at defining optimum well locations around Inongo area in Block 01 (Mbandaka) and Monkoto area in Block 02 (Lokoro). Monkoto village is located at 1° 37'08"S, 20° 39'22"E in Equateur Province while Inongo village is located on eastern bank of Lake Mai-Ndombe in Bandundu Province.

A drilling rig is being built in USA and the unit should be ready by June/July 2008. Drilling should follow there after, probably in late 2008.

Located onshore DRC, the Central Basin has developed in a series of extensional


GEPS Reports 17

troughs from Late Cambrian to Tertiary. The main sub-basins are: Lokoro, Busira, Inongo, Lomami and Lonkonia. Comico was designated as operator of these blocks with 85% interests. Cohydro is partner with the remaining 15% carried interests.

Comico is a local mining company which is now moving into the oil and gas exploration sector. It is understood that the company will be seeking partners as soon as the awards are ratified by presidential Decree.

FIELD DEVELOPMENT

Development drilling


Development wells listing 2007/2008

In Democratic Republic of Congo, Perenco-Rep drilled a total of 16 wells being nine in Kinkasi field, four in Liawenda field and three in Muanda field in 2007. Development drilling continues through 2008. Already 10 wells have been drilled so far in 2008, all being in the Liawenda field.

Wells drilled in 2008

Well Name Field Spud Date TD (m) End date Type LW-754 Liawenda 11 April 2008 1,108m 24 April 2008 injector LW-753 Liawenda 26 March 2008 1,058m 9 April 2008 injector LW-752 Liawenda 14 March 2008 1,067m 25 March (susp) LW-751 Liawenda 7 February 2008 1,080m 18 February 2008 Oil producer LW-750 Liawenda 3 February 2008 1,050m 29 February 2008 Oil producer LW-749 Liawenda 29 January 2008 1,095 12 May 2008 injector LW-748 Liawenda 21 January 2008 407m 28 January (susp) Oil producer LW-747 Liawenda 16 January 2008 1,091m 14 March 2008 Oil producer LW-746 Liawenda 10 January 2008 410m 15 January (susp) Oil producer LW-745 Liawenda 6 January 2008 410m 9 January (susp) Oil producer

Wells drilled in 2007: 16 wells development wells

Well Name Field Spud Date TD (m) End date Type KK-54 Kinkasi 23 October 2007 1,246m 15 November 2007 Oil producer KK-53 Kinkasi 28 September 2007 1,243m 18 October 2007 Oil producer KK-52 Kinkasi 18 September 2007 1,247m 4 October 2007 Oil producer KK-51 Kinkasi 6 September 2007 1,241m 16 September 2007 Oil producer KK-50 Kinkasi 10 June 2007 1,250m 21 June 2007 Oil producer KK-49 Kinkasi 24 March 2007 1,248m 4 April 2007 Oil producer KK-48 Kinkasi 16 March 2007 1,250m 29 March 2007 Oil producer KK-47 Kinkasi early-March 2007 1,250m (est) 18 March 2007 Oil producer KK-46 Kinkasi mid-February 2007 1,250m (est) 13 March 2007 Oil producer LW-41 Liawenda 18 November 2007 1,286m 29 November 2007 Oil producer LW-40 Liawenda 5 November 2007 1,283m 16 November 2007 Oil producer LW-744 Liawenda 16 January 2007 1,257m February 2007 Oil producer LW-743 Liawenda 27 December 2006 1,300m 27 january 2007 Oil producer MU-10 Muanda 25 August 2007 1,187m 14 October 2007 Oil producer MU-09 Muanda 20 July 2007 1,189m 6 August 2007 Oil producer MU-08 Muanda 3 July 2007 1,163m 19 July 2007 Oil producer


18 GEPS Reports

Perenco continues drilling operations in Liawenda field, seven wells drilled in 2008

Perenco-Rep resumed drilling operations on its wholly owned Liawenda field in November 2007. The operator has already drilled and completed seven wells as oil producers in the Liawenda-Kinkasi concession in 2008. The rig re-entered well LW-749 which was deepned town to TD 1,095m and re completed as water injector on 12 May 2008. As of 15 May, the rig is moving over new well location to drill LW-755.

A brief summary of the company's activity is given below:

LW-754, an injector well, was spudded on 11 April 2008 and drilled to TD 1,108m reached on 21 April. It was completed as water injector on 24 April.

LW-753, an injector well, was spudded on 26 March 2008 and drilled to TD 1,058m reached on 4 April. It was completed as water injector on 9 April.

LW-752, a production well, was spudded on 14 March 2008 and drilled to TD 1,067m reached on 25 March. The rig moved to drill next well LW-753.

LW-751, a production well, was spudded on 7 February 2008 and drilled to TD 1,080m. It was completed as oil producer on 17 February 2008.

LW-750, a production well, was spudded on 3 February 2008 and drilled to 409m and suspended. It was re-entered on 22 February, drilled to TD 1,050m and completed on 29 February 2008.

LW-749, a production well, was spudded on 29 January 2008 and drilled to TD 408m. It was completed as oil producer on 2 February. The well was re-entered on 25 April and deepned to new TD 1,095m. It was completed as water injector on 12 May.

LW-748, a production well, was spudded on 21 January 2008 and drilled to TD 407m. It was completed as oil producer on 28 January 2008.

LW-747, a production well, was spudded on 16 January 2008 and drilled to 409m and suspended. It was re-entered on 3 March, drilled to TD 1,091m and completed on 14 March 2008.



Well drilled in 2007

LW-41, a production well, was spudded on 18 November 2007 and drilled to TD 1,286m. It was completed as oil producer on 29 November 2007. The rig then moved to Kinkasi field.

LW-40, a production well, was spudded on 5 November 2007 and drilled to TD 1,283m. It was completed as oil producer on 16 November and brought on-stream on 24 November 2007.

LW-021 was converted from producer to water injection well in August 2007.

LW-726 was converted from production well to water injection well on 5 August 2007.

LW 744 was spudded on 16 January 2007 and drilled to TD 1,257m. It was completed as oil producer.


GEPS Reports 19

LW-743 was spudded on 25 December 2006 and drilled to TD 1,300m. It was completed as oil producer and put on stream on sucker rod pump from Cenomanian on 27 January 2007.

Perenco-Rep operates two other onshore production concessions with a 93.2% interest, namely Est Mibale and Muanda-Banana. Cohydro holds a 6.8% interest. In total, the company produces around 24,500 bo/d in DRC.

Perenco engaged in workover operations in Tshiende field

Perenco-Rep performed workovers on the following wells in the Tshiende field.

TS-11 from 29 January 2008 to 16 February 2008

TS-05 from 8 September 2007 to 14 December 2007

Perenco-Rep operates three onshore production concessions with a 93.2% interest, namely Est Mibale, Liawenda-Kinkasi and Muanda-Banana. Cohydro holds a 6.8% interest.

Perenco resumed Kinkasi field development

Development drilling in Perenco-Rep's wholly owned Kinkasi field started in February 2007, using the company's rig SS-25 in the Liawenda-Kinkasi exploitation permit. It is understood that the development drilling calls for 55 development wells (KK-01 to KK-55). Before the current drilling campaign, the rig was operating in the nearby Liawenda field. After completing production well KK-50, the rig subsequently moved over the Muanda field to spud well MU-08 on 3 July 2007. Development drilling on Kinkasi field resumed on 6 September 2007 with KK-51 spudding.

A brief summary of the rig's activity over the recent months is given below:

KK-54 was spudded on 23 October 2007 and drilled to TD 1,246m. The well was completed as oil producer on 4 November and brought on-stream on 15 November 2007.

KK-53 was spudded on 28 September 2007 and drilled to TD 1,243m. It was completed as oil producer and brought on-stream on 18 October 2007.

KK-52 was spudded on 18 September 2007 and drilled to TD 1,247m. It was completed as oil producer and brought on-stream on 4 October 2007.

KK-51 was spudded on 6 September 2007 and drilled to TD 1,241m. It was completed as oil producer on 16 September 2007 and brought on-stream on 2 October.

KK-50 was spudded on 10 June 2007. It was drilled to TD 1,250m and completed on 21 June.

The rig completed some workover operations from 3 May 2007 to 31 May 2007 on KK-07 (5 days), KK-10 (6 days), KK-11 (6 days), KK-12 (1 day) and KK-13 (8 days).

KK-49 was spudded on 24 March 2007. The well was drilled and reached TD 1,248m on 31 March 2007. It was completed as oil producer on 4 April 2007.

KK-48 was spudded on 16 March 2007. The well was drilled and reached TD 1,250m on 22 March 2007. It was completed as oil producer on 29 March 2007.

KK-47 was drilled in March 2007, it was completed as oil producer and put on stream on sucker rod pump from Cenomanian on 18 March 2007.

KK-46 was drilled between late February and March 2007, it was put on


20 GEPS Reports

production with a sucker rod pump on 13 March from the Cenomanian.

Perenco-Rep operates the 145 sq km Liawenda-Kinkasi exploitation permit with a 93.182%, Cohydro holding the balance. The permit contains the Liawenda and Kinkasi fields which were producing about 3,400 bo/d and 1,100 bo/d respectively from January to May 2007.

PRODUCTION & RESERVES

Trends

On/Offshore

Crude oil

Crude oil production in the Democratic Republic of Congo (DRC) averaged 23,190 bo/d in March 2008, 5.2% down compared to February 2008 when production averaged 24,464 bo/d.

In March 2008, Perenco-Rep contributed to 10,252 bo/d from eight onshore fields (Kinkasi, Liawenda Cen, Liawenda Tur, Tshiende, Makelekese, Muanda, Kifuku and Nsiamfumu), up 1.8% from February 2008 (10,068 bo/d). A water injection programme was still underway in the Tshiende and Liawenda fields throughout March 2008. The water injection averaged 8,600 bw/d in Tshiende field and 14,000 bw/d in the Liawenda field.

Offshore, Muanda International Oil Company Ltd (MIOC), controlled by Perenco (RDC) S.A., contributed to 12,938 bo/d from eight fields (GCO South, Libwa, Lukami/Miko, Mibale, Misato, Motoba, Mwambe and Tshiala) in March 2008, 10% down compared to February 2008 (14,396 bo/d).

In 2007, crude oil production averaged 24,464 bo/d, which represents a 0.83% decrease compared with the previous year (24,668 bo/d).

Natural gas

In March 2008, the country produced an average of 60.53 MMcf/d of associated gas from eight offshore fields, 27.6 % down compared to February 2008 ( 83.71 MMcf/d).

Most associated gas is flared, with some re-injected or used for gas-lift operations. Gas production comes from the offshore fields operated by Muanda International Oil Company Ltd (MIOC), which has been acquired by Perenco on 1 July 2004: GCO South, Libwa, Lukami/Moko, Mibale, Motoba, Mwambe, Tshiala and Misato. Natural gas production figures from the onshore fields operated by Perenco-Rep are not available, but it is understood that they are in excess of 15 MMcf/d on average.

In 2007, associated gas production averaged 61 MMcf/d 3.6% down compared to previous year 2006 when it averaged 63.31 MMcf/d.

Perenco is replacing its production facilities at Muanda Oil Terminal off DRC

Muanda International Oil Company Ltd (MIOC), controlled by Perenco (RDC) SA will be replacing its production facilities at Muanda offshore Oil Terminal during this first quarter of 2008. The Terminal upgrade operations include a replacement of current FSO storage unit by the new barge TH674 which has been converted to an FSO and called Kalamu FSO.

On 26 September 2007, Perenco granted a contract to Keppel Verolme for the construction of a Mobile Offshore Application Barge namely Kalamu FSO. The major scope of the conversion included the installation of guide sheave foundations at the FSO’s bow to enable connections to the soft yoke. It also


GEPS Reports 21

included the upgrading of accommodation facilities for 112 persons, as well as the installation of a gas turbine power generation package and a metering skid unit. The conversion of water ballast tanks into cargo oil tanks and the modification of the cargo and ballast piping system will also take place.

Kalamu FSO has a storage capacity of about 1.045 MMbo and is expected to be completed. In November 2007, Perenco total exports was about 720,000 bo.

MIOC operates the Muanda Oil Terminal with a 50% interest. Partners are Teikoku Oil (DRC) Co Ltd (32.28%) and ODS Ltd (17.72%).

Production listings

Crude Oil Production by month in 2008

2008 bo/d January 22,777 February 21,686 March 23,190 April 0 May 0 June 0 July 0 August 0 September 0 October 0 November 0 December 0 2008 to March 22,570 2007 24,154 2006 24,676 2005 25,147 2004 27,646

DEMOCRATIC REPUBLIC OF CONGOCRUDE OIL PRODUCTION

2004 - 2008

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2004 2005 2006 2007 2008 J F M A M J J A S O N D

Ave

rage

pro

duct

ion

in b

o/d

OffshoreOnshore

Yearly Average Monthly Average 2008

COMPANY ACTIVITY MONITOR

COMICO to be granted acreage in Central Basin.................................................................................................. 6 has plans to drill two stratigraphic wells in 2008 ................................................................................ 16 D.R. Congo Government approved agreement on maritime boundary with Angola ...................................................................... 5 Divine Inspiration Group to be granted Block I in Albertine Graben ............................................................................................. 6 Dominion granted Block V in Albertine Graben ..................................................................................................... 7 Dominion ;SOCO to be granted acreage in Central Basin.................................................................................................. 7 EnerGulf Lotshi PSC ratified; award becomes effective ........................................................................................ 8 Perenco continues drilling operations in Liawenda field, seven wells drilled in 2008....................................... 18 engaged in workover operations in Tshiende field ............................................................................... 19 resumed Kinkasi field development ...................................................................................................... 19 is replacing its production facilities at Muanda Oil Terminal off DRC ............................................... 20 SOCO Nganzi block PSC ratified; award becomes effective on 12 April 2008 ................................................. 9 completed geochemical survey in Nganzi Block................................................................................... 15 confirms its plans to shoot 2D seismic in Nganzi in 2008 .................................................................... 15 South Africa Congo Oil granted Block III in Albertine Graben ................................................................................................. 10 Surestream Petroleum farms out 42% stake in Matamba-Makanzi Block to Glencore ............................................................ 11


22 GEPS Reports

is finalising Ndunda block farm-out; up to 40% interests available.....................................................12 plans 2D seismic ...................................................................................................................................15 Tullow Oil plc plans 2D seismic at Lake Albert ...........................................................................................................16

Data Listings

NOTE: GEPS Data Listings are now automatically updated every week and are available to export directly to MS Excel from our IHS website, making it easier and faster for you to find the latest critical information.


DRC OFFSHOREMIOC

PERENCOEST MIBALE NO 179

LIAWENDA-KINKASI NO 180

PERENCO

PERENCO

MATAMBA-MAKANZISURESTREAM

SURESTREAM

MUANDA BANANA NO 191

YEMASURESTREAMNDUNDA

NGANZI

LOTSHIENERGULF A

SOCO

MAVUMACOBIT

0 15 30

kilometers

6°S

12°E

ATLANTIC OCEAN

12°E

5°30'S

5°S CONGO 12°30'E

ANGOLA

12°30'E ANGOLA 13°E

5°30'S

13°30'E 13°E5°S

13°30'E

6°S

DEM. REP. OF CONGOCURRENT ACTIVITY

MAY 2008CO

SOCO - NganziPSC ratified on 12 March 082D seismic planned for Q3 08

DRC Production - March 08

Crude Oil : 23,190 bo/dNatural Gas: 60.53 MMcf/d

DIVINE/PetroSA - Albertine Graben

Granted Block I with H Oil & Minerals Ltd as partnerPresidential Decree waited

SURESTREAM (Yema, Matamba-Makanzi)Glencore new farminee into Matamba-MakanziDiscussion ongoing for Ndunda farmoutTo initiate 2D seismic survey

Oil&Gas Policy

Government is working on Oil&Gas policy.The new Petroeum Act is ready and was submitted to Parliament

SacOil - Block III (Albertine Graben)

Samroc to buy SacOil and keep the name SacOilPresidential Decree still waited

SOCO - Cuvette Centrale

To be granted blocks 7, 8 & 9 in Central Basin

Compagnie Minière Congolaise (Comico)

To be granted three blocks out of 21-block new subdivision Plans to drill two wells in 2008 in Central Basin

PERENCO - Liawenda fieldLiawenda Phase II devel. programmeLW-754: completedSS-25 land rig

MARITIME BOUNDARYDRC & Angola approved and ratified oil&gas exploration agreement on common interest zone signed on 29 July 07

DOMINION - Albertine Graben

Granted Block V with SOCO as partnerPresidential Decree waited

NESSERGY - ZICAwarded contract covering ZIC areaPSC ratified on 12 March 08

ENERGULF - LotshiPSC ratified on 12 March 08

TULLOW OIL - Albertine Graben

Presidential Decree waited for Block IIPlans 2D seismic on Lake Albert in 2008

1 of 1 © Copyright 2008. PageIHS all rights reserved.

Block IDEMOCRATIC REPUBLIC OFCONGO

Divine Inspiration GroupOnshore (Land)License/Lease

100000054264Iris21 EPC_ID

Contract TypeType of Right

Main Geological Province

Main Political Province

AREA: Original (Total)

Current (Total)

::

:

:

:

:

Exploration Permit (Royalty/tax)Explorat/Production

Albertine Graben (EARS, West Branch)

Orientale

3,820.00

3,820.00 100.0

100.0(

(

% )

% )Land : 3,820.00

sq km

sq km

Block I

Block Status :Geological Province(s)Political Province

::

Surf Expl/DrillingAlbertine Graben (EARS, West Branch)Orientale

Total block Area : 3,820.00 sq kmLand : 3,820.00 sq km

IRIS21 Block ID (GA_ID) : 100000170082

Contract General Remark : On 29 April 2008, the Hydrocarbon Ministry of Democratic Republic of Congo(DRC) announced that it has signed a Production Sharing Contract (PSC)covering Block I in the Albertine Graben with Divine Inspiration Group, aconsortium including South Africa's oil company PetroSA and the Cyprus-H Oil& Minerals Ltd. According to DRC authorities, Mrs Brown from Divine Inspirationhas already paid USD 2.5 millions before the application was approved in early-March 2008.In November 2007, Tullow Oil's contract on Block I was cancelled by DRCauthorities arguing that the second signature bonus was not paid. The companykeeps Block II.

Block Remark : Albertine Graben basin has been sub-divided into 5 blocks according to ministerial decreeNo. 103 dated 11 August 2005.Official surface was given as 1,665 sq km.

Official Award Date :

sq km

Name of Block :

BLOCK(S)

Number of blocks : 1

29 Apr 2008 Contract signature 2

Contract Rightholder : DIVIN INSPDivine Inspiration Group 100.00% (Opt)

DIVIN INSPParent companies PETROSA(%) H OIL MNR(%) : :

DIVIN INSP

Contract status : Surface exploration and drilling stage

Stage

CURRENT STAGE

GENERAL INFORMATION

:

CONTRACT SUMMARY SHEET

LOCATION MAPBlock IMay 2008

BASIN : Albertine Graben (EARS, West Branch)

COUNTRY : DEMOCRATIC REPUBLIC OF CONGOSUBJECT : Valid ContractsGA ID : 100000170082EPC ID : 100000054264

Operator : DIVIN INSPStage Event : Contract SignatureStatus : Surf Expl/DrillingContract Name : Block I

Copyright 2008, IHS , all rights reserved - Map generated using EDIN-GIS

Coordinate System: Geographic

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