plus future outlook:


The outlook to the end of the year 2013 is as follows:

Atrush Block

The Contractor is currently in the process of preparing a Field Development Plan which will be submitted to the Atrush Block Management Committee within 180 days following the Declaration of Commercial Discovery which was submitted on November 7, 2012.

The Atrush-3 appraisal well is expected to be spudded before the end of the current year. Civil engineering work is nearing completion which will provide road access to the Atrush-3 well location which is approximately 5km east of the Atrush-2 well. The drilling rig will be moved from the Atrush-1 well site to the Atrush-3 location.

The Atrush-4 and Atrush-5 appraisal wells are planned to be spudded during the year 2013. Planning for these wells is currently underway.

The 3D seismic acquisition program which covered the entire Atrush block and adjoining Swara Tika discovery was completed on August 11, 2012. Final processing of the complete 3D seismic survey is expected in the first quarter of 2013.

The tendering process has been completed for a contract to install and operate extended test facility ("ETF") with a maximum production capacity of 5,000 bopd. The ETF is expected to be commissioned in the first quarter of 2013 with production coming from the Atrush-1 well. The Atrush-2 well will be used to monitor reservoirs. An additional ETF is planned to be installed on the Atrush-3 well in the second half of the year 2013. Work on an enhanced ETF with production capacities from 10,000 bopd expandable to 30,000 bopd is planned to commence in the second half of the year 2013.

New Ventures

As part of its normal business the Company continues to evaluate new opportunities in the region.