Myanmar: Chauk and Yenangyaung IPRCs

In central Myanmar , we hold 60% of the rights and interests to two of the largest onshore oil fields in Chauk and Yenangyaung under two Improved Petroleum Recovery Contracts ("IPRCs"). The IPRCs with the Myanma Oil and Gas Enterprise commenced on 4 October 1996 for a term of 20 years and 6 months. We manage the operatorship of the two fields jointly with our joint venture partner through Goldpetrol Joint Operating Company Inc. (“Goldpetrol”). The Myanmar concessions cover a total area of approximately 1,800 square kilometres and are located along the Ayeyarwady River , approximately 580 kilometres north of Yangon . During 2010, the combined gross production for both fields was 788,877 barrels of oil.