Myanmar: Chauk and Yenangyaung IPRCs

In central Myanmar, we hold 60% of the rights to operate two of the largest onshore oil fields, the Chauk and Yenangyaung Improved Petroleum Recovery Contracts ("IPRCs"). The IPRCs with the Myanma Oil and Gas Enterprise (“MOGE”) commenced on 4 October 1996 for a term of 20 years and 6 months. We own the operatorship of the fields jointly with a partner. The Myanmar concessions cover a total area of approximately 1,800 square kilometres and are located along the Ayeyarwaddy River, approximately 580 kilometres north of Yangon. During 2009 the combined gross production for both fields was 760,791 barrels of oil.