Peik

• 35.3% working interest in Block 9/15a plus a 15% working interest in Block 9/10b West
• Proved plus probable reserves of 13.8 mmboe (net) – 77% natural gas
• Unitization agreed and field development plan expected to be prepared by 2H 2008
• Most likely field development scenario includes two producing wells
• Sub-sea tie-back to one of three existing fixed production platforms: Bruce, Beryl or Heimdal
• First production is expected in 2011