ACTIVE PROJECT LOCATOR T: +44-20 8566 1310

F: +44-20 8566 1312

(March 2008) E: [email protected]
www.envoi.co.uk

EUROPE:
1. Offshore Sicily (SE Italy) Central Mediterranean: (EXPLORATION) NEW 6 3 4
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Northern Petroleum Plc, the independent AIM listed London-based company, is offering negotiable interests in two of 5 7 1
its licenses offshore Italy (S & SW Sicily) in return for contributions to the scheduled drilling programme & past costs: 1a+b
a. Block CR 146 NP: Ragusa Basin Newly completed reprocessing, depth conversion and mapping
of modern seismic acquired in 2007 (which much improves the imaging) has, for the first time, explained the local
well results and defined three potentially very large leads (50 – 190+ mmbor each) in the Ragusa Basin’s primary
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‘carbonate rim transition play’ which is already proven onstrike by historical fields. These include the large Vega
field although, as Northern’s acreage is located to the south, lighter oil is predicted. 9

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b. Block CR 147 NP: Pantelleria Graben Northern is offering a share of its interest in this
particular block in return for an incoming party participating in the next well. A reinterpretation, just completed, has
defined several potentially very large prospects (two prospects have >500 mmbo recoverable potential) in the
undrilled northern part of the prolific Pelagian Basin play trend proven offshore Tunisia by the existing fields, which KEY: 1 POSSIBLE NEW PROJECT
is now predicted to extend north east into Sicilian waters, immediately north of the Pantelleria Graben. ACTIVE PROJECT

2. Offshore Denmark: Central North Sea (EXPLORATION) NEW

Shell olie- og gasudvinding danmark b.v. is offering for farmout part of its 36.8% interest in the Gita (9/06) & Maja (9/95) licenses (Maersk operated), situated at the northern end of the
productive Tail End Graben, offshore Denmark, to a company(s) interested in participating in the forthcoming exploration well. This will to test the large Gita Prospect, which has an
estimated 1.4 – 5+ Tcf gas potential in the largely unexplored clastic potential of the Jurassic. The 3D defined Gita prospect and its sand channel complex have never been drilled, although
they are surrounded by fields (producing from the regions shallower Cretaceous play) and infrastructure to markets. A rig has already been secured, is likely to spud in May 2008 and will
take around 90 days to reach the main Jurassic objective.

3. Offshore UK N Sea: Southern Gas Basin (DEVELOPMENT) NEW Black Rock Oil & Gas Plc is inviting offers for its remaining UK North Sea asset,
comprising a 15% interest in Block 49/8c situated on the margin of the Silverpit Basin in the UK’s Southern North Sea. The acreage includes the Monterey Gas field, discovered by Arco in
1989. The 49/82 discovery well encountered a 300 ft of gross Carboniferous sandstone gas column which, despite severe formation damage, flowed 5 mmcf on test. A 2006 appraisal well
encountered and flowed gas but in tighter than expected reservoir. The operator Wintershall now estimates likely reserves of 167 Bcf. Ongoing pre-development studies, economic
screening and preliminary discussions with operators about development and tie in options are expected to lead to a development in due course. Black Rock is interested in selling its
interest in order to focus all its attention on developing its primary assets in Colombia, where it will need all its resources.

4. Offshore Netherlands: Southern North Sea (EXPLORATION + APPRAISAL) NEW

Ascent Resources Plc is seeking to divest its 27% interests and operatorship in three Licenses (x4 blocks including M8, M10, M11 and P4), all situated offshore Netherlands, Southern Gas
Basin. Ascent has decided to divest in order to focus all of its available resources on its numerous ‘onshore’ obligations, which would be in competition with the offshore operations. This
very prospective Dutch acreage position includes: 1 extension of an existing field, 2 undeveloped discoveries, 3 decent sized undrilled prospects and 5 leads with total estimated
recoverable reserve potential ranging from 130 – 300+ Bcf.

5. Offshore Ireland: Celtic Sea (Licenses 4/07 & 5/07) (EXPLORATION + APPRAISAL)
Lansdowne Oil & Gas plc is seeking industry partners to join them in the appraisal and exploration of acreage situated along the proven Cretaceous gas fairway (c.1.7CF+ to date) in the
Celtic Sea, offshore Ireland. Multiple prospects have been identified, all lying in water depths of around 300ft and close to producing infrastructure. Drilling of the Rosscarberry Prospect
(230bcf P50 potential reserves), which lies some 5 miles from the 1985 Galley Head gas discovery (13.7 mmscfd), has been prioritised and Lansdowne is looking for industry partners to
earn part of their equity in return for funding Lansdowne’s share (77%) of the costs of a well.

6. Onshore + Offshore UK Asset Package: (Various) (APPRAISAL/DEVELOPENT + EXPLORATION) PART SOLD

Warwick holds between a 96% - 100% interest in 10 blocks onshore UK, split between basins in the South East and the North of England. These include x3 gas discoveries available for
appraisal and development in the Weald Basin; x4 prospective exploration blocks in the Weald, Cleveland, Wessex and East Irish Sea Basins; x2 Royalty interests in the Southern North
Sea, including an existing gas field, and possibly x3 existing onshore producing fields in central Midlands and East Irish Sea (albeit at the end of their producing life). One or more of these
assets are available either by farmin or, preferably, by purchase of one or more wholly-owned Warwick subsidiaries which own these assets.

7. Onshore N. Spain: Ebro Basin (EXPLORATION) Part Sold

Serica Energy Plc holds a 100% interest in four exploration permits, onshore N. Spain, covering 1,116 km2 of the northern part of the Ebro Basin, where the existing seismic data confirms
the presence of three large structural leads associated with the Barbastro Ridge. The largest (Torres) has estimated recoverable reserve potential in excess of 1 Tcf of gas. Serica
successfully farmed out a 25% interest in 2007 and acquired a programme of new 2D seismic data, both infilling the existing data and acquiring new data where none existed. Although this
work is still in process, early results have confirmed a very positive improvement to the existing data which should allow more accurate mapping, leading to an expected commitment to
drill at least one exploration well in late 2008/09 (Est. well cost US$ 15 million), and for which additional interest may become available.

AUSTRALASIA:
8. Offshore SE Australia: Sydney Basin (EXPLORATION)
MEC is seeking a partner to join them in the exploration of PEP-11 covering the prospective offshore part of the Sydney Basin. This has never been drilled even though the evidence,
including drilling, has confirmed that an active hydrocarbon system which exists onshore, with active seepage offshore, defined by satellite surveys in MEC’s Block, is associated with the
very large South Baleen Prospect. This has potential for ‘most likely’ recoverable reserves in excess of 1+ Tcf, as confirmed by 1,433 km of new seismic data. Proximity to the existing
pipeline onshore and the main east coast markets, including Sydney, would ensure that success would produce rapid and significant returns. Recent sub-surface field work has also just
‘ground truthed’ for the first time gas seepage on the seabed (also coincident with the known satellite seep!). Analysis of the gas samples collected significantly confirmed to be from a
mature thermogenic (and NOT biogenic) source.

9. Offshore NW Australia: Carnarvon Basin (DEVELOPMENT FEASIBILITY) NEW

Black Rock Oil & Gas Plc wishes to divest its remaining asset in Australia and focus all its attention on its larger exploitation projects in South America. As a result, they wish to farm out a
15% interest in the R3 Retention Lease, situated on trend with a series of producing fields in the Carnarvon Basin offshore NW Australia. The block contains the small Cyrano field,
discovered in 2003 by the Cyrano1 well drilled on a shallow amplitude anomaly, which encountered some 31metrs of gas pay below 630 meters in the Mardie Greensand,
Airlie Sands and top Barrow Group (similar to the nearby Chervil, South Chervil and Nasutus fields). The Cyrano #2 appraisal well in 2004 confirmed the closure’s OWC and potential
reserves ranging from 1 mmbo recoverable (P50), with an upside of 4 mmbo recoverable. The group’s operator continues its feasibility studies with a view to proposing options for further
appraisal and possible future development. Black Rock is inviting offers for its remaining Australian interest on negotiable terms to parties with a focus on Australia.

SOUTH AMERICA:
10. Colombia: Middle Magdalena Valley (EXPLORATION) Under Offer
PetroSantander is offering half its interest in the untested deep exploration potential of its Las Monas block, situated in the Middle Magdalena Valley Basin of Colombia. The opportunity
has arisen from the results of a new 3D seismic survey, which has confirmed the very large 200+ mmbor ‘San Benedicto’ sub-thrust prospect, originally seen on the 2D data set and
confirmed by the PSDM data. PetroSantander would now like to drill this as soon as a new partner has been involved. A well to test the San Benedicto prospect is expected to cost US$ 8
million. A successful discovery could also be developed almost immediately, using the existing surface storage, processing and pipeline facilities owned by PetroSantander.

RECENTLY COMPLETED PROJECTS:

11. Onshore Northern Italy: (Bastiglia & Centro Blocks) (EXPLORATION) SOLD
12. Offshore Denmark: (A Chevron interest) Central North Sea (EXPLORATION) SOLD
13. SE Hungary: Pannonian Basin (Inke Concession) (APPRAISAL/DEVELOPMENT + UPSIDE EXPLORATION) SOLD

POSSIBLE NEW PROJECTS

6 West Africa: Various (EXPLORATION) 6 Tanzania: Onshore (EXPLORATION) 6 North Sea: Various (EXPLORATION)

ACROBAT VERSIONS OF ALL AVAILABLE SYNOPSIS ON PROJECTS ABOVE ARE VIEWABLE ONLINE FROM ENVOI’s WEB SITE:

www.envoi.co.uk