Bradano Basin, Italy

Operations Overview

Discoveries (all onshore)

• 100% interest in La Chandelière oil field located in the France, Jura, Les Moussières permit. We estimate oil in place at 24 mmbbls with recoverable reserves at 7 mmbbls. Celtique believes that an upside potential exists of an additional 70 mmbbls. After obtaining well permitting approval, we plan to drill a horizontal well to the Bunter reservoir and perform an extended production test.
• 100% interest in the Nervesa gas field located in the Italy Veneto Basin within the Carità application area. Carità has been notified for award and awaits a formal Decree following submission of an Environmental Study. Nervesa is close to a gas pipeline and a gas storage project.
• 100% interest in the Strombone oilfield in the South Italy Bradano Basin located within Torrente Alvo application area. Torrente Alvo has also been notified for award and awaits a formal Decree.
• 100% interest in the San Chirico gas field in the South Italy Bradano Basin located within Torrente Alvo.
• 100% interest in the Pillgram licence where an oil discovery was made in well Pillgram 2 – 88
• 50% non operated interest in two Romania field rehabilitation projects, Grivita Nord and Stoeinita, awaiting Romania parliament ratification for formal concession award

Prospects (all onshore)

• 100% interest in Switzerland, Jura, Neuchâtel Canton, located on trend and north east of the Les Moussières permit, and contains a giant prospect with mean recoverable reserves estimated at 720bcf, with upside in excess of 1 Tcf at depths between 2600 – 2850 m TVDss. Permitting approval for drilling an exploration well is ongoing.
• 100% interest in France, Jura, Les Moussières permit. In addition to the La Chandelière Field development project, 4 significant prospects and 12 leads have been mapped in this large 3,269 km² area.
• 100% interest in France, Aquitaine, Claracq permit, 2 large reefs each with computed mean recoverable reserves of 30mmbbls plus a fault block play just to the south of the Vic Bilh Field. Subject to well permiting approval, it is planned to drill one of the reef prospects to a depth of approximately 3,800 m TVDss.
• 100% interest in Poland, Block 243 and LASKI, a barrier reef and talus play on trend with the significant PGNiG successes in the field complexes known as BMB and LMG fields. New seismic acquisition is planned to help define drillable prospects.
• 100% interest in Germany, Brandenburg, Pillgram, barrier reef and talus play on trend with the significant PGNiG successes in the field complexes known as BMB and LMG fields. New seismic acquisition is planned for 2010 in order to define better several drillable prospects.
• 50% non operated interest in UK, South Weald, PEDL 231, 232, 234, 243, numerous plays including a significant Triassic analog to Paris Basin. After reprocessing over 2,000Km seismic it is planned to acquire new 2D seismic or progress to drilling.
• 50% non operated interest in UK, East Midlands, PEDL 182, 201, 241, numerous prospects based on existing extensive 3D database.
• 100% interest in UK, Cheshire, PEDL 197, significant shallow prospect, an analog to the Lennox Field located offshore Liverpool Bay.
• 100% interest in Italy, Veneto Basin, Carità, extension of Po Valley Basin, gas prone prospectivity.
• 100% interest in Italy, Bradano Basin, Fontana Autuno, Monte Negro and Torrente Alvo, gas and oil prone prospectivity to the east of the giant Monti Alpi and Tempa Rossa oilfields.

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