United Kingdom

PED 238

WESSEX 50%

PED 239

WESSEX 25%

These southern Hampshire licences are located on the northern flank of Wessex Basin close to the prolific Wytch Farm oilfield (500 million barrels recoverable), the largest onshore oilfield in western Europe.

The licence lies in an area into which oil is believed to have migrated east of the main hydrocarbon trap at the Wytch Farm oilfield.  This situation is understood to be the result of the basin configuration at the time of the oil migration.  Early formed structures of the Pre-Upper Cretaceous age, are potential traps for the migrating oil.

PEDL 238

WESSEX - 50%

PEDL 238, lying in the Wessex Basin, is located north of the BP operated Wytch Farm oilfield and covers an area of 208 square kilometres.  The licence area contains several seismically defined un-drilled prospects.

A high resolution ground gravity survey has been conducted over the area by the licence partners.  Following interpretation, the results of this survey are considered to be very encouraging and confirm the prospectivity of the area.

Mozambique Channel

Northwest Africa

PEDL 239

WESSEX  - 25%

PEDL 239 is also located within the Wessex Basin, over the southern portion of the Isle of Wight, covering and area of 170 square kilometres.  The directors of Wessex consider the area, which contains several leads, to be highly prospective.  Acreage over the Isle of Wight is held by other UK E&P companies including Northern Petroleum and Encore Oil.

An airborne gravity gradiometric survey was flown over the area during Q4 2008.  The evaluation of the results confirms the prospectivity of the area.  Even at a very early stage of processing the operator has commented "the fact that the Basement trends can be seen so clearly is remarkable".

WESSEX BASIN

Composite stratgraphic section

UNITED KINGDOM LICENCES

OPERATOR: NORWEST ENERGY