MPRL E&P Pte Ltd.

Contact Address

Project Office :

84-85, Hlaing Myint Moh Lane #1
10^th Quarter, Hlaing Township (11051)
Yangon, Myanmar

Tel : ( 95-1 ) 521 471 ~ 3,
: ( 95-1 ) 521 461 ~ 2
Fax : ( 95-1 ) 521 156

Affiliated Companies

	Asia Drilling Pte Ltd.
	Myint & Associates Co., Ltd.

OffShore Project - Block A-6 ( Offshore Rakhine )

MPRL E&P Pte Ltd. signed a Production Sharing Contract ( PSC ) with Myanma Oil & Gas Enterprise ( MOGE ) on 18 January 2007.
The 9,830-km² block is located on the western offshore of Myanmar, south of Blocks A-1, A-3, A-4 and A-5 operated by Daewoo ( operating the giant Shwe gas fields cluster ), CNOOC, CNPC and KMDC ( Korea Myanmar Development Company ).
Martaban Cities Services Inc., and MOGE shot 1,870 km of 2D seismic acquisition in the early 70’s in Block A-6.
CGG conducted a non-exclusive 2D seismic survey in 1993 along the Myanmar section of the Bay of Bengal.
MPRL E&P has carried out four field trips in the Rakhine Coastal Area.
MPRL E&P has acquired satellite imagery showing oil slicks of sea bottom origin.
MPRL E&P has acquired, interpreted and integrated 1,955 line-kms of 2D seismic of excellent quality in 2009.
MPRL E&P has acquired a 550-km² 3D seismic survey, mapping amazingly strong seismic amplitude anomalies clearly related to geological features.
MPRL E&P has mapped three drillable prospects in deep waters, and is maturing one prospect in shallow waters for drilling by a jack-up unit; three leads in shallow waters are to be matured to drillable prospects.
MPRL E&P has launched the preparation of a drilling campaign planned for 1Q 2012.

Summary of Offshore Block A-6

Location	:	Western Coastal Region, Myanmar
Fiscal Regime	:	PSC ( Production Sharing Contract )
Block Size	:	Approximately 9,830 square kilometers
Operator	:	100% MPRL E&P Pte Ltd.
Play	:	( 1 ) Oil and gas prone Oligo-Miocene mass flow deposits proven in Ramree and ( 2 ) Cheduba islands ( 2 ) Biogenic gas prone deep sea Pliocene mass flow deposits, proven in Shwe ( 2 ) giant gas cluster; probably underlain by thermogenic oil and gas play
Risk	:	High - Medium before integration of all data, medium after integration and 3D seismic interpretation, considerably de-risked after 3D campaign showing numerous flat and bright spots.
Status	:	¤ PSC Signed on 18 January 2007 ¤ 2D Seismic Acquisition and satellite oil slick survey completed in 1Q 2009 ¤ Interpretation and G&G integration completed in 1Q 2010 ¤ 3D Seismic acquired during 1st Quarter of 2010 ¤ Processed 3D cube received in late August 2010, in the course of interpretation ¤ Already three drillable prospects in deep waters and one in shallow waters, including eight targets, est. unrisked gas-in-place resources: 5.5 TCF ¤ Extension until 08 January 2012 granted from MOGE for drilling two wildcats, one of which could be a sidetrack

Investment Climate and Incentives

Myanmar offers a sound political and economic environment in the region in addition to attractive PSC terms and geological prospects. Some of the attractive incentives granted in Myanmar PSC terms are;

A one year extension of the exploration period ( available on two separate occasions at the sole discretion of the contractor )
A three-year tax holiday from the date of first production;
Corporate tax on taxable income of just 30%;
No levying of export duty on any petroleum exports;
No levying of import/custom duties, sales tax or other duties on materials, equipment and supplies brought into Myanmar;
Accelerated depreciation of 25% per year;
The pricing of domestic market supply close to fair market value; and
A renegotiation clause which specifically allows necessary adjustments or amendments should any situations arise which were not envisaged in the original contract.

MPRL E&P Pte Ltd.