Tindalo Development Project - Service Contract 54 Block A

• Participating Interest: 42.4%
• Field Operator: Nido Petroleum Philippines Pty Ltd

The Tindalo oil field was discovered following the drilling of the Tindalo-1 well in October 2008. The well is located in SC 54A, around 5 km to the north east of the Nido oil fields, in around 100 metres of water. It targeted a pinnacle reef structure similar to the Nido and Matinloc oil fields and intersected 124 - 144+ metres of Miocene carbonate reservoir with strong oil shows. The well was plugged and suspended as a possible future producer.

The Tindalo Plan of Development was approved by the Philippine Department of Energy in September 2009 and the Final Investment Decision, by the SC 54A Joint Venture, was made in December 2009.

The Tindalo oil field is being developed using a leased jack-up rig, the Aquamarine Driller, which ties back the suspended Tindalo exploration well to the rig.

Specially installed production equipment on board the rig will process the Tindalo oil, which will then be flowed via a floating hose to a leased, dynamically positioned, Floating Storage and Offtake (FSO) vessel.

Crude oil will be offloaded from the FSO on a regular basis and marketed by Trafigura, one of the SC 54A Joint Venture partners, on behalf of all participants.