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THAILAND

(50% INTEREST)

With respect to participation in larger scale projects in SE Asia, one onshore block (L20/50) and one offshore block (G3/50) were applied for in the 20th Bid Round in Thailand in partnership with other well known and respected explorers, namely Carnarvon Petroleum NL (“Carnarvon”) in the case of L20/50 and Adelphi Energy Limited (“Adelphi”) in the case of G3/50.

Stemming from the applications made mid July 2007 and mid August 2007 respectively and presentations to government, the Company received Notice of Qualification to Bid from the government in early September 2007 and in late December 2007 was advised of the successful tender for L20/50.  The Company with Carnarvon accepted the block award from the government at the official signing ceremony in Bangkok on 21 January 2008.

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L20/50 Block

The L20/50 block is located in the southern portion of the Phitsanulok Basin and is 3,947 km2 in area and has been very lightly explored. The Phitsanulok Basin contains the largest onshore oil and gas accumulation in onshore Thailand, the Sirikit Field, with remaining reserves in excess on 200 million barrels of oil equivalent ("mmboe").  Current daily Sirikit production is 20,000bo, 55-55mmscfg and 275 tonnes of LPG.  The field was brought into production in 1981 and to date has produced 180mmboe.

Carnarvon, as operator of the L20/50 block, will apply a similar exploration philosophy to exploration on the block in a basin that is a direct geological analogue to the nearby Phetchabun Basin where recent exploration by Carnarvon in the environs of Wichian Buri has been extremely successful and resulting production is now approaching 10,000bod.

There is the possibility of near term cash flow from a re-drill of an old shut in well (Nong Bua #1) in the block in late December quarter 2008. This well was not brought on production because it required artificial lift and at the then prevailing low oil prices of the early 1980's this production methodology was not considered by the operator, especially as the well was distant from infrastructure of the Sirikit oilfield.

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G3/50 Block

Bid competition by seven other consortia on the 8,141 km2 G3/50 offshore block in the Chumpon Basin was very intense because of its very high potential. Sun Resources as Block Operator, identified from 3D and 2D seismic data over the block area, a very significant untested gas condensate accumulation having a potential of 160 to 350 bcf with 13 to 35 mmboc and natural gas liquids, as well as other oil and gas prospects in the block.  Regretably the block was awarded to Sita Oil Exploration House, the highest bidder, by the Thai Cabinet resolution of 18 December 2007.

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