The Hoan Vu Joint Operating Company, operator of the CNV field, will analyze results of the total project drilling and performance to date, before considering injection and further drilling options later in the year.

Production net to the group’s working interest has averaged 3,297 barrels of oil per day (BOPD) for the first four months of the year.

Thailand:

Bualuang field

In the second quarter of this year, the operator drilled two horizontal attic wells in the field. The purpose was to maximize oil production from the strong water driven reservoir, whilst minimizing production of water. Although the second well is still in the process of cleaning up, the goal appears to have been achieved as oil production has more than doubled from the field without an increase in water production. Production net to the group’s working interest averaged 6,764 BOPD for the first week in May as compared to 2,663 BOPD for the first four months of the year.

The operator recently reported a reserves upgrade in the field, rising from 20 million gross proven and probable barrels of oil to 26.3 million gross proven and probable barrels of oil recoverable.

Republic Of Congo (Brazzaville)

Marine XI

SOCO Exploration and Production Congo S.A. (SOCO EPC) has finalized the terms of a rig contract for a two well drilling programme in the Marine XI block that is expected to commence in late July or early August of this year. The first well is targeting a prospect above the salt layer, whilst the follow-up well will appraise the existing sub-salt Viodo oil field.

Marine XIV

In March, SOCO EPC received governmental approval for its farm-in to the Marine XIV block. Since that time, SOCO EPC, as operator, has completed a 100 square kilometer multi-azimuthal 3D seismic programme. The seismic is currently being processed and a well is planned for 2010.

Democratic Republic Of Congo (Kinshasa)

SOCO Exploration & Production DRC Sprl, the company’s 85% owned subsidiary, completed a 360 kilometer 2D seismic survey late last year over the onshore coastal Nganzi block. Initial interpretation of the processed seismic has been very encouraging as several large structures have been identified. Interpretation will continue with drilling likely to commence in the second quarter of 2010.

The group’s applications for licenses elsewhere in the country are pending a presidential Decree on block 5 in the Albertine Graben and the finalization of a production sharing agreement on a large interior block.

Angola

Cabinda North

The group expects to recommence the acquisition of 2D seismic over the Cabinda Onshore North block during the third quarter of this year.

Corporate:

As previously reported, John Snyder will resign from the board at the upcoming annual general meeting. The company expects to propose one or more independent Non-executive directors to the board during the year.