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• Due to adverse weather conditions resulting in unusually heavy rains and local flooding the seismic acquisition program has been temporarily suspended until about mid July.

• Pursuant to the terms of the Farmin Agreement Rift Basin International can earn an undivided 15% working interest in the Chorbane exploration permit (the 'Permit').

• The parties have agreed that the LOI will terminate on December 15, 2012 unless earlier superseded by the Definitive Agreement.

• The agreed minimum work obligation for this further three year period consists of the drilling of one exploration well to a depth of at least 2500 metres.

• Despite good flow rates from the two reservoir zones and substantial amounts of fluids being produced from the upper reservoir zone, the fluids were not observed to contain any quantities of oil.
• Gulfsands has a 40% interest in the Chorbane permit and in the event of a commercial success with exploration on the Chorbane permit, Gulfsands will be entitled to become the operator of the Chorbane permit.

• The rig and auxiliary equipment are currently being audited and critical equipment will be tested in the storage yard in the city of Sfax prior to mobilisation to the Sidi Dhaher-1 well site.
• ADX also continues the design work required in order to undertake an extended well test programme, which will take place in the event of a successful oil flow rate during the initial test period.

• On behalf of the joint venture ADX is also undertaking preparations for an extended well test to establish long term flow performance in the event of a successful test.

• On behalf of the joint venture ADX is also undertaking preparations for an extended well test to establish long term flow performance in the event of a successful test.

• ADX has previously estimated the mean contingent oil in place resource for the Sidi Dhaher oil discovery to be 51 mmbbls.

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