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• The exploration well (1-MAC-1-BA) had a strong gas kick during penetration at the top of the Gomo Shale Member of the Candeias Formation.
• The primary targets in the well (pre-rift Agua Grande and Sergi Sandstones) will be tested through casing based on good oil staining in chip samples to confirm formation fluid type.

• The Company has no information as to whether Sonangol will provide a response that will allow for the continuation of fruitful negotiations between the parties.

• TGS has reached final agreement with Sonangol E.P. to commence acquisition of a 3D multi-client survey covering nearly 12,500 km2 offshore Angola.

• PGS, BP, Total and Statoil have committed to funding the survey.
• PGS, in association with Sonangol, has a long history of investing in its latest technology in Angola.

• Condition of Azul-1 prevented an assessment of flow capacity by a conventional test and was performed as a mini-Drill Stem Test that enabled the recovery of two good quality oil samples.

• Cobalt International is signed the production sharing contract for Block 20 offshore Angola.
• Cobalt has been named the operator of Block 20 and has a 40% working interest in the block.

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