MAYA AREA PROSPECT

The Maya area is located on the north eastern tip of Cebu Island. In October 2000 the Group drilled exploration well MST 11A.

Although the well encountered oil shows, it was terminated due to mechanical problems. The Group drilled a further three wells in 2003 one of which, Forum 2-X, encountered multiple oil and gas bearing zones but due to mechanical problems the well was suspended without proper testing.

The Directors believe that Forum 2-X well has signified the presence of a hydrocarbon system in the SC 40 (Cebu) licence, and they intend to re-enter the well, undertake a work-over and test the flow rate.