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KARPINSKY LICENSES (RUSSIA)

Our Licenses on the Karpinsky Ridge The Karpinsky Ridge extends from Kazakhstan through the Caspian Sea to the Donbass basin Lies between two prolific hydrocarbon basins; the Pre-Caspian Basin and the Northern Pre-Caucasus Rng's licenses are located near the city Volgodonsk in the Rostovskaya Oblast region of Russia, Oil and gas has been discovered and produced to the SE and NW and in the Donbas basin New seismic technology has revealed very promising structures in the central part of the Karpinsky Ridge Voronezh

Block Summary - Potential Giants

*Theoretical maximum hydrocarbon height - Base estimate all levels for all leads (source: AGR Evaluation Report 2017) ** Conversion: 1,000 SMP = 6.29 BOE

Estimated Prospect Volumes

1) Prospect Evaluation Report (2018) - based on one well per prospect

2) AGR Evaluation Report (2017) - AGR base estimate using maximum hydrocarbon height

The estimated in place resources are Karpinski's conservative calculations of reserves expected from first well based on interpretations of seismic lines from ZPG in Russia.

The "High case" resource estimates are calculations performed by AGR based on interpretation of seismic lines and assuming a maximum potential hydrocarbon height in the observed structures.

There are CPR reports: one from PGS Reservoir Limited, UK in 2007 and one from AGR Petroleum Services AS, Norway in 2017.