OPERATOR:

M&P Exploration and Production Tz Ltd – 60% interest

OTHER CONTRACTING PARTIES:

• PetroQuest - 20%
• Hollick - 20%

License Area Size:

920.23 sq.km

PSA Signed Date:

3rd June, 2004

Effective Date (Initial Period):

13th July, 2004

First Exploration License:

3rd June 2009

Second Exploration License:

3rd December 2012

Current License Period:

Under Development Licence Application

Current License Effective Date:

N/A

License Expire Date:

N/A

STATUS OF OPERATION

Awaiting for the Development license grant.

CURRENT STATUS

Under Development Licence Application.

FISCAL TERMS

• Royalty: 12.5%
• Income Tax: 30%
• Withholding Tax: Varies

SURFACE RENTAL

• Initial Period – USD 4/sq.km
• First Extension Period – USD 8/sq.km
• Second Extension Period – USD 16/sq.km
• Development License -Established as per plan