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The following information has been provided for the purposes of AIM Rule 26:

  Authorised Issued

Issued - Fully Diluted

    Assuming exercise of all Warrants or Options and Conversion of all Loan Notes
Share Capital Amount Number Amount Number Amount Number
Ordinary US$0.10 US$22,444,000 224,446,000 US$10,507,491 105,074,911 US$13,192,834 131,928,342
Deferred £0.0011 £55,000 50,000,000 £52,550.43 47,773,120 £52,550.43 47,773,120
Deferred US$0.10 US$17,556 175,554,000 US$17,556 175,554,000 US$17,556 175,554,000

The percentage of AIM Securities which are in issue that are not held by Directors, Management or Affiliates:

30.63% of the ordinary shares

There are no restrictions on the transfer of the securities.

The Identity and percentage holdings of significant shareholders:

With the exception of the following, the Directors are not aware of any person, who has interests in 3% or more of the issued share capital of the Company.

Name of holder Number of ordinary shares Percentage of issued shares
Tribeca Oil & Gas Inc and affiliates 59,573,507 56.70%
Lyan Financial Corporation / Rorick Ventures Limited / Athos Enterprises Limited/ Juan Carlos Rodriguez 13,021,629 12.39%
Macquaire Bank Limited 9,638,479 9.17%
Banque Privee Edmond de Rothschild 5,325,000 5.07%