PROPOSED WAY FORWARD

The OPL 289 projects is currently hosted on a workstation in Lagos, Nigeria. The G&G interpretation and data utilized is open to investors and technical partners to view and make their technical and investment decisions. Cleanwaters seek a competent shallow water operator with proven experience and track record to commit to the PSC performance bond and minimum work program commitments – see Annex 1 & 2. An offer is expected from the investors after data has been viewed and evaluated. Cleanwaters consortium is available to quickly negotiate a farm-in and JOA with prospective investors and or technical partners.

Annex 1: PSC commitment Post a performance bond of $30MM to activate the initial work program activity on the block and inaugurate management committee meeting (MACOM) on the PSC. Post a parent company guarantee for work program objectives to be acceptable for start of PSC operations.

Annex 2: PSC work program Phase 1 – (Year 1 – 3): Drill one exploration well and acquire 500 sq km. Phase 2 – (Year 4 – 5): Drill two exploration and or appraisal wells and acquire 500 sq km of 3D.

OBJECTIVE

The entire block has been covered with 3D seismic so on further requirement for 3D seismic acquisition unless for further reprocessing of existing 3D seismic. Five exploration wells have been drilled so only need appraisal/exploration well. Block can be converted very quickly to a 20-year OML license if we can obtain well test results from any new well drilled to activate reservoir simulation and embark on a field development program (FDP) program. Setup project team and responsibilities. Setup meetings with NAPIMS/NNPC to discuss performance bond issues and work program objectives. Conclude technical partnership arrangement. Obtain NNPC/NAPIMS approval for budget and work program. Obtain EIA, drilling, and all necessary permits from the DPR to commence operations.