LICENCE RELINQUISHMENT REPORT. UKCS LICENCE : P.033 Vanquish Area. ConocoPhillips (U.K.) Limited SEPTEMBER, 2011

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1 LICENCE RELINQUISHMENT REPORT UKCS LICENCE : P.033 Vanquish Area ConocoPhillips (U.K.) Limited SEPTEMBER,

2 Relinquishment Report: P Header License: P.033 Round: First License Type: Traditional Block: 49/16a Vanquish area Operator: ConocoPhillips (U.K.) Limited Equity in relinquished acreage: Block / Subarea Equity Holder Equity Holder's Group Interest 49/16a VANQUISH AREA ARCO BRITISH 4.72 EOG RESOURCES UNITED KINGDOM EOG RESOURCES INC Equity in retained portion of License P.033: Operator: ATP Oil & Gas (UK) Limited, Operator s Group: ATP Oil & Gas Corporation Block / Subarea Equity Holder Equity Holder's Group Interest 49/12a WENLOCK ATP OIL & GAS (UK) EDF PRODUCTION UK LTD ATP OIL & GAS CORPORATION EDF GROUP 80 Operator and Operator s Group: ConocoPhillips (U.K.) Limited Block / Subarea Equity Holder Equity Holder's Group 49/12a VIKING NORTH AND REST Interest 49/16a ALISON/KX FIELD AREAS (AREA I) OPERATING 49/16a AREA A - VIPER AREA PETROLEUM EOG RESOURCES UNITED KINGDOM EOG RESOURCES INC

3 49/16a GANYMEDE EXTENSION PETROLEUM ESSO EXPLORATION EXXONMOBIL AND PRODUCTION UK INTERNATIONAL STATOIL (U.K.) STATOILHYDRO ASA 30 49/16a NORTH VALIANT FIELD AREA (AREA C) DEVELOPMENTS 49/16a REST OF BLOCK (AREA A) PETROLEUM 49/16a SOUTH VALIANT FIELD AREA (AREA H) BETA PETROLEUM 49/16a VALKYRIE PROSPECT (AREA N) PETROLEUM EOG RESOURCES UNITED KINGDOM 25 EOG RESOURCES INC /16a VANGUARD FIELD AREA (AREA B) PETROLEUM 49/16a VISCOUNT & VAMPIRE FIELDS (AREAS M & L) BETA PETROLEUM /17a REST OF BLOCK 49/17a REST OF BLOCK INCLUDING JUPITER PETROLEUM ESSO EXPLORATION EXXONMOBIL AND PRODUCTION UK INTERNATIONAL STATOIL (U.K.) STATOILHYDRO ASA 30 49/17a VICTOR FIELD CALENERGY GAS CENTRICA RESOURCES THETA DANA PETROLEUM (E&P) ESSO EXPLORATION AND PRODUCTION UK CALENERGY GAS 5 (HOLDINGS) CENTRICA RESOURCES 30 DANA PETROLEUM PLC 10 EXXONMOBIL INTERNATIONAL

4 RWE DEA UK SNS RWE DEA UK HOLDINGS 10 49/17a VICTORIA AND VIKING B AREA BRIDGE ENERGY (CNS) BRIDGE ENERGY (SNS) BRIDGE ENERGY ASA 25 BRIDGE ENERGY ASA 25 49/17a VISCOUNT FIELD AREA (AREA M) BETA PETROLEUM Work Programme Summary: 1 st Round License awarded 17 th September Work Obligation: Seismic acquisition plus 6 wells. 2. Synopsis The part-block that was relinquished in 10 was a follow on to DECC s 1 st Round License Extensions initiative. The area around the 49/16-15 Vanquish discovery had been protected under a PPA status until the 31 December 10 to enable a decision to be made [by Silverstone] regarding their plans to submit an FDP. Those plans were not forthcoming, and a commercial deal was completed where SEL transferred their earned equity to BP and EOG. Consequently the current ownership of this area became ConocoPhillips (UK) Limited 25%, BP 67.91% and EOG 7.09%. Both BP and EOG approved the return of this acreage to DECC. 3. Exploration Activities Seismic: Block 49/16 was originally covered by 2D seismic acquired and processed in 1983 by SSL. A subsequent 2D seismic survey was acquired in 1987 by GSI and processed by Prakla. The Viking 3D 1993 survey covers parts of blocks 49/11, 12, 16, 17 and 18. It was shot by Geco-Prakla in and was processed by Western Atlas in Post Stack Depth Migration was performed in 1997 by Conoco. Further reprocessing was completed by Veritas in 00: SNS Pre-Stack Depth Migration Phase 1. The Viking Jx 3D survey is largely confined to block 49/16. This was shot by Geco in 1994 and processed by Western in 1994/95. Post Stack Depth Migration processing was completed by Conoco in Further reprocessing by Veritas occurred in 01: SNS Pre-Stack Depth Migration Phase 2/3, which was merged to Phase 1 (above)

5 Wells: Approximately 40 exploration wells & sidetracks have been drilled to date in P.033 resulting in the significant discoveries of Viking and Viking satellites, Vampire, Valkyrie, Viscount, Vanguard, North Valiant and Vixen. In 49/16 alone, 18 exploration wells/sidetracks were drilled, 2 of which were dry. Most recently, and specific to this relinquishment, the sub-commercial Vanquish discovery (49/16-15) was drilled by Silverstone Energy Ltd. in Prospectivity Analysis: A) Reservoir: The reservoir horizon of interest in this area is comprised of aeolian sandstones of the Rotliegendes Group. Reservoir quality is seen to be a function of lithotype, depth of burial and the degree of diagenesis that the reservoir has undergone. In the Vanquish well, reservoir quality, particularly of the midreservoir section, was significantly degraded compared to offset wells and comprises a silty-sandstone with lower than expected porosity and corresponding high water saturations. Although the pre-drill risk was column height, the post-drill reservoir thickness was as predicted. B) Source: The primary source rock for the Rotliegendes Fields is the prolific Carboniferous Coal Measures. C) Seal: The overlying Zechstein salts and anhydrites provide top and side seal across the area. D) Trap: The primary trap type throughout this area is either 4 way dip closure or 3 way with fault closure. The Vanquish trap was a 4 way dip structure and came in within ft of prognosis. E) Remaining prospectivity: The relinquished area of this licence includes this 1 sub-commercial discovery well. The Vanquish discovery sits in a downthrown position from Valkyrie Field, and is the only robust structural closure in the relinquished area as can be seen on the enclosed Top Rotliegendes depth structure map (Figure 3). F) Vanquish Overview: ConocoPhillips (U.K.) Limited farmed out their interest in this prospect to Silverstone Energy Ltd in 05. The prospect was close to existing developments and within a proven high permeability / high productivity play fairway. Key pre-drill uncertainty for the prospect was column height which would have a direct bearing on commerciality. 49/16-15 was drilled in March 06 and whilst the Top Rotliegendes came in within ft of prognosis, the reservoir quality (in the mid reservoir section) was found to be significantly degraded when compared to the nearby wells. The other 3 wells close by do not exhibit this phenomenon. Gross Rotliegendes reservoir thickness was as predicted, but with - 5 -

6 reservoir quality significantly lower than expected the interstitial water saturation was correspondingly high. The well was subsequently plugged and abandoned. SEL requested and were given PPA (Possible Producing Area) status around this discovery. Since then SEL have been taken over by Bridge NS but have not progressed the development of this area, to the extent they have since traded out of the opportunity. 5. Reserves Summary: It is the opinion of ConocoPhillips (U.K.) Limited that all commercially prospective accumulations have now been drilled within 49/16a. 6. Clearance: ConocoPhillips (UK) Limited confirms that DECC may publish any or all data contained here-in

7 7. Maps & Figures: Figure 1: Location Map (Quad 49 South) Block 49/16 In Licence P.033 Figure 2: Relinquished Acreage: Vanquish Area of 49/16a - 7 -

8 Figure 3: Rotliegendes Depth Map, Vanquish Area - 8 -

9 Figure 4: Illustrative Seismic Time line Block 49/16a South North-east B B Chalk B Tertiary B Chalk T T Triassic Rot Rot Halite T Brock T Brock T Platten T Platten T Rotliegend Valkyrie Vanquis Vanquish Viking Viking Kx - 9 -

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