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MANOKWARI PSC

Our subsidiary, Ecosse Energy (Manokwari) Ltd ("EEML"), formerly Irian Petroleum Ltd, owns 100% Working Interest in and is the Operator of the Manokwari PSC (“Production Sharing Contract”) in Papua, Indonesia.

Ecosse Energy completed the acquisition of 100% of the shares of Irian Petroleum, Ltd on 11 December 2010 from CNPC.  Subsequently the company name was changed to Ecosse Energy (Manokwari) Ltd.

The Manokwari PSC is located onshore in the north of the Bintuni basin in Papua Province in eastern Indonesia and covers an area of 3,902.66km2 (964,368 acres). Commercial oil and gas production exists in adjacent blocks. Irian Petroleum Ltd was acquired from CNPC who had shot over 1500 km of 2D seismic from 2006 to 2009. A full seismic interpretation was completed in mid 2010 by CNPC which identified 6 gas prospects and 1 oil prospect.

Further detailed G&G work has now given a total of 6 gas prospects and 3 oil prospects. It is planned to drill two wells in 2012.

Since the block was awarded in December 2004 over $20 million has been spent on seismic acquisition, processing, interpretation, and geological and geophysical reports in the PSC.