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Mabi Project

Situated in Jincheng and Linfen, Shanxi Province in the southern Qinshui Basin, the Mabi concession extends over an area of 898.2 square kilometers under the Mabi PSC partnered with China National Petroleum Corporation The Mabi concession received preliminary ODP approval in November 2013 and Mabi ODP I with area of 131.7 km2 has a designed annual commercial capacity of 1 billion m3 In southern Mabi, significant progress has been made on pilot program in 1H2016. The production from pilot wells reached 150,000 m3 by the end of June, a 33% increase compare with 1H2015.

By the end of February, all of the associated approvals which are required by the National Development and Reform Commission of the People’s Republic of China (“NDRC”) for ODP approval of Mabi Phase I had been secured. The Group is cooperating with our partner China National Petroleum Corporation (“CNPC”) on their internal review of the ODP report. Under the current progress, we expect our partner CNPC will complete their internal review and make submission to the NDRC for final review and approval subsequently.