DIRECTORS

G. David Golder – (Non-Executive Chairman) (Age 62)

Mr. Golder has been Non-Executive Chairman of the Company since 2005. He is also Chairman of the Remuneration Committee and a member of the Audit Committee. He has over 38 years experience in the petroleum industry and was formerly Senior Vice President of Marathon Oil Company (â€˜â€˜Marathon''), retiring in 2003. He has performed at executive and director level for two major corporations (Marathon Oil Company and Sakhalin Energy Investment Company). From June 1996 to 1999, Mr. Golder was seconded from Marathon to Sakhalin Energy Investment Company where he was Executive Vice President — Upstream. Located in Moscow, he managed all upstream activities which focused on the oil development and company infrastructure aspects of the Sakhalin II Project onshore and offshore Sakhalin Island; this included the planning and implementation of the US$650 million development of the Piltun-Astokhskoye oil field and associated infrastructure. He was also Co-Chairman of the Joint Supervisory Board which oversaw the Sakhalin II Production Sharing Agreement. Mr. Golder is currently President of David Golder Consulting, LLC and a member of the Society of Petroleum Engineers. He has a BSc degree in Petroleum & Natural Gas Engineering from Pennsylvania State University and has completed the Program for Management Development at Harvard University.

Dennis Francis – (Chief Executive Officer and Executive Director) (Age 60)

Mr. Francis has been Chief Executive Officer and an Executive Director of the Company since its formation in 2005. He has over 37 years experience in the petroleum industry and was with Marathon for 30 years. He started work with Marathon as a geologist/geophysicist and held various international positions. In 1990, Mr. Francis became USSR/FSU task force manager responsible for putting together a special task force to develop new opportunities for Marathon in Russia. Marathon and its partners ultimately won the first Russian competitive tender which was to develop the Sakhalin II Project offshore Sakhalin Island. Mr. Francis managed the progression of this project within Marathon. He represented Marathon as shareholder and was a director on the board of Sakhalin Energy Investment Company during the Phase I Project Development. He was also a member of the joint supervisory board with oversight responsibility for the Sakhalin II Production Sharing Agreement. He was a recipient of the Governor of Sakhalin Award for his efforts associated with the Sakhalin II Project. He also managed Marathon’s acquisition of the Khanty Mansiysk Oil Company in 2003. He is a member of the American Association of Petroleum Geologists and Society of Exploration Geophysicists. He has a BSc degree in geophysical engineering and an MSc degree in geology both from the Colorado School of Mines. He has also completed the Program for Management Development at Harvard University.|

Dr. David Sanders, Executive Director — (Vice President, General Legal Counsel, Executive Director and Company Secretary) (Age 61)

Dr. Sanders has been Vice President, General Legal Counsel, Executive Director and Company Secretary of the Company since its formation in 2005. He is an attorney of law and has over 35 years experience in the petroleum industry, including 18 years of doing business in Russia and three years in the oil and gas litigation division of the law firm of Fulbright & Jaworski LLP. In 1988, Dr. Sanders joined Marathon where he analyzed and reviewed joint venture agreements for worldwide production until his assignment in 1991 to the negotiating team for the Sakhalin II Project in Russia. In 1994, he was seconded for one year as an attorney to Sakhalin Energy Investment Company in Moscow. He then provided commercial guidelines and transactional analysis of numerous Russian projects to Marathon's CIS Joint Ventures Group and later became the lead negotiator for Russian projects in Marathon's Business Development-Commercial & Negotiations Group. Dr. Sanders has a degree in electronics from Pennsylvania Institute of Technology, a liberal arts degree from the University of Houston and a doctorate of jurisprudence from South Texas College of Law. He is a member of the State Bar of Texas and of the American Bar Association.|

Paul Dowling – (Chief Financial Officer and Executive Director) (Age 37)

Mr. Dowling joined the Company on 1 October 2007 and was appointed to the Board of Directors on 29 April 2008. He has 17 years experience in the areas of banking, accounting, auditing, taxation, financial reporting, AIM/IPO reporting, corporate restructuring, corporate finance and acquisitions/disposals. Most recently he was a Partner in the firm LHM Casey McGrath located in Dublin. Mr. Dowling has worked in a number of industries and has significant experience in the Natural Resources sector. He is a fellow of the Association of Chartered Certified Accountants (ACCA) and a member of the Irish Taxation Institute. He currently represents the ACCA with the Consultative Committee of Accountancy Bodies - Ireland (CCAB-I). He is also a non-executive Director of Moesia Oil & Gas plc, an unlisted Company, focused on oil and gas exploration and development in Romania and Bulgaria.

Thomas Hickey – (Independent Non-Executive Director) (Age 41)

Mr. Hickey has been a Non-Executive Director of the Company since 2005. He is Chairman of the Audit Committee and a member of the Remuneration Committee. Mr Hickey was Chief Financial Officer and a director of Tullow Oil plc from 2000-08. During this time Tullow grew via a number of significant acquisitions including the $570 million acquisition of Energy Africa in 2004 and the $1.1 billion acquisition of Hardman Resources Limited in January 2007, and through exploration success, leading the establishment of new oil provinces in Ghana and Uganda. The Company now has market capitalization of over £9 billion. Prior to joining Tullow Oil plc he was an Associate Director of ABN AMRO Corporate Finance (Ireland) Limited, which he joined in 1995. In this role, he advised public and private companies in a wide range of industry sectors in the areas of fund raising, stock exchange requirements, mergers and acquisitions, and related transactions. Mr. Hickey is a Commerce graduate of University College Dublin and a Fellow of the Irish Institute of Chartered Accountants. He is also a non-executive Director of Ikon Science Limited, a geological software company in which Tullow is a significant minority shareholder.

Vakha A. Sobraliev – (Non-Executive Director) (Age 55)

Mr. Sobraliev has been a Non-Executive Director of the Company since 2005. He is a member of the both the Audit and Remuneration Committees. He has over 30 years experience operating and managing energy service companies and state operating units exploring for and exploiting oil resources in the Western Siberian Oil Basin. Mr. Sobraliev is currently a shareholder and General Director of Tomskburneftegaz LLC, an oil and gas well drilling and services company operating in Western Siberia. This company owns over 15 exploration and production drilling rigs and associated support equipment and mechanical repair facilities. From 1975 to 2000, Mr. Sobraliev worked for Tomskneft and Strezhevoy Drilling Boards in various drilling and economic capacities including chief engineer and chief accountant. He has degrees in mining engineering and economics from Tomsk Polytechnic Institute and the Tomsk State University respectively. Mr. Sobraliev is a resident of Tomsk, Russia.

Non-Executive Directors David Golder, Thomas Hickey and Vakha Sobraliev are the members of the Audit and Remuneration Committees.