FRANCE

OVERVIEW
St. Laurent Permit (Grenade Discovery)
- Licence Area covers the Grenade Oil field which is an undeveloped heavy oil accumulation originally discovered by Elf in 1975.
- MOG holds 11.154% working interest. MOG shall pay 1% NPI to Eagle Energy Ltd.
- Best Estimate STOOIP 221 MMstb (Range of 68 to 485 MMstb).
The Grenade field will form the initial focus of exploration in 2006. Its attractions are:
- Potentially large oil volumes
- Newly developed extraction techniques not available at time of discovery
- Proximity to market and infrastructure
- EU located asset with good fiscal terms and positive policy to indigenous energy.