TUNISIA

-OVERVIEW

Tunisian Exploration - Medjerda Permit

• 4,956 km² onshore Northern Tunisia exploration permit
• Range Petroleum is operating with 65% equity; MOG holds a 25% WI, Carthago Oil holds a 10% WI
• Seismic and geological works carried out since 1995 have defined several leads
• In Q1/08 the Teboursouk 1 exploration well was drilled and it is presently suspended waiting for a decision on a possible side track

• TD 2,454 m
• the presence of a petroleum system has been verified; seal, source and reservoir encountered while drilling
• both exploration targets encountered:

                        - M Charga sandstones

                        - Balhoul Cretaceo Carbonate Complex

• cut fluorescence recorded on cuttings in both reservoirs
• carbonate Complex produced formation water