ZARAT FIELD AND JOINT OIL BLOCK

A Development & Exploration Operatorship Opportunity

3 000 km²Surface Area

80 - 120 mWater Depth

6 500 km2D Seismic data

1 900 km²3D Seismic Data

5Wells

CertifiedResources

Nearby Infrastructures

Attractive Contractual Terms

7$/ MscfAttractive Gas Price

85 stb/ MMScfRich Condensate

Jointoilblock-zarat.com

JOINT OIL IS SEEKING INTERESTED COMPANIES TO DEVELOP

ZARAT FIELD AND PURSUE EXPLORATION EFFORTS

JOINT OIL is the registered trade name of the JOINT OIL Explora-

tion, Exploitation and Petroleum Services Company. Equal shares

in Joint Oil are owned by Libya Oil Holdings Ltd (LOHL) and Entre-

prise Tunisienne d’Activités Pétrolières (ETAP).

Location and Nearby Fields

OFFSHORE TUNISIA AND LIBYA ZARAT FIELD AND JOINT OIL BLOCK

DEVELOPMENT & EXPLORATION OPERATORSHIP OPPORTUNITY

Beicip-Franlab, international E&P Consultancy and Services compa-

ny, has been mandated by JOINT OIL to review the JOINT OIL assets

namely Zarat field and the exploration block with the objective to

seek interested parties in pursuing the development and explora-

tion efforts. Within this framework, Beicip-Franlab, in cooperation

with JOINT Oil organized the ongoing marketing process including

a physical dataroom in its premises.

Zarat North-1drilling rig

DEVELOPMENT : ZARAT FIELDFIELD DESCRIPTION /

- Water Depth: 90 m

- Salt induced anticline overlapping Tunisia Zarat Permit and JOINT OIL Block

- Fractured Nummulitic Limestone El Gueria Reservoir

- Oil rim of some 15 m with a gas column of 70 m encountered in Zarat-1

- Some 50% inert gas (CO2 & N2)

- Oil of some 35° API with GOR of 910 scf/bbl- Gas with CGR of 85 stb/MMscf

- Potential upsides within deeper Upper Cretaceous reservoirs: Abiod, Douleb and Bireno

Potential Development Synergy

High CGR

3 SUCCESSFULL WELLS /

Zarat-1 drilled in 1992 (85 m HC, full core coverage, 4 DSTs)

Zarat-2 drilled in 1995 (34 m HC, full core coverage, 1 DST)

Zarat North-1 drilled in 2010 (64 m HC, 3 DSTs)

2C Contingent Resources : 0.4 Tscf & 50 MMbbl

Robustness of Project Economics

ZARAT FIELD /

Straddles the boundary between Zarat Permit operated by ETAP and JO Block

TRACTS A & B /

Defined to allow unitized Zarat development

ROBUST NPV & IRR /

at 50$/bbl and 7.0 $/Mscf

DEVELOPMENT CAPEX /

around 1 B$

SW

5 km

3

1

ZARAT FIELD FISAL

ZRT- 2/ZRT- 1/ZRTN - 1 S1- NC41

Working Petroleum Systems

4 reservoir levels with proven production in area

EXPLORATION : JOINT OIL BLOCKAVAILABLE DATA /

• AREA : 3000 SQ KM (741,000 ACRES)• WATER DEPTH : 80 – 120 M

SEISMIC /6 500 KM 2D / 1 900 KM² 3D

WELLS /Zohra-1 in 1976El Amal South-1 in 1999Besmah-1 in 2002El Amal North-1 in 2002

NE

5

4 3 2 1

EL AMAL ISIS FIELD

1 - Top Ypresian2 - Top Abiod3 - Near Santonian Unc.4 - Top Cenomanian5 - Deep Horizon

ISIS - 1ZHR - 1EAS - 1

Potential up to 1 Tscf and 350 MMbbls (6 identified prospects)

Geological POS ranging from 15% to 35%

PHYSICAL DATAROOM

Technical and Contractual Data available for reviewDetailed information & Contact form available on :

Jointoilblock-zarat.com