Subsidiary

Pitkin Petroleum Limited

Pitkin Petroleum is a UK-registered upstream oil and gas company with operations in Peru.

Pitkin Petroleum has a 25% interest in Block Z-38 in the Tumbes basin offshore northwest Peru. A number of seismic surveys have been carried out over the block including a 1,500 square kilometer 3D seismic survey completed in 2010. The block license is currently in the third exploration period and preparations are currently underway for drilling subject to rig availability.