February 2009mahona.com1 Mahona Energy – Agenda 1.The Hobby Prospect 2.Use of GeoDIRK Expert System 3.The “Six-Pack” Concept 4.Funding and/or Farm-In 5.Questions / Team Available at Lunch

February 2009mahona.com2 Mahona Energy – Hobby 1.Information from 2007 BERR CD a.Upper Jurassic b.Potential of ~ 75 MM bboe c.Drill/Drop License Issued from Today 2.Confirmed by our Own Geophysical Analysis 3.Re-confirmed by Our GeoDIRK Study 4.Part of the First “Six Pack” Study Group

February 2009mahona.com3 Mahona Energy – Hobby Location B

February 2009mahona.com4 Mahona Energy -- Hobby Geodirk shows Strat trap on the dip line.

February 2009mahona.com5 Mahona Energy - Hobby 1.Field Exploitation Further Seismic Acquisition Further GeoDIRK Study 2.Drill/Drop Decision 3.Exploration Drilling 4.Subsea Tie-Back [Contingent Funding] Estimated Landed Cost USD 25/bbl First Oil Mid to Late 2011

February 2009mahona.com6 Mahona Energy - GeoDIRK 1.Unique Expert System, Converting Seismic to Porosity / Permeability 2.Under Development Since 1992 – DTI, University Reports, Field Use 3.Challenge is “Not Invented Here” – cf ExxonMobil and Success with CSEM ! 4.Exploration Example – Mahona, et al 5.Production Example – Caspian Sea

February 2009mahona.com7 Mahona / GeoDIRK in Production

February 2009mahona.com8 Mahona Energy with GeoDIRK The “Six Pack” Concept [1] USD 500 Bn p/a Spent on Exploration Around 2/3 is Wasted Also Gated by Non-Availability of Talent A New Approach is Required “Six Pack” Offers This

February 2009mahona.com9 Mahona Energy with GeoDIRK The “Six Pack” Concept [2] 1.“First Catch Your Hare” 2.AKA – Use Existing Seismic Data 3.Take 50 Sets of Available Seismic Data 4.Process via GeoDIRK 5.Discard “Worst” 50 Percent 6.Re-Process / Re-Shoot as Appropriate 7.Distil to “Top Six”

February 2009mahona.com10 Mahona Energy with GeoDIRK The “Six Pack” Concept [3] Of Those Top Six, Estimate that Three Will Deliver 70 MM bbl Each LOW COST, QUICK HIGH RETURN And do it Again, and Again...

February 2009mahona.com11 Mahona Energy – Funding 1.To Year End 2010 – USD 2.5 MM a.Fully Establish Company b.Prepare Hobby Block c.Identify / Process Initial “Six Pack” Possible 2 Billion bbls and 3.5 Tcf Gas 2.Mid 2010 – Decide Drill / Drop on Hobby a.Drilling for Cash? b.Farm In? Sell “Oil in the Ground”? c.Market Conditions / Oil Price?

February 2009mahona.com12 Mahona Energy - Funding 3.To YE 2011 – Position Company a.To be Able to Apply for, and Operate, Traditional UK Licenses – Landward and Seaward b.Ditto for Other Appropriate Areas i.Light Sweet Oil ii.Politically Stable iii.Tax Attractive iv.Gas Extraction / CO 2 Storage? c.Start Implementing Alternative Energy R&D Programme 4.Identify and Implement Exit Route for Early Investors as and if Required

February 2009mahona.com13 Mahona Energy – Questions ? Mahona Energy – Questions ?