The Company was notified on 2 January 2002, pursuant to Part VI of the Companies Act 1985, that the shareholders agreement dated 13 January 2000 (the "Agreement") between the shareholders set out below has been terminated with effect from 31 December 2001 and as a result each of the following shareholders is no longer deemed to be interested in any of the shares held by the other parties to the Agreement, as previously notified to the company pursuant to section 204 of the Companies Act 1985. The ordinary shares of £0.20 each in the share capital of the Company ("Shares") and interests in Shares held by each shareholder as at 31 December 2001 is set against their names below:

Pontoil Intertrade Limited
Shares held: 6,480,813
Warrants held: 447,171

Alpidorica SpA
Shares held: 589,730
Warrants held: 40,652

Quantic Limited
Shares held: 2,357,478
Warrants held: 162,607

New Falcon Oil Limited
Shares held: 589,619
Warrants held: 40,652

Chemsa Limited
Shares held: 4,842,955
Warrants held: 325,215

Salamander Assets Limited
Shares held: 1,179,239
Warrants held: 81,304

SIIF SA (Luxembourg)
Shares held: 4,127,335
Warrants held: 284,563

Furthermore, the shareholders set out above, together with the Company, in recognition of the termination of the Agreement, have entered into an agreement to terminate the relationship agreement dated 13 July 1999, effective from 31 December 2001.

In addition, pursuant to section 324(2)(a) of the Companies Act 1985 Mr. Patrick Maugein notified the Company on the same date that the number of Shares in which he was interested on 31 December 2001 was 4,842,955 Shares held by Chemsa Limited, which is owned by a trust company whose potential ultimate beneficiary is the family of Mr Maugein. Chemsa Limited acquired 154,000 Shares on 21 January 2000 in consideration of £0.783 per share.
 
 
 
 
 
 
 
 

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