MPRL E&P Awards Polarcus 3D Seismic Acquisition Survey Offshore Myanmar

February 12, 2013

MPRL E&P Pte Ltd. (“MPRL E&P”), the only independent E&P company operating in both onshore and offshore Myanmar, announces the award of a full-fold 1,720 km2 survey in water depths from 1,600 to 2,000 m to Polarcus UK Ltd (“Polarcus”).

Polarcus has allocated to this campaign the MV Adira, delivered in June 2012, the latest generation of state-of-the-art 3D acquisition vessels and one of the most environmentally responsible in the industry.

The some 40-day 3D survey is due to start during the last week of this month. MV Adira will deploy 12 solid steerable streamers, 7 km long in continuous recording down to 9 sec two-way-time. Polarcus will apply their latest technology to minimize time spent in filling in acquisition gaps. This new 3D survey is to be merged with the adjacent 3D cube acquired by MPRL E&P in 2010 after both surveys incur 3D Pre-Stack Depth Migration (PSDM) processing.

MPRL E&P, now operating Block A-6 with partner Woodside Energy (Myanmar) Pte Ltd (“Woodside”), has also obtained from Myanmar Oil & Gas Enterprise a one-year extension to the PSC Initial Exploration Period until 8 June 2014. This will allow the Joint Venture enough time to assess whether the size of potential prospects warrants exploration drilling in subsequent Exploration Extension Periods.

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Press Release, February 12, 2013