PRESS RELEASE Malabo - 7th March, 2006 BLOCK R The Ministry of Mines, Industry and Energy is pleased to announce that a Production Sharing Contract (PSC) for Block R, offshore Bioko, has been signed between the National Oil Company of Equatorial Guinea (GEPetrol) and Ophir Energy Company Limited and approved by the Ministry of Mines, Industry and Energy. The signing of the Block R PSC followed the successful conclusion of PSC negotiations, held in Malabo, between the Ministry of Mines Industry and Energy, GEPetrol and Ophir Energy Company Limited. The Block R PSC remains subject to ratification by the Government of Equatorial Guinea. Block R covers a total area of approximately 2,681 sq km, offshore, Bioko, immediately to the south of the ExxonMobil operated Block C. Water depths in Block R range from 1200 to 2000 meters.