PRESS RELEASE

Malabo – June 30th, 2008

GOVERNMENT OF EQUATORIAL GUINEA TO COMMENCE LEGAL PROCEEDINGS AGAINST EXXONMOBIL

The Ministry of Mines, Industry and Energy, on behalf of the Government of Equatorial Guinea has served notice to ExxonMobil, operator of Block B, offshore Bioko Island, of the Ministry’s intention to start legal proceedings against ExxonMobil, due to continued gas flaring within the Block B Zafiro Field.

This decision is in line with the Ministry of Mines, Industry and Energy’s previously announced commitment to eliminate flaring of gas from all producing facilities in Equatorial Guinea, forthwith.