PRESS RELEASE Malabo – 24th November, 2006 Ratification of the 2006 Hydrocarbon Law and Extension of the Closing Date of the Equatorial Guinea 2006 Licensing Round The Ministry of Mines Industry and Energy is pleased to announce that the 2006 Hydrocarbon Law (Law 8/ 2006) was approved by the Equatorial Guinea Parliament and ratified by the President of the Republic of Equatorial Guinea, H.E. Teodoro Obiang Nguema Mbasogo and the Prime Minister, H.E. Ricardo Mangue Obama Nfumu on November 3rd, 2006. Law 8/ 2006 replaces Law No. 7/1981 of 16 June pertaining to Hydrocarbons and Law No. 6/2000 of 20 March which modifies the former. Copies of Law 8 / 2006 in Spanish and English are available for download on the Ministry of Mines, Industry and Energy website www.equatorialoil.com/2006-round/legal_fiscal.html As a result of the ratification of the Hydrocarbon Law, the Ministry of Mines, Industry and Energy has decided to extend the closing date of the 2006 Equatorial Guinea Licensing Round to March 31st, 2007 in order to allow pre-qualified companies to fully evaluate the available acreage