PRESS RELEASE 2nd APRIL 2004 AWARD OF PETROLEUM LICENCE, BLOCK O - BIOKO REPUBLIC OF EQUATORIAL GUINEA The Ministry of Mines and Energy, Republic of Equatorial Guinea is pleased to announce that a new Production Sharing Agreement was signed in Malabo on the 1st April, 2004. Block O, Offshore Bioko was awarded to a consortium consisting of the Compania Nacional de Petroleos de Guinea Ecuatorial (GEPetrol), Noble Energy EG Limited and Glencore International Limited. The award will be effective on ratification of the PSC. Upon ratification, the Block O licence interests will be GEPetrol (Administrative Operator 30%), Noble Energy EG Limited (Technical Operator 45%) and Glencore International Limited (25%). The award of Block O represents the first time that GEPetrol has assumed operatorship of any licence in Equatorial Guinea and is a major step in the development of the Company. Block O covers grid blocks B-14, B-15, C-14 and C-15 and is located to the north east of Bioko Island in water depths ranging up to c.600 metres. Prior to award, GEPetrol acquired 3D seismic data over the area through GESeis, its geophysical joint venture with Terra Energy Services. Further information may be found on the Ministry of Mines and Energy web site at http://www.equatorialoil.com