2010VP01 Assamco foreign assets

Overseas Assets:

Austin Exploration Limited (AEL): - Assam Company Limited is in Joint
Venture with a Texas based company having assets in the US and South
Australia. AEL currently maintains working interest and net revenue
interests in five key oil and gas assets: two in Australia and three
in the U.S.A.
(i) PEL 105 (AUS) license is owned 100% by AEL. It covers an area of
437 Sq. Km. and is surrounded by producing oil and gas fields, some of
which are the largest in the Cooper Basin. There is a farm-in
agreement between AEL and Adelaide Energy, the official operator. A
noteworthy fault line was discovered in May 2008 and drilling is
expected to commence during 2009. The estimated possible reserves is
upto 6.2 billion cu. ft. of gas and 1.04 million barrels of oil
condensate.
(ii) PEL 73 (AUS) license covers an area of 625 Sq. Km. It underwent a
proprietary hydrocarbon study in September 2008 and the results have
been encouraging. AEL anticipates that drilling is possible during
2009. AEL maintains a 16.6667 working interest in this prospect
(iii) Polecat Creek (U.S.A.) was the first prospect drilled by the
Company in 2007. Production rates have increased but are currently
being maintained at lower levels until natural gas market prices reach
$7 to $8 per mcf. AEL maintains a 26.25% Net Revenue Interest in this
well.
(iv) Park City project (U.S.A.) encompasses approx. 8,000 acres in
Park City, Kentucky, U.S.A., with plans of further acquiring 25,000
acres. AEL maintains an undivided 75% working interest and 65.625% Net
Revenue Interest in every well it drills at Park City.
(v) The Moses Austin Project (U.S.A.) covers an area of 731.88 acres
and an additional 160 acres mineral lease was acquired in November
2008 within the same field. The Company is examining opportunities for
the acquisition of additional mineral rights and well locations.

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