identified the down dip water contact associated with the Akasa-1 discovery as intended. Should
the Akasa discovery progress to a development, the Akasa-2A appraisal well is expected to be
utilized in the development as a water injection well. However, since the Akasa-2A appraisal well
did not encounter oil or gas reserves sufficient to be utilized as a producing well, accounting rules
require that the costs associated with the Akasa-2A appraisal well be impaired. Fluid samples
recovered from the well indicate an oil gravity of 38 degrees API.
Following additional appraisal and evaluation, a decision regarding the commerciality of these
discoveries on the WCTP Block will be made by the WCTP Block partners. Shoul