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PHILIPPINES

Block SC 57

Under farm-in agreements with PNOC, Jadestone has agreed to acquire a 21% working interest in Service Contract 57 in offshore Palawan Island and CNOOC has agreed to acquire a 51% working interest and to become operator.

In a letter dated January 12, 2011, the Philippines Department Of Energy allowed a force majeure condition of SC 57 to be enforced starting March 15, 2008, until the farm-in agreements are approved by the President.

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