Private placement of NOK 12.0 million

In parallel with the MGV transaction in December 2010 a share issue of NOK 12 million towards Geopetrol was completed, whereby Geopetrol has become a 20.45% shareholder in MOORE. Geopetrol is producing 7,000 barrels of oil per day, from which 800 barrels per day is produced onshore France. The company was founded in 1993 by the same founder as for the oil service company “Geoservices” that was sold to Schlumberger in 2010. Geopetrol holds a 45% working interest in the Soufflenheim license.