Dublin - Joint Operation Committee Meeting

11/02/2010

During the earlier part of February of this year, PetroAsian Energy and BGP International travelled to Dublin, Ireland for a JOCM hosted by Petroceltic. Independent Resources, our other partner, was also in attendance. The importance of this meeting was monumental – all the partners in the Ksar Hadada project had to decide on the precise drilling well locations for this summer. The successful completion of the drilling campaign will fulfil the work commitments required by the Tunisian Petroleum Authority, ETAP.

After a lengthy discussion that involved varying inputs and opinions from different sides, all partners came to a mutual decision on the optimal locations for drilling. All parties are eager and excited about the drilling program, which is on time and underway. We anticipate drilling this summer, and PetroAsian Energy experts will be onsite when the drilling campaign begins!