7th June 2010

The exploration well Palendag-1 was spudded by ExxonMobil Exploration and Production Philippines B.V. at 18:15 today in Philippines SC-56, deepwater Sandakan Basin, using West Aquarius drilling rig. The well is located in a water depth of 1,939 metres (6,362 feet), which is the deepest of any exploration well ever drilled in the Philippines. Palendag is the third exploration well in SC-56, following the Dabakan-1 and Banduria-1 wells, drilled between October 2009 and February 2010.

Mitra Energy (Philippines SC-56) Limited holds a 25% interest in SC-56.