28th June 2010

Mitra Energy Limited (Mitra) and Petrovietnam Exploration Production Corporation (PVEP) have signed a Production Sharing Contract (PSC) with Petrovietnam for Block 46/07, offshore Vietnam. Mitra, holding 70% equity, operates the PSC and PVEP holds the remaining 30% equity. The initial three year PSC work programme consists of the acquisition and processing of 300 square kilometres of 3D seismic data followed by the drilling of two firm exploration wells.

Block 46/07 covers an area of 3,281 square kilometres on the north-eastern margin of the prolific Malay-Tho Chu Basin and is located adjacent to Block 51, a block operated by Mitra and in which PVEP also has a direct interest. There are clear operational synergies that Mitra and PVEP plan to exploit as they carry out their commitment work programme on Block 46/07.