Mitra's current exploration portfolio comprises more than 62,200 square kilometres (15.3 million acres) of awarded acreage across Indonesia, Thailand, the Philippines and Vietnam. The company is exposed to unrisked Prospective Resources of several billion barrels of oil equivalent and plans to drill up to 11 exploration wells before the end of 2011 in order to test this potential.

Philippines
Mitra holds interests in blocks SC56 and SC57¹. The Philippines has one of the best petroleum fiscal regimes in Southeast Asia in terms of potential return to the contractor.

Covering over 8,600 square kilometres, the SC56 Service Contract lies in the deepwater Sandakan Basin, part of the prolific circum-Borneo deepwater trend. The block represents some of the most attractive undrilled deepwater potential remaining in Southeast Asia. Mitra's auditor, RISC (Resource Investment Strategy Consultants) has produced a net best estimate (P50) of more than 1.3 billion barrels and a high estimate (P10) of 4.2 billion barrels oil equivalent Prospective Resource for the top ten prospects. Their estimate was based on an arbitrarily allocated 50/50 oil vs. gas split of combined equivalent resource. To date Mitra has acquired 2,265 line kilometres of 2D seismic data and a 1,760 square kilometre 3D seismic survey, the largest proprietary 3D survey ever shot in the Philippines. Approval for Mitra to farm out 50% equity and operatorship to ExxonMobil was granted by the DOE of The Philippines in July 2008. Subsequently, assignment of 25% equity in SC 56 from Mitra to BHP Billiton was also approved on 17th September 2009. The partnership has since drilled two high impact, deepwater wells, Dabakan-1 and Banduria-1 in late 2009 to early 2010.

The SC57 Service Contract covers over 7,000 square kilometres of shallow to deepwater acreage offshore Palawan Island and is on trend with the giant Camago-Malampaya gas field. Mitra owns a 21% interest in SC57¹ and works closely with partners CNOOC (51%) and PNOC (28%). To date, the partnership has acquired over 2,200 line kilometres of new 2D seismic data and reprocessed over 1,080 line kilometres of vintage 2D seismic. As in the Camago-Malampaya field, the main target is the Nido Limestone. Mitra’s auditor, RISC, reported a net best estimate (P50) Prospective Resource of 248 mmboe and a high estimate (P10) of 1,190 mmboe for the 16 largest prospects on the block. As in SC56, the estimate was based on an arbitrarily allocated 50/50 oil vs. gas split of combined equivalent resources.

Indonesia
Mitra currently has three production sharing contracts, the Sibaru PSC, the Biliton PSC and the North East (NE) Natuna PSC.

The Sibaru PSC covers an area of almost 4,000 square kilometres offshore East Java and is operated by Mitra with a 60% equity interest, partner Pearl Energy holds the remaining 40%. A 2008 petrophysical re-evaluation of the JS5-1 well, drilled in 1971, indicates that up to three hydrocarbon-bearing zones may have been penetrated by the well. Re-mapping of the structure in the light of this new information gives an audited net mean estimate (Pmean) Prospective Resource of 263 mmbo and a net high estimate (P10) of 620 mmbo for the JS5-1 prospect, Mitra plans to drill the Mojo-1 well into this prospect in 2010.

The Biliton PSC also covers almost 4,000² square kilometres offshore Java. Mitra currently holds a 95% equity interest and operatorship, following the withdrawal of the original operator, Serica Energy (45%) and interest holder, Nations Petroleum (45%) from the PSC following two dry wells drilled in December 2007 and January 2008. Mitra is currently evaluating the potential for stratigraphic trap development closer to the hydrocarbon kitchen. Mitra’s auditor, RISC, assessed net best estimate (P50) and high estimate (P10) Prospective Resources remaining within the block to be 213 mmbo and 470 mmbo respectively.

The NE Natuna PSC covers an area of 1,469 square kilometres offshore East Natuna Basin. Mitra currently holds a 90% equity interest, and indirect operatorship, upon conclusion of the corporate purchase of the operator, Titan Resources (Natuna) Indonesia Ltd. The remaining 10% equity is held by an Indonesian company, PT. Binatek Reka Natuna. The main hydrocarbon plays in block are Early Miocene to Late Oligocene fluvio-deltaic to shallow marine clastics and Miocene carbonate reefs structural-stratigraphic combination traps. The partnership is committed to acquire 3D seismic data and drill one exploration well.

Thailand
Mitra has been awarded onshore Blocks L45/50 & L46/50 (100% equity) covering almost 8,000 square kilometres over the Greater Bangkok area. The concession agreement was signed in January 2008. Mitra has mapped a number of leads in the Thon Buri Sub-basin and has carried out 2D and 3D seismic surveys in October 2009, An exploration well is planned in 2010. Mitra’s auditor, RISC, currently assigns best estimate (P50) Prospective Resource of 28 mmbo to the blocks.

Vietnam
Mitra currently operates four production sharing contracts for Block 19, Block 20 and Block 51 and Block 46/07; in addition to a 50% stake in the Blocks 28 & 29/03 PSC which is currently being operated by BHP Billiton of which Mitra holds 50% equity.

Following the evaluation of a large number of opportunities in Vietnam, Mitra was awarded almost 13,000 square kilometres in a PSC covering Blocks 28 & 29/03 in October 2007. These highly prospective blocks lie west of the Nam Con Son Basin, offshore southern Vietnam. After a full evaluation of existing data that was acquired primarily during the 1970s, when the acreage was last licensed, Mitra completed a 3,054 line kilometre 2D seismic survey in May 2008, and subsequently a 1,532 square kilometre 3D seismic survey in November 2008. Based on the 2D seismic mapping, auditor RISC has assigned a net mean (Pmean) Prospective Resource of 709 mmbo and a high estimate (P10) of 1,585 mmbo for the 18 mapped prospects.

Two wildcat exploration wells are planned for the PSC in 2010. In January 2009, Mitra farmed out 50% of its 100% equity in the PSC to BHP Billiton, while continuing to operate the PSC. Vietnamese Governmental approval of the farm-in and transfer of operatorship was granted on 19th August 2009.

A consortium consisting of Mitra (40% equity and Operator), Kuwait Foreign Petroleum Exploration Company (‘KUFPEC’; 40% equity) and Singapore Petroleum Corporation (‘SPC’; 20% equity) was awarded the Block 19 PSC and Block 20 PSC, following the 2008 Nam Con Son Basin bid round. Each PSC covers approximately 4,500 square kilometres.

Analogous to Blocks 28 and 29/03, the principal hydrocarbon play in Blocks 19 and 20 lies in a Tertiary rift basin in the western Nam Con Son Basin. In order to evaluate the potential of the blocks, the partnership committed acquisition of 3,000 line kilometres of 2D seismic in Block 19 and 1,500 line kilometres in Block 20, with one wildcat exploration well to be drilled in each block.

Mitra, together with KUFPEC and Petrovietnam Exploration Production Corporation (PVEP), entered into a PSC with PetroVietnam for Block 51, offshore Vietnam on 12th May, 2010. Mitra, holding 35% equity, will operate the PSC and the remaining equity is shared between KUFPEC (35%) and PVEP (30%). The PSC covers approximately 3,600 square kilometres in water depths between 20m and 100m.

Block 51 is situated very close to the prolific MTJDA gas province where over 11 tcf of gas has been discovered, of which 6 tcf is currently in production. A 300 square kilometres 3D seismic survey is planned and one exploration will also be drilled during Phase One of the Exploration Period.

Mitra and Petrovietnam Exploration Production Corporation (PVEP) signed a Production Sharing Contract (PSC) with Petrovietnam for Block 46/07, offshore Vietnam in June 2010. Mitra, holding 70% equity, is the operator of the PSC and PVEP holds the remaining 30% equity. 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, which consists of the acquisition and processing of 300 square kilometres of 3D seismic data followed by the drilling of two firm exploration wells.

1 Pending Philippines DOE approval of CNOOC and Mitra farm-in
2 Pending MIGAS approval of 40% relinquishment area