Mitra's current exploration portfolio comprises more than 44,600 square kilometres (11 million acres) of awarded acreage across Indonesia, Thailand, the Philippines and Vietnam. The company is exposed to unrisked exploration potential of several billion barrels of oil equivalent and plans to drill up to ten exploration wells before the end of 2011.

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. Auditors Gaffney, Cline & Associates have produced a best estimate of close to 1.5 billion barrels and a high estimate of 4.8 billion barrels oil equivalent resource for just four of the twelve mapped leads. 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 Philippines in July 2008. The partnership plans to drill two high impact, deepwater wells in 2009.

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%)¹. 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. Auditors Gaffney, Cline & Associates have produced a best estimate resource of 134 mmbo and a high estimate resource of 1,124 mmbo for the three largest inboard prospects on the block. A deepwater well is planned for 2010.

Indonesia
Mitra currently has two production sharing contracts, the Sibaru PSC, and the Biliton PSC.

The Sibaru PSC covers almost 4,000 square kilometres offshore East Java and is operated by Mitra (60% equity) with partner Pearl Energy holding 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. Remapping of the structure in light of this new information gives an in-house best estimate recoverable resource of over 550 mmbo for the prospect, which Mitra plan to drill in 2009.

The Biliton PSC covers an area of 3,946 square kilometres² offshore West Java and is operated by Serica Energy. Mitra’s 5% equity is carried through to first production. The operator drilled two dry wells in December 2007 and January 2008, downgrading the remaining potential on the block. Mitra is currently evaluating the potential for stratigraphic trap development closer to the hydrocarbon kitchen.

Thailand
Mitra has been awarded onshore Blocks L45/50 & L46/50 (100% equity). Covering an area of 7,966 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 is planning seismic acquisition in 2009, followed by a well in 2010.

Vietnam
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 at the southwestern end 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 licenced, Mitra acquired 3,054 line kilometres of long offset, high fold 2D seismic data in April & May of 2008 which is currently being processed for interpretation. Subsequently, a 3D seismic survey was carried out using PGS’s M/V Nordic Explorer. A total of 1,532km² of full-fold, high quality 3D seismic data was acquired from 21st September 2008 to 8th November 2008. Currently holding 100% equity, Mitra is planning to drill two wells in 2010.

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