GEPETROL

GEPetrol was established as the national oil company of Equatorial Guinea by
presidential decree in 2001 and became operational in 2002.

The company manages the states participation as a shareholder and other rights and
obligations. It acts as an gent for sales of the states share of hydrocarbons and is
responsible for the promotion of open acreage within Equatorial Guinea. In addition,
GEPetrol is also responsible for environmental policy and implementation, it may
participate either solely or as a partner with other national companies in exploration
and production activities within Equatorial Guinea or abroad.

GEPetrol interacts with the Ministry of Mines, Industry and Energy in order to
coordinate industry affairs of the country, but is a separate and autonomous body.
The Ministry of Mines, Industry and Energy continues as the overall regulatory and
administrative body for the petroleum industry in Equatorial Guinea.