Mitra's current exploration portfolio comprises approximately 77,376 square kilometres (19.1 million acres) of awarded acreage across the Philippines, Vietnam, Indonesia and Thailand. The company is exposed to unrisked Prospective Resources of several billion barrels of oil equivalent. The company has eleven remaining commitment wells in addition to a number of optional wells that may be drilled in the near-term.

Philippines

Mitra holds interests in Service Contracts (SCs) 56 and 57¹. The Philippines has one of the most attractive petroleum fiscal regimes in Southeast Asia in terms of potential return to the contractor.

Covering over 6,460 square kilometres, after the 25% mandatory relinquishment in August 2010, SC 56 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, SGS (SGS Horizon B.V.) in Jan 2011, has produced a best estimate Contingent Resources for the gas discoveries (Dabakan-1 and Palendag-1A) of 134 million barrels of oil equivalent (mmboe) and a high estimate of 343 mmboe, plus Prospective Resources associated with the discoveries of 128 mmboe (best estimate) and 195 mmboe (high estimate). In addition, considerable exploration potential exists in multiple undrilled prospects in the block. Resource estimates are currently in progress, it is anticipated that upside block wide potential will exceed 10 TCF gas equivalent.

Approval for Mitra to farm out 50% equity and operatorship to ExxonMobil was granted by the Department of Energy (DOE) of the Philippines in July 2008. Subsequently, the assignment of 25% equity in SC 56 from Mitra to BHP Billiton was approved on 17th September 2009. To date, the partnership has acquired 2,265 line kilometres of 2D seismic data and a 1,756 square kilometre 3D seismic survey, the largest proprietary 3D survey ever shot in the Philippines and has since drilled three high impact, deepwater wells, Dabakan-1 (gas discovery), Banduria-1 (oil and gas shows) and Palendag-1 (gas discovery). Mitra did not participate in the fourth well, Babendil-1, which completed operations in October 2010.

ExxonMobil and BHP Billiton elected to withdraw from the contract, effective 31st October 2011. Following the withdrawals, their respective equities in the contract of 50% and 25% were transferred to Mitra.

SC 57 covers over 7,000 square kilometres of shallow to deep water acreage offshore Palawan Island and is on trend with the giant Camago-Malampaya gas field. Mitra has a 21% interest in SC 57 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 249 mmboe and a high estimate (P10) of 1,190 mmboe for the 16 largest prospects on the block. The estimate was based on an arbitrarily allocated 50/50 oil vs. gas split of combined equivalent resources.

Vietnam

Mitra currently operates five production sharing contracts for Block 19, Block 20, Block 51, Block 46/07 and the recent licensed Block 45; in addition to a 50% stake in the Blocks 28 & 29/03 PSC which is operated by BHP Billiton. All blocks are situated in shallow waters (20 metres – 100 metres).

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 kilometres 2D seismic survey in May 2008, and subsequently a 1,532 square kilometres 3D seismic survey in November 2008.

In January 2009, Mitra farmed out 50% of its 100% equity in the PSC to BHP Billiton. The Vietnamese Government approved the farm-out on 19th August 2009, and BHP Billiton assumed operatorship effective 1st October 2009.

Two wildcat exploration wells were drilled in the PSC and the first well, 29/03-HV-1X, was spudded on 9th May 2011. The second well, 28-BDM-1X, was drilled immediately after the completion of the 29/03-HV-1X well on 7th June, 2011. Both wells were plugged and abandoned as dry holes with oil shows. The remaining Prospective Resources based on assessment by auditor, RISC, range from a net best estimate (P50) Prospective Resource of 374 mmbo and a high estimate (P10) of 1,366 mmbo for the 16 mapped prospects.

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, acquisition of the 2D seismic data of 3,006 and 1,587 line kilometres in Block 19 and Block 20, respectively, has been completed. Based on the initial 2D seismic mapping, auditor RISC has assigned a net best estimate (P50) Prospective Resource of 86 mmbo and a high estimate (P10) of 300 mmbo for the 4 mapped prospects in Block 19. The Block 20 has a net best estimate (P50) Prospective Resource of 15 mmbo and a high estimate (P10) of 85 mmbo for the one mapped prospect. Subsequent work has identified significant additional prospectivity in Block 20. The partnership has committed to drill one wildcat exploration well in each block.

Mitra, together with KUFPEC and Petrovietnam Exploration Production Corporation (PVEP), entered into a PSC for Block 51 with Petrovietnam 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 block covers approximately 3,600 square kilometres.

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. Mitra's auditor, RISC, has assigned a net best estimate (P50) Prospective Resource of 40 mmboe and a net high estimate (P10) of 104 mmboe for the three prospects identified in the block. A 323.7 square kilometres commitment 3D seismic survey was completed in September 2010. One exploration well will also be drilled during Phase One of the Exploration Period.

Mitra and PVEP signed a PSC with Petrovietnam for Block 46/07, offshore Vietnam, on 28th 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 northeastern margin of the prolific Malay-Tho Chu Basin and is located adjacent to Block 51. There are clear operational synergies with Block 51 that Mitra and PVEP plan to exploit as they carry out their commitment work programme on Block 46/07. A 387 square kilometre commitment 3D seismic survey was completed in October 2010 and two commitment wells will also be drilled during Phase One of the Exploration Period.

Mitra together with PVEP, recently signed another PSC with Petrovietnam. The PSC for Block 45, offshore Vietnam, was signed on 10th June 2011 and is operated by Mitra with 70% equity. The remaining 30% equity is held by PVEP. The block covers 4,677 square kilometres and is situated adjacent to both Block 51 and Block 46/07. The initial three year PSC work programme consists of the acquisition and processing of 200 square kilometres of 3D seismic data followed by the drilling of one firm exploration well. Acquisition of a 270 square kilometre 3D seismic programme has already been undertaken as part of the PSC commitment work programme.

Indonesia

Mitra currently has interests in six production sharing contracts, the North East (NE) Natuna PSC, the Bone PSC, the Biliton PSC, the Sibaru PSC, the North Madura PSC and the Titan PSC.

The NE Natuna PSC covers an area of 1,470 square kilometres offshore East Natuna Basin. Mitra currently holds 90% equity interest, and indirect operatorship, through the corporate purchase of the previous operator, Titan Resources (Natuna) Indonesia Ltd. The remaining 10% equity is held by PT. Binatek Reka Natuna. The main hydrocarbon plays in the block are Late Oligocene to Early Miocene fluvio-deltaic to shallow marine clastics and Miocene carbonate reefs in structural-stratigraphic combination traps. The block is on trend with the recent Vietnamese 07/03-CRD-1X and 07/03-CRD-2X (Red Emperor) discoveries. Mitra's auditor, RISC, has assigned a net best estimate (P50) Prospective Resource of 345 mmboe for the seven prospects and leads identified in the block. The partnership satisfied its 3D seismic acquisition commitment with the completion in September 2010 of a 714 square kilometre survey. The partnership is also committed to drill one exploration well, planned for 2012.

The Bone PSC was awarded to Mitra as a result of the Indonesian Petroleum 2010 First Bidding Round. The 10,763 square kilometre block is located in Bone Bay, offshore Sulawesi. Mitra holds 100% equity and operates the PSC. The initial PSC work programme consists of the acquisition and processing of 1,500 line kilometres of 2D seismic data and re-processing of 1,000 line kilometres of vintage 2D seismic data available in the block.

The Biliton PSC covers an area of 1,302 square kilometres offshore West Java, this is the area remaining after the second contractual relinquishment. On the 23rd of November 2011, MIGAS approved the transfer of a 47.5% equity interest in the PSC from Mitra Energy Biliton Pte. Ltd., a wholly owned subsidiary of Mitra Energy Limited, to Geopetrol Biliton Corp.. Following this transfer, Mitra retains a 47.5% equity interest in, and operatorship of, the PSC. Mitra initially held 95% of the equity interest in the PSC after the withdrawal of the original operator, Serica Energy (45%) and partner, Nations Petroleum (45%) following the drilling of two dry wells in December 2007 and January 2008. During 2009 and 2010 Mitra carried out fluid inclusion and basin modelling studies and seismic reprocessing to assess remaining prospectivity. This work has resulted in the high grading of the Batara Sambu prospect, a large four way dip trap close to the potential source kitchen, as the main focus for Mitra's future exploration effort. In July 2011, a 252 square kilometre 3D seismic survey was acquired and a wildcat well is planned for 2012. Mitra's auditor (RISC) has assigned a net best estimate (P50) Prospective Resource of 66 mmbo, and a net high estimate (P10) 162 mmbo for this prospect

The Sibaru PSC covers an area of 3,180 square kilometres offshore East Java, after mandatory partial relinquishment in early 2010. The PSC is operated by Mitra with a 100% equity interest when Pearl Energy withdrew from the PSC and its 40% equity was transferred to Mitra on 29th April, 2011. A 2008 petrophysical re-evaluation of the JS5-1 well, drilled in 1971, indicated that up to three hydrocarbon-bearing zones may have been penetrated by the well. The Mojo-1 well, on the JS5-1 prospect, which was spudded by Mitra on 26th July, 2010, was subsequently plugged and abandoned as dry hole after reaching a total depth of 5,920 feet. The remaining Prospective Resources, based on assessment by independent auditor, RISC, range from a net best estimate (P50) of 196 mmbo to a net high estimate (P10) of 783 mmbo for the three other leads identified on the block.

Mitra reached agreement with Black Platinum Energy Ltd. (BPE) on two separate farm-in arrangements covering the Titan and North Madura PSCs on 30th April 2011, which was approved on 9th August 2011. The Titan PSC and the North Madura PSC cover areas of 6,903 and 3,082 square kilometres, respectively, offshore East Java. After the farm-ins, BPE retains a 25% non-operating interest, with Mitra acquiring a 25% non-operating interest, in both PSC's, both of which are operated by AWE. The farm-ins provide Mitra with additional high impact exploration opportunities, targeting the prolific producing East Java gas basin and the fast growing East Java gas market.

Thailand

Mitra operates onshore Block L45/50 (100% equity), following the decision not to enter into the Second Obligation Period of the Exploration Period for Block L46/50. Block L45/50 covers almost 4,000 square kilometres over the Greater Bangkok area. The concession agreement was signed in January 2008. Mitra carried out 2D and 3D seismic surveys over the mapped leads in the Thon Buri Sub-basin in Q4 2009. An exploration well is planned for 2012. Mitra's auditor, RISC, currently assigns best estimate (P50) Prospective Resource of 24 mmbo to the block.

1 Pending Philippines DOE approval of CNOOC and Mitra farm-in