SHARE VALUATION

Johnston Carmichael CA, Aberdeen was again appointed to provide a share valuation for the shares Trading Day of 31 August 2010.

The agreed value of an Ordinary £1 share is $6.72 as at 31 December 2009 mainly due to the decline in current and forecasted gas prices. This decline has not only impacted the company’s revenue forecast but has also reduced the level of reserves because at the forecast price certain wells are considered to be no longer economic.

The value of a £1 Ordinary share as at 31 December 2009 would have been £4.22 based on an exchange rate of 1.59 at that date.

The price as at 31 December 2008 was $13.91 or £9.60 based on an exchange rate of 1.45.

To bring more certainty into the valuation exercise by reducing the susceptibility to exchange rate fluctuations, the valuation price is quoted in US dollars.

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