Baobab’s Exploration License in Botswana Approved

Date: Tuesday, October 9, 2012

Ormil Energy’s wholly owned Botswana subsidiary Baobab Resources saw its application for a petroleum exploration license (PEL) approved by the Department of Geological Surveys of Botswana. The Ormil subsidiary has been issued the PEL for Exploration License 154/2012 (PEL 154/2012).

The approval of the PEL follows the acquisition of Energy Botswana and its five Botswana licenses that have a potential coal seam gas Contingent Resource of up to 12.6 Tcf of gas. PEL 154/2012 covers approximately 23,700 sq km and is located in the Ngamiland and Central districts of Botswana. The PEL is valid for four years commencing from October 1.

The company plans to drill several wells and undertake testing work over the next 12 months, targeting a moving portion of the Contingent Resource into Proved and Probable as well as Proved, Probable and Possible Reserves.

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