mhl to become a producer

As soon as the acquisition is finalised MHL becomes a producer!

Current production at the Project is approximately 700 bopd - that's 630bopd attributable to MHL

Monitor has a planned work programme to lift production to more than 3500 bopd;

Acquisition comes with established drilling inventory (9 rigs), personnel and operations all in place on site.

Following completion of the Transaction, Monitor plans to use company-owned drilling rigs and equipment and, with
cashflow from existing production, will be self-sufficient (other than initial working capital injection) in its forward program to increase production from 700 bopd to 3500 bopd within 36 months. A much larger increase in production can be achieved with exploration success given the 3500 bopd target is based on known existing reserves, without including the exploration upside.