UNITED KINGDOM

Asset Name: Anasuria Cluster, comprising:

• Cook (38.6%) Producing Field

• Teal (100%) Producing Field

• Teal South (100%) Producing Field

• Guillemot A (100%) Producing Field

• Anasuria FPSO (100%) FPSO

Note 1:  Joint Operating Company with equal ownership between Anasuria Hibiscus UK Limited (a wholly-owned subsidiary of Hibiscus Petroleum) and Ping Petroleum Limited.

The Anasuria Cluster comes with stable positive cash flow from current production with in-field future development opportunities and exploration upside. It represents an attractive, geographically focused package of operated interests in producing fields and associated infrastructure. The assets have a proven and producing resource base which provides a platform for further development. A number of incremental development and exploration opportunities exist within the licence areas which are expected to generate significant incremental value in the medium term.

Hibiscus Petroleum holds substantial equity interest and is the Operator of two licences – VIC/L31 and VIC/P57 – in Australia via our wholly-owned subsidiary, Carnarvon Hibiscus Pty Ltd (CHPL). Both licences are located offshore, in shallow water, in the Gippsland Basin and are core assets to the company. As the Operator, we have a high level of operational and financial control and we are responsible for the entire planning and execution of all activities under these licences.

The VIC/L31 production licence includes the West Seahorse discovered field, whilst the VIC/P57 exploration licence comprises several geologically exciting prospects.

The development of the West Seahorse field has been a key objective of our company due to the near term visibility on the development and subsequently, production of this field. In the current low and volatile oil price environment, the Company has deferred the Final Investment Decision for the West Seahorse development project. As for the VIC/P57 permit, in accordance with our obligations under the terms of the permit, CHPL has recently drilled an exploration well in the Sea Lion prospect in the second quarter of 2015, demonstrating our ability to execute drilling operations offshore Australia whilst maintaining a good HSE track record.

Other assets under the Hibiscus Petroleum Group are held via its 35% owned joint venture company, Lime Petroleum Plc. These assets are located in Norway and the Middle East which are currently in the exploration stage.

Given the extended period of low oil prices, the Company intends to continue its review of investments in licences that are primarily exploration weighted against a new set of investment criteria. In the current volatile price environment, the Company’s agenda is to take secondary positions in exploration assets whilst the industry struggles to define its short term outlook. Assets which have a clearly defined path to near term production will however be prioritised.