Aladdin Oil & Gas Company ASA

2011 Work Program and Target resultsUKHTA Q1 Q2 Q3 Q4Drilling & completion of gas wellDrilling 3 exploration appraisal gaswellsDrilling 3 exploration oil wells2D Seismic 200kmORENBURG Q1 Q2 Q3 Q42D Seismic 200km$ Total –5.200 mln$ 0.700 mln$ 2.000 mln$ 1.200 mln$ 1.300 mln$ Total –6.700 mln$ 1.300 mlnTarget resultsGas production increase from750 up to 1250 boe/dIncrease of gas and oilreserves by 20,0 mboe 2P(from 25,0 to 45,0 mboe 2P)Target resultsGrowth of 2P oil reservesfrom 20,0 up to 25,0 mboeWork Over for 3 oil wells$ 2.000 mln– Sidetrack well 96 $ 1.700 mln– Sidetrack well 304 $ 1.700 mlnOPEX, legal & compliance (2011)Grow of oil production from~150 boe/d to 750 boe/d$ 3.100 mlnSeismic 3D – Q4 2011 – Q2 2012Total$ 5.000 mln$ 20.000 mln3-year work program to be developed at the end of 2011 based on results of the current work program.5