Incorporated in the Cayman Islands (Registration No: 272327.
UMC / CNOOC PNG Energy Agreement
On 26 March 2012, UMC Energy entered agreements with a wholly-owned subsidiary of CNOOC Limited, the Chinese multi-national oil and gas company listed on the New York, Toronto and Hong Kong Stock Exchanges, whereby CNOOC subscribed for a 70% equity interest in PNG Energy Ltd with UMC Energy retaining a 30% equity interest in PNG Energy. PNG Energy through its wholly owned subsidiary Gini Energy Ltd holds Petroleum Prospecting Licences (PPLs) in Papua New Guinea. Pursuant to the agreements, and in consideration for the share subscription, CNOOC will be responsible for funding all expenditure in respect of the PPLs required to comply with the minimum work obligations during the exploration phase.