Production begins in Philippines for Vitol Joint Venture

Geneva, 10th October 2008: It has been confirmed that Vitol has started production in the Galoc Field, which is located offshore near Palawan Island, in the Republic of Philippines. Output is expected to average around 17,000 bpd for the rest of 2008, once production stabilises following flow testing.

Galoc’s estimated oil reserves are approximately 10 million barrels. This may change over the coming months if potential for further development is undertaken.

Vitol has a 40% shareholding interest in the Galoc Service Contract through its ownership of the Galoc Production Company.