Iraq

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In late February 2004, the Directors of Triton visited Baghdad, Iraq and initiated dialogue with the Ministry of Oil. Since then, extensive lobbying efforts have been carried out and Triton is presently establishing a consortium in order to commence negotiations for production sharing agreements relative its targeted portfolio.

Iraq has the best potential of any region in the world to make significant a contribution to the global oil supply:

•    Huge oil reserve base        - Proved reserves: 112 billion barrels        - Assumes 12.2% recovery factor        - Estimated unproven reserves: 250 billion barrels        - Only 17 of 80 discovered fields developed •     Untapped gas potential         - Iraq has never actively explored for gas         - Estimated proven gas reserves: 110 Tcf         - Estimated probable reserves: 150 Tcf         - Approx 70% of natural gas reserves are associated •     Exploration potential        - Only 2,300 wells drilled         - 67% of potential structures remain unexplored        - All the Western desert remains unexplored •     Potential of deep oil and gas reserves remains unknown         - Few deep wells ever drilled