The Philippines - NorAsian Energy Limited

In January 2005, MEPS created a wholly owned subsidiary known as NorAsian Energy Limited ("NAEL"). NAEL entered into a joint venture arrangement with Ottoman Energy Limited ("OEL"), a company listed on the Australian Stock Exchange, to pursue opportunities in the oil and gas sector of the Philippines. In March 2005 NAEL and OEL signed their first Service Contract (SC50) containing the Calauit Oil Field. NAEL and OEL have subsequently entered into farmin arrangements with Trans-Asia Oil and Energy Development Corporation covering Application Areas offshore Cebu and SW Palawan.

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Offshore Industry

MEPS acts as a financial advisor to its clients in the offshore industry, and arranges debts and equity financing through the international financial markets. This includes financing for the construction of Semi-Submersibles, Jack-ups, FPSO's, Supply Vessels, and other equipment related to the Offshore Industry.

MEPS and Frigstad Offshore Inc (FOI) are cooperating on the acquisition of a semi-submersible production platform known as the North Sea Pioneer for NAEL's Philippine operation.

MEPS and FOI are in the final stages of arranging the financing for the building of a 5th generation Ultra-Deep Water semi-submersible Dual Ram Rig designed by Frigstad Engineering (D80 DRR DP3). Negotiations are at an advanced stage to commence construction prior to the end of 2005. The unit would be available to drill NAEL's Ultra Deep Water Marantao Prospect, SW Palawan in 2008.

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