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| |    | | |  The enhanced oil recovery (EOR) steam pilots in Syria began during the third quarter. The first and second test wells at both Oudeh and Tishrine have had one injection cycle completed. A third well at Oudeh is undergoing a first steam injection cycle, while at Tishrine, the first test well is undergoing a second steam injection cycle. At Oudeh, production at the first test well, OD-147, increased 1.4 times over cold production, and at Tishrine, production at the first test well, WT-207, increased 2.1 times over cold production. These are very encouraging results considering that the Company used a reduced volume steam slug on the first test wells to ensure operational success. This was the first application of cyclic steam stimulation in deep carbonate reservoirs, and has proved the viability of enhancing production from the deep Shiranish carbonate reservoir. Cyclic steam injection in the second wells at both Oudeh and Tishrine, OD-146 and WT-208 respectively, has been completed with increased steam injection slug volumes. Production rates from OD-146 continued 450-500 barrels of fluid per day ("bfpd") with a water cut of 20-25% (consisting of condensed water from steam) for a production rate of 338-400 barrels of oil per day ("bopd"). This is 2.1-2.5 times the cold production rate. What is most significant about the performance of OD-146 is that the fluid level remains at 900 feet below the surface, so installing a larger pump before the next steaming cycle will allow the production rates to be substantially increased. Both OD-146 and OD-147 have demonstrated the ability to inject steam at high rates (1,400-1,600 barrels per day of cold water equivalent) into the matrix permeability of the Shiranish reservoir rock. This high rate is partially facilitated by the 400-500 meter horizontal wellbore section drilled in each well. The implication is that a displacement process such as steamflooding (instead of cyclic steam stimulation) or hot water flood is feasible, which could further significantly enhance production rates. Publicly available statistics of the 138 conventional thermal displacement projects around the world range 25-60% recovery efficiency of the stock tank oil initially in place. A pilot steamflood program for 2007 is under consideration. A steaming cycle was recently completed on wells WT-208 and OD-147. The steam generators are currently being moved to OD-148 for an initial steam slug of 30,000 barrels of cold water equivalent ("bcwe") and to WT-207 for a second cycle with a full slug cycle at 30,000 bcwe. After these cycles, the company will be utilizing the vacuum insulated tubing ("VIT") to deliver much hotter temperatures to the Shiranish reservoir at Oudeh. In addition, the VIT allows the company to inject steam in any well, whether equipped for high temperatures or not, which includes the high rate wells in the eastern part of the Oudeh field. The Company is targeting a two to three fold production and recovery increase by cyclic steam stimulation over cold production. The following table details the results to the end of October, 2006. 
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