Business Model

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• Focus on lower-cost / lower risk shallow plays (Georgia: 200m - 1,500m; Ukraine: 700m - 2,500m)
• Low geological risk (well control/historical data)
• Superior economics (European natural gas pricing and low taxes) compared to North American plays
• Infrastructure (access to pipelines and local markets)
• Retain leverage to unconventional/ shale upside through farm-out of deep, expensive wells in Bulgaria
• First mover advantage in application of proven Western technology and skills in Georgia and Ukraine