Apology to Mr Solomon Majteles and Mr James del Piano

Articles written by Brendan Egan and published by our Company on our website www.energyreview.net on 10 December 2002 and 28 April 2003 concerned the conduct of affairs of Kalrez Energy Limited and in particular, its dealings with PetroAsia Ltd.

We accept that the articles read as a whole (although not intended by the author or our Company) caste defamatory aspersions in respect of each of Mr Majteles and Mr del Piano. We accept that these aspersions are incorrect and unreservedly withdraw them.

We sincerely apologise to each of Mr Majteles and Mr del Piano for the distress, hurt and damage caused by the publication of these articles.

Signed for and on the behalf of Aspermont Limited.