1 The only FPSO in the region operating in the Zaafarana field

6 Producing fields

60 Producing wells

37,470 Gross Production Record (BOEPD)

6 ($) OPEX/bbl

15 CAGR production % (04-08)

416 RRR % 3-years average

225 Remaining reserves (2P-BOEPD)

30,000 Target net production by 2010 (BOEPD

PICO has grown to become the largest private Egyptian Exploration and Production (E&P) company that:

• Holds a solid operational track-record;
• Develops mature fields and maximizes recoverable reserves through secondary recovery;
• Has visible production growth from its development assets;
• Possesses and realizes upside from the focused development of its assets;
• Focuses on growth through acquisitions as well as the drill bit.

Objectives for the Next 3 Years

• Consolidate it’s presence in the GoS region to benefit from the economies of scale created by its current production operation in the region
• Expand its foothold in the WD to benefit from the cost advantages of on-shore operations
• Capitalize on our expertise in Field Development & Production Enhancement, to expand internationally through farming-in and/or complete acquisitions.
• Maintain a minimum Reserve Replacement Ratio of 150%