BENARIS PETROLEUM N.V. (ABN No. 82 113 569 029) Registered office : DGJ Melbourne Pty Ltd, RACV Tower, 485 Bourke Street, Melbourne, VIC 3000, AUSTRALIA SEISMIC INTERPRETATION REPORT POST PEEJAY 2D/3D SEISMIC SURVEY EXPLORATION PERMIT T/39P OFFSHORE BASS BASIN, TASMANIA Report prepared by: Jennifer Baird Exploration Consultant Adenmere Pty Ltd Waterton Hall Rowella 7270. Tasmania Australia March 2007. Report prepared for: UT Energy Services Sdn Bhd Kuala Lumpur Malaysia T/39P Seismic Interpretation Report 2007 Seismic Interpretation Report Post PeeJay 2D/3D Seismic Surveys T/39P, Bass Basin, Offshore Northern Tasmania March, 2007 List of Enclosures Enclosure Number Page Number Two Way Time Maps 1: 2: 3: 4: 5: 6: 7: 8: 9: 10: Two Way Time Structure Map, Seafloor E-1 Two Way Time Structure Map, Miocene Mkr. E-2 Two Way Time Structure Map, Top Angahook Fm. E-3 Two Way Time Structure Map(Detail PJ 3D area), Top Demons’ Bluff Fm. E-4 Two Way Time Structure Map(Detail PJ 3D area), Near Top Upper Eastern View Fm. E-5 Two Way Time Structure Map(Detail PJ 3D area), Intra Upper Eastern View Fm. E-6 Two Way Time Structure Map(Detail PJ 3D area), Base Upper Eastern View Fm. E-7 Two Way Time Structure Map(Detail PJ 3D area), Lower M. diversus/L. balmei Mkr. E-8 Two Way Time Structure Map, Lower M. diversus/L. balmei Mkr. E-9 Two Way Time Structure Map, Top Durroon Fm. E-10 Average Velocity Maps 11: 12: 13: 14: 15: 16: 17: Average Velocity Map, Top Demons’ Bluff Fm. Average Velocity Map, Miocene Marker Average Velocity Map, Top Angahook Fm. Average Velocity Map, Near Top Upper Eastern View Fm. Average Velocity Map, Intra Upper Eastern View Fm. Average Velocity Map, Base Upper Eastern View Fm. Average Velocity Map, Lower M. diversus/L. balmei Mkr. E-11 E-12 E-13 E-14 E-15 E-16 E-17 Depth Maps 18: 19: 20: 21: 22: 23: 24: 25: 26: 27: 28: 29: 30: 31: Depth Structure Map, Seafloor Depth Structure Map, Miocene Mkr. Depth Structure Map, Top Angahook Fm. Depth Structure Map, Top Demons’ Bluff Fm. Depth Structure Map, Near Top Upper Eastern View Fm. Depth Structure Map, Intra Upper Eastern View Fm. Depth Structure Map, Base Upper Eastern View Fm. Depth Structure Map, Lower M. diversus/L. balmei Mkr. Depth Structure Map(Detail PJ 3D area), Near Top Upper Eastern View Fm. Depth Structure Map(Detail PJ 3D area), Near Top Upper Eastern View Fm., showing extent of overlying volcanic bodies 1 and 2 Depth Structure Map(Detail PJ 3D area), Intra Upper Eastern View Fm. Depth Structure Map(Detail PJ 3D area), Base Upper Eastern View Fm. Depth Structure Map(Detail PJ 3D area), Lower M. diversus/L. balmei Mkr. Difference Map, Depth (metres), between RMS and well velocity function depth conversion methods, Near Top Upper Eastern View Fm. Prepared for UT Energy Services Sdn Bhd March 2007 E-18 E-19 E-20 E-21 E-22 E-23 E-24 E-25 E-26 E-27 E-28 E-29 E-30 E-31 Page: 2