MAJOR SHAREHOLDINGS

Warrants

17,166,667 at exercise price of 4 pence per Ordinary Share with expiration date 06/09/2021

Ordinary Shares

The Company's issued share capital is 32,049,999 ordinary shares.

These shares are not traded on any market other than the Main Market (Standard Segment) of the London Stock Exchange.

Substantial Shareholdings

The Company has been informed of the following substantial shareholdings as at the last practicable date:

SHAREHOLDER

Covalent Energy International Inc

8,666,667

27.04%

Robert Allen Papiri

3,279,800

10.23%

Moshe Capital

3,200,000

9.98%

Michael Sobeck

2,522,877

7.87%

Christopher Latilla-Campbell

1,250,000

3.90%

VSA Capital Private Investments PLC

1,177,061

3.67%

Matthew Bonner

1,100,000

3.43%

Paul Welker

1,100,000

3.43%

Eric Dyer

1,000,000

3.12%

* Tangiers Investment Group LLC, a company, of which both Mr Papiri and Mr Sobeck are members, also has a shareholding of 947,323 shares.

DIRECTORS Shareholdings

The shareholdings of Directors are as follows:

DIRECTOR

SHAREHOLDING

Moshe Capital*

3,200,000

9.98%

Matthew Bonner

1,100,000

3.43%

Paul Ryan Welker

1,100,000

3.43%

Andrew Monk

843,870

2.63%

Roy Pitchford

0.00%

Mike Stewart

0.00%

* Two of the Directors, Mametja Moshe and Kay Asare-Bediako, are shareholders in Moshe Capital holding 75 % and 25% of the share capital of Moshe Capital respectively. Moshe Capital are not engaged to provide services to the Company.