Concerning the Leave of Mr. Alan Good and Mr. Lim Hongkhun

The employment contracts of China Oilfield Company Limited Vice President Alan Good and Marketing Director Lim Hongkhun will expire on Jun 30, 2006. The Company has decided not to continue the employment contract with the two employees. The Board takes this opportunity to thank Mr. Alan Good and Mr. Lim Hongkhun for their valuable contributions to the Company in the past 3 years, and wishes them best of luck in future endeavors.