Black Marlin Energy Limited  


Black Marlin, a British Virgin Islands company, has five wholly-owned subsidiaries: East Africa Exploration Limited ("EAX") explores for hydrocarbons in East Africa and represents Black Marlin's exploration and production interests; Upstream Petroleum Services Limited ("UPSL") is the seismic survey subsidiary of Black Marlin; Black Marlin Energy DMCC ("DMCC") is registered in Dubai for the purposes of carrying out business in Dubai; East African Exploration Madagascar Limited is incorporated in the British Virgin Islands; and Black Marlin Exploration Limited is inactive. EAX, UPSL, East African Exploration Madagascar Limited and Black Marlin Exploration Limited are incorporated in the British Virgin Islands. EAX has a further three subsidiaries (East Africa Exploration (Seychelles) Limited, East Africa Exploration (Kenya) Limited and East Africa Exploration (Ethiopia) Limited). UPSL has one further subsidiary, UPS (Tanzania) Limited. Africa Exploration (Seychelles) Limited and East Africa Exploration (Ethiopia) Limited are incorporated in the British Virgin Islands; East Africa Exploration (Kenya) Limited is incorporated in Kenya; and UPS (Tanzania) Limited is incorporated in Tanzania.

Black Marlin was incorporated on November 8, 2001 and commenced operations shortly thereafter. Black Marlin's principal business activities are petroleum and natural gas exploration, development and production in Africa (through its EAX subsidiary) and the provision of seismic services (through its UPSL subsidiary). Black Marlin's business model is based on the seismic services subsidiary generating cash flow sufficient to pay for the general and administrative costs of the EAX subsidiary, such that EAX becomes an exploration and production company with revenue. UPSL also provides a competitive advantage for Black Marlin, allowing EAX to take positions in areas of interest in exchange for the provision of seismic services.

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