Ukraine Donbass Coal Basin

Bulgaria Carpathian Balkan Basin

Georgian Basin

Letter to Shareholders from June 2014

We have completed a total of 13 fracking stimulation treatments in three wells in Georgia, two wells which were recently drilled, along with one existing well. We have been testing all three wells and are optimizing the production on all three wells by running tubing and pumps. By the end of June, we expect to understand the production capabilities of those wells.

Letter to Shareholders from June 2014

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