Gas2Grid Limited ("GGX") is a Sydney based domestic and international oil and gas exploration company, originally formed in 2004 as a private company, Gas2Grid Pte. Ltd (Singapore) with the sole asset being a 1,000 square kilometres Petroleum Service Contract (SC 44) located onshore Cebu Island in the Philippines. SC 44 which had been issued for a seven year period.

Board of Directors: Gas2Grid Limited was listed on the ASX in December, 2004 raising a gross $5 million with the foundation Board of Directors comprising David Munns (Non-Executive Chairman), Hildegunde Royal (Managing Director) plus Dr. David King and Michael Stirzacker as Non-Executive Directors.

Hildegunde Royal and Mike Stirzacker resigned from the Board in July, 2006 with Dr King assuming the role of Executive-Director and at the same time Eric Espiritu was appointed to the Board as a Non-Executive Director. Dennis Morton was appointed to the Board as Managing Director in April, 2008. Dr King resigned from the Board in August, 2008 and Russell Langusch was appointed as a Non-executive Director at the same time. Eric Espiritu retired from the Board in November 2008. Patrick Sam Yue was appointed a Non-Executive Director in October 2009 and Russell Langusch resigned in the same month.

The Board currently comprises David Munns (Non-Executive Chairman), Dennis Morton (Managing Director and Patrick Sam Yue (Non-Executive Director).

Company Assets - Background

Philippines - Service Contract 44 ("SC 44"): Within the area now covered by SC 44 several petroleum exploration wells had been drilled on surface anticlines during the 1960s. Some of these wells had flowed natural gas to surface and recovered significant volumes of oil. Since that time there had been no further evaluation of these discoveries and in order to assess their commercial potential it was decided to raise funds through the listing of the Company on the Australian Securities Exchange ("ASX").

The funds were used to re-enter and test the original oil and gas discovery well (Malolos-1: TD 2,748 metres) and to drill, case and suspend a new evaluation well (Nuevo Malolos-1).

Nuevo Malolos-1 was successfully drilled to a total depth of 1,945 metres testing small amounts of both oil and gas before the well was cased and suspended for further evaluation. The objective sandstone reservoirs were damaged during the drilling process and evaluation of this damage has concluded that reservoir remediation is required in order to recover commercial quantities of gas and oil from this well. The Company is currently implementing a workover program and is dependent on equipment and funds availability to complete the program.

France - St. Griede: In March, 2006 the Company as Operator, in conjunction with then ASX listed Gippsland Offshore Petroleum ("GOP") (now unlisted, Flow Energy Limited), applied for a petroleum exploration licence within the Aquitaine Basin, south-western France. On the 21st April, 2008, after a two year application process, an area of 1,238 square kilometres was issued for a period of six years to GGX (50%) and GOP (50%) as the St Griede licence.

The licence commitment for the first two years includes seismic reprocessing and acquisition of an airborne gravity survey and the Company is in the process of fulfilling these obligations.

New Zealand - PEP 38260: In June, 2007 the Company announced that it had entered into a Farmin Agreement to acquire a total 55% equity in the onshore portion of NZ exploration licence PEP 38260, located onshore Canterbury Basin, north of the city of Christchurch.

The farmin terms required GGX to make a $600,000 cash payment to acquire 15% equity and then to fund the first $1.2 million of a new exploration well and to provide pro-rata funding for additional well costs in order to acquire an additional 40% interest in the onshore part of the licence.

The Company raised $3 million by way of a placement and share purchase plan in order to fund the farmin obligations. Kate-1 was drilled in May, 2008 to test a seismically defined surface anticline. The well was plugged and abandoned after failing to intersect any hydrocarbons. The Company has withdrawn from the farmin and has no interest in the licence.

Australia - EP 453: In March, 2008 the Company announced that it had acquired 100% of Western Australian exploration licence EP 453, located in the Canning Basin. The consideration for the acquisition of this asset was the issue of 6 million shares to the EP 453 vendors plus the assumption of existing royalties. Existing seismic and well data has been re-processed and re-interpreted in order. New drilling prospects have been identified and the Company is seeking joint partners to fund the drilling in 2010.