Explora Petroleum is funded by Warburg Pincus and the management team. Warburg Pincus has committed to fund up to $US 150 million, which will cover all aspects of the oil and gas exploration business. The Management and the Board will agree on investment criteria and metrics as a basis for decision making. This process will provide the context for license applications in APA and major licence round applications and farm-ins will be evaluated against a similar criteria set.

Warburg Pincus is a leading global private equity firm. The firm has more than $30 billion in assets under management. Its active portfolio of more than 125 companies is highly diversified by stage, sector and geography. Warburg Pincus is a growth investor and an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than $35 billion in over 650 companies in more than 30 countries.

Since inception, the firm has provided over $5.5 billion of equity for companies around the world involved in oil and gas exploration and production, midstream, power generation, oilfield technology and related-services, and alternative energy development. Warburg Pincus has been the lead investor in several dozen energy companies including: Antero Resources, Bill Barrett Corporation (NYSE: BBG), Canbriam Energy, Encore Acquisition Company, Kosmos Energy (NYSE: KOS), MEG Energy (TSX: MEG), Newfield Exploration (NYSE: NFX), Spinnaker Exploration and Targa Resources (NYSE: NGLS, TRGP).

The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mauritius, Mumbai, San Francisco, Sao Paulo and Shanghai. For more information, please visit:

www.warburgpincus.com