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Delta

Q: Was there a connection between Khalid Bin Mahfouz and/or his family and Delta Oil?
A: We understand that Delta Oil Company Limited ("Delta") is a private company founded by a Saudi national, Mr. Badr M. Al-Aiban. Neither Khalid Bin Mahfouz nor his family ever had any ownership interest in Delta.

In 1994 Nimir Petroleum Company Limited ("Nimir"), a Bermuda company founded in 1991 and at the time wholly-owned by Abdulrahman Bin Mahfouz and Sultan Bin Mahfouz (Khalid Bin Mahfouz's sons), acquired a 50% interest in a 15% participation that Delta owned in an oil exploration field in Azerbaijan that was being developed by Unocal Corporation. Specifically, the 15% interest was in the Azeri and Chirag Fields and the Deepwater Portion of the Gunashli Field. A joint venture company called Delta Nimir Khazar Limited ("DNKL"), owned 50% each by Delta and Nimir, became the owner of the 15% participation in the Unocal exploration rights.

In 1998, Delta advised Nimir that Delta had a buyer for DNKL's interest in the Unocal rights, which was Amerada Hess. In September 1998 Nimir sold its 50% interest in DNKL back to DNKL itself so that, thereafter, Delta became the sole owner of DNKL and subsequently sold the underlying interest in the Unocal rights to Amerada Hess.

See Africa Energy Intelligence of 15.12.2004 on Corrections.

Q: Was Khalid Bin Mahfouz and/or his family involved in the Central Asia Gas Pipeline project?
A: Neither Nimir, its affiliates, its owners, nor Khalid Bin Mahfouz had any interest in this project. According to a press release issued by Unocal Corporation on October 27, 1997 ( www.unocal.com/uclnews/97news/102797a.htm ) Unocal, five other international companies, including Delta, and the government of Turkmenistan formed a consortium called "CentGas" to construct a pipeline linking Turkmenistan's natural gas reserves to Pakistan.

See Sunday Express (UK) of 06.07.2003 on Corrections.

See US civil suits re Dismissal of Nimir from Burnett case

Q: Does the bin Mahfouz family still own Nimir Petroleum?
A: No. In October 2004, Nimir Petroleum and Nimir Chemicals were bought from Abdulrahman and Sultan bin Mahfouz in a MBO by former Nimir directors and senior executives. The companies are now called Knightsbridge Petroleum and Knightsbridge Chemicals.