History

On September 21, 2004, the Company (formerly known as “Northway Explorations Limited”) announced that it had completed a merger with Caspian Energy Ltd. (“CEL”) that combined its own operations with the operations of CEL, which included a 50% indirect interest in Aral Petroleum Capital LLP (“Aral”), through which CEL has the right to explore and develop certain oil and gas properties known as the North Block, a 3,458 square kilometre area, located in the vicinity of the Kazakh pre-Caspian basin.

Upon completion of the merger, CEL became a wholly-owned subsidiary of the Company.