IVO ENERGY DEVELOPMENT LIMITED

At an Extraordinary General Meeting of the above-named Company, convened, and held at RSM Robson Rhodes, 186 City Road, London EC1V 2NU, on 26 November 2002, at 11.00 am, the following Resolutions were duly passed, as a Special Resolution, as Ordinary Resolutions, as an Extraordinary Resolution and as Ordinary Resolutions respectively: “That the Company be wound up voluntarily, that Geoffrey Paul Rowley and Michael Jonathan Christopher Oldham, of RSM Robson Rhodes, 186 City Road, London EC1V 2NU, be appointed as Joint Liquidators for the purpose of such winding-up, that the remuneration of the Joint Liquidators be fixed as £2,500 plus VAT plus disbursements for them and their staff in attending matters arising in connection with the winding-up and advice to the board and that they be entitled to draw such remuneration from the assets of the Company as they think fit, that the Joint Liquidators may divide among the Members of the Company in specie the whole or any part of the assets of the Company and may, for that purpose, value any assets and determine how the division shall be carried out as between the Members, that the Joint Liquidators act jointly and severally, and that the Joint Liquidators be authorised to destroy any of the Company’s records in their possession as they think fit.” Chairman