ione Financial Press Limited AS Hotline: 2879 8787 Fax: 2802 0055 (Z:\00. AR\00 Annual Report Backup\2016\121079 Yanchang\Cover\01 C_IFC.indd) 1st Proof 11th April, 2016 00:40 12/04/2016 (N01) ione182 P.2
2 3 6 17 20 24 33 42 44 45 47 49 51 136
11 31 Clarendon House 2 Church Street Hamilton HM 11 Bermuda Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda 183 22 88 1 15 1512 00346 www.yanchangpetroleum.com 2
3 Novus Energy Inc. Novus 4,630 Novus Novus Novus712 Flaxcombe IPL 3,8733,816 1,000 Novus Novus 3
Novus 390 130 50% 193 2213% 6,900 1.08 2104 3113 197 470 Office Des Mines Nationales Et des Industries StrategiquesOMNIS 2015 2104 3113 4
4,630 665 6,900 5
% 23,320,527 22,346,997 4% 12,728 20,429 (38%) (22,803,665) (21,385,786) 7% (38,719) (88,022) (56%) (83,000) (111,985) (26%) (2,968) (4,163) (29%) (15,030) (48,839) (69%) (92,413) (127,069) (27%) (245,818) (300,158) (18%) (4,660,561) (4,878,047) (4%) (33,812) (45,038) (25%) 116,622 (36,744) (4,526,109) (4,658,425) (3%) (37.41) (39.08) (4%) (i) (ii) Novus Novus1,414,000371,386,000 247,797,000 40,962,000 22,949,141,00021,530,572,0007% 391 108,145,000 108,225,000 6
12,728,000 20,429,0007,701,000 21,385,786,00022,803,665,000 Novus 88,022,00038,719,000 Novus 111,985,00028,985,00083,000,000 7
29% 2,968,000Novus 48,839,00015,030,000Novus Novus 34,656,000 92,413,000Novus 300,158,000 245,818,000 Novus 4,660,561,000 (i) 4,659,447,000 (ii) 8,615,000 (iii)6,647,000 (iv)10,448,000 1,011,000 1,047,000 1,642,000 8
33,812,000 (i) Novus 30,172,000 (ii) Novus2,886,000(iii)4,630 5% 754,000 116,622,000 (i) Novus 5,906,000 (ii) 26,699,000(iii) 149,227,000 4,526,109,000 6,652,000 9
% 1,878,740 2,927,654 (36%) 17,538 19,935 (12%) 29,458 29,663 (1%) 47,848 78,543 (39%) 46,258 4,165,163 (99%) 51,418 51,418 0% 29,347 60,859 (52%) 236,784 209,399 13% 115,412 151,795 (24%) 886,690 575,602 54% (4,383) 18,687 (467,392) (474,057) (1%) (664,085) (928,118) (28%) (353,792) (91,060) (111,227) (18%) Novus (i)(ii) 47,848,000 10
26,465,000 21.5% (i)2104 3113(ii)2104 3113 (iii) Novus 2104 3113 2104 3113 2104 3113 18 1 2 3 2104 3113 2104 3113 2104 3113 11
2104 31132104 3113 2104 3113 4,138,179,000 70%51,418,000 Novus 886,690,000 575,602,000311,088,000 12
3 5% Novus 1,273,914 1,018,410 3,345,174 8,290,786 1,135,860 1,402,175 1,597,267 1,704,876 1,747,907 6,585,910 91.4% 25.9% 112.2% 72.6% 80,000,000 94,088,000 Novus102,150,000569,997,000664,085,000 928,118,000 7823,270,0001.25 697,500,000 13
5% 4,630 358,825,000 886,690,000575,602,000 91.4% 25.9%112.2% 72.6% NovusNovus Novus 14
Gold Grand Investments Limited 21% 19,331,000 24,991,0001,974,000 Novus1.25 1.3 2 Novus 132132 52,920,000 59,276,000 15
16
18 A. Society of Petroleum Evaluation Engineers (Calgary Chapter) Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society) Canadian Oil and Gas Evaluation Handbook COGEH COGEH National Instrument 51-101 a. 90% b. 50% Sproule Associates Limited Sproule 17
A. Mbbl MMcf Mboe 12,285.0 14,124.0 14,639.0 298.5 807.0 433.0 (1,193.5) (1,314.0) (1,412.5) (28.4) 3,473.0 550.4 11,361.6 17,090.0 14,209.9 Mbbl MMcf Mboe 6,467.8 7,675.0 7,747.0 189.1 522.0 276.1 (278.2) 1,594.0 (12.5) 6,378.7 9,791.0 8,010.6 + Mbbl MMcf Mboe 18,752.8 21,799.0 22,386.0 487.6 1,329.0 709.1 (1,193.5) (1,314.0) (1,412.5) (306.6) 5,067.0 537.9 17,740.3 26,881.0 22,220.5 1. 6 2. 3. boe= bbl= Mboe= Mbbl= Mcf= MMcf= 18
B. 3113470 7 12 3,271 bbl 3,610 mcf C. 634 38,178 38,812 98,508 98,508 83,000 83,000 19
52 50 SH.600753 Yanchang International (Canada) LimitedYC Canada Novus Energy Inc.Novus YC Canada Novus 2,400,000 2,880,000 42 (CFA) SWIFTTRADE 20
62 17119 11 9 59 38 21
51 OFSCap Oil and Gas Asset Clearing House OFSCapOil and Gas Asset Clearing House Walker Energy International LLC Walker Global Energy, LLC ACN Worldwide 46 41 ODMOBM 22
62 58 144 52 YC Canada Novus 23
5 35616 7 4446 43 22,320,527 22,346,997 19,354,899 7,572,880 512,210 (4,642,731) (4,621,681) 78,108 (75,468) (138,823) 116,622 (36,744) (25,274) (1,785) (5,465) (4,526,109) (4,658,425) 52,834 (77,253) (144,288) (4,544,205) (4,634,817) 30,920 (77,656) (149,335) 18,096 (23,608) 21,914 403 5,047 (4,526,109) (4,658,425) 52,834 (77,253) (144,288) 24
2,071,260 7,272,376 9,346,385 9,303,904 9,193,510 1,273,914 1,018,410 1,007,356 975,623 216,528 3,345,174 8,290,786 10,353,741 10,279,527 9,410,038 (1,135,860) (1,402,175) (481,831) (491,922) (358,251) (461,407) (302,701) (85,560) (84,881) (85,425) (1,597,267) (1,704,876) (567,391) (576,803) (443,676) 1,747,907 6,585,910 9,786,350 9,702,724 8,966,362 17 19 30 47 25
6,454,818,000 (1) 74% 38% (2) 63%16% 5% 5% 41 36 57 26
86(2) 87 3.13 2023 27
41 XV 352 28
300,000 0.002% 600,000 0.005% 300,000230,00070,000 70,000 30 46,300,000( 358,825,000)5% 0.4(33 ( 90% 0.40 897,062,500 29
336 1 6,496,729,547 53.49% 1 6,496,729,547 53.49% 2 897,062,500 7.39% 2 897,062,500 7.39% 1 6,496,729,547 2 897,062,500 57.31% 46,800,000 0.40 46,300,000 358,825,000 0.40 897,062,500 100% 897,062,500 5% 30
41 (1) 18,000,000,00021,403,800,000 (2) (a) (b) (c) 3000 740 14A.38 10 31
33 41 25% 183 22 32
14 1. A.4.2 2. A.6.7 10 (a) (b) 3.10(1) 3.10(2) 33
3.13 (i) (ii) (iii) (iv) (3) 34
14 (i) (ii) (iii)(iv) 35
36
B.1.2(c)(ii) 37
5/5 4/5 1/1 1/1 1/5 3/5 2/5 5/5 0/5 5/5 3/3 1/1 5/5 3/3 1/1 4/5 3/3 1/1 1/1 4/5 2,112,000 1,900,000212,000 23 38
42 43 (1) ( )(21) 74(3) (2) 88 1 15 1512 3528 5228 3528 5238 info@yanchangpetroleum.com 39
(3) 88 13.51(2) 40
(www.yanchangpetroleum.com) 20 13.39(4) 41
11 31 44 135 90 42
P06417 43
8 23,320,527 22,346,997 8 12,728 20,429 23,333,255 22,367,426 (22,803,665) (21,385,786) (38,719) (88,022) (83,000) (111,985) (2,968) (4,163) (15,030) (48,839) (92,413) (127,069) (245,818) (300,158) 9 (4,660,561) (4,878,047) (27,942,174) (26,944,069) 10 (4,608,919) (4,576,643) 13 (33,812) (45,038) (4,642,731) (4,621,681) 14 116,622 (36,744) (4,526,109) (4,658,425) (306,046) (142,179) (306,046) (142,179) (4,832,155) (4,800,604) (4,544,205) (4,634,817) 18,096 (23,608) (4,526,109) (4,658,425) (4,843,969) (4,773,595) 11,814 (27,009) (4,832,155) (4,800,604) 16 (37.41) (39.08) 44
17 1,878,740 2,927,654 18 17,538 19,935 19 29,458 29,663 20 47,848 78,543 21 46,258 4,165,163 23 51,418 51,418 2,071,260 7,272,376 25 29,347 60,859 26 236,784 209,399 27 115,412 151,795 28 18,687 5,681 2,068 29 886,690 575,602 1,273,914 1,018,410 3,345,174 8,290,786 30 242,911 242,911 1,392,055 6,236,050 1,634,966 6,478,961 112,941 106,949 1,747,907 6,585,910 45
31 467,392 474,057 28 4,383 32 664,085 928,118 1,135,860 1,402,175 33 353,792 34 91,060 111,227 35 16,555 191,474 461,407 302,701 1,597,267 1,704,876 3,345,174 8,290,786 138,054 (383,765) 2,209,314 6,888,611 46
i ii iii iv v 162,911 6,639,269 3,156 17,200 385,259 2,285,265 8,526 1,541 143,549 9,483,765 139,674 9,786,350 (4,634,817) (4,634,817) (23,608) (4,658,425) (138,778) (138,778) (3,401) (142,179) (138,778) (4,634,817) (4,773,595) (27,009) (4,800,604) (6,280) (6,280) 383,041 383,041 383,041 (63,202) (63,202) (63,202) 80,000 1,524,564 (319,839) 1,204,725 1,284,725 1,316 1,316 564 1,880 7,646 (7,646) 242,911 8,163,833 3,156 (121,578) 385,259 2,285,265 16,172 2,857 (4,498,914) 6,236,050 106,949 6,585,910 (4,544,205) (4,544,205) 18,096 (4,526,109) (299,764) (299,764) (6,282) (306,046) (299,764) (4,544,205) (4,843,969) 11,814 (4,832,155) (5,810) (5,810) (i) (6,400,773) 6,400,773 (26) (26) (12) (38) 5,727 (5,727) 242,911 1,763,060 6,403,929 (421,342) 385,259 2,285,265 21,899 2,831 (9,048,846) 1,392,055 112,941 1,747,907 47
(i) (i)6,400,773,000 (ii)1,763,060,000 1,763,060,000 6,400,773,000 (ii) (iii) Madagascar Energy International Limited 7%385,000,000 93% 259,000 (iv) 10% 50% (v) 2,778,000 3,329,0002,816,000 1,449,00038,000 1,880,000 48
(4,642,731) (4,621,681) (10,847) (11,373) 17 245,324 299,634 18 494 524 33 (1,047) 19 (1,011) (1,099) (1,642) (2,144) 8,615 2,371 17 493,975 18 828 20 26,465 207,924 21 4,138,179 4,517,062 22 196,072 (38) 1,880 6,647 (15,156) 15,898 (28,265) 37 (1,420) 13 33,812 45,038 312,921 589,367 (45,675) (103,155) 28,320 (33,570) 3,339 (15,841) 95,846 121,894 (2,830) (5,168) 391,921 553,527 10,847 11,373 (36,411) (49,083) 366,357 515,817 37 (1,643,492) (5,986) (35,974) (210,509) (650,127) 2,126 (216,495) (2,327,467) 49
490,044 1,191,665 (30,172) (36,367) (624,295) (1,180,734) 358,825 1,600,000 (2,905) (3,140) 191,497 1,571,424 341,359 (240,226) 575,602 848,460 (30,271) (32,632) 886,690 575,602 886,690 575,602 50
1. 2. 19 51
2. 9 3 14 1 15 3 11 2 1 2 16 2 38 16 2 41 27 2 10 4 28 10 2 12 28 2 1 2 3 4 9 99 9 a b 9 39 9 52
2. 9 9 39 39 9 39 9 9 9 53
2. 15 15 1518 11 15 1 2 3 4 5 15 1515 15 15 54
2. 11 113 3 12 36 3 311 1 1 1 1 55
2. 27 9 939 28 27 2810 1 27 56
2. 55 5 7 19 57
3. (a) 622 622 9 622 ( 622 ) (b) 217 2 36 58
3. (b) 1 (c) 59
3. (c) 60
3. (c) (i) (ii) 39 (d) (i) 12 19 (ii) 2 (iii) 5 61
3. (d) 39 37 62
3. (e) (f) 63
3. (g) 64
3. (h) 20% 30% 20% 20% 30% 50 65
3. (i) (j) (k) 66
3. (l) 67
3. (m) 68
3. (n) (i) (ii) (iii) (o) 69
3. (p) 70
3. (p) (q) 71
3. (r) 72
3. (r) 30 73
3. (r) 74
3. (r) (i) 75
3. (r) (ii) 76
3. (r) (s) 77
3. (s) (t) 78
3. (u) (v) (w) (a) (i) (ii) (iii) 79
3. (w) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) (a) (b) (c) 80
3. (x) (y) 81
4. 3 (a) (b) 18 21 (c) (i) (ii) (iii) 82
4. (c) (d) 16 (e) 47,848,000 78,543,000 26,465,000 207,924,000 20 (f) 83
4. (g) Canadian Oil and Gas Evaluation Handbook COGEH (h) (i) 84
5. (a) 26 236,784 209,399 27 13,346 16,295 29 886,690 575,602 1,136,820 801,296 28 18,687 1,136,820 819,983 31 357,293 394,351 32 664,085 928,118 33 353,792 34 91,060 111,227 1,466,230 1,433,696 28 4,383 1,470,613 1,433,696 85
5. (b) (i) (ii) 32 100 100 6,641,0008,557,000 86
5. (b) (iii) 528 5 534 2,275,000 87
5. (b) % 357,293 357,293 357,293 5.52 666,527 666,527 664,085 3.25 143,406 143,406 91,060 5.00 358,825 358,825 353,792 1,167,226 358,825 1,526,051 1,466,230 394,351 394,351 394,351 4.03 937,530 937,530 928,118 3.25 174,175 174,175 111,227 1,506,056 1,506,056 1,433,696 (c) (i) (ii) (i) (ii) (iii) 1 2 1 3 88
5. (c) (35) 18,687 2 (4,348) 3 9.76% 9.79% 37% 89
5. (c) 353,792 354,493 6. 1 1,597,267 1,704,876 1,747,907 6,585,910 91.4% 25.9% 7. (a) (b) 90
7. 371,386 816,425 22,949,141 21,530,572 23,320,527 22,346,997 (40,962) 247,797 108,145 108,225 67,183 356,022 12,728 20,429 1,011 1,099 1,047 1,420 (6,647) 15,156 (196,072) (4,138,179) (4,517,062) (26,465) (207,924) (828) (493,975) (24,794) (49,711) (4,608,919) (4,576,643) (33,812) (45,038) (4,642,731) (4,621,681) 116,622 (36,744) (4,526,109) (4,658,425) 91
7. 1,767,708 7,066,731 1,001,359 977,511 2,769,067 8,044,242 576,107 246,544 3,345,174 8,290,786 688,116 1,145,539 546,939 555,889 1,235,055 1,701,428 362,212 3,448 1,597,267 1,704,876 1,405 1,301 5,675 5,422 144 105 7,224 6,828 238,100 292,806 238,100 292,806 8,615 2,371 8,615 2,371 15 19 479 505 494 524 196,072 196,072 4,138,179 4,517,602 4,138,179 4,517,602 26,465 207,924 26,465 207,924 828 828 493,975 493,975 * 137,664 703,459 38,978 71,300 21 168 176,663 774,927 * 92
7. 371,386 816,425 1,673,468 2,760,396 22,949,141 21,530,572 388,314 402,231 9,363 4,109,510 115 239 23,320,527 22,346,997 2,071,260 7,272,376 22,949,141,000 21,530,572,000 14,886,296,000 15,725,800,000 10% 10% A 8,757,103 9,993,683 B 6,129,193 5,732,117 93
8. 371,386 816,425 22,949,141 21,530,572 23,320,527 22,346,997 10,847 11,373 1,828 3,922 53 5,134 12,728 20,429 9. (6,647) 15,156 19 1,011 1,099 33 1,047 37 1,420 1,642 2,144 (8,615) (2,371) (196,072) 21 (4,138,179) (4,517,062) 20 (26,465) (207,924) 18 (828) 17 (493,975) 10,448 25,563 (4,660,561) (4,878,047) 94
10. 1,900 1,900 212 211 22,803,665 21,385,786 17 245,324 299,634 18 494 524 8,561 12,764 57,240 42,231 493 406 95
11. 250 250 250 250 2,789 3,383 2,789 3,383 250 450 250 450 250 250 250 250 250 250 250 250 250 90 250 90 250 90 12 5 262 95 161 161 161 8 169 128 128 128 128 128 128 128 128 128 128 128 128 128 128 128 128 512 512 4,289 5,085 12 13 4,813 5,610 96
11. 1,000,000 10 12 2,500,001 3,000,000 1 3,000,001 3,500,000 1 11 13 512,000 512,000 12. (a) 97
12. (b) 11 4,950 7,945 18 4,968 7,945 1,000,001 1,500,000 3 1,500,001 2,000,000 1 3 2,000,001 2,500,000 1 4 4 98
13. 30,172 36,367 33 754 5,466 34 2,886 3,205 33,812 45,038 14. (a) 25% 27% 25.95% 26,699 25,837 5,906 13,075 35 (149,227) (2,168) (116,622) 36,744 99
14. (b) % % % % % (39,689) 95,416 (558,206) (4,140,252) (4,642,731) (6,549) (16.5) 23,854 25.0 (150,716) (27.0) (828,050) (20.0) (961,461) (20.7) 6,549 16.5 2,845 3.0 151,141 27.1 828,050 20.0 988,585 21.3 (5,379) (5.6) (143,992) (25.8) 144 (149,227) (3.2) 5,481 1.0 5,481 0.1 21,320 22.3 (138,086) (24.7) 144 (116,622) (2.5) % % % % % (43,883) (105,832) 239,287 (4,711,253) (4,621,681) (7,241) (16.5) (26,458) (25.0) 62,095 25.9 (942,250) (20.0) (913,854) (19.8) 2,158 4.9 52,040 49.2 (5,604) (2.3) 941,489 20.0 990,083 21.4 (3) (51,901) (49.1) 6,405 2.7 156 (45,343) (1.0) 4,184 9.5 56 0.1 623 0.3 761 5,624 0.2 199 0.2 199 35 35 (902) (2.1) (26,064) (24.6) 63,554 26.6 156 36,744 0.8 100
15. 16. (4,544,205) (4,634,817) 12,145,573 11,860,642 101
17. 136,684 3,488 1,976 2,569 38,759 183,476 37 1,080 411 2,444,833 2,446,324 2,311 3,774 659 21 667,034 68,216 742,015 (69) (69) 21 10,338 10,338 (3,428) (95) (101) (92) (23) (139,993) (1,202) (144,934) 133,256 5,704 6,729 3,136 409 2,982,143 105,773 3,237,150 191 408 2,636 98,508 36,108 137,851 (84) (355) (87) (526) 21 325 325 5,809 (5,809) (7,668) (392) (865) (178) (68) (492,641) (6,443) (508,255) 125,695 11,174 8,413 2,958 341 2,588,335 129,629 2,866,545 9,524 1,168 1,147 535 12,374 4,300 514 1,195 468 351 292,806 299,634 (5) (5) (253) (31) (30) (15) (4) (2,174) (2,507) 13,571 1,651 2,312 988 347 290,627 309,496 4,084 967 1,617 504 52 238,100 245,324 (20) (144) (75) (239) 493,975 493,975 (825) (104) (226) (60) (58) (59,478) (60,751) 16,810 2,370 3,628 1,432 341 963,224 987,805 108,885 8,804 4,785 1,526 1,625,111 129,629 1,878,740 119,685 4,053 4,417 2,148 62 2,691,516 105,773 2,927,654 102
17. 4(g) 1.5% 10% 493,975,000( ) 18 10%(10%) 2% 55,583,0001,588,000 18. 20,457 21,497 (494) (524) (828) (1,123) (516) 18,012 20,457 18,012 20,457 27 474 522 17,538 19,935 18,012 20,457 103
18. 494,000 524,000 828,000( ) 19. 29,099 1,099 (535) 29,663 1,011 (1,216) 29,458 1,011,000 1,099,000 (i) (ii) (iii) 104
19. 20,158 21,083 17 51 12 50 1,690 8,646 2,500 8,700 5.5% 10% 5.5% 10% 9,300 8,580 173 159 105
19. 3,881 3,881 4,187 4,187 9,938 9,938 2,152 2,152 9,300 9,300 15,333 14,125 29,458 4,118 4,118 4,224 4,224 10,495 10,495 2,246 2,246 8,580 8,580 14,944 14,719 29,663 106
20. 293,120 (7,351) 285,769 (16,442) 269,327 207,924 (698) 207,226 26,465 (12,212) 221,479 47,848 78,543 107
20. 26,465,000 21.5% 207,924,000 108
20. 5% 21.2% 21. 12,341,671 4,897 37 65,229 44,357 (2,905) 17 (10,338) (3,627) 12,439,284 38,812 (8,615) 17 (325) (10,598) 12,458,558 3,757,059 4,517,062 8,274,121 4,138,179 12,412,300 46,258 4,165,163 109
21. (i)2104 3113 (ii) (iii) 3113 3113 6 36 18 1)2) 3) 4,138,179,000 110
21. 4,517,062,000 12.264.16 111
22. 196,072 196,072 (196,072) (196,072) Gold Grand Investments LimitedGold Grand Gold GrandGold Grand 196,072,000 112
23. 51,418 51,418 51,418 51,418 19,3% 19.4% 5% 113
24. 3113 31% 16,140 211,553 (243) (125) (34) (125) 21 25. 114
26. 30 903090 0 30 234,397 207,903 31 60 294 382 61 90 68 241 90 2,025 873 236,784 209,399 2,025,000 873,000 27. 18 474 522 97,399 100,148 3,902 34,472 291 358 13,346 16,295 115,412 151,795 115
28. (35) 18,687 33 (4,348) (4,383) 18,687 1,500 75 WTI-NYMEX 750 104.19 WTI-NYMEX 29. 268,361,000 494,972,000 116
30. 0.02 100,000,000 100,000,000 2,000,000 2,000,000 0.02 12,145,573 8,145,573 242,911 162,911 4,000,000 80,000 0.02 12,145,573 12,145,573 242,911 242,911 1,600,000,000 0.40 0.02 4,000,000,0000.02 10% 1% 117
30. (i) (ii) (iii) 28 1 684,557,304684,557,304 10%5.6% 5.6% 31. 291,773 271,319 110,099 79,706 65,520 123,032 467,392 474,057 0 30 290,571 262,988 31 60 370 5,619 61 90 159 1,565 90 673 1,147 291,773 271,319 2,873,000 3,129,000 118
32. a 94,088 199,664 b 569,997 728,454 664,085 928,118 3.75 6.00% 3.49 6.00% (a) 80,000,000 94,088,000 160,000,000 199,664,000 (b) Novus Energy Inc.Novus 110,000,00092,150,000 514,197,000109,050,000728,454,00015,000,000 10,000,00055,800,000Novus 1.0% 3.5% 0.5% 2.5% 2.0% 4.5% 1.75% 3.75%2.0% 4.5% 1.5% 3.0% 0.5% 1.125% 0.2% 0.45%1 14 1 1 1 3 1 2.00% 1.75% 0.75% 2.75% 2%2.75% 1.75%0.6875% 0.25% 2.00% 200,000,000Novus Novus 1 1 2.7 1 1.6 1 119
33. 46,300,000 5% 0.40 1,000,000 1,000,000 0.40 90%(a)(b) (c) (d) (e) 5 5% 9.76% 120
33. 353,430 5,395 358,825 353,430 13 754 (392) 353,792 3,986 1,409 5,395 9 (1,276) 229 (1,047) 2,710 1,638 4,348 121
33. 3 2.98 0.17 0.15 7.75 7.75 0.40 0.40 37% 37% 1.30% 1.30% 9.76% 9.79% i) 5% 1,638,000 ii) 2,710,000 122
33. 1,600,000,000 0.40 1,000,0001,000,000 4,000,000,000 5 9.54% 1,600,000 1,216,959 383,041 1,216,959 13 5,466 (1,222,425) 4,000,000,000 123
34. 111,227 37 103,261 792 16,342 (3,623) (5,168) (1,936) (616) 13 2,886 3,205 (18,286) (5,797) 91,060 111,227 25,700,000144,000,000 26,100,000174,000,000 3.25%2% Novus 124
35. 7,627 1,846 2,807 73,280 85,560 37 230,364 (26,807) (128,292) (1,080) 41,708 115,893 14 49,035 236 (51,981) 4,886 (3,563) (2,978) 1,028 2,071 (902) (2,168) 63,202 63,202 (62,300) (62,300) (13,273) (46) (40) (1,663) (36) 1,507 7,104 52 (2,318) (8,713) 273,753 1,800 3,003 19,636 4,850 (28,863) (124,166) 41,461 191,474 14 (99,203) 1,382 (6,617) (3,037) 508 (43,260) 1,000 (149,227) 9,147 166 (991) (4,265) 1,424 5,481 (48,247) (104) (107) (1,057) (753) 4,760 21,201 (6,866) (31,173) 135,450 1,696 4,278 11,962 1,226 (24,586) (150,490) 37,019 16,555 125
36. 493,000 406,000 37. 232,450,0001,643,492,000 Novus NovusNovus Viking 17 1,646,151 800,173 2,446,324 21 65,229 65,229 112,592 112,592 4,938 4,938 (113,956) (113,956) (641,146) (641,146) (9,915) (9,915) 34 (103,261) (103,261) 35 91,832 (207,725) (115,893) 9 1,052,464 592,448 1,644,912 (1,420) 1,643,492 126
37. 1,643,492 (1,643,492) (1,643,492) (i) 44,092,000 (ii) Novus 816,425,000 163,821,000 (iii) Novus (iv) 22,391,044,0004,630,566,000 (v) 112,592,000 112,592,000 127
38. 6,512 8,985 6,362 12,886 12,874 21,871 1,311 2,608 2,110 6,889 46 48 3,467 9,545 39. 19,331,000 24,991,000 1,974,000 128
40. 41. 11 12 6,315 7,231 30 29 6,345 7,260 2,358,345 2,557,372 14A 129
42. Dolaway Group Limited 100 100 Madagascar Petroleum International Limited 1,000 100 Madagascar Energy International Limited 1,000 100 1 100 30,000,000 25,500,000 35,000,000 100 100 70 Metro City Group Limited 1 100 100 100 50,000,000 70 1 100 1 100 Yanchang International (Canada) Limited 238,022,520 100 Novus 131,671,475 100 Madagascar Energy and Petroleum Investments Limited 2,000,000 100 130
42. 30% 30% 18,267 (23,799) 95,363 88,125 30% 30% (34) 54 17,578 18,686 646,553 605,709 207,851 248,862 (513,105) (530,325) (23,421) (30,495) 222,515 205,626 95,363 88,125 131
42. 22,949,141 21,530,572 (22,803,665) (21,385,786) (84,586) (224,115) 42,623 (55,530) 18,267 (23,799) 60,890 (79,329) (12,148) (6,818) (5,207) (2,923) (17,355) (9,741) 30,475 (62,348) 13,060 (26,722) 43,535 (89,070) (5,810) (6,280) 137,119 83,166 (5,563) (8,960) (105,036) (130,796) 26,520 (56,590) 132
42. 4,166 9,682 129,502 102,408 (75,076) (49,803) 41,014 43,601 17,578 18,686 178 244 (291) (64) (79) 126 (34) 54 (113) 180 (2,508) (1,119) (1,075) (479) (3,583) (1,598) (2,587) (993) (1,109) (425) (3,696) (1,418) 27,011 (1,707) (33,352) (93,195) (63) 40,413 (6,404) (54,489) 133
43. 1,380,657 6,173,933 77 156 1,380,734 6,174,089 1,278 492 573,429 244,323 574,707 244,815 1,955,441 6,418,904 242,911 242,911 1,039,255 5,861,831 1,282,166 6,104,742 311,084 311,089 4,051 3,073 4,348 319,483 314,162 353,792 673,275 314,162 1,955,441 6,418,904 255,224 (69,347) 1,635,958 6,104,742 134
43. 6,639,269 54,045 (393,704) 6,299,610 383,041 383,041 (63,202) (63,202) 1,524,564 (319,839) 1,204,725 (1,962,343) (1,962,343) 8,163,833 54,045 (2,356,047) 5,861,831 (6,400,773) 6,400,773 (4,822,576) (4,822,576) 1,763,060 6,454,818 (7,178,623) 1,039,255 44. 135
Villa NY Ambaniandro Propsper Emphyteose, the whole lot being 59441/59442A Section Bd No 1 Vol II 230/N 1205 Soanierana District, Antananarivo, The Republic of Madagascar 100% 107 70% 22 70% 16 16 1601 1609 70% 70% 136