Company Presentation Trefoil Ltd. “TREF”

1. TREFOIL Company Presentation Trefoil Ltd. “TREF” Oslo, August 2007 THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS REGARDING THE TREFOIL LIMITED GROUP, INCLUDING PROJECTIONS AND EXPECTATIONS, WHICH INVOLVE RISK AND UNCERTAINTY, WHEN USED IN THIS PRESENTATION, THE WORDS “ANTICIPATE”, “BELIEVE”, “ESTIMATE” AND “EXPECT” AND SIMILAR EXPRESSIONS, AS THEY RELATE TO THE COMPANY OR ITS MANAGEMENT, ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, SUCH STATEMENTS ARE INCLUDED WITHOUT ANY GUARANTEE AS TO THEIR FUTURE REALIZATION, ALTHOUGH TREFOIL LIMITED BELIEVES THAT THE EXPECTATIONS REGARDING THE GROUP REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON REASONABLE ASSUMPTIONS, NO ASSURANCE CAN BE GIVEN THAT SUCH PROJECTIONS WILL BE FULFILLED, ANY SUCH FORWARD-LOOKING STATEMENT MUST BE CONSIDERED ALONG WITH KNOWLEDGE THAT ACTUAL EVENTS OR RESULTS MAY VARY MATERIALLY FROM SUCH PREDICTIONS DUE TO, AMONG OTHER THINGS, POLITICAL, ECONOMIC, FINANCIAL OR LEGAL CHANGES IN THE MARKETS IN WHICH TREFOIL LIMITED DOES BUSINESS, AND COMPETITIVE DEVELOPMENTS OR RISKS INHERENT TO THE COMPANY’S BUSINESS PLANS, MANY OF THESE FACTORS ARE BEYOND TREFOIL LIMITEDS’ ABILITY TO CONTROL OR PREDICT, GIVEN THESE UNCERTAINTIES, RECIPIENTS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON ANY FORWARD-LOOKING STATEMENTS,

2. TREFOIL Agenda Oslo, August 2007 • Brief history • Fundamentals • Management & Directors • Key Figures • Oil in Argentina • Geographical Focus • Business Model & Case • Current Operations Overview • Financial Highlights • Growth Portfolio

3. TREFOIL Agenda Fundamentals Management & Directors Key Figures

4. TREFOIL History & Fundamentals • Trefoil was founded in late 2000 by Peter Smedvig, Roberto Monti and Raymond de Smedt • The Company is focused in on-shore oil producing fields with exploration potential • Signed the first Joint Venture Contract in mid 2001 • Listed on the SMB at the Oslo Børs on December 2005 • Since then achieved substantial and continuous growth through acquisitions and exploration • Consistently delivered on commitments

5. TREFOIL Management & Directors

6. TREFOIL 22.39% 4.61% 1.85% 1.45% 30.3% Key Figures

7. TREFOIL Agenda Geographical Focus Business Model & Case

8. TREFOIL Geographical focus ARGENTINA 2,591 MMBbls Proven Reserves 937 MMBbls Probable Reserves 650,400 BOPD Province of Mendoza Cuyana and Neuquina basins

9. TREFOIL Business model • Pursue producing licenses granted in the early 90’s which lacked technical expertise and investment • Provide management and funds, challenge the geological model and deploy new technology • Confirm upside potential by drilling exploration, advanced and development wells, thus increasing reserves • Invest wisely while controlling costs • Build investment portfolio • Sustain profitability -

10. TREFOIL Business Case Challenge conventional geological model • Conventional geological model • Two prolific structural trains • Western train includes Tupungato and Chañares Herrados • Eastern train includes Atamisqui and other large fields • New Geological Model: Why not looking for oil in between? • PPC East and north of Atamisqui - PPC East Atamisqui North

11. TREFOIL Business Case Apply new technologies • Acquire 3D seismic • Process and interpret new data Initial 3D coverage

12. TREFOIL D B C A E Business Case Identify potential upside

13. TREFOIL PPC x-1002 CH-1017 CH-1009 Productive zone P,F,3710m Business Case Drill advanced and exploration wells

14. TREFOIL Business Case Drill confirmation wells

15. TREFOIL Business Case Build portfolio of development locations

16. TREFOIL Business Case Build portfolio of possible locations

17. TREFOIL Agenda Current Operations Overview

18. TREFOIL Operations Overview • On-shore operations • Easy access to fields • Close to local refineries • Two drilling rigs • One completion rig • Full technical staff • Low operating costs (6.3 $/Bbl) • Stepping up drilling in Q4 2007 based on sound cash flow

19. TREFOIL Mendoza Chañares Herrados Puesto Pozo Cercado C h i l e 0 50 100km Chañares Herrados & PPC In June 2001 Trefoil signed a Joint Venture Agreement to invest in exploration and development of two licenses. Trefoil funds all investments and receives 78% of incremental production. Trefoil’s first discovery in PPC in June 2006

20. TREFOIL Mendoza Chañares Herrados Puesto Pozo Cercado C h i l e Puesto Rojas Cerro Mollar 0 50 100km Puesto Rojas & Cerro Mollar In February 2006 Trefoil acquired two more licenses 360 Km south of the initial JV. Trefoil’s first discovery well in Puesto Rojas in August 2007 Currently drilling second exploration well, a third one will be drilled in H1 2008

21. TREFOIL Mendoza Tupungato Chañares Herrados Puesto Pozo Cercado C h i l e Puesto Rojas Cerro Mollar 0 50 100km Tupungato In October 2006 Trefoil acquired the Tupungato license, adjacent to Puesto Pozo Cercado (PPC) Field produced in excess of 67 MMBbls since 1934 Production declines 2% annually providing a secure cash inflow Secondary Recovery Project (water flooding) feasibility in 2008

22. TREFOIL Mendoza Tupungato Chañares Herrados Puesto Pozo Cercado C h i l e Atamisqui Puesto Rojas Cerro Mollar 0 50 100km Atamisqui In October 2006 Trefoil acquired the Atamisqui license, also adjacent to Puesto Pozo Cercado (PPC) creating the first “cluster” In May 2007 Trefoil drilled it’s first exploration well (ATA-1008) Just started development campaign with second drilling rig

23. TREFOIL Mendoza Tupungato Chañares Herrados Puesto Pozo Cercado C h i l e Atamisqui Puesto Rojas Cerro Mollar Atuel Norte 0 50 100km Atuel Norte In October 2006 signed the Rio Atuel JV with Tecpetrol and Petrobras creating the second “cluster” of licenses so far Tecpetrol, related to the Tenaris Group, is the Operator Field produces 30 BOPD (33% net to Trefoil) and has promising exploration potential Already shot 400 Km2 of 3D seismic One exploration well and a further 200 Km2 of 3D seismic planned for 2008

24. TREFOIL Agenda Financial Highlights

25. TREFOIL Financial Highlights Revenues & Cost of Sales EBIT EPS (million u$s) (u$s/share) (million u$s)

26. TREFOIL Financial Highlights WTI Effective Price Production Lifting Cost (u$s/Bbl) (u$s/Bbl) (Bbls/day)

27. TREFOIL Agenda Growth Portfolio

28. TREFOIL Growth Portfolio Ready for next stage Potential to further growth reserves and production Acreage: 1,647 Km2 407,000 Acres 3D Seismic: 922 Km2 shot 660 Km2 planned Net Oil Production: 4,600 BOPD Q2 > 5,300 BOPDend 07 Productive Wells: 58 acquired 33 drilled Drilling Locations: 78 Proved & Probable 122 unriskedPossible Net Reserves (12/06):23.4 MMBbls 2P + 31.4 MMBbls P3 (Gaffney & Cline)

29. TREFOIL Company Presentation Trefoil Ltd. “TREF” Oslo, August 2007 THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS REGARDING THE TREFOIL LIMITED GROUP, INCLUDING PROJECTIONS AND EXPECTATIONS, WHICH INVOLVE RISK AND UNCERTAINTY, WHEN USED IN THIS PRESENTATION, THE WORDS “ANTICIPATE”, “BELIEVE”, “ESTIMATE” AND “EXPECT” AND SIMILAR EXPRESSIONS, AS THEY RELATE TO THE COMPANY OR ITS MANAGEMENT, ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, SUCH STATEMENTS ARE INCLUDED WITHOUT ANY GUARANTEE AS TO THEIR FUTURE REALIZATION, ALTHOUGH TREFOIL LIMITED BELIEVES THAT THE EXPECTATIONS REGARDING THE GROUP REFLECTED IN SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON REASONABLE ASSUMPTIONS, NO ASSURANCE CAN BE GIVEN THAT SUCH PROJECTIONS WILL BE FULFILLED, ANY SUCH FORWARD-LOOKING STATEMENT MUST BE CONSIDERED ALONG WITH KNOWLEDGE THAT ACTUAL EVENTS OR RESULTS MAY VARY MATERIALLY FROM SUCH PREDICTIONS DUE TO, AMONG OTHER THINGS, POLITICAL, ECONOMIC, FINANCIAL OR LEGAL CHANGES IN THE MARKETS IN WHICH TREFOIL LIMITED DOES BUSINESS, AND COMPETITIVE DEVELOPMENTS OR RISKS INHERENT TO THE COMPANY’S BUSINESS PLANS, MANY OF THESE FACTORS ARE BEYOND TREFOIL LIMITEDS’ ABILITY TO CONTROL OR PREDICT, GIVEN THESE UNCERTAINTIES, RECIPIENTS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON ANY FORWARD-LOOKING STATEMENTS,