Health, safety, environmental and quality policy statement

It is the policy of Central Europe Oil Company to manage all its activities and operations in a responsible manner that:

• Meets the high quality standards we set as part of our business objectives;

• Protects the health and safety of our employees, contractors and public;

• Minimises adverse impact on the environment.

To accomplish this we will:

• ensure that all personnel are aware of their delegated HSEQ responsibilities and are properly trained to undertake these;
• ensure that all Company activities are performed to the best of our capabilities;
• design and manage our activities to prevent pollution, minimise environmental and health impacts and provide work places where safety hazards have been fully assessed and appropriately mitigated;
• as a minimum, comply with all applicable HSEQ legislation, regulations and standards;
• ensure that environment, health and safety protection command equal prominence with other business considerations in the decision making process;
• fully consider local community expectations and concerns, cultural heritage, short and long-term benefits and costs and liabilities;
• investigate the benefits of viable material and process alternatives;
• strive for continuous improvement in our HSEQ performance and measure this by setting objectives and targets consistent with the aims of this policy.
• routinely monitor and report HSEQ performance to the Board of Directors of the Company, who will ensure that the necessary resources are provided to support this Policy fully.

Andrija Kojakovic

Chief Executive Officer

CEOC Ltd

September 2009