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MATRIX NEWS UPDATE

1. MATRIX has signed a contract with TOTAL E & P NIGERIA LTD for the FPSO Laboratory Services for Usan Deepwater Operations, commencing 1st quarter 2012.

2. The company has participated in the Commercial Bid for Supply & Delivery of Chemicals for the new Usan Deepwater Operations. Results are awaited from new Operators; ESSO EXPLORATION & PRODUCTION NIGERIA LTD.

3. MATRIX has successfully completed a contract for NIGERIAN AGIP OIL COMPANY LTD (NAOC) for Provision of Corrosion Inhibitors and Treatment Services in the entire Land Area Operations. Demobilization from site has been concluded.

4. MATRIX has commenced execution of a contract for SHELL PETROLEUM COMPANY LTD (SPDC) for Provision and installation of Pipeline Manifold Valve Interlock Devices in the Eastern Division, Land Area Operations.

5. The company was successful in the Technical Bid for Chemical Delivery Services for Akpo Deepoffshore. Commercial Bid is being awaited from TOTAL/NAPIMS.