Malta Oil & Gas

1 Malta Oil & Gas Code of Business Conduct Approved April 2012 Paul R Thomson 1 BC COC 0412 Table of Contents 1. INTRODUCTION page 4 2. LEGAL COMPLIANCE page 5 3. EMPLOYEES page 5 COMMITMENT TO EMPLOYEES page 5 FAMILY CONNECTIONS AND EMPLOYMENT OF RELATIVES page 6 CONTROLLED SUBSTANCES AND DRUGS page 6 ALCOHOL page 6 GAMBLING page 7 4. DATA PRIVACY page 7 5. THE COMMUNITIES IN WHICH WE WORK page 7 6. MISCELLANEOUS page 7 RELATIONSANDDEALINGSWITHGOVERNMENTOFFICI ALS,SUPPLIERS,PARTNERS, CONSULTANTS, AGENTS, INTERMEDIARIES AND OTHER THIRD PARTIES page 7 CONFLICT OF INTEREST page 8 BRIBERY AND CORRUPTION page 8 UNSOLICITED GIFTS, FAVOURS OR OTHER ADVANTAGES page 9 POLITICAL CONTRIBUTIONS page 9 2 BC COC 0412 AGREEMENTS WITH AGENTS, CONSULTANTS, SUPPLIERS OR CONTRACTORS page 9 7.

2 CONFIDENTIALITY AND PUBLIC COMMUNICATIONS page 10 CONFIDENTIALITY page 10 PUBLIC COMMUNICATIONS page 10 8. PROTECTION OF INFORMATION AND INTELLECTUAL PROPERTY page 10 9. COMPANY RECORDS, INTERNAL CONTROLS AND COMPANY PROPERTY page 10 COMPANY RECORDS page 10 INTERNAL CONTROLS page 11 COMPANY PROPERTY page 11 10. WHISTLE-BLOWING page 11 11. FINAL NOTE page 12 3 BC COC 0412 1. Introduction MaltaOilandGas( MOG orthe Company )demandsandmaintainsthehighest standardsintheconductofitsbusinessactivi ties,herebysettingoutitsguiding principles in this Code of Business Conduct (the Code ). TheCompany sdirectors,officers,andemployeesarerespo nsiblefordeveloping, approving,andimplementingplansandactions designedtoachievecorporate sdirectors,officers,andemployeesareexpec tedto observe the highest standards of integrity in the conduct of the Company s business Itistheresponsibilityofeveryemployeeandc onsultant,toensurethatthey understandtheprincipleslaidoutinthisCode ,andthattheseprinciplesarefollowed principleofthisCodeand,shouldtherebeanyr easontosuspectthatCompanypolicy orindeedlocallawshavebeenbreached,mustre portthistoManagement breachesoftheCodecouldleadtodisciplinary actionuptoandincludingdismissal.

3 Suchfailuremayalsoleadtoaccusationsofacr iminaloffencehavingbeencommitted ,anysupervisor, manager,officerordirectorwhoisawareofany violationanddoesnotpromptly potentially damage the Company s reputation must also be reported. ItistheresponsibilityoftheManagementtopu tinplacetheproceduresandcontrols toeffecttheprinciplesofthisCodeofBusines sConductandtosupportandprotect ,however,theresponsibilityofallemployees , consultants and Management to apply this Code of Conduct on a continuing basis. InadditiontoknowingandunderstandingthisC ode,eachemployeemustunderstand thelevelofauthorityincludedinhisorherjob ,andmustbecarefultoactwithinthe limits of that authority Itisvitalthatthereshouldbenogapbetweenwh attheCompanystateswithinthis Code and what its staff, consultants and contractors do on the Company s behalf.

4 Employeeswhoengagethirdpartiessuchascont ractors,agentsorconsultantsto workonbehalfofMOGmustseektoensurethatthe separtiesaremadeawareofthis Code, ,where possible,acontractualrequirementtoactcon sistentlywiththeCodewhenworking on the Company s behalf. includesblatantactions,suchasfiring,tran sferring,demotingorpubliclyattacking someone,aswellasmoresubtleretaliation,su chasavoidingsomeone,leavinghimor managers and employees alike. Thiscodedoesnotclaimtoprovidecompleteans werstoallquestionsandsituations ,allemployeesmustrelyontheirgoodsenseatt owhat 4 BC COC 0412 theCompany on the proper course of action. 2. Legal Compliance MOGoperatesinanumberofjurisdictionsandis subjecttothelawsandregulations s laws,uniquecustomsandbusinesspracticesth atapplytotheCompany sbusiness ,thebestway to comply with all applicable laws must be sought.

5 Allemployeesareresponsibleforunderstandi ngthelawsapplyingtoanyofthe Company be consulted if there are any uncertainties as to the laws applying. 3. Employees Commitment to employees EmployeesaretheCompany smostvaluableresource,andareessentialtoi ts success. TheCompanyiscommittedtocreatingachalleng ingenvironmentofempowerment anddevelopmentforallouremployees,generat ingacommonsenseofpurposeand pride in working for MOG. MOGseekstocreateanenvironmenttorealiseth epotentialofallitsemployees, individuallyandcollectively,andtoappropr iatelyrecogniseandrewardall contributions to its success. MOGprovidesaworkingenvironmentinwhichemp loyeesarerecruitedandpromoted fairlyonthebasisoftheirabilityforthejob, andwillpositivelyencourageand ,diversityisconsideredafundamentalvalue atMOG,itissomethingthatwelearnfrom,andwh ichfurthersourrespecttowards variedperspectivesandtalentstheyprovide, andpromotesdiversitywithinthe workforce,soastoprovideaninclusiveenviro nmentthathelpseachemployeeto fullyparticipateandcontributetotheirpers onalsuccessaswellasthatofthe Company itself.

6 Followsthelawsthatprohibitdiscrimination inemploymentpractices,whereverwedo business. MOGwillprovideallitsemployeeswiththetrai ningrequiredtoenablethemtoproperly carry out their responsibilities and to develop their careers. 5 BC COC 0412 Asacompany,MOGiscommittedtoprovidingasaf eandhealthyworkingenvironment inwhichallincidentsofpersonalinjuryandin dustry-relateddiseasesareregardedas preventable. For further information, kindly refer to Document HS-COC-0512. TheCompanyprohibitsactualorthreatenedvio lenceorharassmentagainst co-workers,visitorsoranyoneelsewhoiseith eronCompanypremisesorhascontact ,and must be reported immediately Family Connections and Employment of Relatives Thereisnoprimafacieobjectiontotheemploym entofdisclosedcloserelativesof employees but inappropriate job relationships must be avoided.

7 NopartnerofanemployeewillbeemployedbyMOG withouttheapprovalofthe Board. Controlled Substances and Drugs TheCompanyprohibitstheuse,possession,dis tribution,purchaseorsaleof controlledsubstancesonitspremiseswhileco nductingbusinessfortheCompanyor obtainedorusedwithoutalegalprescription, oranyotherillicitsubstancesor materials. TheCompanyprohibitstheuse,possession,dis tribution,purchaseorsaleofany illegaldrugs,onitspremiseswhileconductin gbusinessfortheCompanyorwhile operatingCompanyequipment,aswellasoffits premisesandoutsideworkinghours. MOG takes its drug policy very seriously, and any such breach will not be tolerated. Althoughonlycontrolledsubstancesanddrugs arementioned,thissectionisalso intended to apply to inhalants and all other forms of substance abuse. Where allowed by law, the Company may conduct searches and test for drug use.

8 Alcohol Theuse,possession,distribution,purchaseo rsaleofalcoholbyanypersonwhileon CompanypremisesorwhileoperatingCompanyeq uipmentisprohibited,unlessprior circumstances,suchasofficialCompanyevent s,useofalcoholmaybeauthorisedas longaspermissionisreceivedinadvancefroma ppropriateoperatingcompanyor prohibitedfromenteringCompanypremises,en gaginginCompanybusinessor operating Company equipment. Anyuseofalcoholoranyothersubstancethatca usesorcontributesto unacceptable job performance or unusual job behaviour is also prohibited. Where allowed by law, the Company may conduct searches and test for alcohol use. 6 BC COC 0412 Gambling All forms of gambling or betting on the Company s premises are forbidden. 4. Data Privacy Personaldataisinformationthatcanidentify anindividual,includingemployees, contractors,directors,shareholders,custo mersandanyoneelsewithwhomMOGdoes ,andthewaythis dataishandlediscriticaltothesuccessofthe Company,demonstratesrespectand collected,aswellasfollowCompanypoliciesa ndguidelinesforthehandlingof personal data.

9 MOGrespectstheconfidentialityofpersonald ata,inbothpaperandelectronicform. Thisinformationmaynotbeusedordisclosedim properlyorusedbysomeonewhois not authorised to do so. Personaldatashouldbeprocessedonlyifthere isalegitimatebusinessreasontodo so, and only personal data needed for the task at hand should be collected and used. 5. The Communities in which We Work MOGwilloperateasaresponsiblememberofthec ommunitiesofwhichitwillbepart. TheCompanyrecognisesthatithasaresponsibi litytowardsthepeoplelivingwithin thesecommunities,andwilldoitsutmosttosho wrespectforhumandignityand internationally recognised human rights wherever it operates. MOGwillstrivetoensurethatthosecountriesa ndcommunitieswherethecompany doesbusinesswillbenefitfromitspresence,a ndaimstominimiseanyadverseeffects ,kindlyreferto Document EP-COC-0612.

10 6. Miscellaneous ,Suppliers,Consultants,Partners, Agents, Intermediaries and Other Third Parties MOG srelationsanddealingswithgovernmentoffic ials,suppliers,partners, consultants,agents,intermediariesandothe rthirdparties(includingprospective suppliers,partners,consultants,etc.)shou ldatalltimesbesuchthatMOG sinterests andreputationwouldnotbedamagedifdetailso ftherelationshipordealingswereto become public knowledge. TheCompanywill,asnecessary,performduedil igenceonthebusinessconductof potentialsuppliers,partners,consultants, agentsandotherpartieswithwhomthe Companyintendstoenterintocontractualarra ngements,includingthroughacquisition activity, and monitor such conduct as appropriate. 7 BC COC 0412 Itistheindividualresponsibilityofeachdir ectorandemployeetoexercisegood judgmentsoastoactinamannerthatwillreflec tfavourablyuponMOGandthe individual.