b'Our nearshore drilling project, a major focussystem in the upstream operations in 2019. in 2019, led to non-commercial finds in 4Our people are our most important asset, of 6 wells. We did however gain valuableand our concern for their wellbeing and information that will de-risk our efforts in thedevelopment goes hand in hand with our shallow offshore area, which we anticipatecontribution to the development of Suriname. will be undertaken on a joint venture basis in 2020. In the deep offshore area, we signed THE OPPORTUNITIES AHEAD2 new PSCs with Cairn Energy from Scotland and Tullow Oil plc from the UnitedWith the Maka Central-1 discovery in Block Kingdom in 2019. 58 by Apache and Total, Staatsolie is on the In addition to the game changing offshoreverge of a new era, and neither the company discovery, our acquisition of the Afobakanor the country will ever be the same. Now dam and its hydroelectric power plant onthat the first offshore discovery has been January 1, 2020 is another major milestonemade, we anticipate a series of discoveries for Suriname and Staatsolie. Adding Afobakaand are continuing the necessary steps to our existing power generation capacity,to participate in the opportunities ahead we will be producing 75% of the total powerwith a sense of urgency. We have thus consumption in Suriname and are especiallyestablished an Offshore directorate focused pleased to diversify into renewable energy.on building our technical capabilities and aim To facilitate further growth in this area, ato maximize the long-term value from both Power & Renewables directorate has beenshallow and deep offshore resources for established.Suriname.Staatsolies 25% interest in the MerianWe are now opportunity rich and need to gold mine with Newmont Suriname LLC, asecure access to capital. In this regard, we world class mining company, proved oncewill gradually introduce Staatsolie to the again to be a solid investment in 2019. Weinternational capital markets, starting with are expanding this strategy in 2020 with aour recent international bond for US$ 195 planned investment in the Pikin Saramaccamillion listed at the Dutch Caribbean Stock gold mine with Rosebel Goldmines N.V. Exchange (DCSX). We will further explore several funding options, including an IPO Looking back at 2019, we can note amongand international bonds listed in London or the core programs of Staatsolie the promotionNew York.of our peoples health and safety. OurWe sincerely thank our stakeholders, first Safety performance is measured with theand foremost our employees, for our 2019 Total Recordable Injury Frequency indicatorsuccess. As we move forward, an exciting which was 0.54 and therefore lower than ourfuture awaits Staatsolie and Suriname.0.58 tolerance for 2019. We are developing other indicators that will further help us to prevent incidents. To improve HSE we haveRudolf Elias implemented an improved HSE managementManaging Director7'