GEMINI FUNDS

GEMINI II

Gemini Oil & Gas Fund II, L.P. (Gemini II) is a closed-ended, international oil and gas royalty fund, which was established in Jersey, Channel Islands in June 2005 and had its first closing in July 2005. Gemini II has raised investor commitments totalling US$ 140 million and is continuing the strategy developed by the first fund, Gemini I, of acquiring oil and gas royalties through provision of investment funds to companies.

Gemini II's objective is to generate returns uncorrelated to equity markets from the successful commercialisation of oil and gas discoveries by providing finance to well-managed small to medium sized public and private oil and gas companies for specific projects. Typical investments may be to finance acquisitions, drilling or further development of already discovered oil and gas accumulations in oil and gas upstream ventures. Gemini II will then receive a royalty or equivalent revenue stream and may also receive equity or equity-related instruments in such companies where these are deemed appropriate to improve the return profile.

GEMINI I

Gemini Oil & Gas Limited (Gemini I) is a closed-ended, international oil and gas royalty fund which was established in the British Virgin Islands in June 2000 and had its first closing in November 2000. Gemini I raised US$30 million of capital all of which is committed to projects. Gemini I developed and has implemented a strategy of acquiring oil and gas royalties through provision of investment funds to companies. Ten investments were completed in eight countries.

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