EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE (EITI)

• The EITI is a global coalition of governments, companies and civil society working together to improve openness and accountable management of revenues from natural resources.  For more information on this organization, please see the website at eiti.org/eiti.
• Effective March 14, 2014, United Hydrocarbon is pleased to announce that the company has become a Supporting Company of the Extractive Industries Transparency Initiative (EITI).  United Hydrocarbon endorses the principles and criteria of the EITI as a way to improve transparency and combat any potential for corruption.  United strongly believes that by adhering to a high standard of business ethics in all aspects of its business that this behavior directly contributes to the promotion of ethical, honest practices within the industry and community and serves to create an environment of openness and responsibility in the oil and gas sector in Chad.  This in turn works to foster a more stable business and investment climate to the benefit of government, business and society as a whole in the country.
• Chad remains an EITI Candidate Country and government continues to support the efforts towards a final validation report.  We note that within the government, there is increasing pressure on oil and gas companies to report payments in an accurate and timely fashion, following the guidelines laid out by the Initiative.  United Hydrocarbon looks forward to working with the EITI and the Government of Chad to help the country become fully EITI compliant.