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Dear Gents,

Just wanted to give you an update re our progress on geothermal projects
and outline a few ideas as to our further collaboration on that. All
through February, my team and I held a number of productive meetings with
Italian officials, we visited several Ministries as well as met with local
and regional authorities. All went extremely well and our prospects look
promising. At the same time, since we are just starting in Italy, a lot is
still to be done.

As to the drilling plans and actual work, we are already actively preparing
all the docs and authorization for drilling and talking to sub-contractors,
etc. We are also in the process of establishing our office in Pisa. Due to
various legal and procedural formalities, I don't think it's realistic that
we'll start drilling during Q 1 and 2, most likely we'll do that during Q
3 and 4.

For our successful further work, in order to lay the foundation for our
future close cooperation, it's very important for us to hold a meeting at
the level of the President of the Regional Council of Tuscany Mr Enrico
Rossi. Since Italy is a federal state, they elect a President of the
Regional Council that has great influence on perception-building and
decision-making process in the region, i.e. re various projects.

Generally, he is known to be very supportive for the geothermal development
in the region, judging from his statements and publications in the Italian
media. The majority of geothermal plants of the state owned company Enel is
located in Tuscany Region. As a matter of fact, President Rossi had a
number of meetings with top Enel representatives to discuss geothermal
potential of the Region. To be honest, my level in the management of the
company is not enough to arrange a meeting with him.

That's why, Hunter, if it's not too much to ask, do you think you could
consider the following possibility: we will draft a letter to him from
Burisma Holdings signed by you asking for a meeting, where we could present
our company and our geothermal projects. Ideally we would love you, Devon,
me and Nikolay to be there for the meeting.

Looking forward to your feedback anytime soon!

Best,

Vady