Winfield Resources – April 2010 Update

In February 2010 Bouvier DeFont plc of London, England, tabled a structured project finance proposal to fund the EPC (engineering, procurement & construction) of the 300,000 barrel per day oil refinery at Ras Lanuf, Libya, on a debt and project equity basis.

The cost of borrowed money and division of refinery ownership interests remains subject to negotiation.

In the abstract WINFIELD accepted this proposal.

In early March 2010 Bouvier DeFont plc met with KBC Technologies to review KBC’s 2008 feasibility estimate for construction of the Ras Lanuf refinery.

The revised new estimate is US$4.1 billion dollars, 30% less than in 2008.

Bouvier DeFont plc is now negotiating terms for project finance loan guarantees and project finance credit facilities.

WINFIELD and Bouvier DeFont plc will enter into a Framework Agreement once the terms and conditions of financing are finalized.

Bouvier DeFont plc is a private equity finance consultancy who are located in London and Buckinghamshire.