A P S C O's Activities

APSCO, The holding Company immediately made financial and technical studies upon its establishment to define area of where to investment. By the year 2008, three companies were established in the various branches of Petroleum Services:

The Arab Drilling and work over company (ADWOC)

The Company was established in 1980 in Tripoli, Libya. It started with a capital of (12) million Libyan Dinars. Its capital was raised by its general assembly on 27/06/2008 to (60) million Libyan Dinars. The shares of the company are divided as follows:-

• The Arab Petroleum Services Company - 40%
• The Arab Petroleum Investment Company - 20%
• Trans ocean - 40%

The Arab Well Logging Company (AWELCO)

The company was established in 1983 in Baghdad – Iraq with a capital of (7) million Iraqi Dinars equivalent at the time of incorporation to (6.7) million Libyan Dinars. This company is totally own by the Arab Petroleum Services Company.

The Arab Geophysical Exploration Services Company (AGESCO)

The Company was established in 1984 in Tripoli, Libya with a starting capital of (4) million Libyan Dinars. The capital was raised by a decision of the general assembly of the company dated on 29/03/2008 to (12) million Libyan Dinars.

By the end of the first quarter in the financial year 2009, the capital of AGESCo was raised to (19) million Libyan Dinars.v

The Expatriate partner relinquished its share in the company to the other partners and therefore the shares of the company effective 29/03/2009 are as follows:

• The Arab Petroleum Services Company 66.66 %
• The National Petroleum Corporation, Libya 16.67 %
• The Arab Petroleum Investment Co. 16.67 %