The Company is targeting low tax regimes with work friendly governments where there is a good chance of finding and producing oil and gas for sale into either the local or the international market. Our initial focus was Peru and then Colombia and to date these have proved to be attractive countries to operate in. In recent years competitors have started to enter both of these markets, attracted by the fundamental attractions of the region. This is making it increasingly difficult to negotiate new acreage on attractive terms.

Ideally we would like to add at least a third country to our portfolio, but the opportunities are limited at present.