The Company anticipates commencing drilling the first well on Block XXI in April /May, once Ministry approval of the licence is received. The cost of drilling this well will be met from the Company's existing cash resources.
Conex S.A.C. is a local Peruvian company whose staff has been involved in exploration in the Talara and Sechura Basins for over 35 years. The scope of the contract is to manage the well from prognosis to completion under supervision of the Company. As part of the Board's policy of providing performance based incentives Conex has been issued with 2,000,000 warrants to purchase Ordinary Shares of 0.025p each in the Company. The warrants are open to exercise on or before January 30, 2009 at a subscription price of 6p per share.
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