Our 100% owned subsidiary, EurOil Limited, is actively engaged with the Cameroon authorities in negotiating a production-sharing contract for block MLHP-7, as a prelude to development of its recoverable hydrocarbon reserves.
EurOil is also in active discussions with Societe Nationale des Hydrocarbures ("SNH") and other operators on the subject of establishing a Cameroon national gas-gathering system, with a hub at Limbe, which is onshore at block MLHP-7.
The acquisition and processing of 3D seismic over blocks MLHP-5 and 6 has been completed, and interpretation of the data is at an advanced stage. Several leads and plays have been identified and drilling prospects are being worked up.
Early in 2006, we conducted a preliminary exercise to farm out some of our equity in blocks MLHP-5 and 6. Although there was significant industry interest, we decided, for a variety of reasons, not to farm out at that time. We continue to evaluate our farm-out needs and opportunities.
A rig has been secured for a four-well drilling program in early 2007, and drilling locations are currently being finalised.
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