At the Annual General Meeting (“the meeting”) of the Company held today all resolutions were passed.

At the meeting the Chairman, Richard Latham, made the following statement,

“We face the future with funds in excess of £5 million and without any debt. We look forward this year to reporting on our first drilling as an Operator in the UK and have applied for planning permission to drill two wells on the Isle of Wight. I believe that each of these wells, if they are successful will completely transform the Company’s asset valuation.

Since the publication of our report and accounts, we have been awarded three new licences in the Italian offshore which are thought to have the potential for 100-300 million barrel size oilfields and form part of our ongoing acquisition programme in Italy.

In Spain we are looking to progress to the drilling of three exploration wells at no cost to the Company. This is the subject of current farmout negotiations.

For further details please contact:

Derek Musgrove, Managing Director
Chris Foss, Company Secretary
020 7743 6080

Chris Roberts/Ben Simons
Hansard Communications
020 7245 1100