IRELAND - SAINT GEORGE'S CHANNEL BASIN - SEL 1/07

Standard Exploration Licence 1/07

DRAGON Gas Project (100%, Operator)

SEL 1/07 was awarded to the Company in February 2007 (100.0%), having previously being held under a Licensing Option authorisation. The licence is situated on the Irish/UK median line in the St George’s Channel. Having relinquished the adjacent UK licence (P 1930) due to limited resource potential, based on newly reprocessed PSDM 3D seismic data, the Company is currently discussing the future status of the Irish licensing authorization with the Irish regulator.