Interests
As at 31 December 2006
The Group is interested in the following Licences, Licensing Options and Royalty:
| Country | Licence/Royalty | Interest (%) | Operator | Note |
| Ireland | Donegal Frontier Exploration Licence | 19.25 | Lundin | (1) |
| Ireland | Rosscarbery Licensing Option | 77 | Lansdowne | (2) |
| Ireland | Midleton Licensing Option | 100 | Lansdowne | (2) |
| Ireland | East Kinsale Licensing Option | 100 | Lansdowne | (2) |
| Ireland | Seven Heads Oil Licensing Option | 74 | Lansdowne | (3) |
| Montenegro | Prevlaka (onshore/offshore) | 40 | Ramco | (4) |
| Montenegro | Ulcinj (offshore/onshore) Contract | 40 | Ramco | (5) |
| Bulgaria | A-Lovech Royalty | 0.1 | Direct |
All licences are offshore unless otherwise stated. The Irish interests are held via the Group’s 61% ownership of Lansdowne Oil & Gas plc.
Notes
(1) Donegal Frontier Exploration Licence
In December 2006, an application was submitted, by some of the partners in the Licence, to the Irish Petroleum Affairs Division (“PAD”) to extend the first phase of the Licence by eighteen months to allow additional technical work to be carried out. The application is under consideration by the PAD. If it is granted the Group’s interest will increase to 80 per cent (paying) and it will become Operator.
(2) Rosscarbery, Midleton and East Kinsale Licensing Options
Applications were submitted in December 2006 to the PAD for Standard Exploration Licences over parts of the area held under the Licensing Options. The applications are under consideration by the PAD.
(3) Seven Heads Oil
Application was submitted in December 2006 to the PAD to convert the Licensing Option to a Lease Undertaking to allow development options to be evaluated. The application is under consideration by the PAD.
An option has been granted over this interest, which on completion of an appraisal well, paid for by a third party, may reduce to 29.6 per cent.
(4) Prevlaka
The current licence expired on 31 March 2007. Ramco and its partners have applied for an extension.
(5) Ulcinj
The Government of Montenegro has terminated the concession over the Ulcinj block and past exploration costs have been written off. The Group and its partners are disputing the validity of this unilateral decision.