1. Share Valuation

Johnston Carmichael CA, Aberdeen was appointed to assist with a more formal valuation because of the significant changes in the company in 2005 and 2006.

As result the value of a £1 Ordinary share as at 31 December 2006 was agreed to be £3.42 compared with £2.00 per share at 31 December 2005

Due to all revenues and a significant proportion of the Company’s costs being denominated in US dollars, but the price per share being stated in Sterling, the share valuation will also be susceptible to exchange rate fluctuations.

The Trading Day for the sale and purchase of shares was 31 August.

2. 13/22 b Licence P635 UK Continental Shelf
Fishermens had a 1% WI in this Licence. Unfortunately it is being relinquished as the joint work programme linked with Licence P636 (Block 13/23a) was unacceptable to the DTI

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