TO ALL SHAREHOLDERS 15 November 2007

Dear Sir/Madam

INTERIM REPORT FOR HALF YEAR TO 30 TH JUNE 2007

I am pleased to provide you with the above Report which also includes information on projects after 30 June 2007

Company’s Activities

1.United States of America

In the six months to 30 June 2007 income from the ORI amounted to $143k compared with $248k for the six months to 30 June 2006 and $ 168k for the six months to 30 June 2005 .

Justin

This is an ongoing Barnett shale gas development project in Denton County, Texas approximately 20 miles west of Dallas. J W Operating’s affiliate company Cohort Energy Company became operator on 1 January, 2004

Your company’s interest was acquired in August 2001 for $ 2.12m. It comprised 12 lease blocks with working interests (WI’s) varying from 7.79% to 25% yielding a weighted average of 13.44% and 10.57% net revenue interest.

The development of the 12 Phase 2 wells was effected through the sale of 50% of FPC’s Working Interests in the 12 wells to Justin Development 1 LLC for $300k and funding of £525k from loans made by several Directors and shareholders. This resulted in the WI weighted average reducing to 10.47% and the net revenue interest reducing to 8.06%.

As at 30 June 2007 the number of producing wells was 41.

There are 45 locations to be drilled in what your company has termed Phase 3 which commenced in September 2006.

The company presently has a loan facility of $1.625m from BancFirst Oklahoma. Depending on the pace of future drilling it may be necessary to raise further capital to develop the Phase 3 wells.

The performance of new Justin wells continues to please the board. Revenue from the Justin field for the first six months of 2007 totalled $1.070m compared to $830k in the same period of 2006.

Your company sold its interest in this prospect in February 2007. The purchaser was Barnett Exploration Inc, Allen Texas. The sale price was $292,470. Your company received a royalty of 3.75% and a profit of $99k after payment of costs. This was a joint venture project with McKenny Energy.

A 3-D seismic survey has been shot across the acreage and wells have been drilled to the south of our block. We anticipate drilling on LBJ sometime in 2009.

The Company has an over riding royalty interest varying between 0.0125% and 0.09673% in 62 wells in Jackson Parish, Louisiana. The original ORI was in 16 wells.

Income from the Vernon royalty for the 6 months to 30 June 2007 was $27k compared with $34k for the 6 months to 30 June 2006.

2. United Kingdom

Licence P635 in this Block in which your company had a 1% interest has now been relinquished as the DTI was not willing to accept the proposed work programme linked to another Block

Your company is continuing discussions as part of a consortium to identify potential Blocks that would be the subject of an Application in the next UK offshore licensing Round.

The same consortium has been investigating the purchase of production opportunities in mature areas of the North Sea

3. Miscellaneous

The Company’s website is now live at

www.fishpetco.com

Thank you for your continued support.

Alex West ,

Chairman

Back to Latest News