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Latin America has proven to be a significant source of commercial hydro-carbons both in the past and present.

According to the CIA World Fact Book 2006, reserves and production for the following countries in Latin America were:

  Proved Reserves
(bbl)
Estimated Production
(bbl/day)
Argentina 2.32 billion 801,700
Brazil 11.24 billion 1.59 million
Bolivia 440.5 million 41,570
Chile 150 million 15,100
Colombia 1.542 billion 539,000
Ecuador 4.63 billion 532,700
Guatemala 526 million 20,100
Mexico 12.88 billion 3.784 million
Peru 929.6 million 110,700
Venezuela 79.73 billion 2.802 million

As a result of a number of positive changes in the political and economic environment in Latin America, the Directors believe that opportunities now exist for small entrepreneurial companies to enter these markets and seek to develop oil and gas prospects within these hydrocarbon rich countries.

It is the Company’s intention to identify projects within three to four countries in Latin America that are capable of meeting the board’s technical and economic criteria and which fit with management’s experience in onshore operations in emerging markets.

The management of the Company also recognise that, although the primary aim of the company is to provide the potential for strong economic returns to its shareholders, it must do so in a manner which is environmentally sound and allows for the development of its staff in the countries in which it operates.

The Company has initially identified Colombia and Guatemala as countries in which to build core businesses. The directors consider that both countries are attractive for a number of reasons, including stable democratically elected Governments that seek foreign investment, and a geological environment favourable for hydrocarbon development.