content_image/248617.jpg
## NOTES TO THE FINANCIAL STATEMENTS CONTINUED 

<img src='content_image/248617.jpg'>

On 8 November 2012 the Company received approval from The Falkland Islands Government to proceed into the second term for Production Licences PL018, PL019 and part of PL020. The other part of PL020, Licence PL021 and PL022 were relinquished. The second term of the licences expires on 1 November 2017. 

