South Atlantic Petroleum Limited (SAPETRO) is a Nigerian Exploration and Production Company incorporated as a Private Limited Liability Company in 1995 and is the original holder of Oil Prospecting Licence (OPL) 246 (Block 246). This block which is located off the coast of the Federal Republic of Nigeria was awarded to the Company in 1998 by the Federal Government of Nigeria through the Ministry of Petroleum Resources. Over the past decade, South Atlantic Petroleum has made significant contributions to the development of oil and gas in the Gulf of Guinea. This has been through our participation in the Total-operated Akpo and Egina developments in OML 130 deep offshore Nigeria, as well as the upcoming redevelopment of the SAPETRO-operated Seme oil field offshore the Republic of Benin. At the end of 2011 we commenced the acquisition of more that 12,000km of 2-D seismic in our newly acquired concessions - the Juan de Nova Permit and Belo Profond in the Mozambique Channel. We are continuing to expand our operations across Sub-Saharan Africa and we look forward to developing further partnerships.