industry and to more opportunities. The early development of the Company should be based on the activities on the Faroese Continental Shelf. The shareholder base should be strong and 100% Faroese. The first [...] Furthermore, our partners were committed to pave the way for the Company into oil exploration in UK waters. The partnership was successful in the First Faroese licensing round and was awarded licence number [...] Because the Company will now have its own cash flow it is possible to increase the exploration activities, and offset the exploration cost against the income. It is also possible to take larger steps now