The Company has several established interesting areas for exploration in Paraguay, which we believe have high exploration potential. The blocks are situated in the Paraná and Curupayty basins. Although no commercial hydrocarbon reserves have yet been discovered in Paraguay, these basins are shared with adjoining countries where production exists. The Curupayty basin is shared with Bolivia to the north, the Paraná with Brazil to the west. Our strategy is that we must manage risk by ensuring that all technical avenues are investigated in the definition of leads and prospects. We believe that with our two licences, both 100% held by the Company, we have the right amount of acreage to focus our efforts on. We are now very close to a position where we can say that the next step should be the acquisition of further, high quality and focused data, or, in some cases, the drilling of a well during the current financial year. The Company is currently involved in the following two projects: •  San Pedro Permit - this Exploration and Production (E&P) permit covers approximately 800,000 hectares in the north west of the Paraná basin. Approximately 1,000 km of 2D seismic data has been reprocessed in Bogotá, and in currently being interpreted by a geophysical consultancy in Perth, Australia. •  Curupayty Permit - this block is held as an E&P permit. After initial studies, some parts of the Curupayty block were relinquished in line with contractual terms, and the block now extends over approximately 800,000 hectares of the Curupayty basin located in the very north of Paraguay, close to the border with Bolivia.