The Group's principal activities are exploring, developing and producing oil and gas in Peru and Ecuador. It has exclusive rights and license agreements for oil and gas exploration and production covering a total of approximately 2.4 million acres, in four blocks, in northwest Peru. It also owns a minority working interest in a producing property in southwest Ecuador. All of the sales of oil in Peru have been made under a short-term contract to the Peruvian national oil company, Petroperu. At December 31, 2008, it had estimated net proved oil reserves of 17.2 MMBbls all of which were in the Corvina field in Block Z-1 located offshore northwest Peru.
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