• Up to €14 million of third party funds through farm-outs have already been secured for exploration and appraisal drilling in Italy’s Po Valley and for the Hermrigen appraisal well in Switzerland. The two wells planned in 2008 are both to be drilled by Perazzoli’s new build 200T low environmental impact drilling rig.• Two production projects in Hungary:- The Peneszlek gas processing facilities are being manufactured and the export pipeline has been successfully tested. The PEN-104 well will be completed in March subject to rig availability and production will follow shortly after.- The Bajcsa gasfield rehabilitation project that is anticipated to produce gas in 2008 is in the final stages of permitting.• The Szolnok exploration project with Toreador in Hungary is to drill two shallow gas exploration wells and to acquire 3-D seismic, all scheduled to start in April.• Acquisition of 2-D seismic in the Frosinone Permit in Italy to better define the Anagni structure is scheduled to commence in March 2008 and plans are underway to acquire regional seismic lines to improve the understanding of the thrust features in the south-eastern part of the permit.