March 17, 2016

Comtrack’s fully owned subsidiary Comtrack (UK) Ltd has concluded a farm-in agreement for three UK 28th Round licences P2254, P2256 and P2300 with Ardent Oil Limited. Comtrack (UK) Ltd will earn a 10% interest respectively, Simwell Resources Ltd wil have 40%, whilst Ardent will retain 50% interest and continue as Licence Administrator. The three licences cover blocks 37/26, 36/27, 37/28a, 37/29a, 43/3a, and 43/4a in the UK sector of the Southern North Sea. The licences are for an initial period of two years, expiring at the end of 2016, but it is possible to extend them for up to a further two years before a drilling decision is made. The transactions for P2254 and P2256 have been approved by the UK authorities (the OGA) whereas approval for P2300 is pending.
 
Comtrack continues to build a substantial portfolio of licenses in the UK’s Southern North Sea areas, focusing on gas exploration and production.