Renaming of the company

During 2009, the company was restructured with regards to strategy and new frame conditions. As a consequence, the organization has been adjusted, and the focus on the Northern Norway and the Barents Sea has been reinforced. In addition, the two largest business investors in the region, Troms Kraft and SpareBank 1 Nord-Norge, have recently become our main shareholders. Based on these factors and in order to prevent further confusion with our former subsidiary Discover Petroleum International , the General Meeting decided to rename the company to FRONT Exploration AS. “We are satisfied with the new name”, Managing Director Yngve Vassmyr quotes. “ Our ambition is still to further develop our expert knowledge of the northern area, attracting and maintaining highly skilled employees” he continues.

The new name manifest the aims to be in the FRONT of exploring the high north remaining resource potential, as well as in front as a North Norwegian participant within the industry, and also cooperating with relevant knowledge intensive institutions. The EXPLORATION is all about exploring the virgin high north area in respect for our climatic conditions and the environment, performing our operation with maximum security and sustainability.

“The new setting is very encouraging and in the short term, the company is aiming for the APA 2010 and 21. Round applications. In the next years to come, the company is capitalized for 3 – 4 exploration wells, and we do look forward to see the results of the 2011 exploration drilling which looks very promising”. Mr. Vassmyr concludes.