News from 2010

Front Exploration AS i Tromsø får tilført kapital fra DONG Energy.

Successful acquisition of electromagnetic data in the Barents Sea.

Front Exploration AS participates in several 3D acquisitions in the Norwegian Sea/North Sea this summer.

Front Exploration has at present 16 employees and 2 consultants. During 2010 an increase of the work force to approximately 18-20 employees is foreseen. Further growth and development in the organization will continue according to increase in license portfolio.

See  Career opportunities  for more info.

The General Meeting conducted 22.4.2010,  decided to rename Discover Petroleum AS to FRONT Exploration AS effective from 28.4.2010.

Front Exploration AS øker sin andel fra 10 % til 30 % i PL 396 i Nordkapp bassenget i Barentshavet. Samtidig har Norwegian Energy Company ASA (Noreco) overtatt en eierandel på 50 % og blitt operatør for lisensen. Transaksjonen skjer uten vederlag etter avtale med Front Exploration AS. Petoro har de resterende 20%.

We herby invite shareholders of Discover Petroluem AS, to apply for new shares in Discover Petroleum AS, during the periode commencing on 17 February 2010 at 09:00 and ending on 23 February at 16:00 hours CET.

Reference is made to the call on 5 February 2010 for an extraordinary general meeting in Discover Petroleum AS on 12 February 2010 where, amongst other, a private placement directed at the two largest shareholders of the company and a power of attorney to the Board to further increase the share capital of the company is proposed.

Discover Petroleum has been awarded 20% shares in license PL518 B in the Barents Sea.

The Pumbaa well 6609/10-2 is completed and no hydrocarbons have been proven.
The operation was performed according to schedule.