In the APA 2009 Licensing Round, Sagex has been awarded a participating interest of 10 % in PL518B which is an extension to the highly promising PL518 awarded in the APA 2008. The award is in line with the Company’s application, focusing on strengthening its position in an area which is already established as a producing petroleum province. Together with the company’s interest in four other Barents Sea licenses located close to both the Snøhvit and Goliath Fields, the company has now built a strong portfolio in this prospective province.