Sovereign signed a contract with Summit Oil Nigeria, Ltd. in early 2001 to assist the newly re-activated Summit with the development of these high potential blocks on the northern edge of the Niger Delta Basin. The blocks had nominally expired in 1995 due to the politically motivated suspension of Summit Oil’s assets following the election of Summit’s chairman, Moshood Abiola, as president of Nigeria in 1993. Sovereign successfully reinstated and renewed these expired licenses for Summit Oil, obtaining highly favorable Inland Basin fiscal terms and demonstrating oil and gas potential in the range of 3 TCFG and 900 MMB for the two blocks. Sovereign retains a residual financial interest in these properties pending first oil production.