The Atlantis strategy, since its establishment in 1996, is to focus on previously neglected assets that will benefit from the application of modern seismic technology, horizontal drilling and low cost production techniques to which the Company has direct access through its relationship with its parent company, Petroleum Geo-Services of Norway. A key element of this strategy is the requirement to be able to establish appropriate concession and fiscal terms. Atlantis has sought to create a strong position in the gas prone north-eastern portion of the Arabian Gulf. The acquisition of eight petroleum licences having excellent development, appraisal and exploration opportunities has established the Arabian Gulf as the core area of the Company. Atlantis also has significant working interests in six licences offshore Tunisia. With several of the Company's senior staff having over twenty years experience of working in the Gulf and North Africa, Atlantis has an excellent understanding of the cultural and technical aspects of the region. Since 1997 Atlantis has acquired substantial equity interests in licences in the northern United Arab Emirates of Sharjah, Ajman, Ras Al Khaimah and Umm Al Qaiwain and northern Oman. The Company has interests in over 16,000 square kilometres of acreage in the area making it one of the largest non-Governmental acreage holders in the Arabian Gulf. Atlantis is currently developing the Umm Al Qaiwain and Sharjah/Ajman gas fields (first gas end 2002) in the UAE and the Isis oil field (first oil August 2001) in Tunisia.