In May 2009, Bayfield Energy and its co-venturer, the state-owned Petroleum Company of Trinidad and Tobago (“Petrotrin”), were awarded and Exploration and Production Licence over the Galeota Area by the Ministry of Energy and Energy Industries. The award resulted from an international competitive tender in 2007 followed by a period of negotiation with Petrotrin and the Ministry in 2008 to conclude a Joint Operating Agreement and an agreement for the financing of the committed work programme.

Bayfield’s application for an exploration right for petroleum in the Pletmos Inshore area (11,000 square kilometres) was accepted by the Petroleum Agency on 10 March 2010. Addressing delegates attending the Oil and Gas 2010 Conference in Cape Town on 23 March 2010, Petroleum Agency South Africa CEO Mithozami Xiphu announced that the Petroleum Agency is currently negotiating with Bayfield Energy further to its application for acreage in the North Pletmos Basin. Pre-award formalities, including the environmental study required by the application were completed in January 2011and final ministerial approval is expected shortly.

Bayfield is a 74% shareholder in the Astrakhan Gas and Oil Company (AGOC) which is a Russian operating company based in Astrakhan in southern Russia. AGOC holds a 100% interest in the Karalatsky Licence.