The Board of Directors has authorized the issue of 850,000 stock options under the Company`s Stock Option Plan. The available options will be granted to directors, officers, employees and consultants. The exercise price of the options is US$5.00 per share (approximately NOK 33.15 per share) and the options vest over a four year period and expire ten years from the date of the grant. The Company has a total of 1,670,000 stock options outstanding, representing approximately 9 % of the 18,033,636 common shares issued and outstanding, or approximately 7 % on a fully diluted basis.