UMC Energy Plc is engaged in investing directly and indirectly in, and operation of, resource exploration development of natural resources projects. During the year ended December 31, 2011, the Company�s main undertaking was its development of the Morondava uranium exploration project, based in Madagascar, in which the Company has an 80% interest and development of the Papua New Guinea petroleum project in which the Company held a 100% interest. The Company�s operational activities are wholly focused in Madagascar and Papua New Guinea. In September 2011, the Company acquired one on-shore (PPL 378) and two off-shore (PPLs 374 and 375) Petroleum Prospecting Licenses (PPLs) in Papua New Guinea through the acquisition of PNG Energy Limited (PNG Energy) and that company's wholly owned subsidiary Gini Energy Limited (Gini Energy). In May 2012, Gini Energy acquired a further on-shore PPL (PPL 405).