6 August 2012 – interim results

The interim results for the six months to 30 June are largely irrelevant in the sense that revenues remain very modest at just over $4.12m with a loss of $50m being reported on continuing operations.  The most significant news concerns the acquisition of the 45% stake in the large Nigerian oilfield which we reported in issue 56.  This is a transformational deal which should conclude in the second half of the year and which should be cash flow generative immediately thus lowering the risk profile of the group. The shares remain a BUY.