Financial Highlights
The 5 months to 31 March 2008 have been outstanding for the Group with successful exploration in Uganda and the listing on the London Stock Exchange. 2008 should be a pivotal year for the Group. The Company has the resources and team to achieve strong growth in the size and value of its energy assets.
Operational
- Kingfisher-1 well in Block 3A in Uganda tested at 13,893 bopd from four intervals
- First production from the Zapadno Chumpasskoye field in Russia
- Miran Block Production Sharing Contract awarded in the Kurdistan Region of Iraq
- Expanded portfolio of significant licence awards and farm-ins in Mali, Malta, Pakistan and Tanzania in the six months ended 31 March 2008
- 110% increase in annual production from continuing operations to 129,900 barrels of oil
- Total reserves and resources increased to 626 MMboe
Financial
- Primary listing on the Main Market of the London Stock Exchange completed on 31 March 2008
- Over $350 million of funds raised in 2007; $165 million by way of a convertible bond issue and $186 million from the issue of shares
- Strong balance sheet with cash of $230 million at 31 December 2007