1.Revised strategy
2.Namibia
3.Italy - Southern Adriatic
2
AIM and ASX listed,
Well funded - Cash ~ US$ 12 million
Experienced management team and Board
Assets offshore Namibia - recent extension of licence with lesser work commitment
Application in Adriatic offshore Italy
Seeking to grow in line with revised strategy
- Board will be highly selective as to opportunities
3
Oil prices more than halved since mid - 2014
Continued failure in frontier basin exploration in Africa and worldwide
Farmout success rate low in Africa and generally
Virtually zero access to capital for frontier exploration
International Oil Companies continue to cut back on exploration
4
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