Starting to look more promising – have we turned the corner....

Starting to look more promising – have we turned the corner.

1,310,485 barrels produced, sales of 1,214,488 barrels at an average realised price (net of hedging) of US$85.6 per barrel, generating revenue of US$104.0 million, with operating expenditure of US$60.0 million.

US$61.3 million cash on hand at 30 June 2015. Net cash from operating activities of US$66.8 million was offset by development and exploration drilling, and growth projects to exploit further reserves.

US$61.3 million cash on hand at 30 June 2015. Net cash from operating activities of US$66.8 million was offset by development and exploration drilling, and growth projects to exploit further reserves.

Cumulative gross oil production since commencement, as at 30 June 2015: Maari field 27.0 million barrels; Beibu Gulf fields 9.0 million barrels.

397,500 bbls hedged through remainder 2015 to mid 2016 at average of over US$94/barrel

The company expects to have available substantial additional cash reserves to meet redemption obligations under the Company’s US$80 million 5.5% convertible bonds maturing in June 2016.

GLTA, M1