New Ventures
During the quarter, the Company reviewed several new asset opportunities in the oil and gas sector
in California as well as Texas and Colorado.
As a result, the Company has commenced preliminary due diligence and is discussing a potential deal structure on a particularly attractive acquisition onshore California that is currently in production.
The Board remains committed to finding a project that can take advantage of current oil pricing and
asset market trends, which deliver sustainable value to all shareholders. Subject to agreement on a
suitable deal structure the Board feels the current acquisition target could meet this criterion.
The Company plans to update investors and the market when investment opportunities are further
progressed in terms of due diligence and potential commitment.
It is expected the Company will continue to review and pursue additional opportunities in the
current quarter whilst progressing discussions on the high]graded Californian production asset.
New Ventures During the quarter, the Company reviewed several...
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