Interim Management Statement.
HIGHLIGHTS
· Reserves increased
o proved oil reserves up 10% from 157m to 173m barrels
o proved and probable oil reserves up 7.5% from 1,437m to 1,545m barrels
· Revenues up 28% from Q4 2011 to $19.2 million; up 447% from Q1 2011
· Four rigs in operation
· Execution capacity expanding with key team additions in drilling, geosciences, engineering and operations
· 3 Wells now testing on Pad 1 in the North East of the field producing 51 API oil which is selling at a $9/bbl premium from the wellhead; treatment facilities being fast tracked
· Year to date average production of 4,000 bpd
· Three new wells scheduled to be completed in May
· On track to achieve production guidance of 10,400 bpd by the year end
· Strong progress on infrastructure build-out
· Inclusion in FTSE 250 index as at the end of March 2012