The period under review has been a time of continued operational progress as the Board looks to position the Group to create value from the existing asset portfolio and to take advantage of other convincing market opportunities that will create value for shareholders, whilst conserving cash.
The recent period has been characterised by a notable operational achievement with the issue of the final permits for the 3D seismic shoot in the Paradox Basin, Utah. In addition, considerable progress has been made with the ongoing process of disposing of the Group’s SDA Mill in Mexico and it is currently anticipated that, subject to
funding, both the seismic shoot and the disposal of the SDA Mill will be completed by 31 December 2017. The Group also continues to explore potential opportunities in Cuba, focusing on both the oil and gas and building materials sectors.
The primary focus of the next period will be on the Paradox assets. The Board is committed to unlocking shareholder value from the Paradox acreage with a view to the commencement of a drilling programme in the second half of 2018, following the completion of the 3D seismic shoot. The Board continues to believe that the outlook for U.S.A. energy is extremely encouraging, and that a strategic focus on the Paradox acreage is the optimal way to deliver short-term value to shareholders.

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