It is presently focussed on business development activities, seeking to underpin the company with high quality, cash generative assets in the European energy market.
At the same time, it has explored value realisation opportunities from its asset portfolio.
“While the world and industry have faced turbulent times, the board has taken the opportunity to augment its strategic plan to focus our search for our initial asset acquisition on European energy assets that generate cash and are supportive of the overall markets move to a de-carbonized energy market in Europe,” said chief executive Alastair Ferguson.
He added: “During the period, the company has secured an appropriate funding structure through the investment facility it put in place with Prolific Basins LLC, a US based specialist energy investor.
“The board felt that this was the right decision to ensure the company has both the access to capital but also the flexibility in accessing that capital particularly in the current macroeconomic environment where circumstances require sufficient financial flexibility, particularly ahead of the major seismic and drilling campaign planned on the Ntorya discovery within the Ruvuma asset in Tanzania. “
Ferguson, meanwhile, noted that the disappointing decision to no conclude the proposed ONE Dyas transaction in late February was “absolutely the right decision” to make amidst the volatile commodity price environment.
In terms of financials, the company reported a GBP1.27mln loss and ended June with GBP706,000 of cash.