RNS: interim results30 Sep 2020 08:17
Pretty much as expected.
Entered into a conditional sale and purchase agreement to acquire Schlumberger Rustaveli Company Limited ("SRCL") including Georgian onshore licence blocks IX and XIB
· Implementation of prudent cost-cutting and cash conservation measures in response to COVID-19
· The Group held cash at 30 June 2020 of US$2,258,000
· Proceeds from sales of crude oil from its West Rustavi, Norio and Satskhenisi licences were US$313,000 during the six months ended 30 June 2020 (2019: US$nil) and US$568,000 following the period end in August and September 2020
· Early production facility ("EPF"), including a gas processing unit procured during the period and commissioned in September 2020
· Commencement of construction of the gathering line between the EPF and WR-38Z during September 2020
· Shut-in of the West Rustavi field's production at wells WR-16aZ and WR-38Z to conserve valuable gas resources until the gas sales pipeline is complete later this year
· Early results from fully migrated 3D seismic processing are providing insight into the full potential of the West Rustavi XIF licence area
· Engaged EPI Limited ("EPI"), a leading independent geoscience and geophysical consultancy
Only tidbits imo.
Roger McMechan resigned wasn’t fired, that wasn’t clear in previous announcement.
State approval of the Schlumberger sale and purchase.
Bago is still in permit process for pipeline. But still within plan for completion by end of year.