Financial and Operating Results for the three months ended March 31, 2012
(Unaudited: Expressed in thousands of United States Dollars)
During the three months ended March 31, 2012 the Company continued its exploration campaign in respect of the Taza and Atrush Block petroleum properties in Kurdistan constituting the continuing operations of the Company. These properties currently generate no revenues. The net loss in the quarter was driven by one-time relinquishment fees totaling $25 million which were relating to the relinquishment of the Pulkhana and Arbat Block PSCs paid to the KRG in January 2012.
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