The cash position of the Company decreased by $43.4 million during first quarter of 2012. The main reasons for the decrease in the cash position was the payment to the KRG of $25 million in relinquishment fees and the outflow of funds to decrease accounts payable and accrued expenses by$15.6 million. In addition the Company spend $2.4 on its continuing exploration activities in Kurdistan. The Company received $10 million in short term financing subsequent to the reporting period on April 2, 2012 and has a number of additional financing possibilities which will be pursued as required. The Company is confident that it will obtain the resources sufficient to satisfy its contractual obligations and commitments under the agreed budgets.
Comments are closed.