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## FINANCIAL REVIEW 

The Company reported a loss for the year of $3.8 million compared to $2.9 million for 2013. The increase in losses is mainly due to unrealised exchange rate losses from deposits held in Sterling. Administrative expenses for the year were $3 million compared to $2.8 million in 2013. The balance sheet remains strong with $16 million in cash deposits. Whilst this balance is sufficient to cover overheads and all technical studies that are needed to enhance our understanding and therefore value of the Company’s acreage, we need to bring partners in to the licenses in order to fund the next phase of drilling. 

## A story of exploration and discovery… 

<img src='content_image/239059.jpg'>

