The Company was admitted to AIM on 29 May 2012, having previously entered into a farm-in agreement to acquire a 50% ownership and working interest in four oil sand leases over the Chard field in Alberta, Canada. At that time, other than cash, this contract represented the principal asset of the Company. Subsequent to the AIM admission, in light of changes in market conditions and other factors, the Board took the decision not to implement the agreement and reached an out of court settlement with regard to its withdrawal from the agreement.
As a result of its withdrawal from the farm-in agreement, the Company was deemed to have become an investing company under the AIM Rules. On 24 May 2013, shareholders approved the adoption of an investing policy to invest in sectors in which the Board has sufficient experience to assess the relevant investment opportunity including but not limited to the natural resources and energy sectors, with a focus on oil and gas.
The Company is required under the AIM Rules to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement its investing policy by 24 May 2014, failing which its shares would then be suspended from trading on AIM.