SUBSEQUENT EVENTS

3 Months Ended

Sep. 30, 2011

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

10. SUBSEQUENT EVENTS

On October 13, 2011, we commenced drilling operations on our initial exploration well offshore Guinea.

In November of 2011 we agreed to make an additional payment of $5 million in connection with the prospective oil and gas investment for which we have a long term deposit of $5 million as of September 30, 2011. The additional payment will be recorded as an additional deposit during the second quarter of fiscal 2012.