Johnston said this when the company released its unaudited consolidated financial statements for the first quarter of this year, together with management’s discussion and analysis.
Significant events to date include:
- Factory Acceptance Testing completed by Soil Machine Dynamics on the seafloor production tools;
- awarding of contract for equipment storage and wet testing of the seafloor production tools, which arrived safely at Duqm Port in Oman;
- completion of the assembly of the Subsea Slurry and Lift Pump;
- advanced construction of the Production Support Vessel;
- Completed rights offering; and,
- US$47.5 million (K148 million) in cash and cash equivalents as at March 31 this year.
Johnston said: “It is very pleasing to see the progress that has been made on our seafloor production equipment this past quarter.
“In particular, taking delivery of the three SPTs and sending them safely to Oman where they will undergo wet testing later this year.
“In the coming months, we will remain focused on the building of the PSV and the delivery of the equipment to be integrated in it. The momentum continues to build as we work towards commencing seafloor operations at the Solwara One project site in quarter one, 2018.”