The company is buying back the fully paid ordinary shares at a price of half a cent per share of those shareholders who hold less than 100,000 shares ($500).

The company also recently announced it received almost $US750,000 in net revenue after pulling out 40,083 barrels of oil in June from its 100%-owned Bula Field.

This news was countered by design faults delaying the commissioning of the new permanent plant in the Oseil field which halted production in July.