In March 2017, the Company restructured its Board and is currently seeking new projects within the oil & gas sector.
The Company made its debut on the ASX on 29 June 2010 following completion of a reverse takeover of the former biotechnology company Incitive Limited (ASX: ICV) and a successful $5.5 million capital raising.
In 2010, the Company drilled its first well in the Sorochynska licence. Sorochynska-201 was a successful well and was in production from February 2011 until December 2014 when water influx problems prevented further production. The Company completed its second well Sorochynska-202 in September 2012 however it was unable to establish production from that well.