The Board of Directors approves the quarterly report at 30th June 2004

At a consolidated level, the Production Revenues are €13.8 million, the Gross Operational Result is €2.8 million (20% of the Production Revenues) and the Profit before taxation and minority interests is €1.8 million (13% of the Production Revenues).

The Net Financial Position, of €14.4 million (cash), is substantially in line with the €14.1 million at 31/12/2003, despite the payment of dividends for €2.7 million.