Global is the international subsidiary of Texas-based oil group Harken Energy, the company in which US President George W.Bush used to be a director (and where he was accused of insider dealing by the SEC). Harken owns 86% of the company, a reduced interest after a private placing was carried out that raised $1.4m (£900,000) and following a share swap with the New Opportunities Investment Trust. Historically, its operating results have been poor, and though figures for the year to last December showed losses reduced from $1.9m to $15.7m, it is still not a good result from a production and development company. In fact the previous year's loss was so steep because of an impairment on the company's investment in Costa Rica and on some of its interests in Colombia. Turnover from oil sales decreased from $8.3m to $7.6m on the back of reduced production from the Palo Blanco and Bolivar fields, apparently because of expected declines and unexpected mechanical troubles. Global has exploration interests in other Latin American countries and continues to express optimism about its future, but there is little concrete evidence that it is going to deliver value to shareholders in the near future while the shares are, by definition, extremely illiquid. However, it does have stated net assets of $54.5m (£35m).