SECURITIES AND EXCHANGE
                                ----------------------
                                      COMMISSION
                                     -----------
                                WASHINGTON, D.C. 20549
                               -----------------------

                                      FORM 10-QA
                                      ----------

          [X]  Quarterly  Report  Pursuant  to  Section   13  or  15(d)  of  the
               Securities  Exchange Act of  1934 for the  quarterly period ended
               June 30, 1996.

           -   Transition  Report  Pursuant  to  Section  13  or  15(d)  of  the
               Securities Exchange Act of 1934 for the transition period from   
                    to      
               ---     ---


          Commission File No. 0-17246

                          GULF EXPLORATION CONSULTANTS, INC.
                (Exact name of registrant as specified in its charter)

               DELAWARE                                76-0293525
               --------                                ----------
          (State or other jurisdiction of    (IRS Employer Identification No.)
          incorporation or organization)

        One Independent Drive, Suite 2201 Jacksonville, Florida  32202        
     -------------------------------------------------------------------------
                         (Address of principal Offices) (Zip Code)

            Registrant's telephone number including area code:  (904) 745-6981
                                                                --------------

          Indicate  by check  mark  whether the  Registrant  (1) has  filed  all
     reports  required to  be filed  by Section  13 or  15(d) of  the Securities
     Exchange Act  of 1934 during the  preceding 12 months (or  for such shorter
     period that the Registrant was required to file such reports),  and (2) has
     been subject to such filing requirements for the past 90 days.

              10 Rockefeller Plaza, New York, N.Y.  10020 (212) 247-2120
     -------------------------------------------------------------------------
       (Former name, former address and former fiscal year, if changed since 
                                    last year)


          YES    X      NO
              -------      ------- 

          The number of shares of  common stock outstanding as of June  30, 1996
     was 1,991,092.

                                                           Page 1 of 11

     <PAGE>

                                        INDEX

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES


                           10-QA - QUARTER ENDED 30 JUNE 1996

                             REVISED FILING (APRIL 1997)


     PART I.  FINANCIAL INFORMATION

       Item 1. Financial Statements (unaudited)

               Consolidated  Balance  Sheets -  June  30,  1996 (unaudited)  and
               December 31, 1995.

               Consolidated Statement of Operations - three and six months ended
               June 30, 1995 and 1996 (unaudited).

               Consolidated  Statement of Cash Flows - six months ended June 30,
               1996 (unaudited) and June 30, 1995 (unaudited).

               Notes to Consolidated Financial Statements.

       Item 2. Management's Discussion and  Analysis of Financial  Condition and
               Results of Operations.


     PART II.  OTHER INFORMATION

       Item 2. Changes in Securities.

       Item 4. Submission of Matters to a Vote of Security Holders.

       Item 5. Other Events.

       Item 6. Exhibits and Reports on Form 8-K


     SIGNATURES

                                       -2-

     <PAGE>

                                        PART I

                                FINANCIAL INFORMATION

     Item 1.   FINANCIAL STATEMENTS.
               --------------------


                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                             CONSOLIDATED BALANCE SHEETS




                                       June 30, 1996   December 31, 1995
                                        (unaudited)        (audited)
                                       -------------   -----------------

                  ASSETS
                  ------


      CURRENT ASSETS:
           Cash and cash equivalents       $ 2,659            $10,425
           Accounts receivable                  --             27,111
                                          --------           --------
                Total Current Assets         2,659             37,536
                                          --------           --------


      PROPERTY, PLANT AND EQUIPMENT, at cost
           Equipment                            --             80,242
           Less - Accumulated
            depreciation                        --             31,840
                                          --------           --------
                                                --             48,402
                                          --------           --------



                                           $ 2,659            $85,938
                                          ========           ========




     The accompanying notes are an integral part of these financial statements

                                       -3-

     <PAGE>

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                             CONSOLIDATED BALANCE SHEETS

                                                    June 30,    December 31,
                                                     1996          1995
                                                  (unaudited)    (audited)
                                                  ----------    -----------
      LIABILITIES AND STOCKHOLDERS' EQUITY
      ------------------------------------
                                   
      CURRENT LIABILITIES:
           Accounts payable                     $    26,080   $   114,304
           Accrued expenses                           4,262        34,655
           Deferred income                               --        36,347
           Due to affiliates                             --       365,666
           Current portion of capital
            lease obligations                            --         5,930
           Other                                         --       246,900
                                                   --------      --------
                Total Current Liabilities            30,342       803,802
                                                -----------   -----------


      STOCKHOLDERS' EQUITY

           Common Stock, $0.01 par value,
           10,000,000 and 100,000,000 shares 
           authorized, 1,991,092 and 99,999,000 
           shares issued and outstanding as of
           June 30, 1996 and December 31,
           1995, respectively                        19,911       999,990
           Additional paid-in capital             7,629,868     6,449,789
           Accumulated deficit                   (7,677,462)   (8,148,814)
           Accumulated translation                       --       (18,829)
            adjustments                          ----------    ----------
                                                    (27,683)     (717,864)
                                                -----------   -----------


                                                $     2,659   $    85,938
                                                ===========   ===========


                                       -4-

     <PAGE>

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                         CONSOLIDATED STATEMENT OF OPERATIONS

                                        Three months ended    Six months ended  
                                        ------------------    ----------------
                                        June 30,   June 30,   June 30,  June 30,
                                         1996       1995        1996      1995
                                         (un-       (un-        (un-      (un-
                                       audited)    audited)   audited)  audited)
                                       --------    --------   --------  --------

     OPERATING REVENUES:
          Subscription revenues        $     --   $ 19,852    $    --  $ 32,984
          Other income                       --      4,747      9,370     8,245
                                       --------   --------    -------  --------
                                             --     24,599      9,370    41,229
                                       --------   --------    -------  --------

     OPERATING EXPENSES:
          On-line service production
           costs                             --    (70,998)        --  (154,777
          Technical, general and
           administrative                    --   (140,336)   (17,863) (274,926)
          Gain on disposal of
          subsidiary                    479,837          -    479,837         -
          Depreciation, depletion and
           amortization                       -    (19,914)         -   (37,130)
                                       --------   --------   --------  --------
                                        479,837   (231,248)   461,974  (466,833)
                                       --------   --------   --------  --------

     GAIN (LOSS) FROM OPERATIONS        479,837   (206,649)   471,344  (425,604)
                                       --------   --------   --------  --------

     OTHER INCOME EXPENSE:
          Interest expense                   --       (221)        --      (479)
          Interest income                     -         42          8        66
                                       --------   --------   --------  --------
                                              -       (179)         8      (413)
                                       --------   --------   --------  --------

     PROFIT (LOSS) BEFORE INCOME
     TAX PROVISION                      479,837   (206,828)   471,352  (426,017)

     INCOME TAX PROVISION                    --         --         --        --
                                       --------   --------   --------  --------

     NET PROFIT (LOSS) TO COMMON       $479,837  $(206,828)  $471,352 $(426,017)
     STOCKHOLDERS                      ========  =========   ======== =========

     NET PROFIT (LOSS) PER COMMON 
     SHARE:                             $ 0.24    $(0.10)     $0.24    $(0.21)
                                        ======    ======      =====    ======

     NET PROFIT (LOSS) PER COMMON 
     SHARE ASSUMING FULL DILUTION       $ 0.24    $(0.10)     $0.24    $(0.21)
                                        ======    ======      =====    ======


      The accompanying notes are an integral part of these financial statements

                                       -5-
     <PAGE>

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                         CONSOLIDATED STATEMENT OF CASH FLOWS


                                                 Six months ended
                                                 ----------------
                                              June 30,       June 30,
                                               1996           1995
                                            (unaudited)    (unaudited)
                                            -----------    -----------
      OPERATING ACTIVITIES:
           Net profit (loss)                  $471,352      $(426,017)
           Adjustments to reconcile net
            loss to net cash used in 
            operating activities
           Disposal of subsidiary and
            reorganization of share 
            structure                         (436,412)            --
           Depreciation, depletion and
            amortization                            --         37,130
           Net change in accounts
            receivable, accounts payable
            and other                               --        (30,219)
           Change in operating accounts
            payable and accrued                                      
            liabilities, net                   (42,706)       119,068
                                              --------       --------

           Net cash flows used in
            operating activities                (7,766)      (300,038)


      INVESTING ACTIVITIES:
           Proceeds of sale of property             --             --
           Purchase of equipment                    --         (9,853)
           Deferred expenditure                     --        (81,039)
                                              --------       --------

           Net cash flows provided by
            (used in) investing
            activities                              --        (90,892)
                                              --------       --------


      FINANCING ACTIVITIES:
           Repayment of capital lease
            obligation                              --         (3,343)
           Proceeds of short term loan              --        200,000
           Loan from affiliate                      --        179,728
                                              --------       --------

           Net cash flows provided by
            financing activities                    --        376,385
                                              --------       --------


      INCREASE (DECREASE) IN CASH
       AND CASH EQUIVALENTS                     (7,766)       (14,545)


      CASH AND CASH EQUIVALENTS, 
       beginning of period                      10,425         26,586
                                              --------       --------


      CASH AND CASH EQUIVALENTS, 
        end of period                         $  2,659      $  12,041
                                              --------       --------

      SUPPLEMENTAL INFORMATION:
           Non Cash Transactions:
                Conversion of debt 
                  to equity                   $200,000      $      -- 
                                              ========      =========


     The accompanying notes are an integral part of these financial statements

                                       -6-
     <PAGE>

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     (1)  GENERAL
          -------

     The  financial  statements  of   Gulf  Exploration  Consultants,  Inc.  and
     subsidiaries (collectively the  "Company") for  the period  ended June  30,
     1996  are  unaudited  but  reflect,  in  the  opinion  of  management,  all
     adjustments (which include only  normal recurring adjustments) necessary to
     fairly  present the results for  such periods.   The accompanying financial
     statements  should be read in conjunction with the financial statements and
     notes thereto  contained in the Annual Report included in the Form 10-K for
     the year ended December 31, 1995.

          GOING CONCERN ASSUMPTION 
          ------------------------

     The  accompanying  consolidated  financial statements  have  been  prepared
     assuming that the Company will continue as a going concern.  

          CHANGE OF MANAGEMENT
          --------------------

     On July 10, 1996, the Company accepted the resignation of  L. George Rieger
     as President and Chairman of the Board of Directors of the Company.  Daniel
     Murphy was appointed as Director  and President of the Company to  fill the
     vacancy caused  by Mr.  Rieger's resignation.   Mr.  Murphy is  a financial
     consultant.

          RECAPITALIZATION AND SALE OF SUBSIDIARY
          ---------------------------------------

     Effective June 17, 1996, after  obtaining stockholder approval, Micron Ltd.
     ("Micron")  acquired 3,954,545 shares totaling 72.5% of the Common Stock of
     Emerging  Money   Limited  ("Emerging  Money")   from  the  Company.     In
     consideration for such  shares Micron had  paid the Company  39, 546  Irish
     Pounds  (US$ 63,293  equivalent as of  December 31,  1995) and  had paid on
     behalf of  Emerging Money approximately  US$ 80,000 which  enabled Emerging
     Money to discharge certain agreed creditors.

     Effective July 10, 1996, pursuant to a Letter Agreement, dated December 22,
     1995  (the  "Letter Agreement"),  among  the  Company, Minmet  plc,  Osprey
     Investments,  Inc.  (formerly, DRM&S,  Inc.,  "Osprey")  and Dennis  Mensch
     ("Mensch"), Osprey and Mensch each exchanged promissory notes,  dated March
     1995, in the  principal amount of $100,000 each plus  accrued interest, for
     438,040  shares each  of the Company's  Common Stock.   Each  of Osprey and
     Mensch  holds  a  22%  interest  in   the  Company  as  a  result  of  this
     recapitalization.   Also pursuant  to the Letter  Agreement, effective June
     17, 1996, Minmet reduced its beneficial interest in the Company from 56% to
     15%  and the Company transferred  its remaining 27.5%  interest in Emerging
     Money to Minmet.  The Company no longer has any interest in Emerging Money
     and has no operating activities.

     The Company is presently seeking new business opportunities.

     (2)  INCOME/LOSS PER COMMON SHARE
          ----------------------------

     Profit (loss) per common share  is based on the weighted average  number of
     shares of Common Stock  outstanding during each period. The  average number
     of shares outstanding  for the three month periods ended  June 30, 1996 and
     1995 was 1,991,092 and 1,999,980 shares, respectively.

     Profit (loss) per  common share, assuming  full dilution,  is based on  the
     weighted  average number of  common shares outstanding  during each period.
     The average number  of shares used  to compute the  fully diluted loss  per

                                       -7-
     <PAGE>

     share was 1,991,092 and 1,999,980 common shares for the three month periods
     ended June 30, 1996 and 1995, respectively.

     Common stock equivalents  are antidilutive  and are not  considered in  the
     calculations of income/loss per share.

     (3)  COMMITMENTS AND CONTINGENCIES
          ----------------------------

     As of August 26, 1996, the Company  has not filed certain federal and state
     income tax returns for the years ended 1991, 1992, 1993, 1994 and 1995.  It
     is   management s  intent  to  file  the  required  tax  returns  in  1996.
     Management believes penalties for late  filing will not be material  to the
     financial statements.

     (4)  COMMON STOCK REVERSE SPLIT
          --------------------------

     Effective  June 17,  1996,  stockholders approved  a one-for-fifty  reverse
     split  of the  Company's Common  Stock.   All references  in the  financial
     statements  to  average number  of  shares  and per  share  amounts  of the
     Company's Common  Stock have  been  retroactively restated  to reflect  the
     reverse  split.  In addition,  stockholders also approved  the reduction in
     thenumber ofauthorized shares ofCommon Stock from100,000,000 to 10,000,000.

     ITEM 2.   MANAGEMENT'S DISCUSSION AND  ANALYSIS OF FINANCIAL CONDITION  AND
               -----------------------------------------------------------------
     RESULTS OF OPERATIONS.
     ---------------------

          RESULTS OF OPERATIONS
     
     The net profit for the three month period ended June 30, 1996 was $479,837.
     The profit  arose as  a  result of  the disposal  of  the Company's  entire
     interest in Emerging Money which gave rise to a gain of $479,837.   This
     gain arose because liabilities in the amount of $583,737 which had been
     attributable  to the Company through  its 100% ownership  of Emerging Money
     were eliminated by the Company upon the disposition of its interest in 
     Emerging Money.  The elimination of such liabilities  did not give rise to 
     a tax event to the Company.  

          LIQUIDITY, CAPITAL RESOURCES AND GOING CONCERN ASSUMPTIONS
     
     As  indicated in Note  (1) to the Financial  Statements, effective June 17,
     1996  the  Company  disposed of  its  entire  interest  in Emerging  Money,
     including all  related  liabilities.   The  Company recognized a $479,837
     gain resulting from the  disposition of such subsidiary.

     The  Company presently has no operations or business activity.  Management,
     however,  is seeking  new  business opportunities  for  the Company.    The
     intention is to identify and enter into an arrangement for a business which
     would present growth prospects  to stockholders.  The arrangement  would be
     subject to approval by stockholders.

                                       -8-
     <PAGE>

                                       PART II

                                  OTHER INFORMATION

     ITEM 2.   CHANGES IN SECURITIES.
               ---------------------

     On June  17,  1996, the  Company  filed amendments  to  its Certificate  of
     Incorporation with  the Secretary of State  of the State  of Delaware which
     (i) reduced the number of outstanding shares of the Company's Common Stock,
     $.01 par value ("Common Stock"), through a one-for-fifty reverse split (the
     "Reverse  Split");  and (ii)  reduced the  number  of authorized  shares of
     Common Stock from 100,000,000 to 10,000,000 shares.

     The amendments were  approved by  the Company's stockholders  at a  special
     meeting of  stockholders held on June  17, 1996 and became  effective as of
     the time  of filing with  the Secretary of State  of the State  of Delaware
     (the "Effective Time").

     At  and after  the Effective  Time each  share of  Common Stock  issued and
     outstanding immediately  prior to the  Effective Time was  reclassified and
     changed into one-fiftieth (1/50) of one (1) share of Common Stock, $.01 par
     value (shares of Common Stock issued and outstanding prior to the Effective
     Time  being  hereinafter called  "Old Shares"  and  shares of  Common Stock
     issued  and outstanding at and  after the Effective  Time being hereinafter
     called  "New Shares"); provided, however, that no fractional New Shares are
     to  be issued  as a result  of the  reverse split.   In lieu  of fractional
     shares,  each stockholder  whose Old  Shares were  not evenly  divisible by
     fifty  were rounded up  or   down to the  nearest whole  share, except that
     record holders of 25 or fewer shares received one New Share.

     Certificates for  Common Stock dated on  or before June 17,  1996 represent
     Old Shares.   Certificates dated after  June 17,  1996 reflect the  reverse
     stock  split, and  represent  New Shares.   Stockholders  will be  asked to
     surrender  all  certificates  representing   Old  Shares  in  exchange  for
     certificates  representing   the  appropriate  number  of   New  Shares  in
     accordance with the procedures  set forth in a  letter of transmittal  that
     will  be sent  to stockholders  by the  Company.   STOCKHOLDERS SHOULD NOT
     SUBMIT THEIR CERTIFICATES REPRESENTING OLD SHARES UNTIL REQUESTED TO DO SO.


     ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS.
               ---------------------------------------------------

     The Company held a Special Meeting of  Stockholders on June 17, 1996.   The
     following  three  directors were  elected to  serve  until the  next annual
     meeting of stockholders and thereafter,  until their successors are elected
     and qualified.

                Name                 Votes "FOR"            Votes "WITHHELD"
              --------               -----------            ----------------
          Jeremy Metcalfe             67,768,356                   80
           Michael Nolan              67,768,356                   80
          L. George Rieger            67,768,356                   80

     The  stockholders  also  approved  the  transactions  contemplated  by  the
     Subscription  Agreement  and  Option, dated  December  7,  1995, among  the
     Company, Minmet  plc, Micron Ltd.,  and Emerging  Money Limited  ("Emerging
     Money").   The transaction involved, among other things, the disposition of

                                       -9-
     <PAGE>

     the Company's  interest in  Emerging Money.   The  stockholder vote was  as
     follows:

               FOR:           67,743,226
               AGAINST:               40
               ABSTAIN:           25,170
               BROKER NO VOTE:         0

     The stockholders also  approved amendments to the Company's  Certificate of
     Incorporation to effect the recapitalization of the Corporation whereby (i)
     the Reverse Split was effected and  (ii) the number of authorized shares of
     Common Stock was reduced  from 100,000,000 to 10,000,000.   The stockholder
     vote on such amendments was as follows:

               FOR:           67,743,226
               AGAINST:              119
               ABSTAIN:           25,150
               BROKER NO VOTE:         0

     ITEM 5.   OTHER EVENTS.
               ------------

     On July  10, 1996,  L. George  Rieger resigned as  President, Chairman  and
     Director  of the  Company.   Daniel Murphy  was appointed  to the  Board of
     Directors of the Company and to the office of President as of July 10, 1996
     by unanimous  written consent of the  Board of Directors of  the same date.
     Mr. Murphy is a financial consultant.


     ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.
               ---------------------------------

            (a)     Exhibits

     Exhibit 27.    Financial Data Schedule

            (d)     The  Company filed a Form 8-K for  an event of June 17, 1996
     reporting  in  Item 2  the disposition  of its  interest in  Emerging Money
     Limited and in Item 5 the recapitalization. 




                                       -10-
     <PAGE>

                                      SIGNATURES


     Pursuant to  the requirements of the  Securities Exchange Act of  1934, the
     registrant  has duly caused this report  to be signed on  its behalf by the
     undersigned thereunto duly authorized.


                                        GULF EXPLORATION CONSULTANTS, INC.


     Date:   April 29, 1997              /s/ Daniel Murphy
                                        ----------------------------------  
                                             Daniel Murphy,
                                             President




                                         /s/ Michael H. Nolan
                                        ----------------------------------
                                             Michael H Nolan,
                                             Chief Financial Officer



                                      -11-   

     <PAGE>

                           EXHIBIT INDEX

         Exhibit          Description
         -------          -----------

           27             Financial Data Schedule