SECURITIES AND EXCHANGE
                               -----------------------

                                      COMMISSION
                                      ----------

                                WASHINGTON, D.C. 20549
                                ----------------------


                                      FORM 10-Q
                                      ---------


          [X]  Quarterly Report Pursuant to Section 13 or 15(d) of the
               Securities Exchange Act of 1934 for the quarterly period ended
               September 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
                                                             --------------


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

          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.


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

          The number of shares of common stock outstanding as of March 13, 1997
     was 1,991,092.

     <PAGE> 

                                        INDEX

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                        10-Q - QUARTER ENDED 30 SEPTEMBER 1996


     PART I.  FINANCIAL INFORMATION

       Item 1. Financial Statements (unaudited)

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

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

               Consolidated Statement of Cash Flows - nine months ended 
               September 30, 1996 (unaudited) and September 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 5. Other Events.

       Item 6. Exhibits and Reports on Form 8-K


     SIGNATURES

     <PAGE>
                            PART I - FINANCIAL INFORMATION



                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                             CONSOLIDATED BALANCE SHEETS




                                       September 30,    December 31,
                                           1996             1995
                                        (unaudited)      (audited)
                                      --------------   -------------
                  ASSETS
                  ------

      CURRENT ASSETS:
           Cash and cash equivalents       $ 5,019         $10,425
           Accounts receivable                  --          27,111
                                           -------         -------
                Total Current Assets       $ 5,019          37,536
                                                           -------


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



                                           $ 5,019         $85,938
                                           =======         =======





      The accompanying notes are an integral part of these financial statements

                                       3
     <PAGE>

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                             CONSOLIDATED BALANCE SHEETS



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


         LIABILITIES AND STOCKHOLDERS' DEFICIT
         -------------------------------------

      CURRENT LIABILITIES:
           Accounts payable               $      8,414      $   114,304
           Accrued expenses                      2,500           34,655
           Deferred income                          --           36,347
           Due to affiliates                        --          365,666
           Current portion of capital               --            5,930
            lease obligations
           Other                                35,866          246,900
                                             ---------      -----------
                Total Current                   46,780          803,802
                 Liabilities                ----------      -----------


      STOCKHOLDERS' DEFICIT

           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 
           September 30, and
           December 31, 1995,
           respectively                         19,911          999,990
           Additional paid-in capital        7,629,868        6,449,789
           Accumulated deficit              (7,691,540)      (8,148,814)
           Accumulated translation                  --          (18,829)
             loss                           ----------       ----------

                Total Stockholders'            (41,761)        (717,864)
                 Deficit                  ------------     ------------



                                          $      5,019      $    85,938
                                          ============      ===========




    The accompanying notes are an integral part of these financial statements

                                       4
     <PAGE>


                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES
     
                         CONSOLIDATED STATEMENT OF OPERATIONS
     


                               Three months ended         Nine months ended
                               ------------------         -----------------
                             September     September    September    September
                                30,           30,         30,           30,
                               1996          1995        1996          1995  
                            (unaudited)   (unaudited)  (unaudited)  (unaudited)
                            -----------   ----------   -----------  -----------


      OPERATING REVENUES:
        Subscription
         revenues           $      --     $ 23,286     $     --     $  56,270
        Other income            2,371           --       11,741         8,245
                            ---------     --------     --------     ---------
                                2,371       23,286       11,741        64,515
                            ---------     --------     --------     ---------

      OPERATING EXPENSES:
        On-line service
         production costs          --     (107,510)          --     (262,287)
        Technical, general
         and administrative   (16,457)     (70,138)     (34,320)    (345,064)
        Disposal of
         subsidiary
         undertaking               --           --      479,837            0
        Depreciation,
         depletion and             --      (26,804)          --      (63,934)
         amortization       ---------     --------     --------     --------

                              (16,457)    (204,452)     445,517     (671,285)
                            ---------     --------     --------     --------

      GAIN (LOSS) FROM 
      OPERATIONS              (14,086)    (181,166)     457,258     (606,770)
                            ---------     --------     --------     --------

      OTHER INCOME EXPENSE:
        Interest expense           --         (313)          --         (792)
        Interest income             8           24           16           90
                            ---------     --------  -  --------     --------
                                    8         (289)          16         (702)
                            ---------     --------     --------     --------

      PROFIT (LOSS) BEFORE
      INCOME TAX              (14,078)    (181,455)     457,274     (607,472)

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

      NET PROFIT (LOSS) TO   $(14,078)   $(181,455)    $457,274    $(607,472)
      COMMON STOCKHOLDERS     =======    =========     ========    =========

      PROFIT/LOSS PER        $  (0.01)   $   (0.09)    $   0.23    $   (0.31)
      COMMON SHARE           ========    =========     ========    =========

      PROFIT/LOSS PER  
      COMMON SHARE     
      ASSUMING FULL          $  (0.01)   $   (0.09)    $   0.23    $   (0.31)
      DILUTION               ========    ==========    ========    =========


    The accompanying notes are an integral part of these financial statements

                                       5
     <PAGE>

                 GULF EXPLORATION CONSULTANTS, INC. AND SUBSIDIARIES

                         CONSOLIDATED STATEMENT OF CASH FLOWS

                                                 Nine months ended
                                                 -----------------
                                             Sept 30,        Sept 30,
                                               1996            1995
                                            (unaudited)     (unaudited)
                                            -----------      ---------
      OPERATING ACTIVITIES:
           Net profit (loss)                  $457,274       $(607,471)
           Adjustments to reconcile net
             loss to net cash used in 
             operating activities
           Depreciation, depletion and
             amortization                           --          65,621
           Adjustment on disposal of
             subsidiary                       (436,412)             --

           (Increase) decrease in
             Accounts receivable,
               prepaid expenses                       
               and other                            --          (1,979)

           Increase (decrease) in
             Accounts payable and
               accrued expenses                (62,134)         94,938
                                              --------        --------
          
             Net cash flows used in
              operating activities             (41,272)       (448,891)


      CASH FLOWS FROM INVESTING ACTIVITIES:
             Purchase of property, plant
               and equipment                        --         (11,471)
             Deferred expenditure                   --         (81,039)
                                              --------        --------

             Net cash flows provided by
               (used in) investing
               activities                           --         (92,510)
                                              --------        --------

      FINANCING ACTIVITIES:
             Repayment of Capital
               Lease Obligation                     --          (5,827)
             Proceeds of short term loan            --         200,000
             Loan from Affiliate                35,866         328,135
                                              --------        --------

             Net cash flows provided by             --         522,308
               financing activities           --------        --------


      INCREASE (DECREASE) IN CASH
       AND CASH EQUIVALENTS                     (5,406)        (19,093)


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

      CASH AND CASH EQUIVALENTS, 
      end of period                           $  5,019       $   7,493
                                              --------       ---------

      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 three month period ended
     September 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 September 30, 1996
     and 1995 was 1,991,092 and 1,999,980 shares, respectively.

                                       7
     <PAGE>

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

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

     (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
     the number of authorized shares of Common Stock from 100,000,000 to
     10,000,000.

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

          RESULTS OF OPERATIONS

     The other income represents oil and gas royalties on the Company's oil and
     gas interests.  The net loss for the three month period ended September 30,
     1996 was $14,078.  Expenses of $16,457 were incurred in professional fees
     during the quarter.

          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 and
     the related liabilities.

     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 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)  Exhibit 27.    Financial Data Schedule

     (b)  The Company did not file any report on Form 8-K for the quarter ended
     September 30, 1996. 




                                       9
     <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/ Danial Murphy  
                                        ------------------------------------
                                             Daniel Murphy,
                                             President





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



                                       10
     <PAGE>


                         EXHIBIT INDEX


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

            27                Financial Data Schedule