<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM UNAUDITED
FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-START>                             OCT-01-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                      15,978,681
<SECURITIES>                                         0
<RECEIVABLES>                                5,674,827
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            26,467,770
<PP&E>                                      66,334,764
<DEPRECIATION>                               1,779,835
<TOTAL-ASSETS>                              93,856,562
<CURRENT-LIABILITIES>                       10,094,452
<BONDS>                                     46,707,817
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       230,146
<OTHER-SE>                                  36,824,147
<TOTAL-LIABILITY-AND-EQUITY>                93,856,562
<SALES>                                              0
<TOTAL-REVENUES>                               699,089
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             5,038,072
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             992,425
<INCOME-PRETAX>                            (5,331,408)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (5,331,408)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (5,331,408)
<EPS-PRIMARY>                                    (.28)
<EPS-DILUTED>                                        0