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Canada-focused oil and gas company Cabot Energy booked an interim loss and said its financial position remained 'delicate'.
Pre-tax losses for the six months through June amounted to $1.30m, compared to losses of $3.5m on-year.
Revenue fell to $4.1m, down from $7.5m, but the company also cut operating costs.
'Whilst the fundraisings in recent months and the possibility of commencing a debt-funded winter work programme are significant, positive developments, the group's financial position remains delicate,' chairman James Dewar said.
'Until the company secures additional equity funding in October 2019 and completes on the new debt to fund the winter work programme, there remains a material uncertainty which would cast significant doubt upon the group's continued ability to meet its future operating commitments, its corporate obligations or operate as a going concern.'
'Given the above, the commencement of this year's summer and winter work programmes are crucial milestones in generating positive cashflow and returning the company to growth.'
'Our mid-term strategy for 2021 and beyond continues to focus on building the Canadian prospects, generating cashflow to support a move towards a future dividend policy and to explore upside potential in offshore Italy.'
At 1:28pm: (LON:CAB) Cabot Energy Plc share price was 0p at 3.75p