JKX Oil & Gas's revenues fell to $73.8m in the year to the end of December - down from $88.5m in 2015.
Pre-tax losses narrowed to $38.1m - down from $82.7m a year ago.
The loss from operations before exceptional charges was $3.9m (2015: $10.7m).
Exceptional charges totalled $30.8m compared with $64.9m in 2015.
Chief executive Tom Reed said: "In the face of considerable uncertainty at the beginning of the year, our team has increased production, re-engineered our field development plans, improved relationships with our stakeholders, restructured and extended the significant short-term bond liabilities and focused our company on the technical challenges to come.
"We are actively seeking to mitigate our litigation risks and potential liabilities with the Ukrainian Government so that our development drilling in Ukraine can recommence.
"The investment in our Rudenkivske gas field in Ukraine is significant, and we continue to work with the Ukrainian government to improve the investment environment for such projects."
At 9:12am: (LON:JKX) JKX Oil Gas PLC share price was 0p at 25.5p