Sterling Energy has materially reduced its FY pretax loss to $8.5m, from a year-ago loss of $15.9m, and flagged an intention to investigate possible acquisition or merger opportunities.
"While the global oil price has seen a marked and what appears to be a sustainable recovery, it is very unlikely that in the near term this will impact positively on the industry or investor appetite for exploration assets," said chairman Michael Kroupeev in a statement.
"We shall pursue our new business model cautiously, preserving resources in anticipation of a recovery in market conditions and investor sentiment towards active exploration driven strategies."
He continued that the company would continue to actively investigate possible acquisition or merger opportunities, to deliver a more balanced, revenue focused portfolio of assets.
Revenue was lower at $4.8m, from $5.0m. Production, net to the company from the Chinguetti field (including royalty barrels), averaged 279 barrels of oil per day (bopd), from 310 bopd in 2015.
The group remained debt free, with cash resources significantly in excess of all outstanding firm commitments.
At 9:33am: (LON:SEY) Sterling Energy PLC share price was -0.12p at 15.88p