Jersey Oil & Gas's pre-tax losses narrowed to £793,439 in the year to the end of December - down from £1.4m last time.
The group said during the year, the company's revenue-stream ceased.
Previously, this was largely associated with its interest in the Athena oil field.
It said: "As announced in July 2015, we ring-fenced our liabilities to the Athena Consortium with respect to the Athena oil field.
"The result of this was that we subsequently no longer had any real economic exposure to the field and, as a consequence, the group no longer accounts for the income and expenses of the Athena oil field in its results.
"Our cost of sales largely relate to ongoing work on our remaining licence interest P.2170 and our active pursuit of several production asset acquisition targets.
"We were also in receipt of a small refund of just under £90,000 from our insurers in the period, as a result of a return of premiums on various policies and, in addition, the group received a refund of prepaid well costs from the operator on the Niobe exploration well, due to the actual costs of the well having been less than had been billed.
"The company has taken a sharp focus on administration costs over the last couple of years and these costs were lowered further in January 2016, as is reflected in the reduction of such costs compared to the group's 2015 results for the comparable period.
"There are also no exceptional items in the current year (2015 £3.3m)."
At 9:37am: (LON:JOG) Jersey Oil And Gas Plc share price was +17p at 312.5p