Clontarf Energy's operating losses narrowed to £199,628 in the year to the end of December - down from £205,142 last time.
Chairman John Teeling said: "The focus of our activities has been and remains, a 60% interest in an onshore/offshore hydrocarbon licence in Ghana - the Tano 2A block.
"The saga surrounding this licence since first agreed in 2008 continues.
"Over the years there have been disputes, discussions and resolutions over a series of issues relating to co-ordinates, ownership, work programmes.
"During the entire time we have continued to talk. In the past year a number of issues have been agreed.
"Agreement was reached on a major item, the acreage and co-ordinates of the licence area. We were pleased with the outcome."
At 9:15am: (LON:CLON) Clontarf Energy Plc Ord 0.25p share price was -0.02p at 0.31p