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Angus Energy booked a first-half loss as it continued to prove up oil prospects in the UK.
Pre-tax losses for the six months through March amounted to £1.7m, compared to losses of £1.1m on-year.
'This has been a whirlwhind few months on all fronts involving enormous efforts by staff to meet the exacting technical requirements of works at Brockham and Balcombe whilst continuously reviewing new opportunities for Shareholders,' chairman Patrick Clanwilliam said.
'Some of this work is already bearing fruit.'
'Our strategic goal is to shift from a base which is overwhelming exploration in one geography into a more balanced exploration, development and production company with a diversified source of hydrocarbons.'
'Our unique advantage, honed here in the UK's demanding regulatory environment, is to maintain high standards of technical and regulatory expertise within a ruthlessly cost-conscious framework so that we can acquire the maximum cashflow for shareholders with the lowest outlay of their risk capital.'
At 2:23pm: (LON:ANGS) Angus Energy Plc share price was -0.35p at 3.75p