Irish exploration firm Clontarf Energy made a loss of £86,000 (€119,271) in the six months to the end of June, nearly half of the losses booked the year before.
In an interim statement published this morning the AIM-listed company said that its total loss for the period was £86,000, down from £159,000 during the same period the year before.
Losses per share were also down, dropping from 0.08 pence per share to 0.02 pence.
The company, which is not yet revenue-producing, mainly cut costs by reducing administrative expenses which fell from £131,000 to £86,000.
In a statement published this morning company chairman John Teeling said: “Clontarf currently operates in a very hostile market environment.
“We are now in the seventh year of a bear market for junior exploration shares on the AIM market. World political and economic turmoil, exacerbated by a collapsed oil price, means the current market is now worse than any time in the past six years.
“But, the emerging world economies will, over the coming decades, require vast quantities of oil to fuel cars, homes and industry [and] we are fully funded for current activities over the next couple of years.”
It added that it had “made progress” on two of its projects, in Peru and Ghana.