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 yesterday 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.
In the half, the group struck a deal with Union Oil & Gas in Peru to take over the rights and obligations of an exploration block in the country. It also is in the process of securing approval in Ghana for drilling plans in the Tano Basin, in which it holds a 60pc stake through a joint venture with Pan Andean Resources.
Clontarf, which is not yet revenue-producing, mainly cut costs by reducing administrative expenses which fell from £131,000 to £86,000. Chairman John Teeling, inset, said: "We are now in the seventh year of a bear market for junior exploration shares on the AIM market.
"Economic turmoil, exacerbated by a collapsed oil price, means the current market is now worse than any time in the past six years," he added. "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."
Shares in Clontarf were up 1.3pc to 0.38 pence in London trading yesterday.