US-focused oil exploration company Caspian Holdings, which completed a debt to equity swap with loan holders and major creditors in May last year, reported a small loss after taxation of £74k for 2009 against the previous £4.4m.
The company plans a capital raising to enable it to continue trading.
CEO Michael Masterman said, 'The debt to equity swap removed the major liabilities from the balance sheet and demonstrated the confidence in the management of the company.
'Following the release of these accounts, the company intends to proceed with a small capital raising for which it has already received initial commitments.'
Caspian said it expects its first revenue to be received in the first half of 2010. Operations are expected to expand in 2010.
The company continues to pursue the initiative to restore legal rights to the Zhengeldy oil field in Kazakhstan and in parallel the options for the sale of equipment.
It started first shipments from its Kentucky oil field assets in Q1 2010.
Story provided by Business Financial Newswire