Amerisur Resources posts a pre-tax loss of $6.8m for the six months to the end of June compared with $5.8m a year ago,
Revenues fell to $24.4m from $40.3m last time and operating losses rose to $7.1m from $6.5m.
Chairman Giles Clarke said: "We have made great strides in the first half, further diversifying our portfolio within the Putumayo region of Colombia, with activity levels across many blocks increasing as we deploy the capital raised in March.
"I am particularly pleased the OBA pipeline is now fully completed and undergoing final commissioning checks before entering operation within days and as a result we are once again drilling wells on the Platanillo field to increase reserves and production and leverage the significantly reduced opex per barrel using the pipeline for oil evacuation. We would like to thank shareholders for their patience in what has been an exceptionally complex undertaking.
"Amerisur now has a cluster of assets around the OBA pipeline including the Platanillo field, Put-8 to the West of Platanillo and Put-12 to the East.
"Following our successful placing of approximately $35 million in March, we have the capital to invest in drilling new wells at Platanillo, to increase both reserves and production and to move forward our acreage elsewhere in the portfolio such that Amerisur anticipates producing commercially from more than one oil field during 2017.
"Production in the second half is expected to ramp up (whilst preserving the integrity of the reservoir) and we are targeting a 2016 exit rate of 7,200 BOPD.
"We are prepared for an exciting second half and beyond. The Board looks to the future with confidence."
At 9:55am: (LON:AMER) Amerisur Resources PLC share price was +0.25p at 23.75p