Eland Oil & Gas's pre-tax losses fell to $9.5m in the six months to the end of June - down from a restated $11.7m a year ago - despite revenues dropping to $1.1m from $9.9m.
This was achieved through cost reductions on operational assets, combined with foreign exchange gains arising from the revaluation of Naira liabilities.
Eland ended the period with cash balances of $20.6 million, following a successful equity placing of £12.4 million (c.a. $18.5 million) in April 2016, priced at a premium to the previous closing mid-market price.
In the first half of 2016 total liftings were 38,200 barrels of oil (H1-2015 liftings were 163,100 barrels), generating revenues of $1.1 million (H1-2015 revenues $9.9 million).
Elcrest Exploration and Production Nigeria Ltd, Eland's joint venture company, has an immediate cargo shipment programmed since February for 42,975 barrels of oil upon Forcados operations resumption.
Chief executive George Maxwell said: "The first half of 2016 was successful for Eland, with operational success at the Opuama-3 well workover in OML40 testing at rates in excess of 10,500 barrels/day of oil, reserves additions reported in CPRs for both the Ubima marginal field and the Gbetiokun field, and an oversubscribed equity raise for $18.5 million.
"Although sales have been impacted by the Forcados terminal being shut-in since mid-February, we expect production and revenue generated cash-flow will reach an all-time high upon terminal operations resuming. We also look forward to further operational progress with workovers being planned on OML 40 and the Ubima field."
At 8:14am: (LON:ELA) Eland Oil Gas PLC share price was +1.25p at 35.25p