Global Petroleum posts a loss after tax of US$2,336,513 for the six months to the end of June - down from a loss of US$4,469,837 last time.
Cash balances at 30 June amounted to US$10,172,598 (2015: US$12,707,727). The group has no debt.
The company said macro-economic factors remained challenging in the period and continue to form the context for both operational and commercial activity in the upstream energy business.
The company said it has made significant progress in reducing its costs in response to these factors.