Pre-tax losses at Angus Energy rose to £985,000 in the six months to the end of March - up from £344,000 a year ago.
Revenues were nil (2016: £73,000).
Administrative expenses fell to £939,000 from £955,000.
The group said its main operational focus during the coming period would be:
- Drilling and completion of the Lidsey-X2 development well
- Bringing the Kimmeridge reservoir into production from Brockham-X4Z following OGA consent of the field development plan addendum
- Drilling of Holmwood-1 in the adjacent license to the Brockham oil field
Executive chairman Jonathan Tidswell-Pretorius said: "We are very encouraged by the drilling results of Brockham-X4Z and have subsequently decided to focus on bringing production on stream from the Kimmeridge shale and limestones instead of the Portland sandstone.
"In the Kimmeridge a naturally fractured section of approximately 200m of interbedded clay and limestones will be perforated to deliver production of the Kimmeridge oil via the naturally occurring fracture system.
"Production guidance for the Lidsey Oil Field remains unchanged while production from the Brockham Oil Field could improve materially after bringing X4Z on stream from the Kimmeridge."
(LON:ANGS) Angus Energy Plc share price was -0.25p at 12.75p