Europa Oil & Gas (Holdings) posts a pre-tax loss of £0.7m for the year to the end of July (2016: loss £1.9m after £1.2m exploration write-off in Bearn des Gaves).
Post-tax losses of £0.5m were down from £1.6m last time.
Group revenue rose to £1.6m (2016: £1.3m) and the group had net cash at the year-end of £3.6m - up from £1.7m last time.
Chief executive Hugh Mackay said: '2016-17 was a record year for Europa in terms of the level of corporate activity seen across our licence base: the successful farm-out to Cairn of a 70% interest in one our South Porcupine licences; two separate sales of our interest in the Wressle oil field in the East Midlands; the acquisition of Shale Petroleum, which increased our equity in the Hardstoft oil field and Cloughton gas discovery in the UK; and the farm-out of a 12.5% stake in the upcoming Holmwood well in the Weald basin.
'In our view, this activity is testament to the quality of the technical work we have carried out on our licences, the excellent location of our assets both offshore Ireland and onshore UK, and the major uptick in industry interest and activity in new plays across our areas of focus.
'The year ahead should see more of the same.
'We remain focused on securing farm-outs for the remainder of our Irish licences with partners with whom we can advance our assets towards drilling.
'At the same time, we are looking forward to commencing drilling activity at the conventional Holmwood prospect in the Weald, an area that is generating considerable excitement following the opening up of the Kimmeridge limestone play.
'In addition, we remain confident that the green light will finally be given to bring the Wressle discovery on line.
'By adding around 100bopd to our exisitng production, Wressle promises to bring our operational breakeven down to US$35 a barrel, a major milestone for the Company.'
At 9:36am: (LON:EOG) Europa Oil Gas Holdings PLC share price was +0.75p at 6.38p