Dublin-based oil producer Petroneft Resources has said its net loss widened to $7.1 million in 2010 from $6.5 million. The company has attributed this to rising overheads, partly due to new staff and a depreciation charge for non-current assets.

Chief executive Dennis Francis said 2010 was a “transformational year” which saw its proved and probable oil reserves increase by 37 per cent. “Production is continuing to grow on the back of 17 new production wells and 120 million barrels of reserve growth targeted by a major five-well exploration programme,” he said.