Losses at the Dublin-listed, Russia-focused oil exploration company PetroNeft Resources widened from $260,414 (€194,899) in 2005 to almost $1 million last year, as revenues remained at nil.
"These results draw a line under our successful start-up period and have provided the launch pad for operational and financial progress," chief executive Dennis Francis said yesterday. "We are currently back on schedule in spite of weather delays early this winter and look forward to results later this year."
He added that the company's oversubscribed fundraisings meant it was fully funded for its current operational programme.
Chairman David Golder said one of PetroNeft's main objectives was to begin producing oil in the company's "core area" - Licence 41 in the Tomsk Oblask in western Siberia - by 2009.
Drilling has begun on the first well of its 2006/2007 winter programme, he added, and the results from this are due in May.
A feasibility study of two proven oil fields - Lineynoye and Tungolskoye - indicated possible reserves of 33.5 million barrels. Revenue: Nil (unchanged)
Net loss: -$993,343 (-$732,929)
Loss per share: -$0.53 (-$0.24)
