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Oil company Union Jack Oil reported a full-year loss as it continued to develop prospects in the UK including the West Newton asset in Yorkshire.
Pre-tax losses for the year through December amounted to £1.69m, compared to losses of £1.10m on-year.
Revenue fell to £0.14m, down from £0.16m on-year.
Union Jack Oil said it was fully funded for all current drilling and well testing commitments.
'My confidence in respect of Union Jack's future remains highly positive,' executive chairman David Bramhill said.
'The company, during 2019 and to date, has advanced its key projects, and seen drilling and appraisal activity, supported by technical research input from our very competent technical team, resulting in an accretion in asset value and providing clarity on the next steps towards commerciality.'
'I have no doubt that, even in these difficult times, given our attractive projects, we will achieve our goal of increasing production materially and becoming a significant mid-tier UK onshore producer in the medium term.'
'In the meantime, I am certain that the news stream arising from the ongoing progress of our endeavours will vindicate our optimism in respect of our licence interests.'
'Union Jack's wider asset portfolio is well balanced with the relevant components of production, development, appraisal and discovery and we are fully funded for all our planned commitments going forward.'
At 9:00am: (LON:UJO) Union Jack Oil Plc share price was +0.01p at 0.13p