Oil and gas explorer Trap Oil said yesterday it hoped to achieve operator status in the UK North Sea by the year end.
The Alternative Investment Market-listed firm, said this would allow it to start operating the drilling of wells itself.
Meanwhile, its results showed pre-tax losses of £1.5million in the first six months of 2012, compared with £1.7million in the same period last year.
Trap is due to take part in drilling the Romeo and Scotney prospects, operated by Suncor Energy, and Dana Petroleum-operated Magnolia prospect before the end of 2012.
The firm has production from the onshore Lybster well in Caithness and is in the process of acquiring 15% of the Athena field in the outer Moray Firth.
First-half revenue came in at £770,000, slightly down from £804,000 a year earlier. Cash reserves at June 30 totalled £33.7million.