North-east oil explorer Eland Oil and Gas reported losses in its first set of interim accounts as a listed company.
Westhill-based Eland said operating losses in the six months to June 30 were £2.8million, compared with £928,000 in the same period last year, but pre-tax losses narrowed to £3.3million from £6million.
Chief executive Les Blair said the Nigeria-focused business expected its key project off the country to produce oil and cash flow within six months.