Oil and gas explorer Valiant Petroleum slipped into the red last year despite becoming a producer for the first time.
Valiant, which has agreed to be acquired by larger rival Ithaca Energy, said yesterday turnover fell by 27% to £153.5million, although production started at its North Sea Causeway field in November.
The company reported operating losses of £39.5million, down from profits of £99million before, while the pre-tax deficit was £44.6million, against a £94million surplus in the previous 12 months. Valiant said it expected the £203million deal with Ithaca to close within weeks.