North Sea oil firm Bridge said it was looking to make new acquisitions after seeing production fall during the second quarter of the year.
The company, which has stakes in the UK and Norwegian continental shelfs, saw production fall from 1451 barrels of oil equivalent a day in 2012 to just 947boed this year.
AIM-listed Bridge posted a second quarter operating loss of 19million krone, a substantial reduction on the 268.1million krone loss in the same period last year.
Focus for Bridge now switches to the Amol and Asha East discoveries off Nortway, in which it owns a 20% stake, with exploration wells now being drilled by the Borgland Dolphin which would give the company access to up to 6million boe.
The company said it was looking for acquisition opportunities ‘to increase cash flow from production and provide a strong platform for additional growth’.