North Sea Energy saw losses widen to more than £4million after being hit by hefty impairment costs over the Terry prospect.
The Canadian exploration firm posted a net loss for the nine months ending September 30th 2013 of £4million compared with £1.5 million during the same period in 2012.
The company, which struck farm in deals with Maersk for the Bagpuss and Blofeld fields, saw revenue more than double from £130 million to £266 million for the third quarter.
Revenue for the first nine months was £1million compared with £2.1million for the same period last year.
The company said the Jacky field – operated by Ithaca Energy – had encountered a problem in the Beatrice Alpha to Bravo water injection pipeline. As a result production at the field is likely to decrease.
North Sea also confirmed today it will host a joint data room with EnCounter Oil to facilitate the potential farm-out of the Cloud Prospect. The prospect is located north of the Goldeneye field in the Moray Firth.
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