Unconventionals group 3Legs Resources saw losses narrow for 2013 as it looks to capitalise on a potential Polish shale boom.
The European-focused firm, which has six concessions in the Baltic Basin, posted a net loss of £4.3million for the year, down from 2012’s £6million.
Increased exploration expenses and impairments contributed to the drop, which has seen the London-listed firm sell off its German concessions and allow two of its licences to lapse to help cut costs.
But the firm said it was looking for better results this year with work on its drilling programme with ConocoPhillips now underway.
“Although we have yet to demonstrate commercial flow rates, we believe that our activity in 2013 has enabled us to make substantial advances in our understanding of our target formations on our western Baltic Basin concessions, and of the techniques required to enhance the effectiveness of our stimulation and completion techniques in future wells,” said chief executive Kamlesh Parmar.