Central Asia focused Tethys Petroleum suffered a 46% slump in third quarter revenues due to a drop in production and the devaluation of the Kazakh currency.
Tethys, headquartered in Guernsey, but registered in the Cayman Islands, said its revenues slid to $3.1million as oil output fell by just under 1,000 barrels a day, while gas production was about a third lower.
Capital expenditure decreased to $300,000 from $1.9million as its funds ran low.
The company said it was working to have non-fulfilment of work penalties in Kazakhstan overturned.
The firm is also involved in a dispute with Olisol over an investment agreement between the two firms which went sour.