Tethys Petroleum was hit by a 47% drop in sales to $11.7million during a turmoil-hit 2016 for the London-listed company.
Tethys, which is focused on Central Asia and the Caspian Sea, said the decline was due to a natural decline in production volumes and a price reduction for oil.
Its losses for 2016 narrowed to $46.9million from a deficit of $74.6million the previous year.
Tethys’ board is considering farming down or selling the Tajikistan and Georgian assets to focus on the assets in Kazakhstan.
Tethys was served with a withdrawal notice from its partners in Tajikistan during 2015, although is contesting this in arbitration proceedings.
The firm also intends to resolve is current issues in Kazakhstan, including disputes with Eurasia Gas Group (EGG) and Olisol, and complete the process of restructuring the company’s loans, which are falling due in 2017.
Olisol has sought to terminate an amended and restated investment agreement with Tethys and has demanded repayment of working capital funding provided.
EGG, an Olisol affiliate, made claims against the company in the Kazakhstan courts leading to restrictions to its Kazakh bank accounts.