Lansdowne Oil and Gas posted a loss of £15million for the year to the end of December – including an impairment charge of £14.95 million.
This compares with a loss of £1.32million in 2014.
Operating expenses for the year were £1.05 million and the firm had a cash balance £0.32 million at year end, compared with £0.28million in 2014.
Lansdowne is an upstream oil and gas company, focused on exploration and appraisal activities in the North Celtic Sea Basin, off the south coast of Ireland.
The company has targeted the Irish offshore shelf areas close to existing operating infrastructure for exploration, as these provide shallow water (generally less than 100 metres), and relatively low drilling costs.
In April this year, a judgement was handed down by the Court of Appeal overturning an earlier ruling against Transocean in a dispute with Providence Resources. Lansdowne is liable for 20% of the amounts payable by Providence as a result of this decision.
The company said it has conducted a severely discounted placing in order to keep the company going until next year after terminating the formal sales process after the company received no formal proposals.
The proceeds from the placing will keep the company funded until the middle of next year.
Lansdowne launched a formal sales process in April and said it received a number of indicative proposals, but no formal offers, and is now assessing “alternative means of enhancing shareholder value”.
The placing raised a total of £2.1 million through the issue of 210.0 million new shares priced at 1.0 pence each.
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