Europe-focused Aurelian Oil and Gas said 2011 had been overshadowed by operational difficulties and poor results at its Siekierki gas field in Poland.
The company announced pre-tax losses of €8.65m in the year to the end of December 2011, although this was an improvement on the €9.68m loss the year before.
This amounted to a loss per share of 2.05c, up from a loss of 4.94c in 2010.
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Aurelian said its cash pile at 31 December was €63.4m, which would allow it to carry out planned exploration and appraisal activities well into 2013.
Despite disappointing results from the field, the company said its Siekierki project remained a "material and attractive project".
"The Siekierki project is a fundamental part of the Aurelian portfolio and we remain committed to bringing this significant gas resource to market," said Chief Executive Rowen Bainbridge.
"The insight that we have gained on Siekierki through the pioneering 2010/11 appraisal programme is an important step forward for the Company," he added.
"We now know a lot more about this project and have developed a more precise and phased appraisal plan to capture its value, which we are now executing."
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