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Falklands-focused oil company Rockhopper Exploration posted a deep first-half loss on the back of a large exploration writedown.
Net losses for the six months through June amounted to $226.8m, compared to losses of $16.5m on-year.
The losses included a $222.2m one-off non-cash impairment to write off historic exploration costs associated with resources that would not be developed as part of the Sea Lion project in the Falklands Basin.
During the period, Rockhopper and partners scaled back headcount and activity at the Sea Lion operation, pending an improvement in the external macro environment.
A core team continued to progress a number of project, commercial and regulatory workstreams, including development of Sea Lion's net zero emissions plan, the company said.
Following some asset sales, including its Egytian operations and a stake in United Oil & Gas, Rockhopper's cash at 1 September was $13.4m.
Rockhopper said it expected the cash to keep it fully funded through to at least the end of 2022, assuming Sea Lion was sanctioned during that time.
At 9:24am: (LON:RKH) Rockhopper Exploration PLC share price was -0.03p at 5.79p