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Oil and gas development company Empyrean Energy reported narrower first-half losses as costs fell.
For the six months ended 30 September 2021, pre-tax losses narrowed to £452,000 from £447,000 year-on-year as operating expenses fell to £428,000 to £441,000.
'Empyrean's focus during the half year period to 30 September 2021 has predominantly been on preparing for and funding the drilling of the jade prospect at its 100% owned block 29/11, offshore China,' the company said.
'At the time of writing, ... drill preparation activities have progressed well throughout the latter part of the year, culminating in the signing of an integrated drilling contract in November, at a significantly reduced cost to initial estimates,' it added.
'With the drill rig confirmed, the well will spud following the completion of the well site survey and final permits are in hand.'