Losses before tax narrowed to £1.6 million in the six months to 30 June from £1.8m, with revenues virtually flat at £770,000.
The first oil flowed from the company’s Lybster well during the first half of the year and the firm is close to completing its purchase of a 15 per cent stake in the Athena oil field.
Gidney said: “The company continues to be very well placed: drilling has just started at the first of two high-impact wells, either one of which could be transformational; we are in the process of completing the Athena acquisition, which – together with Lybster – moves the company into production; and results are shortly expected from the eight applications put forward in the 27th licensing round.
“These activities have all been progressed against the backdrop of one of the more-challenging periods for North Sea exploration and production businesses. As importantly, the company is in a financially-healthy position with the capacity to fund its near term commercial objectives.”