Exploration company Petroneft has reported losses of almost $1m for last year, compared with a loss $260,000 in 2005.
Petroneft, which floated on the junior markets in Dublin and London in September, has interests in Western Siberia in Russia.
The company said it had completed a preliminary feasibility study on its Lineynoye and Tungolskoye oil fields, which are estimated to have reserves of 33.5 million barrels of oil. It hopes to start producing oil in 2009.
