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Irish oil company Petrel Resources booked a full-year loss after it wrote down the value of deferred development costs.
Pre-tax losses for the year through December amounted to €1.96m, compared to losses of €0.24m on-year.
Petrel is developing prospects in Ireland, Iraq and Ghana.
Chairman John Teeling said the company had a clear strategy of focusing on Iraq while pushing Ghana with its partners.
Teeling said Petrel Resource raised a limited amount of new money, £250k, in early 2020 to fund an expansion of its Iraqi involvement.
'This adds to the money invested in new shares by the French group in 2019,' he said. 'So we are well funded for current activities.'