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Offshore Ireland focused oil company Lansdowne Oil & Gas booked a full-year loss as it attempted to progress the Barryroe prospect in the Celtic Sea.
Pre-tax losses for the year through December amounted to £179k, compared to losses of £293k on-year.
An agreement for APEC to invest in the prospect had to be terminated after APEC failed to contribute the required funds.
'2019 has proved another challenging year for the company, however, the board remains steadfast in its belief of the significant potential of Barryroe and is focused on unlocking its inherent value,' chairman Lord Torrington said.
'The board has been encouraged by the new farm-out campaign initiated in the fourth quarter of 2019 that has received a positive response from industry,' he added.
'We are now in detailed discussions with a potential counterparty that has been given a period of exclusivity in order to agree an appraisal work programme and develop commercial terms with the aim of concluding a binding farm-out agreement.'
At 2:31pm: (LON:LOGP) Lansdowne Oil Gas PLC share price was +0.03p at 0.88p