Lansdowne Oil and Gas, which owns a 20 per cent stake in the Barryroe Oil field off the coast of Ireland, recorded pre-tax loss of £1.02 million (€1.27 million) for the 12 months ending 31st December, down from £1.14 million (€1.42 million)), a year earlier.

Group operating expenses were £0.98 million, compared to £1.02 million for 2012. Net finance expense for the year was £0.04 million as against £0.13 million a year earlier.

The firm ended the period with a cash balance of £2.48 million.

Lansdowne said that 2013 was a year of consolidation for the company with the focus on concluding farm-out agreements for both Barryroe and its exploration portfolio.

"Despite high oil and gas prices, the market for farm-outs has been depressed and progress has not been as rapid as we had hoped. Nevertheless, the fact remains that we hold valuable assets in the shallow water Celtic Sea and we remain optimistic that this will be recognised in due course," said chairman John Greenall.

“Over the last few years, through the acquisition of high quality modern 3D seismic data and successful appraisal drilling at Barryroe, Lansdowne has participated in the rejuvenation of the North Celtic Sea Basin, offshore Ireland. The next phase of activity, which requires the successful conclusion of our farm-out processes, will be a new drilling campaign and we remain focused on delivering this programme,” he added.