Irish exploration company Clontarf Energy has said it remains "hopeful" it can reach agreement on a long-running dispute over lost acreage in Ghana.
The company has been seeking land compensation in Ghana for more than a decade after a rival US/Nigerian company was wrongly awarded part of Clontarf's onshore Tano 2A block. While Clontarf - and sister company Petrel Resources - reached agreement, in 2014, with the Ghanaian National Petroleum Company it is still awaiting formal government approval.
Clontarf chairman John Teeling said progress is slow and the implementation of a court order, saying the Irish company has a legitimate right to the block, is proving to be "a mammoth task".
"The opportunity in Ghana oil remains. More discoveries have been made and the country has become a significant oil producer during the time our saga has continued. We are frustrated, we have spent time and money in the country. We remain hopeful of an agreement," he said.
Speaking as Clontarf reported a lowering in annual losses to £350,553 (€397.000) from nearly £2.8m, Mr Teeling said there is "a small glimmer of hope" that some of the company's hydrocarbon assets may be recoverable.
There has been a number of false dawns. All I can offer my fellow shareholders is hope, hope that - at long last - some genuine opportunities will be open to our company.
Clontarf has also applied for an exploration and development permit in Bolivia, which - if successful - will see the company undertake a detailed exploration programme.