Argentina-focused Andes Energia PLC (LON:AEN) lifted its production rates and revenues last year, though the net loss widened.
It also told investors it had made a good operational start to 2017.
For the year to end December, 2016, Andes said its average production was lifted to 3,449 boepd (barrels of oil equivalent per day), compared to 3,211 barrels in 2015, largely due to the increase in actrivity at its Chachahuen conventional field.
WATCH: Zak Mir on Andes Energia
Here, 98 wells were drilled in 2016, 70 of them producing ones, while 21 producers were converted into injector wells.
The field had an average production of 1,493 bpd (barrels per day) net to Andes in 2016 - a 58% increase compared with the same metric in 2015.
In terms of sales, average selling prices in 2016 were US$ 59 and US$ 37 per barrel in Argentina and Colombia, down from US$71 and US$47 respectively in 2015.
The group net loss for the year came in at US$ 26.3 million, compared to a loss of US$ 18.4mln in 2015, on revenues which were marginally higher, at US$67.8mln versus US$ 66.8mln the previous year.
Andes has 21 million barrels of net conventional 2P reserves in Argentina and Colombia and net contingent and prospective resources of 484 million boe (barrels of oil equivalent).
Its licences span over 6.1 million acres across South America and it also has around 250,000 net acres in the Vaca Muerta formation - second largest shale oil deposit in the world.
Group production for March 2017 currently stands at a total of 3,502 boepd, and Andes, with partner YPF, the state Argentine oil company, has 86 new wells planned in 2017, 55 of them production wells.
Out of these, 30 wells have been drilled since the beginning of 2017, it said.
The wells will be funded primarily by field production cash flow and available credit.
For Andes's licences in Colombia, geochemical surveys are being conducted as part of the committed investment activities with the ANH, it said.
In Interoil, a drilling campaign of 1 exploration well on the Altair licence and between 2 and 4 exploration wells on the LLA-47 licence is currently ongoing.
Andes shares were unchanged at 58.75p.