Nigeria-focused oil group Canadian Overseas Petroleum (LON:COPL CVE:XOP) ended its third quarter with cash of around US$3.5mln.
The explorer, which is partnered with ExxonMobil on a venture in Liberia, posted a sharply reduced net loss of US$980,000 (US$2mln) for the quarter to September and US$4.7mln for the nine months of 2015 so far.
The company holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working interest.
Last month, COPL also revealed its joint venture with Shoreline Energy was close to completing the acquisition of a producing asset in Nigeria.
Arthur Millholland, COPL's chief executive, has described it as a very high quality asset that is attractive at the current oil price environment.
During the quarter ExxonMobil also confirmed an exploration well, offshore Liberia was in its budget for 2016.