Failed North Sea exploration has cost recently merged Aussie outfit Elixir Petroleum, and the company had to admit a year-end loss on Wednesday of A$3.1 million.

The result was still an improvement over the previous year’s A$7 million loss, but a $1.4 contribution to North Sea exploration dented cash holdings, of which the company still has some A$4.5 million.

Money was also raised in July, when Elixir managers sold $2.7 million in debt via a bond issue to ”a small number of sophisticated investors”.

A merger with compatriot company Gawler Resources in March was intended to produce a “balanced oil and gas exploration and production company”.