MMS Petroleum has increased its pre-tax losses from £380,000 sterling to £587,000 in the six months to June 30th, 1997. This, the company said, reflected the increased level of activity, including the evaluation of new ventures, especially in Kazakhstan. The agreement to acquire a 17.5 per cent interest in the Karakuduk oilfield development project in Kazakhstan, announced last April, has not yet been finalised. The interim statement, issued yesterday, described it as a "preliminary agreement with Chaparral Resources" and explained that MMS had undertaken a "thorough evaluation of the technical data relating to the field, completed an economic analysis and agreed with Chaparral a plan for the development".

MMS noted that detailed negotiations were at an advanced stage and promised that an announcement "will be made shortly".

The group, which is at a development stage, has no turnover. The interim results showed a rise in the loss per share from 4.2p to 5.3p. Shareholders' funds have been reduced from £7.3 million to £5.7 million.