Pre-tax losses at exploration group Ovoca Resources rose by 56 per cent to €229,730 in the year ending on February 28th.

The company's loss per share increased from 0.51 cents to 0.71 cents over the same period.

Ovoca chief executive Mr Frank Buckley said exploration activity had been limited over the year as the company dedicated most of its time to raising funds for its energy storage project, Optimum Energy.

He said progress at this operation had been hampered by delays in fund-raising but pointed out that Ovoca's recent share placing would facilitate more intensive surveys and site assessments over coming months.

Mr Buckley believes energy storage holds considerable potential, particularly as demand for peak electricity continues to grow.

Optimum, which was formed to take advantage of a growing demand for "green" energy, focuses on the storage of compressed air in deep underground areas.

Shares in Ovoca closed unchanged at seven cents in Dublin last night.