TUSKAR Resources has reported losses of £124,000 for the six months to last September compared with a loss of £122,000 in the same period in 1995.

Interim figures issued yesterday showed sales of £221,000 from its share of production from the Buchan oil field in the North Sea. The cost of sales, however, rose sharply on the previous half year period, rising from £144,000 to £171,000, leaving operating losses of £50,000. The figures translate into a loss per share of 0.04p for shareholders.

Announcing the latest figures Tuskar Resources chairman Mr Duncan McGregor, said the company's balance sheet reflected the implementation of the restructuring of Tuskar Resources as part of proposals approved by the High Court in April.

Mr McGregor said the most significant event for the company was its agreement with Allied Energy to acquire a 40 per cent working interest in an oil mining lease off Nigeria. This was approved by shareholders at an extraordinary general meeting of the company in October.

The alliance with Allied Energy leaves the company well positioned to take advantage of opportunities emerging in the oil and gas sector in West Africa, he said. Through the acquisition of a 40 per cent interest in the mining lease off Nigeria, Tuskar gains operatorship of the Obe oil field offshore Nigeria which it is currently evaluating, Mr McGregor added. He is optimistic the group will have some significant progress to report to shareholders in 1997.

Tuskar Resources was effectively taken over as a result of this deal. Under the agreement, Tuskar will be offered first refusal to participate in other exploration projects in a number of West African countries while Allied will provide Tuskar with management and technical advice on the Obe oil field.