Irish oil and gas exploration company San Leon Energy, which is chaired by former Smart Telecom chief executive Oisín Fanning, has reported a €3.175 million loss for 2008. This compares to a profit of €173,244 a year earlier.

Mr Fanning said such a deficit was “not unusual or unexpected” at this developmental phase.

The company floated on the London AIM market in last September. Earlier this month, it acquired Gold Point Energy.