The Edinburgh-based oil explorer predicted that next year will be the “most active period in its history” as it unveiled a drop in losses to $10.2m (£6.1m) from $10.9m.

Bowleven, which operates predominantly in Africa, admitted last week that the improvement for the year to June 30 was chiefly linked to the strengthening of the dollar.

It confirmed plans to drill four new wells next year off Cameroon, but was hit by an impairment charge from its decision to defer next year’s planned activities in Gabon.

In June, the company raised capital from shareholders in a $113m rights issue, which will fund the Cameroon project. It has a cash balance of about $120m.

Some analysts have had fairly negative views of the outlook for Bowleven, which last year held short-lived offer talks with an unnamed company, understood to be PTT (formerly known as the Petroleum Authority of Thailand).

But the upbeat forecast prompted a flurry of positive statements from commentators.

Kevin Hart, Bowleven’s chief executive and a former finance director at Cairn Energy, said: “This is an exciting time for the group with a scheduled work programme that will shape [its] future.”

Shares closed on Friday at 91.75p.

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