MARINE & Mercantile Securities (M & M) has reduced its loss before tax from £577,000 sterling to £380,000 in the six months to June 30th, 1996. No revenue was generated over the period.

The reduced loss was due to higher interest receipts and a sharp reduction in exploration expenses and licence fees. The loss per share fell from 10.7p to 4.2p.

M & M gained a share listing on the Alternative Investment Market in London in March following the raising of £6.26 million from institutional shareholders. In April, it finalised the Czech joint venture agreement to evaluate and develop the coal bed methane project. It also received Romanian government approval for an exploration and production sharing agreement with a state owned oil company.