London-based explorer Tullow Oil said its net profit fell by 92% to £19m ($28.48m) in 2009 due to lower oil and gas prices and output.
Tullow said it continued to hold talks with the Ugandan government about bringing in China's CNOOC and French oil major Total as partners in its Lake Albert oilfields.
The company added that its Jubilee field project in Ghana remained on budget and on track for start-up in the fourth quarter of 2010.
Tullow has also upgraded its reserves estimates for its Tweneboa discovery, saying P50 or most likely recoverable resources would be 400 million barrels, up from an earlier estimate of 250 million barrels.
Analysts had forecast the net income to fall to between £1m and £11m, reports Reuters.