28/03/2013 (Stock Market Wire) - Palm oil developer DekelOil posts net losses of €341,000 for the year to the end of December - down from €868,000 last time.

The group says it has a strong cash position following the total gross fund raising of £2.3m in conjunction with its AIM listing and near term production is its priority for the next 12 months.

Non-executive chairman Andrew Tillery said: "We are committed to building DekelOil into a major West African producer of crude palm oil.

"We have assembled a vertically integrated palm oil business in Côte D'Ivoire, including a nursery with an annual capacity to produce 1 million seedlings, 1,886 hectares of planted estates, 24,000 hectares of prospective hectares for roll out, and a soon to be completed 60t/hr CPO extraction mill.

"Combined with long term agreements with cooperatives and small holders covering 27,000 hectares in place to provide feedstock for the Mill, we are primed to deliver rapid near term growth."