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Energy operator and producer Gulf Keystone Petroleum suspended its guidance and reported a sharp drop in profit as plunge in oil prices weighed on performance.
For the year ended 31 December 2019, pre-tax profit fell to $43.5m from $79.7m on-year as revenue fell to $206.7m from $250.6m.
Brent oil prices averaged $64 per barrel in 2019 compared to $71 per barrel in 2018.
In response to a lower oil price environment, the company said had taken measures to support liquidity, cutting its outlook on capital spending by 50% to $40-to-$48m from $50-to-$60m last year.
The company said it would target saving of at least 20% and was in process of reducing expatriate workforce by 60%.
'With a strong balance sheet, limited capital commitments and an existing low-cost production base, GKP is well placed to navigate through these challenging conditions and, if necessary, to withstand a lower oil price throughout 2020 and 2021,' the company said.
At 8:06am: (LON:GKP) Gulf Keystone Petroleum share price was +1.45p at 73.95p