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Upstream oil and gas company Echo Energy reported a slight uptick in losses as higher costs offset revenue.
For the financial year ended 31 December 2019, pre-tax losses widened to $10m from $9.67m on-year and the company reported revenue of $2.59m.
Net production averaged 2,505 barrels oil equivalent per day (bopd) in November and December.
'During the year we successfully restructured our portfolio, relinquishing assets without future growth, "rightsize"' our interest in Tapi Aike and made the important acquisition of producing assets with a strong reserves base in Santa Cruz Sur,' the company said.
'This brought cash-generation into the business along with a pipeline of development opportunities and additional near field exploration potential, with a second exploration well spud before year end,' it added.
Looking ahead, the company said it remained 'well-positioned' despite the 'serious' global challenge in the energy industry.
At 9:43am: (LON:ECHO) Echo Energy Plc share price was -0.13p at 0.78p