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Oil company Phoenix Global Resources booked a deeper annual loss Pre-tax losses for the year through December amounted to $235.0 million, compared to year-on-year losses of $134.8 million.
The red ink included a $171.1 million loss on termination of licences and other impairment charges.
Revenue more than halved to $54.0 million, from $129.4 million.
'Whilst these are truly unprecedented times with disruption on the demand and supply side, the directors believe they are able to leverage this situation and take this opportunity to continue to reduce and optimise its normalised production cost base,' Phoenix said.
'The company is fundamentally focused on unconventional development and has excellent assets in this space and believes it is now better placed to progress the development of these assets, which is the company's core objective.'
'The directors recognise that significant investment will be required in the coming years to develop these assets and enhance value and acknowledges this may include third party partners and local debt providers in the funding mix to support this development.'
At 9:57am: (LON:PGR) Phoenix Global Resources PLC share price was 0p at 5.98p