LONDON (Alliance News) - Frontera Resources Corp said Friday its annual loss narrowed in 2017 on costs cuts, though revenue decreased.
The European focused oil & gas exploration and production company also significantly reduced debt during the year.
For 2017, the company's revenue from crude oil & gas sales dropped to USD2.6 million from USD3.1 million in 2016.
The company's pretax loss narrowed to USD17.9 million, compared to USD23.6 million in 2016, as it reduced operating expenses to USD14.2 million from USD17.5 million.
The company said that around USD1.0 million of its pretax loss represented costs associated with the restructuring of debt.
In 2017, Frontera said it eliminated USD32.2 million of debt and associated debt service. As of the end of 2017, Frontera no longer had any long-term debt due within a year, compared to USD22.1 million a year before, and its total liabilities had been reduced to USD48.7 million from USD73.0 million.
Chief Executive Officer Zaza Mamulaishvili said: "During the year 2017, the company eliminated approximately USD32.2 million of debt which is an important milestone for the company's growth plans.
"This has simplified and strengthened our balance sheet, greatly enhanced the company's operating and financial flexibility, and positioned us well for the implementation of the ongoing operational campaign in 2018."
Frontera shares were trading down 1.4% at 0.36 pence each.
