(Alliance News) - Oil and gas company Echo Energy PLC on Monday reported a first half revenue fall and a widened loss.
In the six months to June 30, revenue fell by 34% to USD2.7 million from USD4.2 million and Echo's pretax loss widened to USD7.9 million from USD5.8 million.
The company generates revenue from oil and gas sales. Oil revenue stayed broadly flat at USD2.1 million despite the average realised price falling year-on-year by 20% to USD52 per barrel from USD65.23. Gas revenue plummeted to USD603,121 from USD2.1 million.
It was a period of "significant change" for Echo which saw the company refocus its resources on exploring the Tapi Aike bloke in Argentina.
The firm will begin an exploration drilling campaign at the Tapi Aike in the fourth quarter of 2019.
Chief Executive Martin Hull said: "The first half of 2019 was a period of change for Echo, one in which we successfully restructured our asset portfolio and re-focused the company on Tapi Aike and our growth strategy. As we continue to progress towards the spud of our first Tapi Aike well in the fourth quarter, we continue to be excited by the potential identified and look forward to providing updates as appropriate."
Shares in Echo Energy closed 3.3% higher at 3.10 pence each in London on Monday.
By Eric Cunha; ericcunha@alliancenews.com
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Echo Energy (ECHO)