Phoenix Global narrows losses as revenues improve

Upstream oil and gas company Phoenix Global Resources turned in a narrowed full-year loss on Friday, as expenses such as exploratory and finance costs were reined in.

Phoenix turned saw pre-tax losses come to $61.5m, a significant reduction on the $286.7m loss recorded a year earlier as a result of a $232.4m impairment charge.

Revenues improved 25% to $177m, but average daily production dropped to 10,249 barrels of oil from the 11,070 seen twelve months prior.

On an operational level, the AIM-listed group concluded an eight-well completion campaign at Puesto Rojas, Argentina, the results of which were used to prioritise its 2019 investment plan.

It also secured rights to the Mata Mora and Corralera licences, with operatorship and an increased working interest of 90%, and secured four additional prospective licence areas in the Neuquén province and one additional block in Mendoza.

Chief financial officer Kevin Dennehy said: "In 2018, the focus of the company has been on consolidating our ownership positions and on appraising and de-risking our key unconventional assets.

"We look forward to updating shareholders as we move forward with our unconventional projects in 2019."

As of 1100 BST, Phoenix Global shares had shot up 8.47% to 16p.