StockMarketWire.com - Argentina-focused Phoenix Global Resources booked a deeper first-half loss after its revenue fell and it took a hit owing to the termination of licences.

Pre-tax losses for the six months through June amounted to $42.9m, compared to losses of $30.8m on-year.

Revenue fell to $68.6m, down from $92.9m, reflecting lower production, lower oil prices and the effect of Peso devaluation.

Average daily production of 9,630 barrels of oil per day fell from 10,776 boepd produced on-year.

'We are encouraged by the initial results from the company's first two horizontal unconventional wells at Mata Mora,' chief operating officer Javier Vallesi said.

'The wells represent an important milestone in Phoenix's development as an unconventional oil and gas production company focused on the Vaca Muerta and other unconventional resources in Argentina.'

'In addition to the progress made at Mata Mora, our work at Puesto Rojas continues following the award of the first ever unconventional development concession in Mendoza province.'

'We have successfully drilled four unconventional vertical wells of an eight-well programme targeting the folded Agrio formation, with each well being drilled to plan and on time.'

'I look forward to providing further updates as the completions campaign for the wells commences later in the year.'




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