- Argentina-focused oil company President Energy said its annual losses narrowed, though to a still relatively-steep $13.2m as administrative expenses rose.

The loss compared to $20.4m of red ink in 2016, when the company also booked a larger impairment charge.

'2017 was a year of transition and the transformation of the company has been both swift and dramatic,' chairman Peter Levine said.

'The two acquisitions of producing assets we made, one in the Neuquén Basin, Argentina and the other, smaller, in Louisiana, are delivering results and cash flow above expectations, which were fortuitously timed in the light of improving oil prices.'

'Our roadmap is clear, concentrating on cash flow, profits and margins and we look forward to 2018 with well-founded optimism as the group goes from strength to strength.'

At 9:56am: [LON:PPC] President Energy Plc share price was -0.1p at 9.49p

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