StockMarketWire.com - Argentina-focused Phoenix Global Resources posted a full-year loss owing to higher expenses, including exploration and finance costs.

Pre-tax losses for the year through December amounted to $61.5m, compared to $286.7m on-year, when the company recorded a $232.4m impairment charge.

Revenue rose 25% to $177.0m, though average daily production slipped to 10,249 barrels of oil per day, down from 11,070.

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

'We undertook an important unconventional completions campaign at Puesto Rojas in the second half of 2018 that has de-risked the folded Agrio play in that area and allows us to assess the various prospects present on the block to allocate and sequence investment to those plays.'

'In early 2019, we were awarded a 35-year unconventional concession at Puesto Rojas, the first of its kind issued in Mendoza province.'

'The award of this concession provides clarity and incentive for our unconventional ambitions at Puesto Rojas.'

In April 2018, we successfully secured our rights to both the Corralera and Mata Mora concessions and confirmed Phoenix's operatorship.'

'The company's participation in the licence areas has been increased to 90% with GyP, the Neuquen province-owned oil and gas company, as our 10% partner.'

'The award of the Corralera Noroeste licence in early 2019 consolidates all the concessions forming the Corralera block under Phoenix operatorship.'

'At Mata Mora we concluded drilling of our first two horizontal wells in early 2019 which will be completed in a simultaneous fracture stimulation operation planned for Q2 2019.'

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


At 9:33am: [LON:PGR] Phoenix Global Resources PLC share price was +2.5p at 17.25p



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