- Turkey focused oil company Valeura Energy posted a full-year loss as it increased spending on exploration and development.

Net losses from operations for the year through December amounted to $4.8m, compared to losses of $5.5m on-year.

Revenue rose to $10.2m, up from $9.2m on-year.

'We have continued to realise strong gas prices and generate strong netbacks from our shallow conventional gas business,' chief executive Sean Guest said.

'Valeura remains in a strong financial position, and we intend to keep it that way.'

'We are a cash flow generating business, with a balance sheet that is debt-free and has working capital resources of over $37m.'

'Raising our sights to 2020 and beyond, our Ccmpany is well-positioned to unlock value for shareholders, both through the deep tight gas play, and through our conventional gas production, where we continue to enjoy gas prices that remain unchanged and not directly linked to volatility in global oil price benchmarks.'

At 8:03am: [LON:VLU] share price was 0p at 16p

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