- Oil company Prospex Oil and Gas booked a full-year loss and said projects its developing in Europe could be delayed by the Covid-19 crisis.

Pre-tax losses for the year through December amounted to £1.3m, compared to losses of £0.78m on-year.

'Of course, there is no way of knowing what the true impact will be of the ongoing Covid-19 pandemic on the global economy and how long it will take for societies to recover,' chief executive Edward Dawson said.

'Timeframes for the development of certain of our projects may well therefore have to be extended.'

'Since the turn of year Prospex has been in discussions with the various project operators who are adjusting to the current environment and taking a cautious approach to discretionary expenditure.'

'Prospex itself has cut costs to its general and administrative since the start of March.'

'This has been helped by a one third deferment of salaries from April to last during Covid-19 lockdown.'

'Importantly the Covid-19 situation appears to be improving in Italy and Spain and reassuringly operators report continued dialogue and progress with regulators throughout the various lock down periods.'

At 8:49am: [LON:PXOG] Prospex Oil Gas share price was -0.02p at 0.12p

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