- Argentina-focused oil company Phoenix Global Resources said its annual losses more than doubled on the back of lower revenue, licence terminations, losses on asset sales and other expenses.

Pre-tax losses for the year through December amounted to $134.8m, compared to losses of $61.5m on-year. Revenue dropped 27% to $129.4m.

'The company's strategic objective in 2019 was to create additional value in its substantial portfolio of unconventional oil and gas assets through continued appraisal and development activity in key prospective areas, an objective that was progressed in the year,' chairman Michael Rake said.

'Unfortunately, notwithstanding the progress made in the year, recent events mean the company is currently faced with several challenges,' he added.

'On a macro level it faces economic uncertainty in Argentina following a change of government in December 2019 and as a result of the continuing negotiations by the government to restructure the country's debt.'

'This political and economic uncertainty has been compounded by the impact of Covid-19 and the global collapse in demand for oil that caused oil prices to collapse in the first half of 2020.'

At 9:07am: [LON:PGR] Phoenix Global Resources PLC share price was -0.02p at 9.48p

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