StockMarketWire.com - Oil and gas producer Lekoil swung to a loss on higher costs and lower revenue.

For the year to 31 December 2019, the company reported pre-tax losses of $4.9m, compared with a profit of $2.3m on-year as revenue fell to $42m from $48.7m.

Annual production was approximately 759,666 barrels of oil, down from 780,500 barrels of oil.

The company said it would target an immediate reduction of at least 40% in general and administrative expenses annually following the significant drop in oil prices in the first half of 2020.

'The priority for 2020 is to advance towards the start of the drilling programmes at both Otakikpo and Ogo in OPL 310,' it added.



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