StockMarketWire.com - Gas-focused producer Energean reported wider losses in the first half of the year as lower oil prices weighed on results.

For the six months ended 30 June 2020, pre-tax losses widened to $77.3m from $4.5m on-year as sales revenue slumped 94.8% to $2.1m.

The reduction in revenue reflected the reduced production levels at Prinos, and the lower commodity price environment, the company said.

The realised oil price fell 84.4% to $9.1 a barrel, down from $58.3 a barrel a year earlier.

Looking ahead, the company maintained 2020 production at 44.5-to-51.5 kboed, but trimmed capital expenditure guidance to $635-to-705m, a $75 - 125m reduction on guidance issued in June 2020.

'In the second half of the year, we look forward to completing our acquisition of Edison E&P, which, alongside the Karish project,' the company said.

'Following completion of the deal, around 70% of our future production will be sold under long-term gas sales agreements that will largely insulate us against oil price volatility.'





At 8:36am: [LON:ENOG] Energean PLC share price was -21.65p at 528.35p



Story provided by StockMarketWire.com