StockMarketWire.com - Argentina-focused oil company President Energy posted a full-year loss after lower crude prices sent its revenue down by almost a third.

Pre-tax losses for the year through December amounted to $10.3 million, compared to year-on-year losses of $93.6 million, when it also booked larger impairments.

Revenue fell to $27.8 million, down from $40.8 million, even after average output rose 12% to 2,714 barrels of oil per day.

'We successfully controlled what we could and the key performance metrics through 2020 bear witness to this,' chairman Peter Levine said.

These, he said, included increased average production and reduced operating and administrative costs.

'I am confident that 2021 will be seen by its end as a year of progress with the Paraguay farm-out, new drilling in Salta and the spin off and float of Atome all set to be completed by year end,' Levine said.


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