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Latin American oil and gas play Echo Energy reported a widened loss for the first half of 2019.
On revenue down 34% to £2.74m the company reported a loss of £5.7m compared with £3.9m for the same period a year ago.
The results were impacted by a lower realised oil price and restructuring costs. The company is now focused on the exploration of its Tapi Aike licence with drilling set to commence in the fourth quarter.
Martin Hull, CEO, commented: 'The first half of 2019 was a period of change for Echo, one in which we successfully restructured our asset portfolio and re-focused the Company on Tapi Aike and our growth strategy.
'As we continue to progress towards the spud of our first Tapi Aike well in Q4 2019, we continue to be excited by the potential identified and look forward to providing updates as appropriate.' At 8:28am: (LON:ECHO) Echo Energy Plc share price was +0.05p at 3.05p