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Morocco and Egypt focused oil company SDX Energy swung to a full-year loss, owing to higher exploration, depletion and impairment expenses.
Pre-tax losses for the year through December amounted to $12.4m, compared to a profit of $7.1m on-year.
Revenue fell to $53.2m, back from $53.7m despite the company improving production volumes by 14% to 4,062 barrels of oil equivalent per day.
'Looking ahead, we see significant challenges in the industry, not least in the downward revision in both oil prices and equity valuations and the uncertainty caused by Covid-19,' chief executive Mark Reid said.
'However, we feel it important to note that, after the restart of operations at our three Moroccan customers that are temporarily closed due to Covid-19 issues, we expect that with a Brent planning price of US$35/bbl approximately 90% of 2020 and over 95% of 2021 forecast cash flows will come from our fixed price gas businesses, insulating us from much of the impact of falling oil price.'
At 9:53am: (LON:SDX) SDX Energy Inc. share price was -0.5p at 13.25p