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Energy company Echo Energy reported wider annual losses as jump in costs offer a more than fourfold increase in revenue.
For the year ended 31 December 2020, pre-tax losses widened to $15.3 million from $10.03 million year-on-year, while revenue jumped to $11.1 million from $2.6 million.
In 2020, Echo's net cumulative production was 0.72 MMboe, which included 3,750 mmscf of natural gas and 94,693 bbls oil and condensate.
'Moving forward, we are excited by the continuing expansion opportunities at our SCS assets, where we aim to maximise production potential, and we are also encouraged by the potential for new hydrocarbon and/or renewable energy prospects in neighbouring Bolivia and elsewhere in the region,' the company said.
At 8:29am: (LON:ECHO) Echo Energy Plc share price was 0p at 0.43p