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Lekoil annual losses widen as falling oil prices bite
StockMarketWire.com
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Oil and gas company Lekoil reported wider annual losses as revenue fell more than quarter, pressured by lower oil prices.
For the full year ended 31 December 2020, comprehensive loss widened to US$16.2 million from US$12.0 million last year as revenue fell 25% to US$31.5 million.
'This decrease was largely due to the lower realised oil price experienced in 2020 of US$35.5 per barrel compared with US$62.0 per barrel in 2019,' the company said.
Looking ahead in the midst of the improving macro-economic outlook, the company said it is 'beginning to 'benefit from the more favourable crude pricing environment.'
At 8:26am: (LON:LEK) Lekoil share price was 0p at 2.25p
Story provided by StockMarketWire.com
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