Transglobe Energy reports loss as oil turmoil continues
Transglobe Energy was the latest company to post a difficult set of results today as turmoil on the world oil market continues.
The Canadian company, which also has extensive operations in Egypt, reported a net loss of $4m (£3.1m) for 2019 swinging from a $15m profit in 2018.
That included a $7.9m non-cash impairment loss on exploration and evaluation assets.
Shares in the company closed 8.7 per cent lower to 52.5p.
The company reduced long term debt from $52.3m in 2018 to $37m at the end of 2019, a 29 per cent drop.
Transglobe also increased production 11 per cent from 2018 to 2019, though sales remained flat.
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This comes at a time when oil prices remain low, touching $33 a barrel earlier today.
The impact of coronavirus and the price war between Saudi Arabia and Russia have sent prices for crude tumbling.
Alongside global stocks, shares in major oil producers have fallen significantly today.
Tullow Oil also posted poor results today after several of its exploration operations in Africa did not yield the hoped for results.
Transglobe energy said it has contingency plans to deal with the coronavirus outbreak.