Oil and gas firm Echo Energy has reported pre-tax losses of £7.44million for 2017 as it continues to build its portfolio in Latin America.
The London-listed firm recorded pre-tax losses of £1.48million in 2016.
Echo notched up administrative expenses totalling £5.3million in relation to its foray into Latin America and its efforts to build a team there.
Chairman James Parsons and chief executive Fiona MacAulay said in a joint statement: “2017 was a transformational year for the company. Q1 saw the emergence of a well-capitalised South America focused gas exploration company targeting multi-TCF potential.
“At board and senior management level there have been a series of changes which have materially strengthened the company’s technical and operational capabilities in the region and position the company ideally to capitalise on the opportunities we see in the current asset base and across Latin America.”
Last week, Echo Energy reported that it had hit gas at a well in Argentina.
The well is the first of a three well workover campaign at the company’s Fracción D asset, onshore Argentina.