Argos Resources Ltd. (DI) (ARG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 2.25p
   
  • Change Today:
      0.000p
  • 52 Week High: 5.75
  • 52 Week Low: 1.85
  • Currency: UK Pounds
  • Shares Issued: 220.71m
  • Volume: 0
  • Market Cap: £4.97m
  • RiskGrade: 388

Argos Resources' loss narrows, awaits new Falkland drill schedule

By Maryam Cockar

Date: Monday 19 Sep 2016

LONDON (ShareCast) - (ShareCast News) - AIM listed oil and gas explorer Argos Resources' half year losses narrowed due to a delay in a drilling programme over its part-owned licence in the Falkland Island basin.
For the six months ended 30 June, losses before tax narrowed to a miniscule $4,000, compared to the previous year's $0.8m, as administrative expenses increased 57% to $300,000.

At the period end it had $0.5m cash reserves, but no significant, imminent demands for its capital.

In February Argos' operator of the PL001 licence, Noble Energy Falklands, which Argos holds a 5% overriding royalty interest, shelved the drilling contract planned for the Eirik Raude drilling rig in the North Falkland basin.

Argos, which farmed out its ownership of PL001 to Noble and Edison in September last year, has now agreed a new participation agreement with the two operators that confirmed the continuation of Argos' overriding royalty interest.

Noble and Edison International have agreed to make quarterly cash payments totalling £300,000 a year and agree to seek an extension of the second licence phase to allow more time for a well to be drilled to November 2019, after which a third phase of 10 years is available.

In August a three-year extension to the PL001 licence, which Argos first won in 1996, was approved by the Executive Council of the Falkland Islands Government and by the UK Secretary of State for Foreign and Commonwealth Affairs.

Chairman Ian Thomson, said: "It was very disappointing to have been so close to drilling commencing on our licence, only to suffer the delay which ensued from the cancellation of the rig contract.

"However, a new participation agreement was completed promptly and in a very co-operative way between the parties ensuring that our overriding royalty interest in the licence continues into the future and our ongoing running costs are covered, so we remain well positioned. Both Noble and the company continue to be very positive about the exploration potential of the licence area."

Shares in Argos Resources were down 1.47% to 4.68p at 1244 BST.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ARG Market Data

Currency UK Pounds
Share Price 2.25p
Change Today 0.000p
% Change 0.00 %
52 Week High 5.75
52 Week Low 1.85
Volume 0
Shares Issued 220.71m
Market Cap £4.97m
RiskGrade 388

ARG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
32.79% above the market average32.79% above the market average32.79% above the market average32.79% above the market average32.79% above the market average
18.28% below the sector average18.28% below the sector average18.28% below the sector average18.28% below the sector average18.28% below the sector average
Price Trend
69.23% below the market average69.23% below the market average69.23% below the market average69.23% below the market average69.23% below the market average
4.00% above the sector average4.00% above the sector average4.00% above the sector average4.00% above the sector average4.00% above the sector average
Income Not Available
Growth
74.95% above the market average74.95% above the market average74.95% above the market average74.95% above the market average74.95% above the market average
45.76% above the sector average45.76% above the sector average45.76% above the sector average45.76% above the sector average45.76% above the sector average

ARG Dividends

No dividends found

Trades for --2020

Time Volume / Share Price
0 @ 0.000p

ARG Key Personnel

Finance Director Andrew Irvine

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