Argos Resources Ltd. (DI) (ARG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

2.60p
   
  • Change Today:
      0.100p
  • 52 Week High: 5.75
  • 52 Week Low: 1.85
  • Currency: UK Pounds
  • Shares Issued: 220.71m
  • Volume: 9,050
  • Market Cap: £5.74m
  • RiskGrade: 388

Argos Resources storms upward after Falkland licence secured

By Duncan Ferris

Date: Thursday 21 Feb 2019

LONDON (ShareCast) - (Sharecast News) - Argos Resources stormed upward on Thursday after it confirmed it has taken full ownership of the PL001 Licence in the North Falkland Basin
The AIM traded resource exploration outfit said it gained 100% of the project equity under the terms of an agreement struck with Noble Energy and Edison International, who dropped out of the project last year, back in February 2016.

The parties had previously intended to drill an exploration well back in 2017 before issues with the contracted rig led to the partners backing away from prior plans and abandoning the project.

Under the prior agreement, Argos had received quarterly cash payments from Noble and Edison totaling £0.3m per annum in order to help the company cope with costs.

Now the sole owner of the licence, which is adjacent to Licences PL032 and PL004 containing the large Sea Lion oil field and the Zebedee and Isobel-Elaine discoveries, Argos has indicated that it will search for other businesses to partner-up with in order to progress.

Ian Thomson, chairman of Argos Resources, said: "The company remains very positive about the potential of Licence PL001. We have sufficient cash reserves to meet our ongoing requirements. Now that the reassignment of the Licence has been completed the company will work to secure other partners to participate in its development".

Argos Resources' shares were up 29.09% at 3.55p at 1629 GMT.

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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 2.60p
Change Today 0.100p
% Change 4.00 %
52 Week High 5.75
52 Week Low 1.85
Volume 9,050
Shares Issued 220.71m
Market Cap £5.74m
RiskGrade 388

ARG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
31.44% above the market average31.44% above the market average31.44% above the market average31.44% above the market average31.44% above the market average
16.48% below the sector average16.48% below the sector average16.48% below the sector average16.48% below the sector average16.48% below the sector average
Price Trend
10.97% below the market average10.97% below the market average10.97% below the market average10.97% below the market average10.97% below the market average
58.42% above the sector average58.42% above the sector average58.42% above the sector average58.42% above the sector average58.42% above the sector average
Income Not Available
Growth
74.50% above the market average74.50% above the market average74.50% above the market average74.50% above the market average74.50% above the market average
49.15% above the sector average49.15% above the sector average49.15% above the sector average49.15% above the sector average49.15% above the sector average

ARG Dividends

No dividends found

Trades for 03-Jul-2020

Time Volume / Share Price
16:35 2,550 @ 2.60p
08:30 6,500 @ 2.27p

ARG Key Personnel

Finance Director Andrew Irvine

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