22nd Sep 2015 11:40
LONDON (Alliance News) - Falkland Islands-based oil and gas company Argos Resources Ltd on Tuesday said its loss narrowed in the first half as it completed a farm-out deal for its licence in the North Falkland Basin.
Argos said its pretax loss in the half to the end of June was USD755,000, widened from a USD653,000 loss a year earlier. The company does not produce any revenue.
In the half, Argos completed a farm-out deal with Noble Energy Falklands Ltd and Edison International SA to allow for exploration drilling at the PL001 licence in the North Falkland Basin. It has retained a 5% overriding royalty interest in the licence and has no obligations to contribute to the cost of the development in the future.
"The company is pleased to have completed a deal with such highly-regarded and financially robust partners as Noble and Edison and, as a consequence, to be participating in the 2015 drilling campaign in the North Falkland Basin. The board believes that success at Rhea will de-risk other prospects in the licence," said Ian Thomson, Argos's chairman.
Shares in Argos were down 0.6% to 8.575 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
ARG.L