Source - SMW
North Falkland Basin-focused Argos Resources  posts a loss of $4000 for the six months to the end of June (2015: $0.8 million) giving a loss per share of 0.002 cents (2015: 0.35 cents).

Administrative expenses were $0.3 million compared to $0.7 million for the corresponding period in 2015.

Net assets of $29.3 million have decreased marginally by $4 thousand since December 2015 as a result of the small loss incurred.

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."

At 8:15am: (LON:ARG) Argos Resources Ltd share price was 0p at 4.75p

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Argos Resources (ARG)

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