Source - SMW
North Falkland Basin-focused Argos Resources (LON:ARG) was the sector's biggest faller despite losses for the six months to the end of June  narrowing to  $4000  (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."

* * *

Petrel Resources (LON:PET) and its partners have been offered revised Tano Basin acreage coordinates by Ghanaian officials, which they have accepted in principle. 

Negotiations to formalise a revised Petroleum Agreement between the Company and Ghanaian officials will continue as agreement has yet to be reached on certain matters.

The Company's directors look forward to providing shareholders with further updates, including specific geological information relating to the new acreage coordinates, as negotiations progress.

At present no assurances can be given that these negotiations will lead to a successful outcome for the Company or that a formal agreement will be reached.

"Our Ghanaian affiliated company, Pan Andean Resources (Ghana) Limited, is a private Ghanaian company held 30% by Petrel Resources, 60% by Clontarf and 10% by local Ghana interests," Petrel said in a statement.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

* * *

Ascent Resources (LON:AST) posts a pre-tax loss of £1.3m for the six months to the end of June - down from £2.7m last time.

The group said highlights in the period of the end of June include:


- Raised £1.5million in new equity through three placings.

- Loan note conversions have reduced the cash owed on convertible loan notes by £2.8 million in six months.

- Administrative expenses reduced by (33%) to £676k compared with the same period in 2015.

- Preliminary approach from Cadogan Petroleum plc highlighting the potential value of the asset.

- Colin Hutchinson appointed as permanent CEO. 

* * *

Sound Energy (LON:SOU) said the second Tendrara well has now been drilled to the third and final casing point at a measured depth of 2623m and that operations have started to set and cement the 7-inch liner in the TAGI-I shale formation.

The well is now approximately 10 metres from the target TAGI-I reservoir. The company will now proceed to drill the reservoir to the final TD.

* * *

The biggest riser was Chariot Oil & Gas (LON:CHAR) - up by more than 27.4% in late trading.

At 4:03pm:

(LON:ARG) Argos Resources Ltd share price was -0.25p at 4.5p

(LON:AST) Ascent Resources PLC share price was +0.03p at 1.25p

(LON:AUR) Aurum Mining PLC share price was 0p at 1.05p

(LON:BOR) Borders  Southern Petroleum PLC share price was 0p at 1.85p

(LON:CHAR) Chariot Oil  Gas Ltd share price was +1.85p at 8.6p

(LON:ENQ) EnQuest Plc share price was +0.88p at 26.88p

(LON:GKP) Gulf Keystone Petroleum share price was +0.03p at 2.11p

(LON:GPX) Gulfsands Petroleum PLC share price was -0.13p at 3p

(LON:INDI) Indus Gas Ltd share price was -2.37p at 430.13p

(LON:PET) Petrel Resources PLC share price was 0p at 7.13p

(LON:RKH) Rockhopper Exploration PLC share price was +0.5p at 29.5p

(LON:RPT) Regal Petroleum PLC share price was -0.01p at 3.37p

(LON:SOU) Sound Energy PLC ORD 1p share price was +4.5p at 96p

(LON:XEL) Xcite Energy Ltd share price was -0.07p at 2.48p

Related Charts

Argos Resources (ARG)

0.00p (0.00%)
delayed 09:00AM

Ascent Resources (AST)

+0.03p (+2.17%)
delayed 10:16AM

Chariot Oil & Gas (CHAR)

+0.31p (+3.69%)
delayed 09:19AM

Petrel Resources (PET)

0.00p (0.00%)
delayed 08:00AM

Sound Energy ORD 1p (SOU)

-0.62p (-0.74%)
delayed 10:15AM