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Argos Resources Loss Narrows In 2016 As It Cuts Administrative Costs Mon, 27th Mar 2017 12:01 LONDON (Alliance News) - Falkland Islands-based oil and gas company Argos Resources Ltd on Monday reported a narrowed loss for 2016 as administrative expenses more than halved and it generated income during the year. Argos Resources posted a loss of USD16,000 for the year, compared to the USD1.2 million loss recorded for 2015, despite incurring a larger loss on foreign exchange movements. The narrowed loss, therefore, came as administrative expenses fell to USD427,000 from USD1.1 million, and as Argos Resources made 'other income' of USD505,000, relating to its participation agreement with Noble Energy Falklands Ltd and Edison International SpA over Argos's Rhea prospect. Argos Resources said 2016 was yet another "challenging year" for the oil industry, as the average brent oil price fell to its lowest level for 12 years and continued to suppress oil industry activity worldwide. Argos Resources noted that it could not yet forecast when drilling operations may commence on the Rhea site, after operations were delayed by operational issues with the rig. However, the group said it was well positioned, as while the delay is "disappointing", the overriding royalty interest in the licence will continue and its future running costs are covered. Under the agreement with Noble and Edison, Argos Resources receives quarterly cash payments of USD370,000 per annum, which covers its costs, and there is a "risk that Noble and Edison withdraw from the agreement". "In such circumstances the licence would revert back to Argos, subject to government approval. Given that Noble and Edison have recently applied for and been granted an extension to the licence, which now runs until November 2019, withdrawal is considered unlikely," the group added. Shares in Argos Resources were untraded on Monday, having last traded at 4.10 pence. http://www.lse.co.uk/AllNews.asp?code=y2l3z16a&headline=Argo…" target="_blank" rel="nofollow ugc noopener"> http://www.lse.co.uk/AllNews.asp?code=y2l3z16a&headline=Argo… |
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| aus der Diskussion: | Argos-die kleine Ölperle in den Falklands! |
| Autor (Datum des Eintrages): | Andrija (27.03.17 15:17:45) |
| Beitrag: | 65 von 83 (ID:54620405) |
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