Losses up at Argos Resources

Falkland-focused oil discovery company Argos Resources yesterday reported pre-tax losses of $309,000 (£187,600) for the year to the end of December – up from $175,000 at the same time last year. The firm also said that it has cash and cash equivalents of $32.1m compared with $447,000 last time. It said that it expects to start drilling later this year or in the early part of 2012, but it will need to tap the market for more funds before doing so. The company, which has a licence area close to the Sea Lion field, the area where Rockhopper Exploration discovered a significant reservoir package, said the company has mapped seven prospects and five leads.