- Oil and gas company Argos Resources reported wider losses in the first half of the year amid weaker oil prices.

For the six months ended 30 June 2020, pre-tax losses widened to $192K from $176K on-year and cash reserves stood at $560K as at 30 June 2020, down from $768K.

During the reporting period of the first half of the year, Brent crude oil prices plummeted from over $65/bbl at year-end 2019 to a low of $20/bbl in April 2020, before recovering somewhat to around $42/bbl by the end of June, the company said.

'The industry has been hit hard by this unexpected sharp drop in demand and commodity prices, and has responded by reducing costs, cutting capital expenditure and delaying projects,' it added.

The company said it inended to request an extension to the current second phase of the licence that was due to expire in May 2021, citing more time needed to recover from the downturn.

At 9:31am: [LON:ARG] Argos Resources Ltd share price was -0.05p at 1.85p

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