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Argos Resources Ltd - Falkland-Islands based oil and gas exploration company focused on the North Falkland Basin - Announces suspension of its shares from July 1 as it will not publish its annual report by the June 30 deadline.
Delay is due to ongoing discussions with auditors to gauge the basis on which its annual audited accounts should be prepared. ‘As a result of the company's extended discussions regarding its funding position...the company will not be in a position to publish its 2021 financial statements by the deadline of June 30, 2022,’ it explains.
Meanwhile, firm says Chair Ian Thomson provides it with an up to £110,000 loan facility available until January 31, 2023. Loan is interest-free. Argos Resources will have enough working capital until July 2023, it says.
‘There is a reasonable expectation that the group and the company will continue in operational existence for the foreseeable future,’ firm adds.
Current stock price: 1.60 pence, down 20% on Friday
12-month change: down 42%
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