Amedeo Resources has reported a pre-tax loss of $1,887,000 for the year ended 31 December 2016, compared to a loss of $2,610,000 for the previous year.

Revenue for the year was $108,000 (2015: $128,000), a decrease of $20,000, or 15.6%, on the prior year.

Other highlights:

Order of Le Tourneau Super 116E Class design self-elevating mobile offshore jack up drilling rig ("Explorer 1"), completed pending final delivery checks.

In addition, in January 2017, Amedeo acquired a 2.5% stake in Ganjine Kani Company ("GKC"), a copper mining company close to the city of Mashhad in Iran. As part of the transaction, Amedeo has a 5-year option to acquire a further 5.0% of GKC for $2m.

At 1:48pm: (LON:AMED) Amedeo Resources share price was 0p at 22p